Reference is made to the Company’s announcements dated 31 October 2022 in relation to the Revised Proposed Disposals and its subsequent announcements (“Announcements”), which superseded the original Proposed Disposals approved by the shareholders of Landmarks on 8 April 2022. Unless otherwise defined, the definitions used in this announcement shall have the same meanings as those defined in the Announcements.

On behalf of the Board, HLIB wishes to announce that TGPL had on the even date entered into two Termination Agreements dated 29 December 2023 (“Agreements”) with SAL, one of which included the other 51% Mendol Sellers, to mutually terminate the conditional share sale agreements and the supplemental share sale agreements in relation to the original Proposed Disposals and Revised Proposed Disposals (“SSAs”) with effect from the date of the Agreements (“Termination”).

The decision by the Board on the Termination was arrived at after taking into consideration, the extended period of time for completion of the current transaction and the volatile market conditions which had led to the withdrawal of the draft circular in relation to the Revised Proposed Disposals which was submitted to Bursa Securities as announced on 17 February 2023.

Pursuant to the Agreements, each party irrevocably releases and unconditionally discharges the other party from any and all claims, demands, liabilities and obligations accrued prior to the date of Agreements owing or may be owed to it under the SSAs with effect from the date of Agreements. Neither party shall have any claims or rights whatsoever against the other party in respect of the SSAs (including but not limited to any antecedent breaches occurred prior to the date of Agreements), save in respect of any breaches by any party of its respective obligations under the confidentiality clauses in the SSAs whether the same occur prior to or after the date of Agreements.

The Termination of the Revised Proposed Disposals is not expected to have any material impact on the earnings per share and net asset per share of the Group.

The Board will continue to explore opportunities for any investment interest or strategic partners for development in Treasure Bay Bintan, Indonesia. In the event the Company undertake any other alternative corporate exercise(s), the Company will make the necessary announcement(s) to Bursa Securities and/or seek its shareholders’ approval, if required, in compliance with the Main Market Listing Requirements of Bursa Securities.

The Agreements are available for inspection at the registered office of the Company at 20th Floor, Menara Haw Par, Jalan Sultan Ismail, 50250 Kuala Lumpur during normal business hours on Mondays to Fridays (except public holidays) for a period of 3 months from the date of this announcement.

This announcement is dated 29 December 2023.