The Board of Directors (“Board”) of JOE wishes to announce that JOE Glove Sdn Bhd (“JOE Glove”), the wholly-owned subsidiary of the Company had on 3 August 2022 entered into a sale and purchase agreement (“SPA”) with FINTEC Glove Sdn Bhd (“FINTEC Glove”) for the proposed purchase of two (2) NBR/NR Powder Free Double Former Dipping Lines (“Machineries”) from Fintec Glove for a total contract price of Ringgit Malaysia Fourteen Million Four Hundred and Seventy Thousand (RM14,470,000) (“Contract Price”) only by cash subject to the terms and conditions in the SPA (“Proposed Acquisition”).

The Machineries are located at the gloves factory developed on the vacant land held under Pajakan Negeri 210005, Lot 304994, Mukim Hulu Kinta, Daerah Kinta, Negeri Perak, measuring approximately 18,746 square metres (“Gloves Factory”). Upon the completion of the Proposed Acquisition, the Machineries will be maintained in the Gloves Factory.

(JOE Glove and FINTEC Glove are collectively referred to as the “Parties”.)

This announcement is dated 5 August 2022. This amended announcement shall supersede the announcement made on 3 August 2022.