We refer to our announcements dated 22 December 2020, 19 March 2021 and 18 June 2021 pertaining to the Memorandum of Understanding (“MOU”) dated 22 December 2020 executed by TC Overseas Assets Holdings Labuan Pte Ltd (“TCOAHL”), a wholly-owned subsidiary of Tan Chong Motor Holdings Berhad (“TCMH” or “the Company”), with GAC Motor International Limited (“GAC”), a company established under the laws of Hong Kong with its registered address at Room 801, Citicorp Centre, 18 Whitfield Rd., Causeway Bay, Hong Kong, to cooperate to study the potential and feasibility of the business opportunity in introducing GAC’s vehicle products (“Products”) to Malaysia and Vietnam (“Proposed Project”), with the intention to appoint TCOAHL or any other company under TCMH Group on an exclusive basis for the sales, distribution, assembly and provision of after-sales services for the Products in the said countries.

The Board of Directors of the Company wishes to announce that both parties have consented to allow the MOU to expire voluntarily. The Company will continue to explore future business opportunities with GAC.

This announcement is dated 8 November 2021.