With reference to the Company's first announcement on 22 March 2022 and series of subsequent announcements thereafter in relation to the Memorandum of Understanding entered between Alliance EV Sdn. Bhd. (“AEV”) (a wholly-owned subsidiary of the Company) and BYD Malaysia Sdn. Bhd. (“BYD”) (collectively referred to as the “Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

The Board wishes to announce that there is no material development pertaining to the Memorandum of Understanding entered into between AEV and BYD.

Should there is any further development on the EV Project, the Company will make the necessary announcement and/or seek the approvals from its shareholders and/or any other relevant authorities, if required, in accordance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.

This announcement is dated 28 February 2024.