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 a Memorandum of Agreement with Beyond Bath Sdn. Bhd. for Sorento Master Club (“SMC”) for appointing SMC as the Authorised Dealer to distribute, market and sell of SMSB’s flooring products for the retail segment (inclusive, commercial, residential and institutions) within Malaysia.   

SMC is an exclusive platform that allows professional designers the privilege to gain access and discover exceptional pieces from around the world while enjoying élite offers. Aiming to lead and expand the industry, SMC provides designers with a well-established network to connect with and inside scoops of the industry’s trends, designer inspirations and idea sharing. In leading the industry, the platform also serves as a bridge for designers to collaborate with global designer brands and high-profile companies that would see the sustainability of the interior design sphere. SMC was incorporated in the year 2020, owned by Beyond Bath Sdn. Bhd, a subsidiary company of Sorento Group.

The Memorandum of Agreement shall come in force on 20 April 2022 for a period of one year 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 Memorandum of Agreement.

The Memorandum of 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.