Reference is made to the earlier announcements in relation to the Private Placement dated 15 December 2020, 13 January 2021, 15 December 2022, 13 December 2023, 14 December 2023, 13 January 2025 and 15 January 2025.
 

The Board of Directors of JOE (the Board) wishes to inform that as at 13 January 2026, the Company has yet to fully utilise the proceeds of RM26.6 million (Proceeds) raised from Private Placement completed on 13 January 2021 allocated for the investment in the Glove Business.
 

The Board has resolved to extend the timeframe for the utilisation of the said Proceeds for another twelve (12) months respectively (Revised Timeframe) to provide additional time for the Group to utilise the balance of Proceeds for the investment in the Glove Business (extension of time).
 

Details of the Revised Timeframe are set out in the table below:
 

Status update and estimation timeline:

Glove factory power supply
 

As of today, the Group had acquired four nitrile butadiene rubber/natural rubber powder-free double former dipping lines. These machines have been strategically installed at our facility in Chepor, Ipoh. However, the commencement of operational testing remains on hold, pending the completion of the power supply infrastructure. TNB had previously completed installation and cabling works on site. However, due to unforeseen circumstances the connected copper cables were hacked and stolen several times. Police reports had been lodged and the Factory Owner has been liaising with TNB throughout all these times for further reinstallation works. The delay due and pending to TNB arranging for their certified contractors for the copper cables reinstallations.
 

The Group is continuing to follow up closely on the progress with the factory owner. Simultaneously, the Management is actively pursuing the necessary certifications and initiating pre-commercial production once all required approvals from the relevant authorities are secured.
 

The Revised Timeframe does not require the approval of any other regulatory authorities or the shareholders of JOE.
 

The Company shall continue to be vigilant and prudent in managing the Private Placement Proceeds and will continue to disclose the status of the utilisation in the Company's quarterly results and annual report until it is fully utilised.
 

This announcement is dated 13 January 2026.