Reference is made to the proposed utilisation of proceeds raised from the proposed private placement of new ordinary shares of up to 20% of the total number of issued shares of the Company ("20% Private Placement") and completed the issuance and allotment of 71,156,000 new ordinary shares ("Shares") at an issue price of RM0.2208 per Share on 5 March 2021. The Company had raised total proceeds of RM15.711 million from the 20% Private Placement ("Private Placement Proceeds").

To-date, the Company has not fully utilised the Private Placement Proceeds due to the continued soft demand in the global electronics market, which has affected order visibility and the timing of capital expenditure, and following the shareholders’ approval obtained at the Extraordinary General Meeting held on 30 December 2024 for the disposal of the Johor Bahru factory, the Company has been reassessing its operational and investment priorities. Accordingly, the Board of Directors of PNE has resolved to extend the timeframe for the utilisation of the remaining proceeds earmarked for the upgrading of the existing printed circuit boards (“PCB”) production lines for a further 12 months until 5 March 2027 (“Extension of Time”) to allow the Company to deploy the funds prudently in line with prevailing market conditions and its revised operational strategy, with a view to optimising capital allocation and enhancing long-term shareholder value.

A summary of the revised utilisation of Proceeds is set out below:

The Board is of the opinion that the Extension of Time is in the best interest of the Company. The Extension of Time is not subject to any regularly authorities or shareholders' approval.

Nonetheless, 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 3 March 2026.