Reference is made to the announcements dated 26 March 2019, 25 June 2019 and 25 September 2019 in relation to the Memorandum of Understanding (“MOU”) between Universal Alloy Corporation Europe (“UACE”) and JHM Consolidation Berhad (“Announcements”).

Unless otherwise stated, all definitions used throughout this announcement shall have the same meaning as defined in the earlier Announcements.

The Board of Directors of the Company wishes to inform that we are continuing to prepare for the qualification units for the machined parts in accordance with the MOU. In the month of October 2019, President and Chief Operating Officer of UACE has visited JHM’s subsidiaries located at Sungai Petani and following the visit, UACE has initiated discussions on a value added secondary process to be set up in JHM.

This announcement is dated 24 December 2019.