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 6 November 2026 accepted the letter of award dated 2 November 2026 ("LOA") from B.U. Developments Sdn. Bhd. ("BUDSB") in respect of the construction of one (1) block of 36-storey serviced apartments on Lot PT5843, Seksyen 2, (formerly part of Lot 126847 (GM1529)), Bandar Baru Ulu Kelang, Gombak, Selangor Darul Ehsan ("Main Building Works").

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 BUDSB

BUDSB was incorporated in Malaysia as a private company limited by shares having its registered address at Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur.

The nature of business of BUDSB is principally involved in property development.

4. DETAILS OF THE LOA

(a) The contract sum for the Main Building Works is RM161,000,000.00 (Ringgit Malaysia: One Hundred and Sixty-One Million only).

(b) The date of commencement shall be 2 November 2026 ("Date of Commencement") and the overall completion period for the Main Building Works shall be thirty-four (34) months from the Date of Commencement. Accordingly, the completion date shall be 1 September 2029.

(c) The defect liability period shall be thirty (30) months from the day stated in the Certificate of Practical Completion of the Main Building Works.

(d) NBSB shall carry the Main Building Works 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 Main Building Works is expected to contribute positively to the net assets per share, earnings per share and gearing of the Company throughout the duration of the Main Building Works.

6. RISK FACTORS

The Company does not foresee any exceptional risk other than the normal operational risks associated with the LOA and/or the Main Building Works. 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 Main Building Works.

9. STATEMENT BY THE BOARD OF DIRECTORS

The Board, after having considered all aspects of the LOA and the Main Building Works, is of the opinion that the LOA and the Main Building Works 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 6 November 2026.