The Board of Directors of Titijaya wishes to announce that Titijaya Resources Sdn. Bhd. (Company No. 1078020-X) (“TRSB”), a wholly owned subsidiary of the Company had on 8 November 2016, entered into the following agreements:-

1. a share sale agreement between TRSB, CREC Development (M) Sdn. Bhd. (Company No. 1206194-U) (“CRECD”), Chan Peng Kooh and Rafidah biniti Menan for the proposed acquisition of 10,440,000 ordinary shares of RM1.00 each, representing the entire issued and paid-up share capital of Ampang Avenue Development Sdn. Bhd (Company No. 826971-X) (“Ampang Avenue”) for a purchase consideration of RM10,000,000 and assumption of the shareholders’ advances of RM70,000,000 from Chan Peng Kooh and Rafidah binti Menan arriving at a total purchase consideration of RM80,000,000 (“Proposed Acquisition”); and
2. a shareholders agreement between TRSB and CRECD to regulate their relationships inter se as shareholders of Ampang Avenue (“Proposed Joint Venture”).

Please refer to the attachment for additional information.

This announcement is dated 8 November 2016.