On behalf of the Board of Directors of SHIB ('Board'), M&A Securities Sdn Bhd ('M&ASecurities') wishes to announce that SHIB had on 11 November 2020 entered into a conditional share purchase agreement with Hua Fei Investment Limited ('Purchaser') for the proposed disposal of 50,000 ordinary shares in PIPO Overseas Limited ('PIPO' or 'Disposal Subsidiary') (a wholly-owned subsidiary of the Company) ('Sale Shares') for a total cash consideration of Chinese Renminbi ('RMB') 88,000,000 (equivalent to approximately RM54,947,200) ('Disposal Consideration') ('Disposal SPA') ('Proposed Disposal').

Further details of the Proposed Disposal are set out in the attached file.

This announcement is dated 11 November 2020.

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Sino Hua-An International Bhd published this content on 11 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2020 02:08:04 UTC