Konsortium Transnasional Berhad announced that Hektar Muda Sdn. Bhd. had vide letter dated February 18, 2022 informed KTB that it wishes to cancel the award of Phase 2 and Phase 3 of Project Cameron and replace with a new award from a third party, Probil Industries (M) Sdn.

Bhd. The Board of Directors of KTB announced that, Transnational Builder Sdn. Bhd., a wholly-owned subsidiary of KTB, had on February 28, 2022 received letter of award from Probil for the supply of all plant, materials, tools, equipment, temporary works, labour and supervision necessary for the construction and completion of the works as prescribed in the Letter of Award.

The contract sum shall be a total sum amounting to RMB 98,049,098.00. The scope of works for the Letter of Award comprises the supply of all plant, materials, tools, equipment, temporary works, labour and supervision necessary for the construction and completion of the following works: 572 units houses in Desa 1, Desa 2, Desa 3 and Desa 4; Local infrastructure works; Main infrastructure works; and Any other works as stipulated in the tender drawings and documents. The whole of the works shall be completed within 36 months from the date of the actual commencement date.

The date of commencement of the relevant works shall follow the below scheduled: Site clearance, earthworks, retaining wall, show houses and preliminary works by 4 April 2022; Building works and local infrastructure works by 4 July 2022; and Main infrastructure works by 4 July 2023. The Company does not expect any material risk arising from the Letter of Award other than the normal operational risks associated with the Letter of Award and the business risk within the industry which the Company would take appropriate measures to minimise it. The Letter of Award will not have any effect on the share capital and substantial shareholders' shareholdings of KTB as it does not involve the issuance of ordinary shares in KTB.

However, it is expected to have positive contribution to the earning per share, net assets per share and gearing of the KTB Group for the financial year ending December 31, 2022 and onwards.