The Board of Directors of Glomac wishes to announce that the Company is proposing to seek for the approval of its shareholders on the Proposed Renewal of Existing Shareholders' Mandate for Recurrent Related Party Transactions ("RRPTs") of a Revenue and/or Trading Nature ("Proposed Renewal of Existing Shareholders' Mandate") and Proposed Renewal of Share Buy-Back Authority at the forthcoming Thirty-Seventh Annual General Meeting ("37th AGM") of the Company to be convened at a date to be notified later.

The Proposed Renewal of Existing Shareholders' Mandate is to allow the Company and/or its subsidiaries to enter into RRPTs of a revenue and/or trading nature which are necessary for its day-to-day operations. The Company had, at its Thirty-Sixth Annual General Meeting ("36th AGM") held on 26 October 2020, obtained the mandate from its shareholders to enter into RRPTs of a revenue and/or trading nature. This mandate will expire at the conclusion of the forthcoming 37th AGM.

The Proposed Renewal of Share Buy-Back Authority is to renew the authority granted by the shareholders of the Company at the 36th AGM held on 26 October 2020. The Proposed Renewal of Share Buy-Back Authority will allow the Company to purchase its own shares of up to ten per centum (10%) of the total number of issued shares of the Company in accordance with Section 127 of the Companies Act 2016.

A Circular/Statement to Shareholders containing details in relation to the Proposed Renewal of Existing Shareholders' Mandate and Proposed Renewal of Share Buy-Back Authority will be available to the shareholders of the Company in due course. 

This announcement is dated 7 September 2021.