CIRCULAR / NOTICE TO SHAREHOLDERS

CREATED: 28 DECEMBER 2023

PART A: PROPOSED ISSUANCE AND ALLOTMENT OF 4,090,900 NEW ORDINARY SHARES AT AN ISSUE PRICE OF THB50 (EQUIVALENT TO RM6.635) PER SHARE,  REPRESENTING 44.99% EQUITY INTEREST IN PAN INTERNATIONAL ELECTRONICS (THAILAND) COMPANY LIMITED, A 99.99% OWNED SUBSIDIARY OF P.I.E. INDUSTRIAL BERHAD (“PIB” OR THE “COMPANY”) TO PAN-INTERNATIONAL INDUSTRIAL CORPORATION, THE ULTIMATE HOLDING COMPANY OF PIB

PART B: PROPOSED NEW SHAREHOLDERS MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE