1. INTRODUCTION

The Board of Directors of Nestcon (“the Board”) wishes to announce that Nestcon Builders Sdn. Bhd. (“NBSB”), a wholly-owned subsidiary of the Company, had on 18 November 2025 accepted the letter of award dated 14 November 2025 (“LOA”) from Inter Sky Development Sdn. Bhd. (“ISDSB”) in respect of the construction of two (2) blocks of 57-storey serviced apartment on Plot 3, Lot 81209, Off Lebuhraya Lingkaran Tengah 2, Taman Wahyu, Mukim Batu, Wilayah Persekutuan Kuala Lumpur ("the Project").

2. INFORMATION ON NBSB

NBSB was incorporated in Malaysia as a private company limited by shares having its registered address at No. D-09-02, Level 9, EXSIM Tower, Millerz Square @ Old Klang Road, Megan Legasi, No. 357, Jalan Kelang Lama, 58000 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur.

The nature of business of NBSB is principally involved in construction works.

3. INFORMATION ON ISDSB

ISDSB was incorporated in Malaysia as a private company limited by shares having its registered address at Block F-05-07, Starparc Point, Jalan Taman Ibu Kota, Setapak, 53300 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur.

The nature of business of ISDSB is principally involved in the business of acquire land for renting, investing and developing.

4. DETAILS OF THE LOA

(a) The contract sum for the Project is RM355,000,000.00 (Ringgit Malaysia: Three Hundred and Fifty-Five Million Only).

(b) The date of commencement shall be 15 November 2025 with fourteen (14) days mobilisation period.

(c) The overall completion period for the Project shall be thirty-four (34) months and the completion date shall be 14 September 2028

(d) The defect liability period shall be twenty-seven (27) months from the date of Practical Completion stated in the Certificate of Practical Completion of the Project.

(e) NBSB shall carry the Project in accordance with the other supplementary terms and conditions set out in the LOA.

5. FINANCIAL EFFECTS 

The acceptance of the LOA by NBSB to undertake the Project is expected to contribute positively to the net assets per share, earnings per share and gearing of the Company throughout the duration of the Project.

6. RISK FACTORS

The Company does not foresee any exceptional risk other than the normal operational risks associated with the LOA and/or the Project. Nevertheless, the Company will take the necessary steps to mitigate the risks as and when they occur.

7. APPROVAL REQUIRED

The acceptance of the LOA is not subject to the approval from the Company’s shareholders and/or any regulatory authorities.

8. DIRECTORS’ AND MAJOR SHAREHOLDERS’ AND/OR PERSONS CONNECTED WITH A DIRECTOR OR MAJOR SHAREHOLDER’S INTERESTS 

None of the Directors and/or major shareholders of Nestcon or persons connected with them has any interests, direct or indirect, in the LOA and/or the Project.

9. STATEMENT BY THE BOARD OF DIRECTORS

The Board, after having considered all aspects of the LOA and the Project, is of the opinion that the LOA and the Project are within the ordinary course of business of Nestcon and the acceptance of the LOA is in the best interest of the Company.

This announcement is dated 18 November 2025.