The Board of Directors of MI TECHNOVATION BERHAD ("Company") wishes to announce that the Company intends to seek the shareholders' approval at the forthcoming 7th Annual General Meeting ("AGM"), to be convened at a later date, for the renewal of authority for the Company to purchase its own shares of up to ten per centum (10%) of the issued and paid-up share capital of the Company ("Proposal").

The authority to the Company to purchase its own shares approved by the shareholders of the Company at its 6th AGM duly held on 6 June 2023 will expire at the conclusion of the 7th AGM, unless authority for its renewal is obtained from the shareholders at the 7th AGM.

The Proposal, if approved by the shareholders at the 7th AGM, shall be valid until the conclusion of the next AGM of the Company (unless revoked or varied by a resolution of the shareholders in a general meeting of the Company).

Nevertheless, shareholders' approval for the Proposal does not impose an obligation on the Company to purchase its own shares on Bursa Malaysia Securities Berhad, rather the Proposal will allow the Board to exercise the authority granted to purchase the Company's shares as and when deemed fit within the abovementioned time period.

A Statement to shareholders containing details in relation to the Proposal will be distributed to shareholders together with the Annual Report of the Company for the financial year ended 31 December 2023.

This announcement is dated 19th day of April 2024.