On behalf of the Board of Directors of Amtel ("Board"), CGS International Securities Malaysia Sdn Bhd ("CGS MY") wishes to announce the following:

(i) Amtel Cellular Sdn Bhd ("AMCSB" or "Purchaser"), a wholly-owned subsidiary of the Company had on 26 May 2026 entered into a conditional sale and purchase agreement ("SPA") with Kat Ventures Sdn Bhd ("Kat Ventures" or "Vendor"), a company related to Koid Siang Loong ("Chester Koid"), being the Executive Director/Group Chief Executive Officer of Amtel, for the proposed acquisition of a parcel of agricultural land with industrial potential held under Geran 412787, Lot 38020, Mukim of Hulu Bernam Timor, District of Muallim, Perak ("Land") for a total cash consideration of RM23,000,000 ("Purchase Price") ("Proposed Acquisition");

(ii) the Company had on 26 May 2026 entered into a conditional subscription agreement with Chester Koid ("Placee") ("Subscription Agreement"), for the proposed subscription by Chester Koid of 45,000,000 new ordinary shares in Amtel ("Amtel Shares" or "Shares") ("Subscription Shares") at an issue price of RM0.33 per Subscription Share ("Issue Price") for a total consideration of RM14,850,000 ("Subscription Price") ("Proposed Subscription");

(iii) proposed exemption to Chester Koid and the persons acting in concert ("PACs") with him from the obligation to undertake a mandatory offer ("MO") for the remaining Shares not already owned by them upon the completion of the Proposed Subscription pursuant to subparagraph 4.08(1)(b) of the Rules on Take-Overs, Mergers and Compulsory Acquisitions issued by the Securities Commission Malaysia ("SC") ("Rules") ("Proposed Exemption"); and

(iv) proposed diversification of the existing principal activities of Amtel and its subsidiaries ("Amtel Group" or "Group") to include manufacturing and assembly of motor vehicles ("Motor Vehicle Business") ("Proposed Diversification").

The Purchaser and Vendor are collectively referred to as the "Parties" and individually as the "Party". The Proposed Acquisition, Proposed Subscription, Proposed Exemption and Proposed Diversification are collectively referred to as the "Proposals".

The Proposed Acquisition is deemed to be a related party transaction pursuant to Paragraph 10.08 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities") ("Listing Requirements") in view of the interests of the interested parties as set out in Section 11 of this announcement.

Please refer to the attachment for further details.

This announcement is dated 26 May 2026.