MEMORANDUM OF UNDERSTANDING INDUSTRONICS BERHAD (ITRONIC OR THE COMPANY) – MEMORANDUM OF UNDERSTANDING WITH BLUEMOUNT FINANCIAL GROUP LIMITED AND MR. LI HOK YIN

Reference is made to the announcement dated 23 March 2021 in relation to the Memorandum of Understanding (“MOU”) between the Company and Bluemount Financial Group Limited (“Bluemount”) and Mr. Li Hok Yin.

Unless otherwise stated, all definitions used throughout this announcement shall have the same meaning as defined in the earlier Announcement.

The Board of Directors of the Company wishes to inform that the parties to the MOU are still in discussion and negotiating the terms for the proposed acquisition of shares in Bluemount.

This announcement is dated 30 July 2021.