We refer to the announcements dated 28 December 2016, 26 January 2017, 17 February 2017, 2 March 2017, 3 March 2017, 8 March 2017, 29 March 2017, 21 April 2017, 8 May 2017, 26 May 2017 and 31 May 2017 ("Announcements"). Unless otherwise stated, abbreviations and definitions used throughout this announcement shall be the same as those in the Announcements.

On behalf of the Company, IPS wishes to announce that, on 31 May 2017, all the Conditions Precedent for Tranche 2 as set out in the SSA in relation to the Proposed CGSB Acquisition have been fulfilled. 

Pursuant to the SSA, the Board has determined on 31 May 2017 that 70% of the Purchase Consideration of RM9,500,000 (“Tranche 2”) amounting to RM6,650,000 shall be satisfied via a combination of RM2,416,000 cash payable and 7,300,000 Consideration Shares issued by the Company to the Sellers in the proportion set out opposite their respective names in Schedule 3 of the SSA.

This announcement is dated 1 June 2017.