The terms used herein, unless the context otherwise stated, bear the same meanings as those defined in the earlier announcements in relation to the Proposed Acquisition.

We refer to our earlier announcements dated 24 May 2024 and 29 May 2024 in relation to the Proposed Acquisition.

The Board of Directors of Scientex wishes to announce that the Vendor’s solicitors had vide their letter dated 9 July 2024 notified the Purchaser’s solicitors that Pejabat Tanah dan Galian Negeri Pulau Pinang (“PTG”) had by their letter dated 5 July stated that all 37 lots comprised in the Lands are not Estate Land and do not fall under the control of transfer stipulated in Section 214A of the National Land Code 1965. Hence, ELB Approval is not required for the transfer of the Lands. In view that ELB Approval is no longer a pre-requisite under the SPA, the Vendor and the Purchaser have entered into a Supplemental Agreement dated 19 July 2024 to vary certain clauses of the SPA. This includes stipulating that the Balance Purchase Price shall be paid no later than 9 October 2024, which is 3 months from the date the Purchaser’s Solicitors receives the PTG’s letter from the Vendor’s Solicitors (“Completion Date”) or subject to payment of agreed interest by 9 November 2024 (“Extended Completion Date”). Additionally, the Vendor’s Solicitors shall only release the Balance Purchase Price to the Vendor in accordance to the SPA and upon the due registration of all 37 lots in favour of the Purchaser as proprietor of the Lands free from encumbrances. Barring any unforeseen circumstances, the Proposed Acquisition is expected to be completed in the fourth quarter of 2024.

This announcement is dated 19 July 2024.