Unless otherwise defined, the defined terms used in this announcement shall carry the same meaning as those defined in our announcements dated 17 October 2023, 17 July 2023 and 18 April 2023 in relation to the Proposed Acquisition (“Announcements”).

The Board of Directors of the Company wishes to announce that the executed Term Sheet relating to the Proposed Acquisition of intellectual properties of ICMSB has been terminated, via a notice dated 16 January 2024 given to ICMSB (“Notice”) due to non-execution of the Master Assignment Agreement by ICMSB within ninety (90) days period from the date of the Addendum. Consequently, ICMSB is required to refund the Deposit of RM100,000.00 within seven (7) days from the date of the Notice.

MDSB does not intend to pursue any legal action unless MDSB is unable to recover the Deposit.

The termination of the Term Sheet as regards the Proposed Acquisition is not expected to have any material effect on the earnings and net assets of the Sasbadi Holdings Group (i.e. Sasbadi Holdings and its subsidiaries) for the financial year ending 31 August 2024.

This announcement is dated 16 January 2024.