The Board of Directors of Dancomech wishes to announce that the Company and its 55%-owned subsidiary, UTC Engineering Sdn Bhd (“UTC”), have, on 17 February 2023, approved the acquisition of 51,000 ordinary shares (representing 51% equity interest) and 19,000 ordinary shares (representing 19% equity interest) (collectively, the “Sale Shares”) in JusEV Charging Network Sdn Bhd (“JusEV”), from Yew Teik Choon for a cash consideration of RM51,000 and RM19,000, respectively (collectively, the “Proposed Acquisition”) subject to the completion of the transfers of the Sale Shares in JusEV to Dancomech and UTC respectively pursuant to Sections 105 and 106 of the Companies Act 2016.

Please refer to the attachment for further details on the Proposed Acquisition.

This announcement is dated 17 February 2023.