Fast Energy Holdings Berhad incorporated 2 new wholly-owned subsidiaries, namely Fast Assets Sdn. Bhd. and Fast Technology Sdn.

Bhd. respectively under the Companies Act, 2016. Fast Assets Sdn.

Bhd. was incorporated on 9 February 2023 with an issued share capital of MYR 100,000.00 comprising 100,000 ordinary shares. FASB has not commenced business since its incorporation.

The intended principal activities of FASB are investment holdings, trading in residential and commercial properties and managing of properties activities. Fast Technology Sdn. Bhd.

was incorporated on 10 February 2023 with an issued share capital of RM100,000.00 comprising 100,000 ordinary shares. FTSB has not commenced business since its incorporation. The intended principal activities of FTSB are wholesale, distributor, retail sale for mobile devices, electronic products and other components for electronic applications.

The purpose of the Incorporation of FASB and FTSB is to expand the Group's business and generate more revenue. The Incorporation will not have any material effect on the issued share capital of the Company and the substantial shareholders' shareholding. The Incorporation also do not have any material effect on earnings per share nor net assets per share of the Group for the financial year ending 31 December 2023.

None of the Directors and/or substantial shareholders of FEHB and/or persons connected with Directors and/or major shareholders has any interest, direct or indirect, in the Incorporation save for Mr. Tan Wye Chuan, who is the Executive Director of FEHB and Director of FASB and FTSB. The Board of Directors of the Company, having considered all aspects of the Incorporation, is of the opinion that the Incorporation is in the best interest of the Company.