FLEXIDYNAMIC SECURES RM12.4 MILLION CONTRACT FOR WATER TREATMENT PLANT, SEES EMERGENCE OF NEW SHAREHOLDER

Milestone Project Showcases Flexidynamic's Portfolio in Providing Complex Engineering Solutions

KUALA LUMPUR, 11 MARCH 2024 – Flexidynamic Holdings Berhad ("Flexidynamic" or the "Company"), a leading solutions provider for the rubber glove manufacturing industry, is pleased to announce the wholly-owned subsidiary of the Company, Flexidynamic Engineering Sdn Bhd ("FESB"), has received pivotal Letter of Award (“LOA”) valued at RM12.4 million. This contract, awarded by Usaha Pammek Sdn Bhd ("Usaha Pammek"), entails the supply and installation of mechanical and electrical works for the water treatment plant and intake at Loji Rawatan Air Bukit Chupak, Jajahan Gua Musang, Kelantan.

Mr. Tan Kong Leong, Managing Director of Flexidynamic, shared his enthusiasm about the project, stating, "We are immensely proud to be awarded this significant contract, which not only showcases Flexidynamic's diverse engineering strength but also aligns with our strategic goals for diversification and growth. This project underscores our commitment to delivering substantial value to our shareholders and highlights our readiness to capitalize on the opportunities presented by the recovering glove industry. Our team is well-prepared and eager to demonstrate our capabilities in this new venture, ensuring the highest standards of execution and contributing to the sustainable development of Malaysia's infrastructure."

In related news, Flexidynamic is also excited to welcome The SEA Capital Sdn. Bhd. (“SEA Capital”) as a substantial shareholder, holding a 5.01% stake in the Company. This new partnership is poised to further strengthen Flexidynamic's market position and accelerate its growth trajectory.

Dato' Hooi Jia Hao, Managing Director of The SEA Capital commented, "We are thrilled to become a substantial shareholder in Flexidynamic Holdings Berhad. Our investment reflects our confidence in Flexidynamic's strategic direction and its potential for further expansion. We believe that Flexidynamic's innovative approach to engineering solutions, coupled with its expanding footprint in infrastructure projects, positions the Company well for sustainable growth. We look forward to contributing to Flexidynamic's journey and delivering value to all stakeholders involved."

With the Company’s roots firmly planted in the rubber glove manufacturing industry, Flexidynamic has evolved significantly since its inception in 2012. Following the strategic acquisition of Flexidynamic Engineering Co. Ltd. in Thailand in 2018, the Company has bolstered its presence in Southeast Asia, supported by offices in Malaysia and Thailand, and a manufacturing facility in Banting, Malaysia. This contract marks another stride in Flexidynamic's journey towards diversification and growth, promising new opportunities within and beyond its established markets.