The Board of Directors (“Board”) of IOI Properties Group Berhad (“IOIPG” or “Company”) wishes to announce that, the Board has on 7 November 2024 received a letter dated 6 November 2024 from Mr. Lee Yeow Seng, who is the Group Chief Executive Officer and a substantial shareholder of IOIPG (“Mr. Lee”), requesting the Board to withdraw the ordinary resolution as set out in the Notice of Extraordinary General Meeting of the Company (“EGM”) dated 9 October 2024 (“Ordinary Resolution”).

Mr. Lee in its letter to the Board informed that the decision to withdraw the Ordinary Resolution was made after considering amongst others, the feedback received from various institutional shareholders relating to the Ordinary Resolution. As such, Mr. Lee wishes to reconsider the options available to address the potential conflict of interest position and plans to engage further with the institutional shareholders to constructively address their concerns.

As the redevelopment works on Shenton House (which will give rise to the conflict of interest position), are scheduled to only commence in the first quarter of 2027, Mr. Lee intends to reevaluate the options available and take the appropriate steps to address concerns held by all relevant stakeholders.

It is Mr. Lee’s intention that following his further re-evaluation of the conflict of interest position and reengagement with the relevant stakeholders, Mr. Lee will, where necessary and appropriate put forward a subsequent request to the Board to re-convene a general meeting for the resolution to address the conflict of interest position.

Taking into consideration the above, the Ordinary Resolution has been withdrawn and has not been tabled for approval and consideration by the shareholders at the EGM.

This announcement is dated 7 November 2024.

Proposed section 218 shareholders' consent to consent to the conflict of interest position and engagement in business which is deemed in competition with IOIPG arising by virtue of Lee Yeow Seng, the Group Chief Executive Officer and major shareholder holding an interest in Shenton 101 Pte Ltd pursuant to Section 218 of the Companies Act 2016