Unless otherwise stated, abbreviations used herein shall be the same as those stated in the Company’s announcements dated 12 July 2024, 17 July 2024, 31 July 2024, 23 August 2024, 30 August 2024, 13 January 2025, 6 February 2025, 14 July 2025, 29 July 2025, 18 August 2025, 27 August 2025, 20 January 2026 and 27 January 2026 (collectively referred to as the “Announcements”).

Further to the Announcements, the Board of Directors of Nestcon (“the Board”) wishes to announce the status of utilisation of the proceeds raised from the Private Placement as at the date of this announcement.  

The status of the utilisation of proceeds raised from the Private Placement is as follows:-

Purpose

Proposed Utilisation of Proceeds (RM’000)

Actual Utilisation (RM’000)

Balance to be Utilised (RM’000)

Utilised (%)

Estimated Timeline for Utilisation of Proceeds

Repayment of bank borrowings

20,732

(14,403)

6,329

69.47

Within 6 months

Working capital

-

-

-

-

Within 12 months

Estimated expenses for the Proposed Private Placement

195

(195)

-

100.00

Within 1 month

Total

20,927

(14,598)

6,329

69.76

The Private Placement was completed following the listing of and quotation for 22,820,000 placement shares, being part of the Private Placement of up to 70,820,000 new ordinary shares, on the ACE Market of Bursa Malaysia Securities Berhad on 28 January 2026.

As at the date of this announcement, the proceeds arising from the final tranche of the Private Placement have not been fully utilised in accordance with the utilisation of proceeds as disclosed in the Private Placement Announcement.

This announcement is dated 27 February 2026.