The Board of Directors of Dancomech wishes to announce that Dancomech has, on 28 December 2020, entered into a share acquisition agreement (“SAA”) with Yew Teik Choon and Yew Seok Li to acquire 82,500 ordinary shares representing 55% equity interest in UTC Engineering Sdn Bhd, for a purchase consideration of RM2,750,000, subject to the terms and conditions in the SAA (“Proposed Acquisition”).

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

This announcement is dated 28 December 2020.