We refer to the earlier announcement on 30 July 2020 in relation to the Circular to Shareholders in relation to the proposed issuance of up to 266,625,000 new RCPS to Bluemount Investment Fund SPC (“Subscriber”) at an issue price of RM0.04 per RCPS whereby the shareholders of ITRONIC had approved the issuance of up to 266,625,000 new RCPS at the Extraordinary General Meeting held on 24 August 2020.

The Board of Directors of ITRONIC (“Board”) wishes to announce that the Subscriber had on 28 April, 2021 subscribed for Tranche 2 comprising 100,000,000 RCPS in the share capital of ITRONIC at an issue price of RM0.04 per RCPS for a cash consideration of RM4,000,000 subject to the Rights and Terms of the RCPS and in accordance with the relevant provisions of the Constitution of ITRONIC.

The RCPS shall be redeemable in such manner and on such date(s) to be determined by ITRONIC and in accordance with the provision of its Constitution.

The subscription is not expected to have any material effect on the net assets and gearing of the ITRONIC Group for the financial year ending 31 December 2021.

The Board does not foresee any risk factors involved in undertaking the above subscription.

None of the Directors and/or Major Shareholders of the Company and/or persons connected to them have any interest, direct and/or indirect, in the above subscription.

This announcement is dated 28 April 2021.