We refer to the Company's announcements dated 18 June 2021 and 22 September 2021 wherein the Board of Directors of the Company had announced that it proposed to undertake amongst others, the acquisition of a hydro asset (“Proposed Acquisitions”). As a result of the Proposed Acquisitions, the collective shareholdings of the Offeror and its parties acting in concert will increase from below 33% to above 50%. Thus, in accordance with Paragraph 4.01(a) of the Rules, the Offeror and its parties acting in concert are obliged to undertake the Offer.

Pursuant to Paragraph 19.05 of the Rules, the Company had on 19 September 2023 received a notification from the Chief Executive Officer/Director of the Company, who is a substantial shareholder and not person acting in concert with the Offeror, on his dealings in JSB Shares taken place on 18 September 2023, of which the details are as follows:

This announcement is dated 19 September 2023.