Reference is made to the Company’s announcements dated 12 October 2021, 28 October 2021, 1 November 2021, 9 November 2021, 7 December 2021, 10 December 2021, 16 December 2021 and 23 December 2021 (collectively, the “Announcements”), and the Company’s Circular to Shareholders dated 25 November 2021 (“Circular”) in relation to the Disposal. Unless otherwise stated, abbreviations and defined terms used throughout this announcement shall have the same meanings as those previously defined in the Announcements and the Circular.

Further to the allocation of cash outlay of RM40.80 million for the Proposed Acquisition of DRI Plant (as announced by the Company on 16 December 2021), the Board of Directors of LICB wishes to announce a further allocation of RM200 million from the Adjusted Consideration derived from the Disposal (which was completed on 10 December 2021) to fund working capital for the LICB Group.

In respect thereto, the Proposed Utilisation of Proceeds as set out in items (b) and (c), Section 2.8 of the Circular is updated as follows:

Proposed Utilisation of Proceeds

As stated in items (b) and (c), Section 2.8 of the Circular
RM’million

Updated Proposed  Utilisation of Proceeds RM’million

Funding requirement for any new investment/business and/or the existing businesses (including any upgrading of plant and equipment and production process/methodology) comprising investment/business such as upstream and/or downstream steel/property related businesses

​404.95

​164.15

Proposed Acquisition of DRI Plant

-

40.80

Working Capital for the LICB Group

50.00

250.00

Total

454.95

454.95