1. Introduction

We refer to our announcement dated 3 November 2015 (Reference No.: GA1-03112015-00049) on the Joint Venture and Shareholders Agreement (JVSHA) dated 3 November 2015 entered into between Telekom Malaysia Berhad’s (TM) wholly owned subsidiary, Intelsec Sdn Bhd (ITS) and Township Management Services Sdn Bhd (TMS), a wholly owned subsidiary of Medini Iskandar Malaysia Sdn Bhd (MIMSB) for purpose of establishing a joint venture subsidiary, Lyfe Medini Sdn. Bhd. (LMSB) [Company No.: 201501042842 (1168163-A)] to carry out the business providing smart building services and smart city services.

Pursuant to Paragraph 9.19 (19) of the Main Market Listing Requirements (Main LR) of Bursa Malaysia Securities Berhad (Bursa Securities), TM wishes to announce that LMSB, its joint venture subsidiary has, at its Extraordinary General Meeting (EGM) held on 26 December 2023, obtained its shareholders’ approval to commence a Members’ Voluntary Winding Up in accordance with Section 439(1)(b) of the Companies Act, 2016 [CA 2016] (hereinafter be referred to as the “Winding Up”).

In accordance thereto, Mr Andrew Heng and Mr Ashvin Mahendran of Baker Tilly Insolvency PLT, located at Baker Tilly Tower, Level 10, Tower 1, Avenue 5, Bangsar South City, 59200 Kuala Lumpur, are hereby appointed as the Joint and Several Liquidators of LMSB for purposes of the Winding Up.

2. Information on LMSB

LMSB was incorporated on 4 December 2015 as a joint venture company between ITS and TMS with 51% and 49% shareholdings, respectively.

The objective of LMSB was to provide information technology related business in developing Medini into a connected and sustainable city comprising of integrated infrastructure, parking management, digital signage, energy and facility management, safety and security services.

The issued and paid up share capital of LMSB is RM2,000,000. LMSB has ceased operations in 2019.

3. Rationale for the Winding-up

The Winding Up of the LMSB is part of the streamlining exercise undertaken by TM Group to dissolve companies that are dormant and inactive to improve efficiency within TM Group. In addition, the Winding Up will enable TM Group to save future costs associated with maintaining LMSB.

4. Material Impact of the Winding-up

The Winding Up of LMSB will not have any material impact on the earnings and net assets of TM Group for the financial year ending 31 December 2023.

5. Directors' and Substantial Shareholders' Interest

Save as disclosed below, none of the Directors and other major shareholders of TM or persons connected with them has any interest, direct or indirect, in the Winding Up of LMSB:

a) Khazanah Nasional Berhad (Khazanah), a major shareholder of TM, also held indirect equity interest in MIMSB; and

b) Dato’ Mohamed Nasri Sallehuddin, a nominee director of Khazanah on TM Board

6. Termination of the JVSHA

Pursuant to Clause 20.1(a) of the JVSHA, the Shareholders at its meeting held on 15 August 2022 have unanimously agreed to terminate the JVSHA.

This announcement is dated 27 December 2023.