Unless otherwise defined in this announcement, all terms used herein shall have the same meaning as those defined in the announcements in relation to the Special Issue.

On behalf of the Board, M&A Securities wishes to announce that the SC had vide its letter dated 20 January 2023 stated that the Company is deemed to have complied with the Bumiputera Equity Condition after taking note of the following:

(i) On 8 December 2022, Ecomate fixed the issue price of the Special Issue Shares at RM0.81 each, representing a discount of approximately RM0.0848 or 9.48% from the 5-day weighted average market price in Ecomate from 1 December 2022 to 7 December 2022 of approximately RM0.8948 per share;

(ii) On 9 December 2022, MITI provided M&A Securities the list of Special Issue allocation comprising 200 Bumiputera investors for 50,000,000 Special Issue Shares;

(iii) As at 15 December 2022, a total payment for 8,025,834 Special Issue Shares amounting to RM6,500,925 were received from 107 Bumiputera investors, representing an acceptance of only 16.1% of the total 50,000,000 Special Issue Shares offered;

(iv) M&A Securities had on 22 December 2022 informed MITI of the acceptance rate and sought MITI’s concurrence that the allocation of Ecomate’s Special Issue Shares is deemed to comply with the Bumiputera Equity Requirement; and

(v) MITI had vide their letter on 22 December 2022, informed that they have exhausted all avenues to allocate the Special Issue Shares. As such, MITI will not proceed to further allocate the remaining Special Issue Shares.

As such, the Special Issue is deemed completed.

This announcement is dated 27 January 2023.