WE DESIGN LOGISTICS

Reference is made to the Company's earlier announcement dated 24 November 2021 in respect of the cancellation of the post-closing price adjustment given that both CJ Century and CJ Logistics Asia Pte. Ltd. have mutually agreed not to proceed with the independent review by Messrs. Ernst & Young PLT (“EY”) of the management accounts of CJ Logistics Express Malaysia Sdn. Bhd. (“CJLEM”) as of 30 April 2021.

The Board of Directors ("Board") of CJ Century wishes to further announce the following additional information in relation to the Proposed Disposal:-

1. Reason(s) for not continuing the independent review for post-closing price adjustment by EY

Given the prolonged process in reviewing CJLEM’s management accounts including the need to obtain fair market pricing of each asset, the Board had instead revisited all the relevant documents/reports for the Proposed Disposal and is satisfied that the Proposed Disposal was a beneficial transaction for CJ Century as it was transacted above the fair value of the disposed assets.  

With all the justifications presented, the Board is of the view that no post-closing price adjustment is required and agreed not to proceed with the independent review of EY upon the consent from CJ Logistics Asia Pte. Ltd.

2. What is the final price/consideration for the Proposed Disposal subsequent to the cancellation of the post-closing price adjustment

The final cash consideration for the Proposed Disposal subsequent to the cancellation of the post-closing price adjustment remains at RM7,471,505.91, as previously announced.

This announcement is dated 25 November 2021.