The Board of Directors of UOA Development Bhd (“UOA Dev” or “the Company”) wishes to announce that the Company, has on 25 January 2021, entered into a binding letter of intent (“Letter of Intent”) with Tong Xin Tang Healthcare International Sdn. Bhd. (Registration No. 200801011360 (812648-U)) (“TXT”) and Cao Qiang for the subscription of 51,000 ordinary shares at a subscription price of RM310,000.00 representing 51% equity interest in TXT (“Subscription”). The Subscription will be undertaken by Federaya Development Sdn. Bhd. (Registration No. 198901012937 (190246-V)), a wholly owned subsidiary of the Company. After the Subscription, TXT will be a 51% indirect subsidiary of the Company.

TXT is a private limited company incorporated in Malaysia. The principal activity of TXT is operator of Chinese medical, acupuncture and physiotherapy care center and dealer in Chinese medicinal products. Prior to the Subscription, the issued and paid up capital of TXT is RM40,000.00 comprising of 40,000 ordinary shares.

The percentage ratio of the Subscription is negligible.

None of the Directors, Major Shareholders of the Company or persons connected with them have any interest, direct or indirect, in the Subscription. The Directors is of the opinion that the Subscription is in the best interest of the Company.

This announcement is dated 25 January 2021.