Reference is made to the Company’s announcement on 27 September 2023 whereby the Company had on even date received a letter dated 27 September 2023 (“Proposal Letter”) from Tan Sri Dato’ Lim Kang Hoo (“TSDLKH”), the Group Executive Chairman and a major shareholder of the Company, requesting the Company to consider participating in a reorganisation, rationalisation and merger proposal comprising, amongst others, the proposed acquisition of four (4) parcels of lands measuring approximately 15.82 acres in aggregate, all located along the Johor Bahru–Singapore Rapid Transit System (“RTS”) alignment and are intended for potential transit-oriental development (“TOD”).

Following thereto, the Board of Directors of the Company (“Board”) wishes to announce that the Company had on 27 October 2023 entered into the binding term sheet with the vendors.

Please refer to the attachment for further details.

This announcement is dated 27 October 2023.