Unless otherwise defined, the abbreviations and definitions used throughout this announcement shall have the same meaning as those defined in ABB’s circular to shareholders dated 26 April 2022 in relation to the Proposed Divestment (“Circular”).

We refer to various articles in the media which mention ABB’s intention to declare a special dividend to its shareholders upon completion of the Proposed Divestment.

We wish to clarify that the utilisation of proceeds from the Proposed Divestment is as set out under Section 5 of the Circular. Any variation to the utilisation of proceeds of the Proposed Divestment to cater for any payment of dividend will be made in accordance with the Listing Requirements, which may include an announcement and, if required, the holding of a separate EGM to seek shareholders’ approval for such variation.

The Proposed Divestment is still subject to the SC’s approval being obtained for the matters stated under Section 8 of the Circular.

In relation the special dividend mentioned in the media reports, we wish to clarify that this was in response to questions from shareholders, during the recent Annual General Meeting/EGM of ABB, enquiring on whether a special dividend to ABB shareholders can be paid out of the proceeds from the Proposed Divestment. The Board responded that a special dividend can only be considered after the completion of the Proposed Divestment and the approval from Bank Negara Malaysia being obtained for any special dividend. In addition, the Board will have to assess ABB Group’s capital position before any dividend is proposed to ensure that sufficient capital is retained by the Group for its long-term growth.

ABB will make the relevant announcements in accordance with the Listing Requirements in the event of any material development pertaining to the above.

This announcement is dated 26 May 2022.