We refer to the news article titled “Boustead said to be disposing of plantation arm” which appeared in The Edge Malaysia newspaper dated 19 June 2023.

The Company having made due inquiry with its Board of Directors, its major shareholders and all such person reasonably familiar with the matter, the Company wishes to confirm that the Company have not entered into any agreement involving the disposal of its stake in Boustead Plantations Berhad. The Company continues to focus on its business plan and value creation for its stakeholders and investors.

This announcement is dated 20 June 2023.