The Board of Directors of Cabnet Holdings Berhad (“CHB” or “the Company”) is pleased to announce that the Company’s wholly-owned subsidiary, Cabnet Systems (M) Sdn. Bhd. (“CSM”) had on 26 October 2020 accepted a Letter of Award from Kinetics Systems Malaysia Sdn. Bhd. (Registration No.: 199901019565 (494465-U)) (“the Contractor”) appointing CSM as the subcontractor for the supply, delivery, installation, testing, commissioning of electrical package for a factory located at Kulim, Kedah at a sum for the subcontract works of RM17,160,000 (“Subcontract”). The Subcontract is a firm price contract i.e., no claim will be allowed for any variation in costs (such as wages, fuel, materials, exchange rates, plants, taxes statutory contributions and duties, etc.) as the contract sum is deemed to include for such provisions.

Full details of the announcement are as attached.

This announcement is dated 26 October 2020.