The Board of Volcano wishes to announce that Volcano Name Plate Sdn Bhd (“VNP”), a wholly-owned subsidiary of the Company, has disposed of its entire equity interest comprising Eight Hundred Thousand (800,000) ordinary shares of par value One Hundred Thai Baht (THB100) each in Volcano Tec (Thailand) Co., Ltd. (“VTT”), a wholly-owned subsidiary of VNP, to Volcano for a consideration of THB165,644,063 (* RM21,776,065.45) which is equivalent to the audited net tangible assets of VTT as at the financial year ended 31 December, 2020 (“Internal Reorganisation”).

Note* : Based on the exchange rate of THB1:RM0.131463 on 19 May 2021 as set out in the Bank Negara website, subject to rounding

Upon the completion of the Internal Reorganisation as aforesaid, VTT will cease to be a wholly-owned subsidiary of VNP and will, instead be effectively be a wholly-owned direct subsidiary of Volcano.

Please refer to the attachment for further details on the Internal Reorganisation of the Group Structure.

This announcement is dated 20 May 2021.