The Board of ARB Berhad agreed to Spin-Off 88.953974% stake in ARB IOT Group Limited (NasdaqCM:ARBB) on October 17, 2023. The Proposed Dividend-in-Specie entails the distribution, to the Entitled Shareholders on the basis of 14 ARB IOT Group Shares for every 1,000 ARB Shares held by the Entitled Shareholders on the record Date. Transaction is subject to approval of ARB shareholders and other required approvals, the Board expects the Proposed Dividend-in-Specie to be completed tentatively in the 4th quarter of calendar year 2023.

TA Securities Holdings Berhad acted as a financial advisor to ARB Berhad. VStock Transfer, LLC acted as a transfer agent.