INTRODUCTION

Rexit Berhad [Registration No. 200401029606 (668114-K)] (“Rexit” or “the Company”) wishes to announce that Reward-Link.com Sdn. Bhd. [Registration No. 200001004169 (506774-K)] (“Reward-Link.com”), a wholly owned subsidiary of the Company has acquired one (1) unit of motor vehicle from its Director and Substantial Shareholder, Datuk Chung Hon Cheong (“Datuk Chung”) on 15 November 2023, at a total cash consideration sum of Ringgit Malaysia Six Hundred Thousand Only (RM600,000.00) (“Transaction”).

DETAILS OF THE TRANSACTION

Reward-Link.com has acquired one (1) unit of Mercedes Benz S580E from Datuk Chung, at a cash consideration sum of Ringgit Malaysia Six Hundred Thousand Only (RM600,000.00).

BASIS OF AND JUSTIFICATION FOR THE CONSIDERATION

The purchase consideration of the said motor vehicle was based on a willing buyer and willing seller basis after taking into consideration inter alia, the current market value and the condition of the said motor vehicle.

RATIONALE AND BENEFITS OF THE TRANSACTION

The said motor vehicle is acquired for the Company’s use.

SOURCE OF FUNDING FOR THE TRANSACTION

The purchase consideration shall be fully satisfied in cash by utilising internal generated fund of Rexit Group.

RISKS OF THE TRANSACTION

The Board does not envisage any specific risk to be associated with the Transaction.

EFFECTS OF THE TRANSACTION

The Transaction will not have any material effect on the earnings per share, net assets per share, gearing, share capital and substantial shareholders' shareholding of Rexit.

APPROVAL/ CONSENT REQUIRED

The Transaction is not subject to the approval of the shareholders and other relevant government authorities.

INTEREST OF DIRECTORS, MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED

Saved for Datuk Chung who is the Director and Substantial Shareholder of Rexit, none of the directors and/or major shareholders and/or persons connected with them has any interest, whether direct or indirect in the Transaction.

The Interested Director, has abstained and will continue to abstain from all Board deliberations pertaining to the Transaction.

PERCENTAGE RATIO

The highest percentage ratio applicable for the Transaction pursuant to Rule 10.02(g) of the ACE Market Listing Requirements of Bursa Securities is 1.21% calculated based on the latest audited consolidated financial statements of Rexit for the financial year ended 30 June 2023.

DIRECTORS STATEMENT/ RECOMMENDATION

The Board, saved for Datuk Chung, having considered all aspects of the Transaction, was of the opinion that the Transaction is in the best interest of the Company and not to the detriment of the minority shareholders.

THE ORIGINAL COSTS OF THE SAID MOTOR VEHICLE TO THE VENDOR AND DATES OF THE ACQUISITION OF THE SAID MOTOR VEHICLE

The one (1) unit of Mercedes Benz was purchased by Datuk Chung on 18 April 2022 for RM665,156.01.

This announcement is dated 15 November 2023.