1. INTRODUCTION

The Board of Directors of Dayang Enterprise Holdings Bhd (“DEHB” or “the Company”) are pleased to announce that its wholly-owned subsidiary company, Dayang Enterprise Sdn Bhd (“DESB”), has been awarded a contract extension for the Provision of Pan Malaysia Maintenance, Construction and Modification (“PM-MCM”) from Mubadala Energy. This contract was first awarded by Mubadala Energy on 9 December 2020 (Contract Effective Date) and its primary term remains in force until 16 July 2023.

2. VALUE AND DURATION OF THE CONTRACT

The value of the contract extension is based on work orders issued by Mubadala Energy throughout the contract extension duration. The contract extension duration is approximately one (1) year five (5) months and fifteen (15) days commencing from 17th July 2023 until 31st December 2024.

3. RISK FACTORS

Risk factors affecting the 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 contract extension will have no effect on the issued capital of the Company and is expected to contribute to the earnings of DEHB over the duration of the contract extension.

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 contract.

6. DIRECTORS’ STATEMENT

The Board of Directors of the Company is of the opinion that the acceptance of the contract extension is in the best interest of the Company.

This announcement is dated 5 January 2024.