Reference is made to the announcement on the Acquisition dated 10 January 2022 (“Announcement”). Unless otherwise defined, the terms herein shall bear the same meaning as defined in the Announcement.

The Board of L&G wishes to announce that the Conditions Precedent as stipulated in the Sale and Purchase Agreement dated 10 January 2022 (“SPA”) have been fulfilled and the SPA has become unconditional on 28 September 2022. Pursuant to Clause 4.1 of the SPA, the Completion Sum Payment Deadline and Post Completion Sum Payment Deadline shall fall on 27 October 2022 and 27 January 2023 respectively. The Purchaser has paid to the Vendor Ringgit Malaysia Ten Million Two Hundred Six Thousand One Hundred and Eight  (RM10,206,108.00) being 15% of the Purchase Price (“Completion Sum”) and L&G has delivered a duly executed corporate guarantee to the Vendor on 27 October 2022 to guarantee the payment of the balance of the Purchase Price in the sum of Ringgit Malaysia Fifty One Million Thirty Thousand Five Hundred Forty (RM51,030,540.00) being 75% of the Purchase Price (“Post-Completion Sum”) on or before 27 January 2023.

Pursuant to Clause 9 of the SPA, the acquisition is deemed  completed on 27 October 2022 (“Completion Date”).

This announcement is dated 28 October 2022.