The Board of Directors of the Company wishes to announce that MY E.G. Capital Sdn. Bhd., a wholly owned subsidiary of the Company had on 16 July 2020 entered into a Heads of Agreement (“HOA”) with S7 Holdings Sdn. Bhd., Merrington Assets Limited, Avocat Sdn. Bhd., Ancom Logistics Berhad (“ALB”) and Ancom Berhad (collectively referred to as “the Parties”) to undertake a Proposed Reverse Takeover Exercise (“Proposed RTO”) which entails the proposed acquisition by ALB of the entire share capital of S5 Holdings Inc. (“S5”), details of which are set out in this announcement.