Reference is made to the Company’s announcement dated 18 April 2014 pertaining to the joint venture agreement (“Joint Venture Agreement”) entered into between the Company and Bina Puri Construction Sdn Bhd (“BPCSB”), a wholly-owned subsidiary of Bina Puri Holdings Berhad a company listed on the Main Market of Bursa Malaysia Securities Berhad, to jointly participate in a mixed development project on a portion of the land held under H.S (D) No. 103349, Lot PT 110, Seksyen 69, Bandar Kuala Lumpur, Daerah and Negeri Wilayah Persekutuan Kuala Lumpur situated at Brickfields, which is to be undertaken by the joint venture company known as Prosperous Hectares Sdn Bhd (“PHSB”), the then wholly-owned subsidiary of the Company.

Pursuant to the terms and conditions of the Joint Venture Agreement, the Company and BPCSB have on 18 March 2015 subscribed for new ordinary shares of RM1.00 each in PHSB, resulting in the enlarged and issued share capital of PHSB being held by the Company and BPCSB as follows:-  

Consequent thereto, the Company’s equity interest in PHSB has decreased from 100% to 70% of the issued and paid-up share capital of PHSB, thus resulting in PHSB ceased to be a wholly owned subsidiary of the Company, but remains as a subsidiary of the Company.

None of the Directors and/or major shareholders and/or persons connected with a Director or major shareholder of the Company has any interest, direct and indirect in the aforesaid subscription of shares in PHSB.

This announcement is dated 18 March 2015.