OTHERS INDUSTRONICS BERHAD (ITRONIC OR THE COMPANY) – Acquisition of a new subsidiary, All Best Group Limited (Incorporated in Hong Kong)

The Board of Directors of IB wishes to announce that the Company had on 15 September 2020 acquired a new wholly-owned subsidiary, namely All Best Group Limited [Company No.: 2942499] (“All Best”) for the purpose of operating E commerce business and target market is South East Asia.

All Best was incorporated in Hong Kong on 18 May 2020 under the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) with an issued share capital of HKD1.00 divided into 1 ordinary share.

The Director of All Best is Mr. Khoo Hoi Hin, Hong Kong citizen.

The acquisition of All Best is not expected to have any material effect on the earnings or net assets of IB for the financial year ending 31 December 2020.

None of the directors or substantial shareholders of IB or persons connected to them have any interest, direct or indirect, in the acquisition of All Best, save except through IB.

This announcement is dated 15 September 2020.