The Board of Directors of Polydamic Group Berhad (“Polydamic" or “Company”) wishes to announce that Polydamic Holdings Sdn Bhd (“PHSB” or “Purchaser”), a wholly-owned subsidiary of the Company, had on 3 March 2022 entered into a sale and purchase agreement (“SPA”) with Ipoh Steel Sdn Bhd (“Vendor”) to acquire one (1) parcel of leasehold land with the postal address of No. 6, Lengkok Rishah 1, Kawasan Perindustrian Silibin, 30100 Ipoh, Perak Darul Ridzuan together with a double storey detached factory erected thereon and held under individual title deed  PN 37819, Lot 128260 in Mukim Hulu Kinta, Daerah Kinta, Perak Darul Ridzuan, measuring approximately 4,046 square meters in area ( “Property”) for a total cash consideration of RM2,800,000 (“Proposed Acquisition”).

Please refer to the attached for the details of the Proposed Acquisition.

This announcement is dated 3 March 2022.