LION INDUSTRIES CORPORATION BERHAD ("LICB" OR "COMPANY")

ADJOURNED EGM IN RELATION TO THE PROPOSED EXPANSION INTO FLAT STEEL BUSINESS VIA THE FOLLOWING PROPOSALS:

(A) PROPOSED ACQUISITION OF ENCUMBERED ASSETS;

(B) PROPOSED ACQUISITION OF MS PROMISSORY NOTE;

(C) PROPOSED ACQUISITION OF UNENCUMBERED ASSETS; AND

(D) PROPOSED TNB SUPPLY AND SETTLEMENT

(COLLECTIVELY REFERRED TO AS "PROPOSALS")

Unless otherwise stated, all abbreviations and definitions used herein shall have the same meanings as those used in the Company's announcements dated 3 July 2018, 30 August 2018, 13 September 2018, 20 September 2018, 1 November 2018, 12 March 2019, 11 June 2019, 11 July 2019, 9 August 2019 and 10 September 2019 in relation to the Proposals (collectively, "Announcements").

We refer to the Notice of EGM dated 5 November 2019.

On behalf of the Board, TA Securities hereby announce that the EGM in relation to the Proposed Expansion into Flat Steel Business has been adjourned to be held on Friday, 29 November 2019, 3.00 p.m. at Meeting Hall, Level 16, Lion Office Tower, No.1 Jalan Nagasari, 50200 Kuala Lumpur, Wilayah Persekutuan.

This announcement is dated 20 November 2019.