Further to the Company's announcement dated 1 November 2023, the Board of Directors of PNE wishes to provide the following additional information in connection with the extension on timeframe for the utilisation of proceeds raised from the Private Placement.

The terms used herein, unless the context otherwise states, shall bear the same meaning as those defined in the announcement mentioned above:-

1. The current status of the Gloves Business and the plan for the next 12 months.

Due to decline in the global average selling price of hand gloves over the past year and the Company has put on hold to re-evaluate the feasibility of the gloves business. The Board of Directors of PNE will closely monitor the glove market condition before the next course of action. In the event that the Glove Business is not feasible in the next ten (10) months, the Company will find alternative uses for the proceeds raised and will seek for shareholders' approval if required.

2. The current status of the unutilised proceed.

The unutilised proceed is being placed in Affin Hwang AIIMAN Money Market Fund at AHAM Asset Management Berhad.  

This announcement is dated 2 November 2023.