Reference is made to the Company’s announcements dated 2 July 2020, 29 July 2020, 30 July 2020, 23 November 2020, 27 April 2021, 11 May 2022, 7 June 2022, 14 June 2022, 25 July 2022, 21 August 2023, 24 August 2023, 27 February 2024, 12 August 2024, 13 August 2024, 15 August 2024, 15 May 2025, 19 May 2025, 20 May 2025 and 11 July 2025 (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

The Company wishes to provide updates or additional information in connection to the following announcements made by the Company to Bursa Securities previously:-

1. Status of the Biomass Power Plant Project Following the Announcement Dated 15 May 2025 on the Relinquishment of the First Feed-in Approval to Sustainable Energy Development Authority Malaysia ("SEDA")

Further to the relinquishment of the first Feed-in Approval to SEDA, the Company announced on 11 July 2025 that its wholly-owned subsidiary, BTM Land Sdn Bhd (“BTML”), had also relinquished the second Feed-in Approval to SEDA. As a result, the Group currently does not have any ongoing Biomass Power Plant project.

2. Status Updates on Questions No. 3, 4, 5, and 6 from Bursa Securities Regarding the Announcement Dated 20 May 2025

Question No. 3 from the Announcement Dated 20 May 2025: Given that the Biomass Power Plant project has been put on hold following the relinquishment of the first Feed-in Approval and the potential relinquishment of the second Feed-in Approval, please elaborate on the Group’s plans for the renewable energy business that it diversified into pursuant to the diversification exercise approved by shareholders at the EGM held on 23 August 2022.

As stated in the announcement dated 20 May 2025, the Group remains committed to its strategic objective of participating in the renewable energy sector. Despite the relinquishment of both Feed-in Approvals, the Group continues to actively explore other viable opportunities within the renewable energy space.

The Group will continue to assess and pursue initiatives that align with its long-term business objectives and will make the necessary disclosures to Bursa Securities in accordance with the Listing Requirements, as and when there are any material developments.

Question No. 4 from the announcement dated 20 May 2025: The lease of the Land and sub-lease of the Plantation Land which were approved by the shareholders at the EGM convened on 23 August 2022, were undertaken for the purpose of constructing the Biomass Power Plant as well as to produce raw materials/ feedstock for the Biomass Power Plant project. With the cessation of the Biomass Power Plant project, to specify the timeline for the Group to source for the alternative usage of the Lands.

At this juncture, the Company is actively evaluating potential alternative uses for the Lands, taking into account prevailing market conditions and the Group’s long-term strategic objectives. These assessments are at a preliminary stage and may involve further engagement with relevant stakeholders and professional advisers, where necessary.

The Board aims to determine the most appropriate course of action for the Lands within the next 3 months, subject to the progress of negotiations and market response. The Company will continue to closely monitor developments relating to the Lands and will make the necessary announcements in accordance with the Listing Requirements.

Question No. 5 from the announcement dated 20 May 2025: Based on the announcement made on 19 February 2025 on the financial results for the quarter ended 31 December 2024, an amount of approximately RM21.9 million from the total amount raised from the rights issue exercise approved by the shareholders at the EGM convened on 23 August 2022 and earmarked for the construction cost of the Biomass Power Plant, remains unutilized. In this regard, to specify the proposed alternative usage of the funds arising from the cessation of the Biomass Power Plant project and the timeline for utilization.

At this juncture, the Company is in the process of reassessing its business strategies and evaluating potential alternative uses for the unutilised proceeds of approximately RM21.9 million from the rights issue exercise completed on 16 January 2023 (“Rights Issue Proceeds”). This reassessment is being conducted in alignment with the Group’s revised operational priorities and prevailing market opportunities.

As stated above, the Group continues to explore other viable options within the renewable energy sector. Given that the evaluation process is still ongoing and may involve engagement with relevant stakeholders, professional advisers, and regulatory authorities, the proposed plans for the utilisation of the unutilised Rights Issue Proceeds—as well as the corresponding implementation timeline—have not yet been determined.

The Company will make the necessary announcements to Bursa Securities in a timely manner once a definitive plan for the proposed utilisation of the funds has been finalised, in accordance with the Listing Requirements.

Question No. 6 from the announcement dated 20 May 2025: To state whether the variation to the usage of the Land and Plantation Land as stated in item (4) above and the variation to the utilisation of proceeds raised from the right issue exercise as stated in item (5) above, tantamount to material variations pursuant to Paragraph 8.22 of the Main Market Listing Requirements which requires shareholders’ approval

At this juncture, the Group is in the process of evaluating proposed alternative uses for the Land and Plantation Land, while concurrently reviewing potential variations in the utilisation of the remaining unutilised proceeds from the Rights Issue exercise (“Rights Issue Proceeds”).

As stated in the response to Question No. 5 above, the Company wishes to emphasise that no final decision has been made regarding the use of the Lands or the variation of the unutilised Rights Issue Proceeds at this point in time.

Should any variation to the utilisation of the unutilised Rights Issue Proceeds be proposed, the Company will make the necessary announcements in compliance with the Listing Requirements once such variations, if any, are finalised and approved by the Board.

In the event that the proposed variations relate to:

(i) the intended use of the Land and/or Plantation Land, and/or

(ii) the utilisation of the Rights Issue Proceeds,

and such variations are determined to constitute material changes within the meaning of Paragraph 8.22 of the Listing Requirements, the Company will seek shareholders’ approval at an extraordinary general meeting to be convened for this purpose.

3. The total cost of the Biomass Power Plant Project until to-date and the financial impact arising from the cessation of the project pursuant to the announcement dated 11 July 2025

As at the date of this announcement, the Group has incurred approximately RM182,000 in application and compliance costs, as well as other ancillary expenses, in connection with undertaking the Biomass Power Plant business under BTML pursuant to the second Feed-in Approval.

Save as disclosed above, the cessation of the Biomass Power Plant Project pursuant to the second Feed-in Approval is not expected to have any material adverse effect on the Group’s financial position or operations.

This announcement is dated 16 July 2025.