[The definitions used in this announcement shall have the same meanings as that used in the announcement made on 9 March 2023 (“Announcement”) unless stated otherwise.]

We refer to the Announcement and the letter from Bursa Malaysia Securities Berhad dated 10 March 2023 with reference number IQL-10032023-00001 requesting for the following additional information on the Acquisitions:-

1. The rationale and justification for the Acquisitions being made at this point in time.

CFM was incorporated in Malaysia on 3 November 1961 using the name Malaya Biscuit Manufacturing Company Sdn. Bhd. and subsequently changed it to the former on 27 February 1971. CFM became a public company on 22 September 1989. In 1990, CFM was listed on the Main Market of the Kuala Lumpur Stock Exchange. CFM has come a long way. Its reputation of being the first local company to produce computer forms in Malaysia and growing into an incorporated body in the year 1972 is some of its runaway success achievements.

CFM and its group of companies (“CFM Group”) not only work hard and strive to become master printers but also total solution providers. CFM has an impressive reputation because they strive to offer customers value-added services from beginning to end, upholding a level of quality that will keep CFM Group at the very top of its fields. Therefore, CFM strives towards attaining customer satisfaction by embodying its goals. CFM is reputed to be a promising company that specialises in printing and distributing computer forms, stock forms and specialised forms.

With dedicated personnel, CFM will be the ultimate company in the future specialising in its field. CFM had on 5 January 2023 entered into a Joint Venture Agreement with EA Mobility Holding Co. Ltd. (“EA”) to conduct business across Malaysia, including but not limited to selling, distribution, assembling and production of electric vehicles, transports and related accessories and infrastructures which shall include products known as E-bus, E-truck, E-ferry and electric vehicle charger. The initially intended paid up share capital would be RM12,500,000.

The Malaysian electric vehicle market is currently in the very initial stages of growth. However, FITTERS is optimistic that the government's initiatives to promote next-generation vehicles in the country will stimulate the demand for electric vehicles, and we anticipate CFM will be benefiting from this trend.

2. Further clarification on how CFM has enhanced its value via its venture into the electrical vehicle industry as it is noted that the venture was only made recently.

CFM being the first local company to produce computer forms in Malaysia and growing into an incorporated body in the year 1972 are some of their runaway success achievements. CFM is the master printer for the local banks and a total solution provider. CFM is reputed to be a promising company that specialises in printing and distributing computer forms, stock forms and specialised forms.

CFM has teamed up with Bangkok-listed Energy Absolute Public Company Limited to jointly produce and distribute electric vehicles ("EV") such as e-buses, e-cars, e-trains, e-bikes, and e-boats as well as EV chargers in Malaysia, as it recognises that new opportunities emerge in the EV industry.

It is believed that the joint venture will contribute positively to its future earnings in the long run as Malaysia has the policy to reduce the consumption of fossil fuels and increase the use of electric vehicles by up to 37% from the year 2022 to 2040.

Energy Absolute has further agreed to partner with Malaysia’s home-grown CFM to transfer innovation, renewable energy ("RE") experience and carbon credit to the Malaysian government in this first-time-ever capital investment to boost Malaysia’s sustainability charter to achieve its Net Zero goal by the year 2050. Malaysian Prime Minister, Datuk Seri Anwar Ibrahim acknowledged EA’s interest in supporting, investing, and promoting the pilot project together with CFM to become an Asian leader in Energy Storage.

The signing ceremony pledge to set up a Malaysian manufacturing plant by the joint-venture company to handle EV and RE projects using the core competencies of both public listed companies. It is believed that the favourable global growth in CFM’s major operating sectors is beneficial for the CFM Group’s earnings, especially in the long run.

3. The shareholdings, if any, of the common directors in FITTERS and CFM respectively.

Name of Directors

Number of Shares and Shareholdings in FITTERS

Number of Shares and Shareholdings in CFM

Hoo Swee Guan

40,000 (0.007%)

Nil 

Wong Kok Seong

Nil 

Nil

Kho See Yiing

Nil 

Nil

4. The shareholdings of Dato' Sri Pang Chow Huat in FITTERS and CFM respectively, and whether he is the largest shareholder of FITTERS.

Name of Shareholder

Number of Shares and Shareholdings in FITTERS*

Number of Shares and Shareholdings in CFM*

Dato’ Sri Pang Chow Huat

48,049,800 (7.90%)

145,169,460 (54.25%)

* Based on the latest announcements made by FITTERS and CFM respectively.

Dato’ Sri Pang Chow Huat is the largest shareholder of FITTERS.

This announcement is dated 13 March 2023.