1. INTRODUCTION

The Company had on 6 December 2021, announced to Bursa Malaysia Securities Berhad (“Bursa Securities”) on the completion of the renounceable rights issue with free detachable warrants (“Corporate Exercise”) involving 959,813,224 Rights Shares of the Company and raised total proceeds of RM67.19 million.

2. DETAILS OF THE VARIATION OF UTILISATION OF PROCEEDS

As at 31 July 2025 (being the latest practicable date prior to this announcement) (“LPD”), Permaju had utilised RM51.97 million from the total proceeds raised from the Corporate Exercise. On 6 August 2025, the Board of Directors of Permaju has approved to vary the utilisation of the proceeds raised from the Corporate Exercise in the manner as set out below (“Variation”):

3. RATIONALE

The Group has allocated RM29.00 million for establishment of the EV showroom and after-sales service centre, but only utilised RM18.70 million for this purpose. Subsequently the Group has allocated RM8.00 million for advertising and promotional activities to promote EVs, but only utilised RM3.08 million.

As stated in the announcement dated 6 December 2021, any excess funds not used for funding for the establishment of the EV showroom and after-sales service centre and advertising and promotional activities to promote EVs will be allocated for working capital purposes of the Group. Hence, the excess funds of RM15.22 million the Group will re-allocated RM12.92 million to working capital to support its inventory in automotive business.

4. APPROVAL REQUIRED

The variation is not subject to the approval of any regulatory authorities or the shareholders of the Company as the variation is less than 25 percent from the total of utilisation of proceeds raised.

The Board is of the opinion that the variation it’s not expected to have any adverse effect on financial performance of Permaju and is in the best interest of the Company.

This announcement is dated 6 August 2025