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Reference is made to the Company's announcement dated 9 November 2022 (“Previous Announcement”). Unless otherwise stated, the terms used herein shall have the same meanings stated in the Previous Announcement.

The Board of Directors of KAB wishes to clarify on the announcement made on 9 November 2022 in respect of the Proposed Acquisition:-

(1) That the subject matter heading should read as “Others” instead of “Transactions (Chapter 10 of Listing Requirements)-Non-Related Party Transactions”;

(2) That the Agreement entered into between FNSB and KABEH on 9 November 2022 was of term sheet in nature, and further definitive agreement in the form of a Sale and Purchase Agreement (“SPA”) may be entered into between the Parties, subject to satisfactory of due diligence findings and the terms and conditions stated therein the said Agreement; and

(3) The execution of the SPA shall be subject to the satisfactory completion of due diligence. The Parties anticipate that the due diligence works would be completed within one (1) month from the date of the Agreement with an optional extension of one (1) month for the completion of the due diligence works (if so required and to be mutually agreed upon by the Parties).

Further announcement(s) shall be made on the material development of the Proposed Acquisition. In the event the Parties proceed with the execution of the SPA, the Company shall make the relevant disclosure in accordance with Chapter 10 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.

This announcement is dated 11 November 2022.