On behalf of the Board of Directors of SCIB (“Board”), Inter-Pacific Securities Sdn. Bhd. (“IPS”) wishes to announce that SCIB had, on 28 December 2016 entered into a conditional share sale agreement (“SSA”) with Gaya Belian Sdn. Bhd., Brian Francis Ticcioni and Asgari bin Mohd Fuad Stephens for the proposed acquisition of 4,463,640 ordinary shares of RM1.00 each representing the entire equity interest in Carlton Gardens Sdn. Bhd. (“CGSB”) for a total purchase price of RM9.50 million and to be paid in 2 tranches (“Proposed CGSB Acquisition”).

In addition, on behalf of the Board, IPS also wishes to announce that the Company proposes to undertake the following:

(i) Proposed reduction of the issued and paid-up share capital of SCIB pursuant to Section 64 of the Companies Act 1965 (“Act”), involving the cancellation of RM0.50 of the par value of each existing ordinary share of RM1.00 each in SCIB (“Proposed Par Value Reduction”);

(ii) Proposed amendments to the Memorandum and Articles of Association (“M&A”) of SCIB to facilitate the change in par value of the ordinary shares in SCIB from RM1.00 to RM0.50 each arising from the Proposed Par Value Reduction (“Proposed M&A Amendments”); and

(iii) Proposed private placement of up to 36,397,125 new ordinary shares of RM0.50 each in SCIB after the Proposed Par Value Reduction (“SCIB Share(s)”) (“Placement Share(s)”) representing up to 45% of the enlarged issued and paid-up share capital of SCIB after the completion of the Proposed Par Value Reduction and Proposed CGSB Acquisition to be subscribed by potential investors to be identified later (“Proposed Private Placement”).

(Collectively referred to as the “Proposals”)

This announcement is dated 28 December 2016.

Please refer to the attachment for further information.