Reference is made to the Company’s announcement dated 29 April 2022 in relation to the “Basis for Qualified Opinion” expressed by the Company’s External Auditors, Messrs UHY on the Company’s audited financial statements for the financial year ended 31 December 2021 in respect of the audit of Pictureworks Holdings Sdn. Bhd. (“PWHQ”) for the financial year ended 31 December 2021 which was not completed as of the date of the aforementioned announcement due to the lockdown of the Shanghai area by the Government of China preventing the completion of the audit of PWHQ’s subsidiary, Pictureworks (Shanghai) Limited.

The Board of PUC wishes to announce that the audit of PWHQ for the financial year ended 31 December 2021 has been completed with the audit opinion extracted from PWHQ’s audited financial statements dated 26 July 2021 as below:

“We have audited the financial statements of PICTUREWORKS HOLDINGS SDN.BHD., which comprise the statement of financial position as at 31 December 2021 of the Group and of the Company, and the statements of profit or loss and other comprehensive income, statements of changes in equity and statements of cash flows of the Group and of the Company for the financial year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the financial statements give a true and fair view of the financial position of the Group and of the Company as at 31 December 2021, and of their financial performance and their cash flows for the financial year then ended in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act, 2016 in Malaysia.”

The Independent Auditors’ Report of PWHQ’s audited financial statements for the financial year ended 31 December 2021 is attached herewith.

This announcement is dated 29 July 2022.