PROPOSED JOINT DEVELOPMENT PROJECT BETWEEN FBG AND THE PENANG DEVELOPMENT CORPORATION KNOWN AS MEDICITY ("MEDICITY PROJECT") IN BATU KAWAN, PENANG THROUGH A PURCHASE AND DEVELOPMENT ARRANGEMENT ENTAILING THE PROPOSED ACQUISITION BY FBG LAND SDN BHD (FORMERLY KNOWN AS FAJARBARU LAND (M) SDN BHD), A WHOLLY-OWNED
SUBSIDIARY OF FBG, OF A PARCEL OF LAND MEASURING APPROXIMATELY 51.172 ACRES LOCATED IN BANDAR CASSIA, BATU KAWAN, PENANG ("PARCEL 1 LAND") FOR A PURCHASE CONSIDERATION OF RM111,452,616.00 TO BE SATISFIED ENTIRELY IN CASH ("PROPOSED ACQUISITION")

PROPOSED CHANGE OF THE COMPANY'S NAME FROM "FAJARBARU BUILDER GROUP BHD" TO "FBG HOLDINGS BERHAD" ("PROPOSED CHANGE OF NAME")