The Board of Directors of Lian Beng Group Ltd. (the "Company", and together with its subsidiaries, the "Group") announced that Lian Beng (Tai Seng) Pte. Ltd. ("Purchaser"), a 75%-owned subsidiary of the Company, had on 15 January 2021 entered into a put and call option agreement ("Agreement") with BreadTalk Group Pte. Ltd. ("Vendor") for the proposed acquisition of Property for an aggregate purchase consideration of SGD 118 million ("Proposed Acquisition"). Upon the exercise of the put option or the call option, a binding sale and purchase agreement between the Vendor and the Purchaser shall be deemed entered into. BreadTalk IHQ Building ("Property") is 10-storey high, single-user industrial development with retail component at the whole of Lot 6767V of Mukim 23 located at 30 Tai Seng Street, Singapore 534013. The Property is with a land tenure of 30 years commencing 1 February 2010, with an option of a further extension of 30 years. The Property has a gross floor area of approximately 248,902 square feet, including the commercial retail units. The aggregate purchase consideration for the purchase of Property together with the mechanical and electrical equipment related to the Property ("Equipment") is SGD 118 million (excluding goods and service tax (if any) applicable) ("Purchase Consideration"). The Purchase Consideration payable by the Purchaser to the Vendor was arrived based on a willing buyer-willing seller basis after taking into consideration the prevailing market conditions and the current market prices of properties in the surrounding vicinity of the Property. The Purchase Consideration will be satisfied by the Purchaser in the following manner: deposit of SGD 5 million will be paid by the Purchaser to the Vendor upon signing of the Agreement; the balance of the Purchase Consideration will be paid upon completion of the Proposed Acquisition. The completion ("Completion") of the Proposed Acquisition is scheduled on the date which is later of (i) 1 April 2021 and (ii) the date falling eight (8) weeks from the date of option exercise notice or such other date that the parties may mutually agree in writing ("Completion Date").