We refer to our announcements made on 22 March 2022, 12 April 2022, 10 May 2022, 13 May 2022,1 September 2022 and 29 November 2022 in relation to (i) Memorandum of Understanding (“MOU”) entered between Alliance EV Sdn Bhd (“AEV”) (a wholly-owned subsidiary of the Company) and BYD Malaysia Sdn Bhd (“BYD”); (ii) Letter of Appointment from BYD to AEV, and (iii) acquisition of 3 adjoining plots of industrial land in Tanjung Malim (“Tanjung Malim Land”) by AEV (collectively referred to as the “Announcements”) whereby AEV and BYD intend to work together in the business of distribution of the BYD T3 commercial electric van (“BYD T3 EV”) model as well as to set up a local assembly plant for the said model on the Tanjung Malim Land (“EV Project”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

Pursuant to the above, the Board wishes to announce that AEV has successfully obtained the manufacturing license for the assembly of commercial electric van and model approval for local assembly of electric commercial van, primarily the BYD T3 EV (“Approval”). The local assembly of the said model shall be set up on the Tanjung Malim Land in compliance with the regulations and standards of construction and safety of electric power-trained vehicles including any other technical requirements as set out by the Road Transport Department Malaysia (JPJ).

AEV is currently applying for Approved Permit (AP) from the Ministry of International Trade and Industry (MITI) and other approvals from relevant authorities to bring in the Complete-Built-Up (CBU) units of BYD T3 EV into the country for distribution purposes prior to the set up of the local assembly plant on the Tanjung Malim Land.

In view of the Approval, AEV will proceed to finalise the detailed commercial arrangements with BYD for the implementation and execution of the local assembly plant on the Tanjung Malim Land. Further announcements will be made by the Company once the parties reach the agreement for the EV Project.

This announcement is dated 6 January 2023.