1. INTRODUCTION

The Board of Directors (“Board”) of the Company wishes to announce that Tex Cycle (P2) Sdn. Bhd. ("TCP2"), a wholly-owned subsidiary of Tex Cycle Sdn. Bhd., which in turn is a wholly-owned subsidiary of the Company, has on 18 December 2025, received an official letter from the Sustainable Energy Development Authority Malaysia ("SEDA") approving the Feed-in Tariff Commencement Date ("FiTCD") for TCP2’s biomass gasification power plant, pursuant to Rule 15 of the Renewable Energy (Technical and Operational Requirements) Rules 2011.

2. DETAILS OF THE APPROVAL

SEDA, vide its Market Operations Committee Meeting No. 5/2025, has approved the FiTCD to be effective retrospectively from 30 September 2025. The Feed-in Tariff (“FiT”) granted to TCP2 by SEDA consist of the following:

The approval was granted following SEDA’s satisfaction that TCP2 has fulfilled all technical and operational requirements for the determination of the FiTCD.

3. FINANCIAL EFFECTS

The approved FiTCD and tariff rate are expected to contribute positively to the future earnings and net assets of the Group. However, the approval is not expected to have any material effect on the issued and paid-up share capital or the substantial shareholders’ shareholdings of the Company for the financial year ending 31 December 2025.

4. RISK FACTORS

The Group will continue to comply with all applicable provisions under the Renewable Energy Act 2011 (Act 725) and its subsidiary legislations. Any failure to comply may result in regulatory action, including the revocation of the FiT approval.

5. DIRECTORS’ STATEMENT

The Board, having considered all relevant factors, is of the opinion that the FiT approval is beneficial to the Group.

This announcement is dated 18 December 2025.