We refer to the Company's announcement on 10 July 2019 whereby the shareholders of the Company had approved the provision of financial assistance in the form of Corporate Guarantee of up to RM140,000,000 in favor of Eastern Steel Sdn. Bhd. (Company No. 557033-V), a 35% equity owned joint venture of HTVB. However, with reference to the Company's announcement on 8 November 2021, the equity shareholding of HTVB in Eastern Steel Sdn. Bhd. has since been reduced to 27.3%.

In connection thereto, the Company wishes to announce that pursuant to a condition of a Financial Institution ("the Lender") making and continuing to make available the Banking Facilities of Ringgit Malaysia Eighty Four Million (RM84,000,000) to Eastern Steel Sdn. Bhd. (Company No. 557033-V), the Company has on 29 July 2022 entered into a proportionate Corporate Guarantee and other Finance Documents in favor of the Lender to guarantee twenty-seven point three per cent (27.3%) of the principal amount of the Banking Facilities including all interest accrued thereon and such other monies payable under the Banking Facilities. 

The total proportionate Corporate Guarantees and other Finance Documents provided up to date and including the above, amount to approximately RM65 million and is within the approved limit.

This announcement is dated 29 July 2022.