Scanwolf : Disposal Of Property By Scanwolf Plastic Industries Sdn Bhd , A Wholly-Owned Subsidiary Of The Company For A Total Consideration Of Rm6,800,000.00

We refer to your Company's announcement dated 30 April 2021, in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1) In view that there was no valuation carried out on the Property, please elaborate further on how the Company has derived the market value of the Property, taking into consideration the properties surrounding the Land and current market condition.

2) Also, in view that there was no valuation carried out on the Property, to elaborate further on the basis in arriving at the Disposal Consideration of the Sale Consideration, other than on a 'willing buyer-willing seller' basis.

3) It is noted that the existing use of the Property by the Company is as warehouse. To provide further clarification on how the Company plan to centralize all business administration in its factory located at Tronoh, Perak while maintaining a reasonable size of marketing office in Selangor so to improve efficiency and reduce duplicating operating expenses.

4) To provide the breakdown of the net proceeds from the Disposal for repayment of bank borrowings and working capital of the Company and its subsidiaries, and the timeframe of utilisation for the said proceeds.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully,
Listing

Regulation

Cc : Market Surveillance Dept. , Securities Commission (via fax)