(Unless otherwise stated, the definitions used throughout this announcement shall have the same meaning as defined in the previous announcement made by the Company on 20 December 2023 (“Announcement”).)

We refer to the Announcement and the query letter from Bursa Malaysia Securities Berhad dated 26 December 2023 with reference number IQL-26122023-00001 requesting for the following additional information on the Proposed Disposal:-

1. Whether any valuation was carried out on the Property; if so, the name of the independent registered valuer, date and method of valuation and quantification of the market value. 
There was no valuation carried out pursuant to the Proposed Disposal.  

2. Expected gain or losses to LKL group arising from the Proposed Disposal.
The Company is expected to achieve a pro forma net gain of approximately RM0.3 million in relation to the Proposed Disposal.

3. Particular of any guarantees given by LKL/LKLAM to Avenue.  
There are no guarantees to be assumed by the Company and LKLAM arising from the Proposed Disposal.

4. Particular of any liabilities, including contingent liabilities, in relation to the Proposed Disposal which remain with LKL/LKLAM, together with the details and justification for such arrangements. 
There are no liabilities, including contingent liabilities to be assumed by the Company and LKLAM arising from the Proposed Disposal.

5. The breakdown of the utilisation of the proceeds between working capital and investment. 
The breakdown of the working capital and investment cannot be determined at this juncture.

6. Details of the working capital for which net proceeds from the Proposed Disposal will be utilised for the breakdown thereof. 
The net proceeds arising from the Proposed Disposal will be utilised for working capital requirements for the Group (the Company and its subsidiaries) which includes, among others, payment of staff related expenses and other operational expenses.


This announcement is dated 27 December 2023.