We refer to our announcements on 21 May 2013, 23 May 2013, 27 May 2013, 19 August 2013, 20 November 2013, 16 May 2014, 26 November 2014, 23 September 2016, 10 December 2018, 29 March 2021, 31 January 2022 and 30 November 2022 respectively in relation to the JVA.

To date, Jesselton Quay Properties Sdn. Bhd. ("JQPSB"), a wholly-owned subsidiary of SBC has paid the cash component amounting to RM21 million to Suria Capital in accordance with the terms of the Amended and Restated Agreement (“ARA”). The remaining cash component of RM11 million, which was originally due to be settled by 31 December 2025, has been mutually agreed by the parties to be varied.

Accordingly, Suria Capital and JQPSB entered into a Supplemental Letter to the ARA on 22 January 2026 to record the mutual agreement to vary the payment terms of the remaining cash component as follows –

(a)  The cash component of RM11 million (the “Varied Amount”) shall be deferred and paid in two (2) tranches as follows –

         (i)     RM5 million on or before 28 February 2026; and
        (ii)     RM6 million, being the balance of the Varied Amount, on or before 31 December 2026.

(b)   To secure the payment of the Varied Amount, JQPSB shall provide the following securities in favour of Suria Capital –

       (i)     A new bank guarantee for the Varied Amount together with accrued late payment interest, less any cash payment made, to be provided no later than 31  March 2026; and

       (ii)   Pending the delivery and acceptance of the new bank guarantee, interim collateral in the form of pre-signed sales and purchase agreements for selected completed Gallery Shoppes units within JQ Central, to serve as collateral coverage for the Varied Amount together with accrued late payment interest.

Save for the variations set out above, all other terms and conditions of the ARA and the JVA shall remain unchanged and continue to be in full force and effect.

The Board of SBC having taken into consideration of all aspects, is of the opinion that the variations made pursuant to the Supplemental Letter to the ARA are in the best interest of the Group in ensuring the successful completion of the Jesselton Quay Project.

This announcement is dated 28 January 2026.