We refer to our following announcements:

1. Announcement dated 29 March 2019 in relation to the acquisition of 1,000,000 ordinary shares (“Sale Shares”) representing 100% of the total issued and paid-up share capital of Blacktop Industries Sdn Bhd (“BISB”) in 2 tranches by Sunway Holdings Sdn Bhd (“SunHoldings”), a wholly-owned subsidiary of Sunway, from Datin Sri Lau Lai San, Ms Chu Yuen Leng and Ms Chu Yuen Mun (together “the Vendors”) (“Proposed Acquisition”); and
2. Announcement dated 25 July 2019 in relation to the completion of the first tranche of the Proposed Acquisition which comprised the acquisition of 60% of the Sale Shares (“First Tranche Sale Shares”) at an indicative pre-adjustment purchase consideration of RM42,054,927.46 (“First Tranche Consideration”).

Post the completion of the First Tranche Sale Shares, the Vendors and SunHoldings mutually agreed that the consideration for the First Tranche Sale Shares is to be adjusted downwards to RM39,509,453.37 which is derived based on the adjusted net asset value (“NAV”) per share of BISB Group as at 30 June 2019 after taking into account the overpayment of RM2,545,474.09 (“Overpayment”) made by SunHoldings.

The consideration of RM26,355,685.66 (“Second Tranche Consideration”) for the acquisition of 400,000 ordinary shares representing 40% of the Sale Shares (“Second Tranche Sale Shares”) is derived from the adjusted NAV per share of BISB Group as at 30 June 2020.

The Second Tranche Sale Shares was completed on 22 April 2022 upon SunHoldings' payment of the amount of RM23,810,211.57 (being an amount equivalent to the Second Tranche Consideration less the Overpayment) to the Vendors. Consequently, BISB will become a wholly-owned subsidiary of SunHoldings upon the proper execution of the relevant documents and registration in relation to the transfer of the Second Tranche Sale Shares.

This announcement is dated 22 April 2022.