This announcement is dated 18 January 2023.

Reference is made to the Company’s earlier announcement dated 28 January 2022 (“Earlier Announcement”), the circular to shareholders in relation to, amongst others, the Proposed Disposal dated 24 May 2022 (“Circular”) and the outcome of extraordinary general meeting dated 8 June 2022 in relation to the Proposed Disposal. Unless stated otherwise, abbreviations and definitions used throughout this announcement shall bear the same meaning as those defined in the Earlier Announcement and the Circular.

On behalf of the Board, Malacca Securities wishes to announce the that Purchaser, at the request of KYM, had vide its solicitor’s letter dated 17 January 2023, agreed in principle to further extend the Completion Date of the Proposed Disposal to 17 February 2023 in view of the delay by ASB’s financier in releasing the title of the Subject Property subject to the following:

(i) no late payment interest shall be chargeable on the Purchaser until the date of settlement of the Balance Disposal Consideration;

(ii) ASB or its solicitor to confirm to the Purchaser’s financier on the new Completion Date via a written confirmation in order to enable the Purchaser to procure the release of the facility to ASB;

(iii) ASB shall bear all the penalties on registration of transfer and charge; and

(iv) ASB shall waive the monthly rental from the initial Completion Date until the date of the settlement of the Balance Disposal Consideration.