GFM SERVICES BERHAD ("GFM" OR "THE COMPANY") 
REPLY TO THE QUERY LETTER FROM BURSA MALAYSIA SECURITIES BERHAD (REF:IQL-16032023-00002)

We refer to your Company’s announcement dated 15 March 2023, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1) The audited net profits and net asset value of AASB based on its latest audited financial statements. 
2) The basis of arriving at the purchase consideration of RM9 million for the Acquisition, other than on a “willing buyer willing seller” basis. If it was based on net assets, the year the net assets were taken into consideration, quantifying the net assets and stating whether it was based on audited financial statements. 
3) The name of the owner of the Rest & Service Area in Karak, Bentong (“RSA”) upon completion of its development, and whether AASB has also been awarded the contract/license to operate and maintain the RSA. If yes, to also state the tenure of the contract/license.
4) The particulars of all liabilities, including contingent liabilities and guarantees to be assumed by GFM arising from the Acquisition.
5) The risks in relation to the Acquisition.

6) The prospects of AASB.
7) A statement on whether the Acquisition is subject to the approval of any relevant government authorities, and if yes, the estimated time frame for submission of the application to such authorities.
8) The estimated time frame to complete the Acquisition.
9) In relation to Tranche 3 conditions, to name the company which is required to enter into a sublease agreement with the Malaysian Highway Authority. To also clarify whether “project land” refers to the land on which the RSA will be developed. If no, to identify the project land. 

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully,
Listing, 
Regulation

Cc : Market Surveillance Dept. , Securities Commission (via fax)