1. It is noted that ATTA is principally involved in the iron and steel industry as well as industrial recycling of scrap metal. In this respect, please provide further justification for your Company to acquire 10 units of bungalows, which is unrelated to your Company’s business;

Reply: The Company had venture into property development, construction and property investment when it acquired 55% Equity Interest in Tetap Gembira Development Sdn Bhd (“TG”) as announced on 16 February 2017 as part of the Company’s plan to venture into complementary business. The current acquisition is continuing process of the venture.  

At the moment a signify diversification in operations does not occur. Nevertheless, ATTA will be mindful of it and will monitor accordingly. If it falls or expected to fall into this criteria, ATTA will do necessary compliance.

Currently, ATTA is still principally involved in the iron and steel industry as well as industrial recycling of scrap metal.

2. Please be more specific with regard to the source of funding by ATTA to acquire the bungalows for RM10 million i.e. whether from the existing cash/bank balances or from the proceeds raised from the Rights Issue of ICPS which was completed on 6 December 2017;

Reply: ATTA to acquire the bungalows for RM10 million from the existing cash/bank balances not from the proceeds raised from the Rights Issue of ICPS which was completed on 6 December 2017.

3. To state the proposed intention of your Company with regard to the usage of the 10 bungalows; and

Reply: Currently, ATTA intend to use the 10 bungalows as a long term investment in property, if possible with rental returns and capital appreciation.

4. Current state of development of the bungalows (i.e. % of development todate or completion date).

Reply: Currently, the development stage of completion is approximately 80%. 

This announcement is dated 11 January 2018.