On behalf of the Board of Directors of Grand-Flo, AmInvestment Bank Berhad wishes to announce that the Company had on 10 September 2020 entered into the following conditional share sale agreements (“SSA”):-

(a) a SSA with Radiant Globaltech Berhad for the proposed disposal of 800,000 ordinary shares in Grand-Flo Spritvest Sdn Bhd (“GFS”) (“GFS Shares”), representing 80% equity interest in GFS for a cash consideration of RM11,600,000 (“Proposed Disposal 1”); and

(b) a SSA with Jejaka 7 Capital Sdn Bhd for the proposed disposal of 200,000 GFS Shares, representing 20% equity interest in GFS for a cash consideration of RM2,900,000 (“Proposed Disposal 2”).

(The Proposed Disposal 1 and the Proposed Disposal 2 are collectively referred to as the “Proposed Disposals”)

Further details of the Proposed Disposals are set out in the attachment.

This announcement is dated 10 September 2020.