We refer to your Company’s announcement dated 16 February 2017, in respect of the aforesaid matter. In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1. All the salient terms of the Undertaking Letter to subscribe for the 55% equity interest in TG;
2. Quantification of the net profit/loss of TG based on the latest audited financial statements and the latest management accounts of TG;
3. The date of valuation as well as the method of valuation adopted by the Valuer for the valuation of the Property owned by TG;
4. Detailed basis to arrive at the purchase consideration of RM6,187,500 other than willing buyer willing seller basis. The basis should also take into consideration that the net assets of TG as at 31 December 2016 is only RM687,501;
5. Reconciliation of the audited net assets of TG as at 31 December 2015 of RM7,014,905 against the unaudited net assets of TG as at 31 December 2016 of RM687,501, and the reasons for the significant fluctuation;
6. The breakdown of the source of funds to finance the proposed acquisition;
7. Whether the proposed acquisition will signify a diversification in operations pursuant to Paragraph 10.13 of the Main Market Listing Requirements (“LR”), together with the basis thereof;
8. The prospects of the property market in Penang; and
9. It is noted that planning approval has been obtained from the authority on 22 September 2016. Hence, please incorporate all the information pursuant to Item 4, Part C of Appendix 10A of LR.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully,

HENG TECK HENG
Vice President, Issuers
Listing Division, Regulation

IJ

Cc : Market Surveillance Dept., Securities Commission (via fax)