Reference is made to the announcement on 16 April 2025 where the Company announced that it had on the same date entered into a joint venture agreement ("JVA") with the following parties:

(i)     Nextgreen IOI Pulp Sdn Bhd ("NIP");

(ii)    Hong Kong Paper Sources Co., Limited ("HK Paper")

(iii)   Xiamen C&D Paper & Pulp Group Co Limited ("Xiamen C&D"); and

(iv)   IOI Corporation Berhad ("IOI"),

to regulate their relationship, direct and indirect interests and the conduct of the business and affairs through a special purpose vehicle company to be incorporated ("SPV Company") upon the terms and conditions set out in the JVA.

On 29 April 2025, the SPV Company was incorporated under the name of Neuwhite Paper Pulp Sdn Bhd ("Neuwhite"). Subsequently, on 9 May 2025, Neuwhite executed a deed of ratification and accession to be included as a party to the JVA.

The Company, NIP, Neuwhite, HK Paper, Xiamen C&D and IOI are collectively referred to as the "JV Parties".

On behalf of the Board of Directors of the Company ("Board"), Affin Hwang Investment Bank Berhad ("Affin Hwang IB") wishes to announce that as part of the terms under the JVA, Ultimate Ivory Sdn. Bhd. ("Ultimate Ivory"), a wholly-owned subsidiary of the Company, had on 5 December 2025 entered into two (2) conditional sale and purchase agreements ("SPAs") with Neuwhite for the proposed disposal of:

(i)     one (1) parcel of leasehold industrial land held under H.S.(D) 5589, PT 7436, Mukim of Lepar, District of Pekan, Pahang measuring 18.464 hectares ("Ha") or approximately 45.626 acres ("Lot 7436") by Ultimate Ivory to Neuwhite for the disposal consideration of RM39,637,350.20 to be satisfied fully in cash ("Proposed Land Disposal 1"); and

(ii)     one (1) parcel of leasehold industrial land held under H.S.(D) 5630, PT 7461, Mukim of Lepar, District of Pekan, Pahang measuring 14.33 Ha or approximately 35.410 acres ("Lot 7461") by Ultimate Ivory to Neuwhite for the disposal consideration of RM30,762,927.57 to be satisfied fully in cash ("Proposed Land Disposal 2"),

subject to the terms and conditions stipulated in the SPAs.

Proposed Land Disposal 1 and Proposed Land Disposal 2 are collectively referred to as the "Proposed Land Disposals".

Please refer to the attachment for further details on the Proposals.

Please refer attachment below.