Reference is made to the Company's announcement dated 4 February 2025 in respect of the above subject matter (the “First Announcement”). Unless otherwise defined, the definitions set out in the First Announcement shall apply herein.

The Company wishes to provide the following additional information / clarification in relation to the First Announcement:

2.5 Basis of and justification for the consideration

The cash consideration for the Shares Acquisition was arrived at on a willing buyer willing seller basis after taking into consideration of the earnings and capital appreciation potential of KESB’s assets and the audited financial position of KESB for the FYE 31 December 2023.

Additionally, the cash consideration was derived after taking into consideration the following:

(i) The net book value of the Land owned by KESB’s subsidiary, PCSB, as at 31 December 2023 at RM245.1 million (the land value was based on a valuation by Savills (Malaysia) Sdn. Bhd.); 

(ii) The rationale and benefits of the Share Acquisition as set out in Section 3.0 of the First Announcement; and

(iii) The prospect of PCSB as set out in Section 6.0 of the First Announcement.

This Announcement is dated 7 February 2025.