The Board of Directors of PICORP wishes to inform that the Company had on 11 June 2012 signed an Agreement to Purchase ("Agreement") with its 59%-owned subsidiary, ALS Technichem (Malaysia) Sdn Bhd, a company incorporated in Malaysia (hereinafter referred to as “ALS” or “the Purchaser”), to express the Company’s intention to dispose of and the Purchaser’s intention to acquire the following properties for a total cash consideration of Ringgit Malaysia Thirteen Million (RM13,000,000-00) (“Consideration”) only:-

(a)               All that freehold industrial land held under GRN 58855 LoT No. 64269 Mukim Damansara and bearing postal address as No. 21, Jalan U8/84, Bukit Jelutong, Seksyen U8, 40150 Shah Alam, Selangor Darul Ehsan; and

(b)        All that freehold industrial land held under GRN 58856 Lot No. 64270 Mukim Damansara and bearing postal address as No. 19, Jalan Astaka U8/84, Seksyen U8, 40150 Shah Alam, Selangor Darul Ehsan;

(“Proposed Disposal”)

SALIENT TERMS OF THE AGREEMENT

Pursuant to the Agreement:-

(a)               one per centum (1%) of the Consideration amounting to Ringgit Malaysia One Hundred and Thirty Thousand (RM130,000.00) only has been paid on 11 June 2012 and deposited by the Purchaser with the Purchaser’s Solicitors, as stakeholders.

(b)               nine per centum (9%) of the Consideration amounting to Ringgit Malaysia One Million One Hundred and Seventy Thousand (RM1,170,000.00) only shall be deposited with the Purchaser’s Solicitors, as stakeholders upon the execution of the Sale and Purchase Agreement (“SPA”).

(c)               ninety per centum (90%) of the Consideration amounting to Ringgit Malaysia Eleven Million Seven Hundred Thousand (RM11,700,000.00) only shall be deposited with the Purchaser’s Solicitors as stakeholders within ninety (90) days from the unconditional date as defined in the SPA.

A detailed announcement regarding the said Proposed Disposal shall be made upon execution of the SPA.