The Board of Directors of IOI Properties Group Berhad  wishes to announce that its wholly-owned subsidiary, IOI Consolidated (Singapore) Pte Ltd (“IOI Consolidated” or “Purchaser”) had on 4 June 2025 entered into a conditional share sale agreement (“SSA”) with Ascent View Holdings Pte Ltd (“Vendor”) for the proposed acquisition (“Proposed Acquisition”) of 115,230,000 ordinary shares and 84,911,865 preference shares  (collectively, the “Sale Shares”) representing 50.1% of the entire issued and paid-up share capital of Scottsdale Properties Pte Ltd (“Scottsdale”).

The purchase consideration for the Sale Shares (“Purchase Consideration”) is based on 50.1% of the consolidated net assets of Scottsdale and its subsidiaries (“Scottsdale group”), taking into account the agreed property value of the South Beach Property of S$2.75 billion (equivalent to approximately RM9.05 billion based on exchange rate of S$1.00:RM3.2918 as of 30 May 2025) (“Agreed Property Value”).

After accounting for the liabilities of Scottsdale group as at 30 April 2025, which amounted to S$1.16 billion (including the financial indebtedness of South Beach Consortium Pte Ltd of S$1.07 billion), the consolidated net assets of Scottsdale group as at 30 April 2025 is S$1.67 billion. The estimated Purchase Consideration, based on 50.1% of the consolidated net assets of Scottsdale group as at 30 April 2025, is approximately S$834.22 million (equivalent to approximately RM2.75 billion).

The Purchase Consideration is subject to customary post completion adjustments based on agreed accounting principles and policies.  

IOI Consolidated currently holds 49.9% equity interest in Scottsdale. Upon the completion of the Proposed Acquisition, IOI Consolidated will hold 100% equity interest in Scottsdale.

The full announcement on the Proposed Acquisition is detailed in the attached document.

This announcement is dated 4 June 2025.