Unless otherwise stated, all abbreviations used herein shall have the same meaning as those mentioned in the announcement dated 16 April 2019 and 30 October 2020 in relation to the Acquisition.

We make reference to the announcements dated 16 April 2019, 30 May 2019, 3 July 2019, 13 August 2019, 30 October 2020, and 13 November 2020 in relation to the above matter.

The Board of Directors of Handal wishes to announce that the Company had on even date accepted Seaoffshore Capital’s proposal in relation to the payment of the shortfall in the profit guarantee.

Based on the audited results of BSO Engineering, the amount payable to Handal as at the date of this announcement stood at RM2,821,900 which shall be settled within the next twelve (12) months together with interest of eight per cent (8%) per annum on all outstanding amounts.

This announcement is dated 30 November 2020.