The Board of Directors of Deleum (“Board”) wishes to announce that Deleum Services Sdn Bhd, a wholly-owned subsidiary of the Company, has on 4 March 2024 entered into a Heads of Agreement (“HOA”) with OSA Industries Pte. Ltd. a private limited company incorporated in Singapore, PT OSA Industries Indonesia (“OSAII”) a private limited company incorporated in Indonesia, PT OSA Megah Indonesia (“MI”) a private limited company incorporated in Indonesia, Ong Siow Aik a Singaporean, and  Erik Aristino and Fenty Herlinda both citizens of Indonesia (collectively, referred to as the “Parties”). The HOA shall be legally binding on the Parties, subject to the terms therein.

The HOA sets out the main terms and conditions on and subject to which Deleum Services Sdn Bhd or another related entity (“Purchaser”) is willing, in principle, to acquire 17,500 shares being 70% of the issued share capital of OSAII held by Ong Siow Aik and OSA Industries Pte. Ltd. (“Proposed Acquisition”) at the consideration of USD7,000,000.00 (equivalent to RM33,085,500.00)(“Purchase Consideration”).

Please refer to the attachment for further details.

This announcement is dated 4 March 2024.