The Board of Directors of Fututech wishes to announce that its substantial shareholders, E&O Property Development Berhad (“EOPD”) and Samudra Pelangi Sdn Bhd (“SPSB”), both wholly-owned subsidiaries of Eastern & Oriental Berhad have on 24 March 2011 entered into a Share Sale Agreement with Egovision Sdn Bhd in relation to the disposal of their entire securities interest in the Company for a total cash consideration of RM8,780,103.93 as follows :

(i)        disposal by EOPD of 10,375,783 ordinary shares of RM1.00 each representing 17.67% equity interest in Fututech for a cash consideration of RM5,187,891.50 (RM0.50 per share) and 4,811,427 warrants 2007/2017 at nominal value of RM1.00 each representing 20.48% warrants in issue in Fututech for a cash consideration of RM433,028.43 (RM0.09 per warrant); and

(ii)           disposal by SPSB of 5,894,000 ordinary shares of RM1.00 each representing 10.04% equity interest in Fututech for a cash consideration of RM2,947,000.00 (RM0.50 per share) and 2,357,600 warrants 2007/2017 at nominal value of RM1.00 each representing 10.04% warrants in issue in Fututech for a cash consideration of RM212,184.00 (RM0.09 per warrant).

Upon completion of the Proposed Disposal, EOPD and SPSB shall cease to be substantial shareholders of the Company.

This announcement is dated 24 March 2011