The terms used herein, unless the context otherwise stated, shall bear the same meaning as those defined in the announcement made by the Company on 10 March 2023 in relation to the Proposed Acquisition.

Reference is made to the Company’s announcement dated 10 March 2023 whereby the Company had announced that Shares Transfer Agreements signed among Pecca Leather Sdn Bhd, a wholly-owned subsidiary of Pecca (“PLSB”), PT Multi Berjaya Asindo, CSC Automotive Sdn Bhd and Tan Kim Cheang, for the acquisition of 80% equity interest in PT Gemilang Maju Kencana (“GMK”).

GMK is a company associated with MPI group of companies in Indonesia, in which involved in the business of upholstery leather wrapping & seat cover for the automotive industry in Indonesia.

Following the fulfillment of the regulatory conditions and the approval received from the Minister of Law and Human Rights of the Republic of Indonesia on the transfer of rights of the shares to PLSB, the proposed acquisition of 80% equity interest in GMK is deemed completed on the even date.

This announcement is dated 17 May 2023.