The Board of Directors of Pansar Berhad ("Pansar") is pleased to announce that Perbena Emas Sdn Bhd (“PESB”), a wholly-owned subsidiary of Pansar, in partnership with China Road & Bridge Corporation ("CRBC") (collectively referred to as “PESB-CRBC”) received the Letter of Acceptance from Sarawak Metro Sdn Bhd ("SMSB"), a wholly-owned subsidiary of Sarawak Economic Development Corporation, for the Construction and Completion of Infrastructure Works for Blue Line-Package 2, from Stutong to Hikmah Exchange, for Kuching Urban Transportation System ("the Project") through an open tender as advertised by SMSB on 23 April 2024.

The contract value is Ringgit Malaysia Eight Hundred and Four Million Seven Hundred Thousand Nine Hundred Eighty-Two and Cents Thirty-Six Only (RM804,700,982.36). With this acceptance, PESB-CRBC will incorporate a joint venture company for the purpose of implementing and undertaking the project.

The scope of work comprises the construction of the infrastructure and associated works from Stutong to Hikmah Exchange of the KUTS Blue Line. These include architectural works, civil and structures, mechanical and electrical works, external and landscape works for the station, as well as the infrastructure including road works, viaducts, crossings, road widening, utilities relocation and utilities protection. The contract shall be effective from 3 September 2024. The contract is expected to contribute positively to the earnings and net assets of the Group as the Project progresses during the contract period.

The KUTS project will transform Kuching into a dynamic and competitive city with the provision of green and efficient public transportation services. Being the first hydrogen-powered urban transportation system to be implemented in Malaysia, KUTS also reflects the Government of Sarawak's strong commitment toward green energy and environmental sustainability.

None of the directors and/or major shareholders of Pansar or persons connected to them have any interest, direct or indirect, in the above contract.

This announcement is dated 30 August 2024.