(For consistency purposes, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the Company’s announcement dated 3 August 2022 in relation to the SPA.)

We refer to the earlier announcement made by the Company in relation to the Proposed Sale dated 3 August 2022 (“Announcement”).

The Board of Directors of FINTEC wishes to announce the following additional information:

1. RATIONALE FOR THE PROPOSED SALE

Joe Glove is a subsidiary company of Joe Holding. Joe Holding Group commenced its business as a manufacturer of automotive batteries in Malaysia for both Japanese and European automobile models since 1968. As such, the Proposed Sale provides opportunity for Fintec Glove to connect and engage with domestic and international customers and suppliers of Joe Holding Group for sale of its gloves.

Besides, there will be sharing of certain resources and infrastructures (i.e. storage and compounding tanks, boilers, chillers and compressors) which are required for the production of gloves. Hence, the Proposed Sale will reduce the operation costs for Fintec Glove.

2. INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS(S) AND/OR PERSONS CONNECTED WITH THEM

Mr Chu Chee Peng does not have any shares in FINTEC, Fintec Glove, Joe Holding and Joe Glove.

This announcement is dated 8 August 2022.