The Board of Directors of the Company wishes to announce that the Company had, on 15 November 2024, entered into a conditional shares sale and purchase agreement with Scenic Starhill Sdn Bhd ("Scenic Starhill") in relation to the proposed acquisition by the Company of 470,589 ordinary shares in KL City Gateway Sdn Bhd ("KLCG"), representing 20.00% of the total issued share capital of KLCG, from Scenic Starhill for a total cash consideration of RM10,470,589 ("Proposed Acquisition"). Upon completion of the Proposed Acquisition, the Company's shareholding in KLCG will increase from nil to 20%.

In conjunction with the Proposed Acquisition, the Company had, on even date, entered into a shareholders' agreement with Suez Capital Sdn Bhd, Scenic Starhill, Transworld Equity Sdn Bhd, Yedor Holdings Sdn Bhd and Yeoh Ah Tu (collectively, "KLCG Existing Shareholders") to regulate the relationship between the Company and KLCG Existing Shareholders as shareholders of KLCG upon the completion of the Proposed Acquisition ("SHA").

Pursuant to the terms of the SHA, the Company shall be obliged to, amongst others, undertake the proposed provision of financial assistance of up to RM40.0 million to KLCG upon completion of the Proposed Acquisition ("Proposed Provision of Financial Assistance").

Further details of the Proposals are set out in the attachment enclosed.

This announcement is dated 15 November 2024.