Reference is made to the Company’s announcements on 29 July 2022 and 29 September 2022 (“Announcements”) in relation to the Proposed Acquisition by MGudang Properties Sdn. Bhd. (formerly known as Hong Seng Energy Sdn. Bhd.) of all that 149 units of retail and commercial complex in the development known as Pandan Safari Lagoon Shopping Complex and Water Theme Park, at Pandan Perdana, Bandar Ampang, Daerah Hulu Langat, Negeri Selangor.

Unless stated otherwise, abbreviations and definitions used throughout this announcement shall bear the same meaning as those defined in the Announcement.

Pursuant to the conditional SPA dated 29 July 2022 and subsequent extension letter dated 29 September 2022, the conditional period of the SPA was extended to 29 December 2022 ("Extended Date") for the Vendor to comply the conditions precedent of the SPA.  On the Extended Date, the relevant conditions precedent of the SPA have not been fulfilled.

Pursuant thereto, the Board wishes to announce that MPSB shall hereby terminate the SPA with immediate effect vide a letter dated 29 December 2022 on the ground that the conditions precedents have not been fulfilled ("Termination").  Hence, the Proposed Acquisition will not be materialised.  The SPA has no further force and effect upon refund of the deposit sum as set out in the SPA.

Upon the Termination, neither party hereto shall have any claim against each other in respect of the SPA whatsoever.

The Termination is not expected to have any material effect on the Company's earnings, net assets and gearing for the financial year ending 30 November 2023.

This announcement is dated 29 December 2022.