OTHERS INDUSTRONICS BERHAD (“ITRONIC” OR “THE COMPANY”) – Proposed Disposal of a subsidiary, Industronics Technology Limited (“IBTECH”)

The Board of Directors of ITRONIC wishes to announce that it had entered into a Share Sale and Purchase Agreement (“SSA”) with Mr. Lee Kwok Po (“the Purchaser”) to dispose-off its 100% equity interest comprising of 1 ordinary share (“Sale Shares”) in Industronics Technology Limited (“IBTECH”) for a cash consideration of HKD800,000.00 which is equivalent to approximately RM428,984.00 only subject to the terms and conditions as stipulated in the SSA (“the Proposed Disposal”).

Upon completion of the Proposed Disposal, IBTECH shall cease as a wholly-owned subsidiary of ITRONIC.

The details of the announcement is attached herewith.

This announcement is dated 1 December 2020.