GLOBETRONICS ENSURES STEADY COURSE OF BUSINESS IN WAKE OF NEW SHAREHOLDER

Commitment to Operational Excellence and Consistent Performance Unaltered by Shareholder Changes

SHAH ALAM, 19 DECEMBER 2023 – Globetronics Technology Bhd  ("GTB" or the “Group”), an established player in the Outsourced Semiconductor Assembly and Test (“OSAT”)  and semiconductor industry, today reassured stakeholders that the recent change in shareholder structure will not impact the Group's dedication to operational continuity and shareholder value.

According to the announcement by Eco Asia Capital Advisory Sdn Bhd, representing APB Resources Bhd (“APB”) for the proposed acquisition of a substantial stake in GTB, the Group warmly welcomes this strategic transaction involving a 10.4% equity interest in GTB. This includes the transfer of 46.3 million shares from General Produce Agency Sdn. Berhad and 23.7 million shares from Ng Kweng Chong Holdings Sendirian Bhd.

The Representative of Globetronics Technology Bhd , welcomed the new shareholders, stating, "As we embrace this new chapter in our corporate journey, our operations remain steadfast. The change in major shareholders is not expected to substantially impact our daily activities. We are focused on strengthening our existing business platform while strategically diversifying our customer base to exciting new growth areas such as automotive, medical and power devices in delivering healthy growth and consistent performance with our new strategic partner.

Being a key player in the OSAT and semiconductor sector, GTB is well-positioned within the expanding Malaysian E&E market. In line with this, GTB is actively exploring potential areas in advanced packaging to anchor the Group’s business base. Committed to growth and diversification, the Group is engaging in the design and development of new products alongside customers, aiming to enhance revenue and move up the value chain.

This approach is part of GTB's strategy to mitigate risks and sustain business growth. The IMR Report suggests E&E exports from Malaysia reaching RM629.10 billion in 2023 and growing at a CAGR of 7.9%, potentially hitting RM867.83 billion by 2027. This projected growth highlights the Group’s significant potential for expansion and enhanced shareholder value.

To conclude, GTB remains committed to upholding operational excellence and boosting shareholder value. The Group is confident to successfully navigate the evolving market with resilience and strategic foresight, ensuring ongoing success and growth in a vibrant industry.