Further to the Company's announcement dated 5 November 2024, the Board of Directors of PNE (“the Board”) wishes to provide the following additional information in connection with the extension on timeframe for the utilisation of proceeds raised from the Private Placement.

1.  Plan for the next 12 months for the glove business

According to the Malaysian Rubber Glove Manufacturers Association (MARGMA), global demand for rubber gloves is projected to rebound this year. However, due to the current economic landscape, with average selling prices (“ASP”) falling below the production costs, the industry continues to face losses on each container exported. Looking ahead to 2025, the Board of Directors of PNE remains cautiously optimistic about the industry’s prospects and will closely monitor market conditions to determine the most strategic entry point, aiming to minimise risk and maximise profitability.

2. Key milestones

With the initial decline in rubber glove demand, the Board is actively observing market trends and will provide updates upon reaching significant milestones in the planning process.

3. Timeline

From November 2024 to October 2025, the Board will conduct continuous monitoring of both global and domestic demand for rubber gloves, along with trends in ASP. This period of observation will enable the Board to assess market shifts, identify potential opportunities, and make informed decisions regarding the company’s position in the industry.

This announcement is dated 7 November 2024.