The Board of Directors of MI TECHNOVATION BERHAD ("the Company") wishes to announce that the Company intends to seek the shareholders' approval at the forthcoming 3rd 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 not exceeding five per centum (5%) of the total number of issued and paid-up share capital of the Company (the "Proposed Renewal").

The authority to the Company to purchase its own shares approved by the shareholders of the Company at its 2nd AGM held on 11 June 2019 will expire at the conclusion of the 3rd  AGM, unless authority for its renewal is obtained from the shareholders at the 3rd AGM.

The Proposed Renewal, if approved by the shareholders at the 3rd 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 Proposed Renewal does not impose an obligation on the Company to purchase its own shares on Bursa Malaysia Securities Berhad, rather the Proposed Renewal 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 Proposed Renewal will be distributed to shareholders together with the notice of 3rd AGM of the Company.

This announcement is dated 14th day of May 2020.