Sapura Industrial Berhad ("SIB") wishes to announce that it has on 25 May 2021, acquired the entire issued shares of Propel Frontier Sdn Bhd [Registration No. 201601013084 (1184015-X)] (“PFSB”) for a total cash consideration of RM2.00 only (Acquisition).

PFSB was incorporated in Malaysia under the Companies Act, 1965 on 18 April 2016, as a private company limited by shares with a share capital of RM2.00 only comprising of 2 ordinary shares. PFSB has yet to commence operations since its incorporation.

The acquisition of PFSB is not expected to have any material impact on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholdings of SIB for the financial year ending 31 January 2022.

None of the Directors, major shareholders of SIB and/or persons connected to them have any interest, direct or indirect, in the Acquisition.

This announcement is dated 25 May 2021.