On behalf of the Board of Directors of Nestcon (“Board”), M & A Securities Sdn Bhd (“M&A Securities”) wishes to announce that the Company proposes to undertake the following:

(i) joint development between Nestcon PJS Sdn Bhd (a 70%-owned subsidiary of Nestcon Property Sdn Bhd (“Nestcon Property”) (formerly known as Nestcon Development Sdn Bhd), which in turn is a wholly-owned subsidiary of Nestcon) (“Nestcon PJS” or “Developer”) and Kumpulan Wilayah Sejati Sdn Bhd (“KWSSB” or “Landowner”) to undertake, in a joint manner, the development of 2 adjoining parcels of leasehold vacant development lands located in Bandar Petaling Jaya Selatan, District of Petaling, State of Selangor (“Development Lands”) (“Proposed Joint Development”);

(ii) diversification of the existing business operations of Nestcon and its subsidiaries (collectively, the “Group”) to include property development (“Property Development Business”) (“Proposed Diversification”); and

(iii) acquisition of 3 units of office space with accessorised car parking bays within a high-rise mixed commercial development known as ‘Nest 2 Residences’ for a total cash consideration of RM15.1 million (“Proposed Acquisition”).

(collectively referred to as the "Proposals")

Further details of the Proposals are set out in the attachment.

This announcement is dated 3 March 2025.