The Board of Directors of Citaglobal (“Board”) is pleased to announce that the Company had on 28 August 2024 entered into a binding term sheet (“Term Sheet”) with Tree Technologies Sdn Bhd (“TTSB”) in relation to the following:
(a) a proposed joint venture to develop a parcel of leasehold industrial land held under H.S.(D) 61190, Lot No. PT 25082, Mukim Sungai Karang, Kawasan Perindustrian Gebeng, Daerah Kuantan, Pahang, measuring 999,521 square meter (approximately 247 acres) in area (“Land”) owned by TTSB, with participating equity interest of 65:35 for Citaglobal or its nominated entity and TTSB respectively (“Proposed Joint Venture”) as a “Eco-friendly Industrial Park”; and
(b) a call option granted by TTSB to Citaglobal or its nominated entity to acquire the Land at a purchase consideration of RM90 million to be satisfied by Citaglobal via a combination of cash and the issuance of such number of new class B irredeemable convertible preference shares in Citaglobal (“ICPS-B”) to TTSB or its nominee(s) (if any) (“Consideration ICPS-B”) at an issue price of RM0.80 per Consideration ICPS-B (“Proposed Option for Land Acquisition”)
(collectively, the “Proposals”).
The Proposals are related party transactions in accordance with Chapter 10 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”) and all interested directors and interested shareholders of the Company shall abstain from all Board deliberations and voting at the extraordinary general meeting (“EGM”) to be conducted by Citaglobal in respect of the Proposals.
For the avoidance of doubt, the Proposals are conditional upon, among others, the execution of the relevant definitive agreements (“Definitive Agreements”) within the agreed timeline stipulated in the Term Sheet.

Please refer to the attachment for further details.

This announcement is dated 28 August 2024.