On 7 January 2021, the Board of Directors of the Company (“Directors”) (“Board”) announced that the Company proposes to undertake a diversification of the existing business of PNE and its subsidiaries (“PNE Group” or “Group”) to include the manufacture and sale of rubber gloves (“Gloves Business”) (“Proposed Diversification”).

Further to the Proposed Diversification, on behalf of the Board, Mercury Securities Sdn Bhd (“Mercury Securities” or the “Principal Adviser” or the “Placement Agent”) wishes to announce that the Company proposes to undertake a private placement of up to 194,513,000 new ordinary shares in PNE (“PNE Shares” or “Shares”), representing 30% of the enlarged total number of issued Shares, to independent third-party investor(s) to be identified and at an issue price to be determined later (“Placement Shares”) (“Proposed Private Placement”).

Please refer to the attachment for further details on the above.

This announcement is dated 23 March 2021.