PROPOSED PRIVATE PLACEMENT OF 46,768,000 NEW ORDINARY SHARES IN CITAGLOBAL ("SHARES") ("SUBSCRIPTION SHARES") TO BERJAYA SECURITIES SDN BHD (FORMERLY KNOWN AS INTER-PACIFIC SECURITIES SDN BHD) AT THE SUBSCRIPTION PRICE OF RM0.90 PER SUBSCRIPTION SHARE ("PROPOSED PRIVATE PLACEMENT")

PROPOSED JOINT VENTURE BETWEEN CITAGLOBAL PROPERTY DEVELOPMENT SDN BHD (FORMERLY KNOWN AS SINERGI DAYANG SDN BHD) ("CITAGLOBAL PROPERTY DEVELOPMENT"), AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF THE COMPANY, AND VARIA CREST SDN BHD ("VARIA CREST"), AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF VARIA BERHAD, FOR A PROPOSED MIXED DEVELOPMENT ON A PARCEL OF LEASEHOLD LAND HELD UNDER TITLE NUMBER PAJAKAN NEGERI 27027, LOT 147 SEKSYEN 87, BANDAR KUALA LUMPUR, DAERAH KUALA LUMPUR, MEASURING 6,410 SQUARE METERS (APPROXIMATELY 1.58 ACRES), TO BE KNOWN AS THE CITAGLOBAL TOWER DEVELOPMENT ("PROPOSED JV")