On behalf of the Board of Directors of GFM ("Board"), UOB Kay Hian (M) Sdn Bhd (formerly known as UOB Kay Hian Securities (M) Sdn Bhd) ("UOBKH") wishes to announce that GFM had on 2 July 2025, entered into the following:-
i. a conditional share sale agreement with Shapadu Corporation Sdn Bhd ("SPC"), for the proposed acquisition of 60,000 ordinary shares in Shapadu Energy Sdn Bhd ("Shapadu Energy"), representing 60% equity interest in Shapadu Energy, from SPC for a purchase consideration of RM30.00 million to be satisfied entirely in cash ("Proposed Acquisition"); and
ii. a conditional call option agreement with SPC, whereby SPC has the right to purchase 15% equity interest in Shapadu Energy for a cash consideration of RM10.00 million from GFM, exercisable within a period of 24 months from the completion of the Proposed Acquisition ("Proposed Call Option").
(The Proposed Acquisition and Proposed Call Option are collectively referred to as the "Proposals").
In conjunction with the Proposals, GFM had on even date, entered into a conditional shareholders' agreement with SPC and Shapadu Energy for the purpose of regulating their relationship with one another upon completion of the Proposed Acquisition.
Further details of the Proposals are set out in the attachment enclosed.
This announcement is dated 2 July 2025.