Reference is made to the Company’s announcement dated 8 February 2021 in relation to the Memorandum of Understanding (“MOU”) between Asdion Material Supply Marketing Sdn Bhd (“AMSM”),  a wholly owned subsidiary of Asdion  and PMM Energy Sdn Bhd (Company No. 1394642-P)  (“PMME”) to lay the foundation to be used in the fomalisation and execution of a formal Agreement or Agreements between PMME and AMSM/Renox Stainless Steel Co Ltd, Thailand (“RSS” or “Sub Distributor”) (“the Parties”) (“Announcement”). Unless otherwise defined, the definitions set out in the Announcement shall apply herein.

The Board of Directors of Asdion wishes to announce that timeframe of 12 months from the date of signing the MOU since 8 February 2021, for the Parties to execute a definitive Agreement has expired and the Parties had mutually agreed to terminate the MOU dated 8 February 2021. 

The termination of the MOU is not expected to have any material effect on the consolidated earnings and net assets per share of the Company for the financial year ending 30 September 2022.

This announcement is dated 11 March 2022.