1.   INTRODUCTION

The Board of Directors of the Company is pleased to announce that Powerwell’s wholly-owned subsidiary, Powerwell International Sdn Bhd, had on 3 March 2023 received two (2) purchase orders dated 1 March 2023 from Siemens Industrial Ltd in Bangladesh to supply low voltage switchboards for N.R. Group, a garment and yarn producer company, for two expansion plants projects located in Bohlail, Fatullah and Jamirida, Valuka respectively, both in Bangladesh, for a combined total contract value of USD1.62 million (“Purchase Orders”).

The Purchase Orders are expected to be fulfilled by August 2023.

2.   FINANCIAL EFFECTS

The Purchase Orders are expected to contribute positively to Powerwell’s consolidated earnings and net assets for the next financial year ending 31 March 2024.

3.   RISK FACTORS

The Company does not foresee any exceptional risks other than the normal operational risks associated with the acceptance and fulfillment of the Purchase Orders and the Company will take the necessary steps to mitigate the risks.

4.   DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTEREST

None of the Directors and/or major shareholders and/or persons connected with them have any interest, direct or indirect, in the acceptance of the Purchase Orders.

5.   STATEMENT BY DIRECTORS

The Board of Directors of Powerwell, having considered all aspects of the Purchase Orders, is of the opinion that accepting the Purchase Orders is in the best interest of the Company.

This announcement is dated 3 March 2023.