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) from item (b), Section 2.8 of the Circular pertaining to the Proposed Utilisation of Proceeds (“Item (b) Utilisation”), the Board of Directors of LICB wishes to announce the allocation of RM200 million from the Item (b) Utilisation to fund working capital for the LICB Group.