With reference to the Company's first announcement on 22 March 2022 and series of subsequent announcements thereafter in relation to the Memorandum of Understanding (“MOU”) entered between Alliance EV Sdn. Bhd. (“AEV”) (a wholly-owned subsidiary of the Company) and BYD Malaysia Sdn. Bhd. (“BYD”) (collectively referred to as the “Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

Pursuant to the MOU, BYD had subsequently issued a letter of appointment dated 31 March 2022 to appoint AEV as its distributor for commercial electric vans in Malaysia. AEV subsequently commenced its business in the distribution of commercial electric vans as well as the providing of after-sales services. However, the Parties have not finalised the plan for the set-up of the local assembly plant (“Project”).

The Board wishes to inform that the term of the MOU has expired on 20 March 2024, the Parties are now mutually agreeable to put the Project (i.e., the set-up of the local assembly plant) on hold and have decided not to renew the MOU.

The Parties will continue to update each other periodically with the aim of possibly reviving the said Project in the near future or collaborating in some other manner or form.

This announcement is dated 29 May 2024.