1.         INTRODUCTION

Eversendai Corporation Berhad (the “Company”) wishes to announce that it had, on 3 May 2018, entered into a Share Sale Agreement (the “Agreement”) for the disposal of 84,000 ordinary shares in its subsidiary, Perisai Kuasa Sdn Bhd (“PKSB”), which represents 60% of the issued and paid up share capital in PKSB (“Proposal Disposal”).

The principal activities of PKSB are engineering services and technology services provider to the oil and gas industry. Upon completion of the Proposed Disposal, PKSB shall cease to be a subsidiary of the Company.

2.         INFORMATION OF PKSB

PKSB is a company incorporated on 14 February 2013 under the laws of Malaysia.

The issued and paid-up share capital of PKSB is RM140,000.00 comprising 140,000 ordinary shares.

3.         RATIONALE OF THE PROPOSED DISPOSAL

Eversendai Group had decided to dispose its shares in PKSB as part of its rationalization to focus on its core business in line with the expectation of Eversendai Group’s stakeholders.

4.         FINANCIAL EFFECTS

The Proposed Disposal is not expected to have any material effect on the earnings and net assets of Eversendai Group.

5.         ESTIMATED TIMEFRAME FOR COMPLETION

The Proposed Disposal is expected to be completed within two (2) months from the date of the Agreement.

6.         DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS

None of the directors and/or major shareholders in the Company and/or persons connected to them have any interest, direct or indirect, in the Proposed Disposal.

7.         DIRECTORS’ STATEMENT

The Board of Directors of the Company, having considered all the relevant factors in respect of the Proposed Disposal, is of the opinion that the Proposed Disposal is in the best interest of the Company.

This announcement is dated 4 May 2018.