1. INTRODUCTION

The Board of Directors of Fast Energy Holdings Berhad (Formerly known as Techfast Holdings Berhad) ("Fast Energy" or “the Company”) wishes to announce that Fast Energy has on 2 August 2021 incorporated a new wholly-owned subsidiary, Fast Solar Sdn Bhd ("Fast Solar").

2. INFORMATION OF FAST SOLAR

Fast Solar was incorporated in Malaysia under the Companies Act 2016 on 2 August 2021 and the issued capital is RM100,000.00 represented by 100,000 ordinary shares.

The intended principal activities of Fast Solar are investment in solar, design, construct, operate solar and trading of any solar related products.

3. EFFECTS OF THE INCORPORATION

Fast Energy holds 100% of the shares in Fast Solar.

4. FINANCIAL EFFECTS

The incorporation of Fast Solar is not expected to have any material effects on the earnings or net assets of the Company for the financial year ending 31 December 2021.

5. DIRECTORS’ AND MAJOR SHAREHOLDERS’ AND/OR PERSONS CONNECTED WITH A DIRECTOR OR MAJOR SHAREHOLDER’S INTERESTS

Other than their respective interests through Fast Energy, none of the Directors and/or major shareholders or persons connected to them has any interests, direct or indirect, in the aforesaid incorporation.

6. STATEMENT BY THE BOARD OF DIRECTORS

The Board of Directors is of the opinion that the incorporation is in the best interest of the Company.

This announcement is dated 2 August 2021.