The Board of Directors of AJR wishes to announce that Ann Joo Steel Berhad (“AJSB”), a wholly-owned subsidiary of AJR, had on 6 November 2025 accepted the conditional letter of offer dated 5 November 2025, issued by Axis REIT Managers Berhad, the management company of Axis Real Estate Investment Trust (“Axis-REIT”), for and on behalf of RHB Trustees Berhad, acting as the trustee for and on behalf of Axis-REIT (“RHB Trustees”), in relation to the proposed disposal of a freehold industrial land measuring approximately 135.53 acres, comprising Land A measuring 94.21 acres and Land B measuring 41.32 acres (“Subdivided Land”), together with the buildings erected thereon (“Buildings”), held under master title GRN 186109, Bandar Prai, District of Seberang Perai Tengah, State of Pulau Pinang for an indicative cash consideration of RM800.0 million (“Proposed Disposal”).

(The Subdivided Land and the Buildings are collectively referred to as “Property”).

In conjunction with the Proposed Disposal, AJSB and RHB Trustees, for and on behalf of Axis-REIT, are proposing to enter into a lease agreement, in escrow, whereby RHB Trustees, for and on behalf of Axis-REIT, shall lease the Property to AJSB commencing from the completion date of the sale and purchase agreement in relation to the Proposed Disposal (“Proposed Leaseback”).

(The Proposed Disposal and the Proposed Leaseback are collectively referred to as “Proposed Disposal and Leaseback”).

Please refer to the attachment for further details on the Proposed Disposal and Leaseback.

This announcement is dated 6 November 2025.