On behalf of the Board of Directors of YTLPI, Maybank Investment Bank Berhad (“Maybank IB”) wishes to announce that SIPP Power, an indirect 70% owned subsidiary of YTLPI, had on 28 May 2024 entered into an unconditional share purchase agreement with Tan Sri Hamdan Mohamad, Hamdan Inc. (Labuan) Pte Ltd and Hamdan (L) Foundation (collectively, “Vendors”) (“SPA”) for the acquisition of 405,178,390 existing ordinary shares in Ranhill (“Ranhill Shares”) by SIPP Power from the Vendors, which represents approximately 31.42% equity interest in Ranhill, together with 2,025,891 Ranhill Shares to be issued pursuant to the share dividend of 0.5 Ranhill Shares for every 100 Ranhill Shares held on the entitlement date of 21 May 2024, for a total cash consideration of RM405,178,390 or effectively RM0.995 per Ranhill Share (“Acquisition”).

Upon completion of the Acquisition, the direct shareholding of SIPP Power (“Offeror”) in Ranhill will increase from 2.90% to approximately 34.32%. Collectively with YTLPI (“Ultimate Offeror”), their aggregate direct shareholding in Ranhill will increase from 21.77% to approximately 53.19%. Accordingly, pursuant to subsection 218(2) of the Capital Markets and Services Act 2007 and subparagraph 4.01(a) of the Rules on Take-overs, Mergers and Compulsory Acquisitions issued by the Securities Commission Malaysia (“Rules”), SIPP Power will be obliged to extend the MTO to acquire all the remaining Ranhill Shares not already owned by the Offeror, the Ultimate Offeror and persons acting in concert with them for a cash offer price of RM0.995 per Offer Share.

As the SPA is not subject to any conditions precedent and is unconditional as at the date of this Announcement, Maybank IB has, on behalf of SIPP Power, served the notice of the MTO on the Board of Directors of Ranhill on 28 May 2024 in accordance with subparagraph 9.10(1) of the Rules.

Please refer to the attached announcement for further details of the Transactions.

This Announcement is dated 28 May 2024.