The Board of Directors of PinePac (“Board”) wishes to announce that the Company has today received a letter from its major shareholder, Allgrow Capital Holdings Sdn Bhd (“ACHSB” or “Offeror”) notifying the Company of its intention to privatise PinePac via a selective capital reduction and repayment exercise pursuant to section 116 of the Companies Act 2016 (“SCR Offer Letter”) (“Proposed SCR”).

The Proposed SCR entails a selective capital reduction and a corresponding capital repayment of a proposed cash amount of RM0.46 for each ordinary share in PinePac held by all shareholders of PinePac (other than ACHSB and Puan Sri Datin Vivienne Ketheeswaran (“Puan Sri Datin Vivienne”), who are non-entitled shareholders) whose names appear in the Record of Depositors of PinePac as at the close of business on an entitlement date to be determined and announced later by the Board.

The Board, save for Puan Sri Datin Vivienne and K. Selveswaran A/L Kanagaratnam who are interested directors (“Non-Interested Directors”), will deliberate on the Proposed SCR and decide on the next course of action. Accordingly, a further announcement will be made in due course after the deliberation by the Non-Interested Directors.

Please refer to the attached SCR Offer Letter for further details on the Proposed SCR.

This announcement is dated 31 July 2025.