Change - Change in Corporate Information::INCORPORATION OF A WHOLLY-OWNED SUBSIDIARY

INCORPORATION OF A WHOLLY-OWNED SUBSIDIRAY

The Board of Directors (the "Board") of Nico Steel Holdings Limited (the "Company" and together with its subsidiaries, the "Group") wishes to announce that the Company had incorporated a wholly-owned subsidiary in the People's Republic of China on 30 September 2021 (the "Subsidiary"). The details of the Subsidiary are as follows :-

Name of Subsidiary	:	Nico New Technology Solutions (Jiangsu) Co., Ltd
Authorised Share Capital	:	US$33,500,000/-
Principal Activities	:	Technology	services,	technology development,
		technology	consulting,	technology exchange,
		technology transfer, technology promotion; metal
		products research and development; metal
		products sales; metal structure manufacturing;
		metal structure sales; mechanical and electrical
		equipment manufacturing; metal cutting machine
		tool manufacturing; mechanical and electrical
		equipment sales; metal cutting machine tool sales;
		metal forming machine tool manufacturing; metal
		forming machine tool sales; foundry machinery
		manufacturing; foundry machinery sales; metal
		processing machinery manufacturing; import and
		export of goods; technology import and export.

The above transaction will be funded by the Company's internal source of funds and is not expected to have any material impact on the earnings per share and net tangible asset per share of the Group for the financial year ending 28 February 2022.

None of the Directors, controlling shareholders or substantial shareholders of the Company has any interest, direct or indirect, in the Subsidiary, other than through their respective shareholding interests in the Company.

BY ORDER OF THE BOARD

Tan Chee Khiong Danny

Executive Chairman & President

Date : 13 October 2021