Further to the announcement made on 27 June 2024, the Board of WEC wishes to inform of the following:

1. On 22 July 2020, the shareholders of the Company had, at an extraordinary general meeting, approved the subscription by the Company for 875,000 new ordinary shares and 14,875,000 new Redeemable Non-Cumulative Preference Shares ("RNCPS") in Broadway Lifestyle Sdn. Bhd. ("BLSB") for subscription price of RM875,000 and RM14,875,000 respectively (collectively “Investment”). The Investment was to partially finance BLSB’s purchase consideration for the piece of leasehold industrial land held under Lot No. 13505, Mukim of Dengkil, District of Sepang, State of Selangor ("the Land") of RM87.83 million.
2. The purchase consideration of RM87.83 million for the Land was financed through a combination of 80% (RM70.26 million) bank borrowings and 20% (RM17.57 million) cash.
3. The Proposed New Subscription announced on 27 June 2024 is to facilitate the principal and interest repayment of the bank borrowings secured by BLSB to part-finance the acquisition of the Land. Reference can be made to the Circular to Shareholders dated 7 July 2020 for details of the Land.

This announcement is dated 1 July 2024.