The board of directors of the Company (“Board”) wishes to announce that the Company had, on 6 March 2017, entered into a non-legally binding Memorandum of Understanding (“MOU”), except as specifically set out in the MOU, with Lim Kuan Joo, Ismail Bin M. Shuhud (“Vendors”) and a new company to be incorporated by the Vendors and to assume the listing status of the Company at a later date (“NewCo”) in relation to a proposed reverse take-over of the Company by the Vendors, which entails the Proposed Regularisation Plan and the Proposed Scheme of Arrangement with Creditors.

Please refer to the attachment for further details.

This announcement is dated 6 March 2017.