(Unless otherwise stated, all abbreviations and definitions used in this announcement shall have the same meanings as defined in the Company’s announcements dated 6 June 2024, 14 June 2024 and 2 July 2024 as well as the Circular and Explanatory Statement dated 5 July 2024 in relation to the Proposed Internal Reorganisation.)

We refer to the Company’s announcements dated 6 June 2024, 14 June 2024 and 2 July 2024 in relation to the Proposed Internal Reorganisation.

The Board wishes to announce that the High Court of Malaya had, at the hearing held on 5 September 2024, approved and sanctioned the Scheme proposed by the Company pursuant to Section 366 of the Act and granted the Company a vesting order pursuant to Section 370 of the Act. The salient terms of the order of the High Court of Malaya are, inter alia, as follows:

1. Approving the transfer and/or vesting of assets, liabilities and business undertakings relating to Property Development Business and Management Services Business of the Company to the Transferees in accordance with the Reorganisation Agreements; and
2. Directing the lodgement of an office copy of the Vesting Order with the Registrar of Companies not later than 31 December 2024.

The Scheme will take effect upon the extraction and lodgement of an office copy of the Vesting Order with the Registrar of Companies at a later date, which will be announced in due course.

This announcement is dated 5 September 2024.