Reference is made to the Company's announcements dated 8 January 2025 and 17 January 2025 in relation to the acceptance of Letter of Notification from the Energy Commission for the development of the Project ("Announcements").

Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

1. Introduction

HEB wishes to announce that on 19 March 2025, Unique HEB Energy Sdn Bhd [Registration No. 202501002731 (1604144-T)] (“SPV”) — a special-purpose joint venture vehicle incorporated by HEBE, a wholly-owned subsidiary of the Company, and Unique Green Energy Sdn Bhd, a wholly-owned subsidiary of Unique Fire — has signed and executed a Solar Power Purchase Agreement (“PPA”) with Tenaga Nasional Berhad. 

2. DETAILS OF PPA

Pursuant to the PPA, the SPV shall design, construct, own, operate and maintain a solar photovoltaic energy generating facility (“Facility”) with its approved capacity at the relevant project site, as follows:-

The PPA governs the obligations of the Parties to sell and purchase the energy generated by the Facility for a period of 21 years from the commercial operation date, in accordance with the agreed terms and conditions as stipulated in the PPA.

3. FINANCIAL EFFECTS

The PPA is expected to contribute positively to the revenue, earnings and net assets of HEB Group for the financial years ending 31 December 2027 to 31 December 2048.  

4. RISK FACTORS

The risk factors affecting the PPA include, but are not limited to the normal operational risks. Nonetheless, HEB Group has, throughout the years, established its track record and expertise in undertaking such projects. As such, the Board of Directors believes that HEB Group is able to mitigate the aforesaid risk factors.

 5. APPROVAL REQUIRED

The PPA, being part of the ordinary course of business of HEB Group, is not subject to the approval of shareholders of HEB or any relevant authorities.

 6. DIRECTORS’ AND/OR MAJOR SHAREHOLDERS’ INTERESTS

None of the Directors and/ or Major Shareholders of HEB and persons connected to them has any interest, direct or indirect, in the PPA.

 7. DIRECTORS’ STATEMENT

The Board of Directors, after considering all the relevant factors, is of the opinion that the acceptance of the PPA is in the best interest of HEB Group and is a critical step forward, aligning with the Group's strategic objectives.

This announcement is dated 19 March 2025.