WE DESIGN LOGISTICS

The Board of Directors of Century Logistics Holdings Berhad (“Board”) wishes to announce that the Board was informed that Datuk Phua Sin Mo, Datin Lee Lay Hun, Pamela Phua Jo Lyn and Chai Mee Young (collectively, the “Vendors”) have entered into a Conditional Sale and Purchase Agreement (“SPA”) with CJ Korea Express Asia Pte. Ltd. (“Purchaser”) for the proposed disposal of 120,544,236 issued and fully paid ordinary shares in the Company representing approximately 31.44% of its entire issued share capital (each a “Sale Share” and together, the “Sale Shares”) by the Vendors to the Purchaser, at a disposal price of RM1.45 per Sale Share to be fully satisfied via cash consideration (“Proposed Disposal”).

The Board was further informed that the Proposed Disposal is:

1. conditional upon the fulfilment of the conditions precedent set out in the SPA (collectively, the “Conditions Precedent”) and the Conditions Precedent are expected to be fulfilled on or before 31 October 2016; and
2. expected to be completed on 31 October 2016.

Upon completion of the Proposed Disposal, the Company will make the necessary announcements in accordance to the listing requirements and the Companies Act, 1965.

This announcement is dated 8 September 2016.