Pursuant to Paragraph 10.08(1) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of LHI wishes to announce that Leong Hup (Malaysia) Sdn. Bhd. (“LHM”) and Leong Hup Agrobusiness Sdn. Bhd. (“LHASB”), the subsidiary companies of LHI have on 1 June 2020, entered into the following agreements:-

1. Share Acquisition Agreement between LHM and Emerging Glory Sdn Bhd (“EGSB”) for the acquisition of the entire 43,432,000 ordinary shares representing 100% of the issued and paid-up share capital of TBC from EGSB for a purchase consideration of RM17,937,574.00 only subject to the terms and conditions stated therein;
2. Business Acquisition Agreement (“BAA”) between LHASB and Astaka Shopping Centre (Muar) Sdn. Bhd. (“Astaka”) for the acquisition of The Baker’s Cottage brand bakery business (“The Baker’s Cottage Retail Business”) owned and operated by Astaka at Freeport A’Famosa Outlet Village, Pusat Perniagaan Payamas in Tangkak, Plaza Sungai Udang in Melaka, Taman Komersial Senawang in Seremban, Pusat Perdagangan Dato Lau Bong Wong in Muar and Pusat Perniagaan Sinar Bakri in Muar, including but not limited to all the operating assets comprising tenanted property(ies), other fixed assets and inventories which are necessary for the continuation of The Baker’s Cottage Retail Business presently carried on, and including employees for a purchase consideration of RM1,531,300.00 only subject to the terms and conditions stated therein; and
3.  BAA between LHASB and Poly-Yarn Industries Sdn. Bhd. (“PYISB”) for the acquisition of The Baker’s Cottage Retail Business owned and operated by PYISB at 26-1B, Jalan SS6/3 in Kelana Jaya, Taman Sri Manja in Petaling Jaya and No. 112-G, Jalan Setia Gemilang (BJ) U13/BJ in Setia Alam, including but not limited to all the operating assets comprising tenanted property(ies), other fixed assets and inventories which are necessary for the continuation of The Baker’s Cottage Retail Business presently carried on, and including employees for a purchase consideration of RM862,126.00 only upon such terms and conditions as stipulated therein.

Please refer to the attachment for further details.

This announcement is dated 1 June 2020.