Reference is made to the announcement dated 28 December 2016 and 26 January 2017 in relation to the Proposals (“Announcements”). Unless otherwise defined, the definitions set out in the Announcement shall apply herein.

On behalf of the Company, IPS wishes to announce that, on 17 February 2017, all the Conditions Precedent for Tranche 1 as set out in the SSA in relation to the Proposed CGSB Acquisition has been fulfilled.

Pursuant thereto, 30% of the Purchase Consideration of RM9,500,000 (“Tranche 1”) amounting to RM2,850,000 shall be paid in cash by the Company to the respective Sellers in the proportion set out opposite their respective names in Schedule 3 of the SSA within 5 business days from the date of fulfilment of all the Conditions Precedent for Tranche 1.

This announcement is dated 17 February 2017.