For consistency purposes, the abbreviations used in this announcement are the same as those previously defined in the announcements dated 28 May 2021, 26 May 2023, 28 May 2024, 30 May 2024 and 28 May 2025 (Announcements) unless otherwise defined herein.

Reference is made to the Company's Announcements pertaining to the Extension of Time further Utilisation of Proceeds Raised from Rights Issue with Warrants and Variation of Utilisation of Proceeds Raised from the Rights Issue with Warrants.

The Board of Directors of JOE (Board) wishes to inform that as at 31 March 2025, the Company has yet to fully utilise the proceeds of RM76.5 million (Proceeds) raised from Rights Issue with Warrants allocated for the investment in the Glove Business.

Following the Board's decision on variation of utilisation of proceeds raised from the rights issue with warrants, the Board has resolved to extend the timeframe for the utilisation of the proceeds for another twelve (12) months (Revised Timeframe) as the Company has varied the utilisation of proceeds from "Investment in the Glove Business” to “Working Capital”.

Details of the Revised Timeframe is set out in the table below:

Status update and estimation timeline:

Glove factory power supply

License

The Proceeds are kept with financial institutions.

As of to-date, the Company had purchased four (4) nitrile butadiene rubber /natural rubber powder free double former dipping lines from Fintec Glove Sdn. Bhd. The machineries are located in a factory in Chepor, Ipoh. The factory is still pending for power supply before the Company could do the test run on the dipping line. In the meantime, the Management is in the process of applying relevant certificates and looking forward to conduct pre-commercialisation production. TNB had previously completed installation and cabling works on site. However, due to unforseen circumstances the connected copper cables were hacked and stolen several times. Police reports had been lodged and the factory owner has been liaising with TNB throughout all these times for reinstallation works. The delay due and pending to TNB arranging for their certified contractors for the copper cables reinstallations. The Company is continuing the follow up closely the progress with the factory owner.

The Board is of the opinion that the Revised Timeframe is in the best interest of the group and will not have material adverse effect on the financial performance of the group.

The Revised Timeframe does not require the approval of any other regulatory authorities or the shareholders of JOE.

The Company shall continue to be vigilant and prudent in managing the Rights Issue with Warrants and will continue to disclose the status of the utilisation in the Company's quarterly results and annual report until it is fully utilised.

This announcement is dated 28 May 2025.