Introduction

The Board of Directors of Impiana is pleased to announce that Impiana Hotels & Resorts Management Sdn Bhd (“IHRM”) (the “Operator”), a wholly-owned subsidiary of Impiana, had accepted the Letter of Award (“LOA”) from PETRONAS Management Training Sdn Bhd (the “Owner”), a wholly-owned subsidiary of Petroliam Nasional Berhad (“PETRONAS”), for the provision of hospitality management services to manage the operational matters of PETRONAS’s new campus located in Bangi, Malaysia which include Hospitality and Facilities Management scope of works (the “Works”) for the Owner for a period of 5 years effective from 1 August 2021 until 31 July 2026 (“Contract Period”).

The Works include:

(1)      General and administration (to manage all Campus operational matters)

(2)      Food and Beverage (F&B) Services

(3)      Housekeeping, Room Services and Banqueting Services

(4)      Finance and Accounts

(5)      Procurement and Third-Party Contract Management

(6)      Recruitment and Human Resource Management (for Hospitality Staff)

(7)      Other services related to Hospitality

(8)      Pre-opening activities

Risk Factors

There are no foreseeable significant risks other than operational and regulatory risks associated with the Works during the Contract Period.

Financial Effects

The Award is expected to contribute positively towards the future earnings of Impiana for the duration of the Award.

Directors' and Substantial Shareholders' Interest

None of the Directors and substantial shareholders of Impiana and/or subsidiaries or any persons connected to them has any interest, direct or indirect, in the Award.

Directors’ Statement

The Board of Directors of Impiana, after due consideration, is of the opinion that the Award is in the best interest of the Group. The Award is being entered into in the ordinary course of business and is not subject to the approval of shareholders.

This announcement is dated 4 August 2021.