The Board of Directors of CHGP (“the Board”) wishes to announce that CHGP has on 8 December 2023 entered into a binding term sheet (referred to as “Term Sheet”) with Ivory Gleneary Sdn Bhd (“IGSB” or “Vendor”) in relation to proposed acquisition of a plot of freehold land measuring approximately 1.218 acre (currently identified as Penang Times Square, Phase 4) and forming part of the land held under a master title known as Geran 172694, Lot 10024, Seksyen 10, Bandar George Town, Daerah Timur Laut, Pulau Pinang (“Master Land” or “Master Title”) measuring approximately 4.922 hectares (approximately 12.1625 acres) in area (“the Land”), for a total cash consideration of Ringgit Malaysia Forty Million (RM40,000,000.00) only (“Purchase Price”).

Kindly refer to the attachment for further details on the Term Sheet.

This announcement is dated 8 December 2013.