On behalf of the Board of Directors of TESB, Inter-Pacific Securities Sdn Bhd wishes to announce the following:

1. TESB has on 15 October 2021 entered into a conditional share sale agreement ("SSA") with Tan Seng Kooi and Tan Zhe Wei for the proposed acquisition by TESB of a 50.10% equity interest in Novel Glove International Sdn Bhd for a purchase consideration of RM450,000 to be satisfied entirely in cash, on the terms and conditions contained in the SSA ("Proposed Acquisition"); and
2. In conjunction with the Proposed Acquisition, TESB intends to diversify its existing principal activities to include the export and distribution of rubber gloves ("Proposed Diversification").

The Proposed Acquisition and Proposed Diversification are collectively referred to as the "Proposals".

Further details of the Proposals are set out in the attachment enclosed.

This announcement is dated 15 October 2021.