The Board of Directors of Powerwell (“Board”) wishes to announce that Powerwell had, on 29 December 2025, entered into the following agreements:-

1. conditional shares sale and purchase agreement with the Vendors to acquire 980,000 ordinary shares in TKSB held by the Vendors, representing 49.0% equity interest in TKSB, for a total cash consideration of approximately RM12.50 million (“Proposed TKSB Acquisition”);
2. conditional shares sale and purchase agreement with the Vendors to acquire 122,990 ordinary shares in TKMSB held by the Vendors, representing 49.0% equity interest in TKMSB, for a total cash consideration of approximately RM4.17 million (“Proposed TKMSB Acquisition”);
3. conditional shareholders’ agreement with the shareholders of TKSB and TKSB to set out the mutually agreed rights, duties, liabilities and obligations of the respective parties in relation to the management and operation of TKSB upon the completion of the Proposed TKSB Acquisition; and
4. conditional shareholders’ agreement with the shareholders of TKMSB and TKMSB to set out the mutually agreed rights, duties, liabilities and obligations of the respective parties in relation to the management and operation of TKMSB upon the completion of the Proposed TKMSB Acquisition.

(The Proposed TKSB Acquisition and Proposed TKMSB Acquisition shall be collectively referred to as the “Proposed Acquisitions”.)

Please refer to the attachment for further details on the Proposed Acquisitions.

This announcement is dated 29 December 2025.