INTRODUCTION

The Board of Directors of GPA (“Board”) wishes to announce that the Company had on 18 January 2021, incorporated JOE GLOVE SDN. BHD. [Registration No. 202101001968 (1402266-D)] (“Joe Glove”) (“the Incorporation”).

INFORMATION OF JOE GLOVE

Joe Glove was incorporated on 18 January 2021 and is wholly-owned by GPA. The Director of Joe Glove is Mr Koo Kien Yoon.

The intended principal activity of Joe Glove is glove manufacturing.

RATIONALE OF THE INCORPORATION

The Incorporation is mainly to facilitate the expansion of the business activities of GPA and its subsidiaries (“the Group”).

FINANCIAL EFFECTS

The Incorporation will not have any material effect on the issued and paid-up capital of the Company and the substantial shareholders’ shareholding. The Incorporation also does not have any material effect on earnings per share nor net assets per share of the Group for the financial year ending 31 March 2021.

INTERESTS OF DIRECTORS AND/OR SUBSTANTIAL SHAREHOLDERS AND/OR PERSON CONNECTED TO THEM

Save as disclosed above, none of the Directors and/or Major Shareholders of the Company and/or persons connected with Directors and/or Major Shareholders, have any interest in the Incorporation.

STATEMENT BY BOARD OF DIRECTORS

The Board of the Company, having considered the rationale and all aspects of the Incorporation, is of the opinion that the Incorporation is in the best interest of the Group.

This announcement is dated 21 January 2021.