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

IPS, on behalf of the Board of Directors of SCIB, wishes to announce that pursuant to the Companies Act 2016 (“Act”) which was gazetted on 15 September 2016 and came into effect on 31 January 2017, the Company has revised the proposals announced on 28 December 2016 to as follows:

1. The Proposed Par Value Reduction is no longer applicable;
2. The proposed amendments to the M&A of SCIB is revised to remove Clause 5 of the Memorandum of Association and Article 47 of the Articles of Association of SCIB; and
3. The issue price of the Placement Shares in relation to the Proposed Private Placement shall not be priced at a discount of more than ten percent (10%) to the five (5)-day VWAMP of SCIB Shares up to the date immediately preceding the price fixing date(s). All other terms of the Proposed Private Placement remain unchanged.

In relation to the Proposed CGSB Acquisition, due to the implementation of the new Act, SCIB had on 3 March 2017 entered into a supplemental agreement to the SSA with CGSB and the Sellers to vary and amend certain clauses of the SSA dated 28 December 2016 consequential to the Act (“Supplemental Agreement”). Please refer to the attachment for further details on the revised Proposed M&A Amendments and salient terms of the Supplemental Agreement.

This announcement is dated 3 March 2017.