The Board of Directors of IWCity wishes to announce that the Company had on 13 May 2022 entered into a Heads of Agreement with Knusford Berhad (“KB”) in regards to the proposed disposal of 2 parcels of vacant unconverted development land in Tanjung Danga, Johor Bahru (“Lands”) by Success Straits Sdn Bhd, a wholly-owned subsidiary of IWCity, to KB or its nominee(s) for a disposal consideration to be determined (“Disposal Consideration”) (“Proposed Disposal”).

Please refer to the attachment for the details of the announcement.

This announcement is dated 13 May 2022.