We refer to the Company’s announcement made on 20 November 2023 (“Announcement”) in relation to the disposal of the entire equity interest in Comintel System Technologies Sdn. Bhd. (“CST”).

Unless otherwise stated, defined terms used in this reply shall carry the same meanings as defined in the Announcement.

The Company wishes to provide the following additional information in relation to the Announcement:-

(1) Section 2.1 of the Announcement

CST specialises in information, communication and technology (ICT) and telecommunication system integration and maintenance services (SIMS) for the transportation, defence and public safety sectors, comprising turnkey engineering design and integration, programme management installation, commissioning and comprehensive after sales service support.

(2) Section 4 of the Announcement

The loss making position of CST was mainly due to limited contracts secured by CST compounded with delay in a few projects secured to accommodate the customers’ timeline which resulted in the revenue generated was insufficient to meet the operating costs.

This announcement is dated 21 November 2023.