We refer to the Company’s announcements dated 14 January 2022 (“First Announcement”), 24 January 2022, 30 March 2022 and 27 May 2022 (collectively, the “Announcements”) in relation to the Proposed Disposal. Unless otherwise stated, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the Announcements.

The Board of Directors of LICB wishes to announce the following:

(a) the Buyer and the Seller had on 13 June 2022 mutually agreed to the adoption of the Closing Accounts as at Completion Date;

(b) the final Adjusted Consideration is approximately RM136.05 million based on the Closing Accounts as at Completion Date after taking into account the agreed formula set out in Section 2.3 of the First Announcement (“Final Adjusted Consideration”); and 

(c) the Buyer had fully paid the Final Adjusted Consideration of approximately RM136.05 million to the Seller. 

The full text of the announcement is attached herewith.