The Board of Directors of PTT wishes to announce that its wholly-owned subsidiary, Pembinaan Tetap Teguh Sdn. Bhd. (“PTTSB”) had on 21 March 2024 accepted a Letter of Award (“LOA”) from Prima Wahyu Sdn. Bhd. in respect of the proposed construction and completion of Jambatan Palekbang-Kota Bharu and Connecting Roads at Jajahan Tumpat and Jajahan Kota Bharu, Kelantan Darul Naim for East Coast Economic Region Development Council amounting to RM299,000,000/-. Pursuant to the LOA, the works shall commence on 25 March 2024 and to be completed by 15 September 2026.

The acceptance of the LOA is in the ordinary course of business of PTTSB. Further, it is also carried out at arm's length and based on commercial terms which are not more favourable than those available to the general public.

The LOA will not have any effect on the share capital and substantial shareholders' shareholding of PTT for the financial years ending 30 June 2024 to 2027. The LOA is not expected to have any material effect on the net assets of PTT and its group of companies ("PTT Group") for the financial years ending 30 June 2024 to 2027. The LOA is expected to contribute positively to PTT Group's future earnings over the duration of the LOA.

PTT does not foresee any exceptional risk other than the normal operational risks associated with the LOA. Nevertheless, PTT will take the necessary steps to mitigate the risks as and when they occur.

None of the Directors and major shareholders of PTT and/or person connected to them have any interest, direct or indirect, in the LOA.

The Board of Directors of PTT, having considered all aspects of the LOA, is of the opinion that the execution of the LOA is in the best interests of PTT Group.

The announcement is dated 21 March 2024.