The Board of Directors of Nestcon wishes to announce that its wholly-owned subsidiary, Nestcon Sustainable Solutions Sdn. Bhd. (“Nestcon SS” or the “Purchaser”), had on 1 April 2022 entered into a Share Sale Agreement with Main Way Venture Sdn. Bhd. (the “Vendor”) for the acquisition by Nestcon SS of 300,100 ordinary shares in Central Solar Sdn. Bhd. (“CSSB”), representing 100% of the equity interest in CSSB from the Vendor for a total purchase consideration of Ringgit Malaysia Three Million (RM3,000,000.00) only to be satisfied via the issuance and allotment of 2,209,900 ordinary shares of the Purchaser (“Shares Consideration”) at an issue price of RM0.51 per Share Consideration for a total shares consideration of Ringgit Malaysia One Million One Hundred Twenty-Seven Thousand and Forty-Nine (RM1,127,049.00) and cash consideration of Ringgit Malaysia One Million Eight Hundred Seventy-Two Thousand Nine Hundred and Fifty-One (RM1,872,951.00) (hereinafter referred to as “Proposed Shares Acquisition”).

Post completion of the Proposed Shares Acquisition, Nestcon SS will hold 100% equity interest in CSSB.

Further details of the above are set out in the attachment.

This announcement is dated 1 April 2022.