The Board of Directors of Mi Technovation Berhad (“Board”) wishes to announce that Mi Semiconductor Pte. Ltd., a wholly-owned subsidiary of Mi Technovation, had on 19 October 2023, entered into an investment agreement with Xiaoshan Economic and Technological Development Zone Administration Committee to invest in a research, development and manufacturing facility for power module and devices in Xiaoshan, Hangzhou City which amounting to USD30.00 million (equivalent to approximately RM142 million) ("Proposed Investment").

Please refer to the attachment for further details of the Proposed Investment.

This announcement is dated 19th day of October 2023.

Please refer attachment below.