We wish to announce that pursuant to Chapter 9, Paragraph 9.19(24) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, Mulpha Group Services Sdn Bhd (“MGS”) had on 10 December 2013, disposed of 3,196,588 ordinary shares of RM1/- each, representing 100% of the total issued and paid-up share capital of Mulpha Properties (M) Sdn Bhd (“MPM”) to Mulpha Land Berhad (“MLB”) for a total cash consideration of RM47,072,424/- (“Disposal”).  MGS is a wholly-owned subsidiary of MIB.  MIB, which holds 61.93% in MLB, is the holding company of MLB. As a result of the Disposal, MPM has ceased to be a wholly-owned subsidiary of MGS.

MGS was incorporated on 7 April 1966 and its authorised and paid-up share capital are RM50,000,000/- and RM20,196,588/- respectively. The principal activities of MGS are investment holding and provision of management services to its related companies. 

MPM was incorporated on 25 August 1973 and its authorised and paid-up share capital are RM5,000,000/- and RM3,196,588/- respectively. The principal activity of MPM is property ownership and management. 

The Disposal is not expected to have any material effect on the earnings per share and net assets per share of MIB, and it has no effect on the share capital and substantial shareholders’ shareholding of MIB.

The Disposal does not require approval from the shareholders of MIB.

None of the directors or substantial shareholders of MIB or persons connected with them has any interest, direct or indirect in the Disposal.

This announcement is dated 12 December 2013.