The Board of Directors of the Company (“Board”) wishes to announce that Scanwolf Marketing Sdn. Bhd., a wholly-owned subsidiary of SCB had on 20 April 2022 entered into an Exclusive Distributorship Agreement with Signature Cabinet Sdn. Bhd. (“SCSB”) for the appointment of SCSB as an exclusive and sole distributor to distribute, market and sale of SMSB’s flooring products for the project market (inclusive commercial, residential and institutions) with the total floor size of more than thirty thousand (30,000) square feet within Malaysia.   

SCSB is principally involved in the design, marketing and distribution of kitchen systems, wardrobe system, built-in kitchen appliances and such other living space related goods required for the purpose of building and construction activities. It is wholly owned by Signature International Berhad, a public limited company listed on the Main Market of Bursa Malaysia Securities Berhad. 

The Exclusive Distributorship Agreement shall come in force on 20 April 2022 until 31 December 2024  and shall continue in full force and effect until and unless terminated by the parties in accordance with the terms and conditions stated in the Exclusive Distributorship Agreement.

The Exclusive Distributorship Agreement will not have any effect on the earnings per share, net assets per share, gearing, share capital and substantial shareholdings’ structure of the Company for the financial period ending 30 June 2022. However, it is expected to contribute positively to the future earnings of SCB Group.

None of the Directors, major shareholders and/or persons connected with them have any interest, direct or indirect, in the said collaboration. 

This announcement is dated 20 April 2022.