On behalf of the Board of Directors of CWG ("Board"), UOB Kay Hian Securities (M) Sdn Bhd ("UOBKH") wishes to announce that CWG Park Sdn Bhd ("CPSB" or the "Purchaser"), a wholly-owned subsidiary of CWG, had on 17 July 2023 entered into a conditional share sale agreement with Great Marvel Sdn Bhd ("GMSB" or the "Vendor") ("SSA") for the proposed acquisition by CPSB of 100 ordinary shares in SA Marvel Sdn Bhd ("SMSB"), a wholly-owned subsidiary of GMSB ("Sale Shares"), representing 100% of the equity interest in SMSB for a purchase consideration of RM0.10 million to be satisfied entirely via cash ("Proposed Acquisition").

In conjunction with the Proposed Acquisition, the Company proposes to undertake a proposed diversification of the existing principal activities of CWG and its subsidiaries ("CWG Group" or the "Group") to include property development ("Proposed Diversification").

(The Proposed Acquisition and Proposed Diversification are collectively referred to as the "Proposals").

Please refer to the attachment for further details of the Proposals.

This announcement is dated 17 July 2023.