The Board of Directors of SMIS wishes to announce that SMIS had on 21 December 2023 entered into an Agreement of Shares Sell and Purchase of PT. Grand Surya Techno (“the Agreement”) with Sugihara Co. Ltd. for the proposed disposal of 1,516,120 shares, representing 35% of the total issued share capital in PT. Grand Surya Techno, a 95%-owned subsidiary of the Company, for a total cash consideration of USD1,370,646.00 (equivalent to approximately RM6,401,602.00) only, subject to the terms and conditions as stipulated in the Agreement (the “Proposed Disposal”).

Please refer to the attachment for further details of the Proposed Disposal. 

This announcement is dated 21 December 2023.