The Board of Directors of Econframe wishes to announce that the Company had on 17 March 2021, incorporated a 60%-owned subsidiary, namely Eframe Solartech Sdn. Bhd. (“Solartech”). Simultaneous with the incorporation of Solartech, the Company had entered into a Shareholders’ Agreement with Mr. Chew Cheng Kiat, the holder of the remaining 40% equity interest in Solartech, to regulate their relationship as shareholders of Solartech including the manner in which the business and affairs of Solartech will be managed and operated.

Please refer to the attachment for further details.

This announcement is dated 17 March 2021.