Further to our announcements made on 17 October 2014, 17 March 2015, 16 April 2015, 15 May 2015, 16 June 2015 and 15 July 2015, the Company has been informed today by Tan Sri Dato’ (Dr) Ir Chan Ah Chye @ Chan Chong Yoon (“TSDCAC”), a Director and substantial shareholder of the Company, that Kumpulan Europlus Berhad (“KEB”) and TSDCAC have via a letter dated 14 August 2015 agreed to further extend the Unconditional Date to fulfill the conditions precedent of the conditional share sale agreement dated 17 October 2014 (“SSA”) in relation to the proposed disposal of 900,000,000 ordinary shares of RM0.20 each in TTB (“TTB Share(s)”) representing 21.34% of the issued and paid-up share capital of TTB, by KEB to TSDCAC for a total cash consideration of approximately RM99.00 million (“Purchase Price”), for a further two (2) weeks period from 16 August 2015 to 30 August 2015.

In addition, TSDCAC has expressed his intention to renegotiate certain terms of the SSA with KEB including, but not limited to the Purchase Price, the payment mechanism and the completion date as set out in the SSA, in view that the valuation exercise by KEB involving the material real estate of the Company pursuant to Clause 6.5 of the SSA would result in an adjusted net asset per share of the Company which is 20% lower than the Company’s audited net asset per share as at 31 January 2014 of RM0.14. Subject to the outcome of such negotiations and the approval by the Board of Directors of KEB, TSDCAC and KEB may thereafter enter into a supplemental agreement to give effect to the modifications (where applicable). 

This announcement is dated 17 August 2015.