This announcement is dated 10 November 2022.

Reference is made to the Company’s earlier announcements dated 10 March 2022, 26 April 2022, 17 May 2022, 22 June 2022, 1 July 2022, 4 July 2022 and 25 October 2022 (“Earlier Announcements”), circular to shareholders in relation to, amongst others, the Proposed Land Acquisition dated 31 May 2022 (“Circular”) and the outcome of extraordinary general meeting dated 22 June 2022 in relation to, amongst others, the Proposed Land Acquisition. Unless stated otherwise, abbreviations and definitions used throughout this announcement shall bear the same meaning as those defined in the Earlier Announcements and Circular.

On behalf of the Board, Malacca Securities wishes to announce that MLSB had on 10 November 2022, received a letter from EASB’s solicitors informing that MLSB has not paid the Balance Purchase Price and the late payment interest for the extended completion period by 5pm on 9 November 2022. Pursuant thereto, the Completion Date had since lapsed. In accordance with the terms of the SPA, the Proposed Land Acquisition is thus terminated and the total deposit of RM2,351,440.83 paid to EASB shall be forfeited.

For information, MIB has decided not to proceed with the Proposed Land Acquisition following new conditions imposed by authorities on the proposed development of the Land which will render the proposed mixed development plan to be not economically viable for MIB. The Board is of the view that, comparing the costs and benefits based on the circumstances at this juncture, the termination of the SPA is in the best interest of MIB.