We refer to the announcement dated 27 April 2020 on, amongst others, the revision of the proposed final single-tier dividend in respect of the financial year ended 31 December 2019 (“FYE 2019”) of 7.0 sen per ordinary share in ABB (“ABB Share”) to an interim dividend of 5.0 sen for the FYE 2019 (“Revision of Dividend”).

As part of the economic stimulus package announced by the Government of Malaysia in response to the Covid-19 pandemic, Bank Negara Malaysia had on 28 February 2020 and 24 March 2020 introduced various measures to assist business and households as well as borrowers/customers affected by the Covid-19 outbreak (“BNM Covid-19 Measures”). These measures include, amongst others, granting of a moratorium by banks on all loan/financing repayments/payments, principal and interest (except for credit card balances) by individuals and SME borrowers/customers for a period of 6 months from 1 April 2020. In supporting the Government’s stimulus initiatives, ABB is fully participating in the BNM Covid-19 Measures to help its customers to weather this difficult period and assist in the recovery of the Malaysian economy.

In this regard, the Board had resolved to reduce the dividend to 5.0 sen per ABB Share after taking into consideration the need to exercise a prudent approach towards preserving capital and liquidity in view of the slowdown in economic activities and the support of BNM Covid-19 Measures.

Nevertheless, ABB wishes to clarify that ABB had on 30 April 2020 sought for the approval of Bursa Malaysia Securities Berhad (“Bursa Securities”) for a proposed waiver in respect of the Revision of Dividend as it is not in compliance with Paragraph 8.26(1) of the Main Market Listing Requirements of Bursa Securities.

In the event Bursa Securities does not allow the waiver application, the quantum of dividend will revert to the original dividend amount of 7.0 sen per ABB Share. A further announcement will be made in due course.

This announcement is dated 30 April 2020.