Bursa
Announcements

We refer to the previous announcements in relation to the Proposals. Unless otherwise stated, all terms used in this announcement shall have the same meaning as defined in the said announcements.

As previously announced on 14 July 2020, TTSB and IWH had vide an exchange of letters dated 14 July 2020 agreed to extend the Conditional Period for another six (6) months period i.e. from 21 August 2020 to 20 February 2021 (“Extended Conditional Period”) for the Parties to fulfill the Conditions Precedent set out in the SPAs.

In this regard, RHB Investment Bank had, on behalf of the Company sought the approval of Bursa Securities for an extension of time until 21 January 2021 for the Company to comply with Paragraph 9.33(1)(a) of the Listing Requirements in respect of the submission of the draft circular to shareholders of Ekovest for the Proposals to Bursa Securities (“EOT”). Bursa Securities had subsequently vide its letter dated 3 August 2020 (which was received on 4 August 2020) granted its approval for the EOT.

For shareholders’ information, while the non-interested Board is unable to agree with IWH’s request to maintain the Total Purchase Consideration and its mode of settlement for the Lands at this juncture, it remains the intention of the Company to acquire the Lands given the strategic location and prospects of the Lands which are located within the Johor Bahru Waterfront development overlooking Singapore and skyline of the Johor Bahru city centre.

The Extended Conditional Period would allow Ekovest and TTSB to continue monitoring the developments of the Malaysian economy and property market as well as the share price of Ekovest, at least until the end of this year. The Extended Conditional Period would also afford time for the Parties to reassess and renegotiate all matters relating to the purchase consideration for the Lands and mode of settlement thereon, if required.

Given the above, the Company does not intend to seek the approval of its shareholders for the Proposals until such terms are finalised to avoid any material variation to the Proposals subsequent to the EGM of the Company in respect of the Proposals.

The Company will make further announcement as and when there are material developments relating to the Proposals.

This Announcement is dated 5 August 2020.