On behalf of the board of directors of Powerwell, UOB Kay Hian (M) Sdn Bhd wishes to announce that the Company proposes to undertake a proposed bonus issue of 116,110,400 Warrants on the basis of 1 Warrant for every 5 existing Powerwell Shares held by the entitled shareholders whose names appear in the Company's record of depositors on an entitlement date to be determined and announced later.

The Proposed Bonus Issue of Warrants is undertaken with the aim to reward the existing shareholders of the Company for their continuing support, by providing them with the opportunity to participate in the equity of the Company through the exercise of the Warrants. In addition, the Proposed Bonus Issue of Warrants will provide the Company with an avenue to raise additional funds, as and when the Warrants are exercised, to finance its working capital requirements without incurring any interest costs. 
 

Further details on the Proposed Bonus Issue of Warrants are set out in the attachment below.

This announcement is dated 23 July 2026.