1. INTRODUCTION

The Board of Directors of Dayang Enterprise Holdings Bhd (“DEHB” or “the Company”) is pleased to announce that its wholly-owned subsidiary company, Dayang Enterprise Sdn Bhd (“DESB”), has been awarded an extension to the PM-MCM Contract from SEA Hibiscus (“Extended PM-MCM Contract”) .

2. VALUE AND DURATION OF THE EXTENDED PM-MCM CONTRACT

The value of the Extended PM-MCM Contract is based on work orders issued by SEA Hibiscus throughout the extended contract duration. The contract extension duration is for approximately one (1) year, five (5) months and fifteen (15) days, effective from 17th July 2023 until 31st December 2024.

3. RISK FACTORS

Risk factors affecting the Extended PM-MCM Contract include execution risks such as availability of skilled manpower and materials, changes in prices of materials, changes in political, economic and regulatory conditions. DESB shall ensure strict compliance with the safety and operational procedures in the execution of contract requirements.

4. FINANCIAL EFFECTS

The Extended PM-MCM Contract will have no effect on the issued capital of the Company and is expected to contribute to the earnings of DEHB over the extended duration of the same.

5. DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTEREST

None of the directors, major shareholders and/or persons connected to them has any direct or indirect interest in the Extended PM-MCM Contract.

6. DIRECTORS’ STATEMENT

The Board of Directors of the Company is of the opinion that the acceptance of the Extended PM-MCM Contract is in the best interest of the Company.

This announcement is dared 23rd August 2023.