OCEAN FRESH BERHAD — Capital/Financing Update 2026

May 21, 2026

OCEAN FRESH BERHAD ("OFB" OR "COMPANY")

EXTENSION OF TIMEFRAME FOR THE UTILISATION OF PROCEEDS RAISED FROM INITIAL PUBLIC OFFERING ("IPO")

1. INTRODUCTION

OFB was listed on the ACE market of Bursa Malaysia Securities Berhad ("Bursa Securities") on 4 July 2024 ("Listing Date") in conjunction with its IPO. Pursuant to the IPO, the Company has raised gross proceeds of RM14.01 million ("IPO Proceeds") from its public issue of 50,050,000 new ordinary shares of the Company at the issue price of RM0.28 per share ("Public Issue").

OFB has utilised approximately RM6.27 million as at 30 April 2026 from the IPO Proceeds of RM14.01 million.

1. DETAILS OF THE EXTENSION OF TIMEFRAME OF THE UTILISATION OF IPO PROCEEDS

The Board of Directors of OFB ("Board") wishes to announce that after due consideration of the rationale stated in Section 3 below, the Company has resolved to extend the timeframe for the utilisation of the IPO Proceeds ("Extension of Time") in the manner as set out below:

Details of Use of Proceeds	Proposed utilisation RM'000	Actual utilisation RM'000	Balance to be utilised RM'000	Initial timeframe for utilisation from Listing Date	Revised timeframe for utilisation from Listing Date
Capital expenditure for a new cold storage facility	8,000	252	7,748	Within 24 months	Within 48 months
Working capital requirements	2,514	2,514	-	Within 24 months	-
Estimated listing expenses	3,500	3,500	-	Immediate	-
	14,014	6,266	7,748

The utilisation of IPO Proceeds as disclosed above should be read in conjunction with the Company's Prospectus dated 12 June 2024. Save for the above variation, the proposed utilisation of IPO Proceeds as disclosed in the Prospectus remains unchanged.

1. RATIONALE OF THE EXTENSION OF TIME

As at 30 April 2026, the Company has outstanding IPO proceeds of RM7.75 million to be utilised for the capital expenditure for a new cold storage facility.

Whilst the Company successfully obtained the building plan approval from Kuantan City Council ("KCC") at the end of October 2025, the construction has been delayed due to severe weather conditions which resulted in significant disruptions to the initial construction schedules and hindered essential site preparation works. In addition to these environmental challenges, the Company is currently finalising the regulatory process and requires additional time to secure the earthworks modification approval from the KCC. As a result of these cumulative delays, earthworks have been rescheduled to commence in June 2026, ensuring all regulatory and safety requirements are fully satisfied before breaking ground.

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The Extension of Time will provide an additional twenty-four (24) months for the Company to utilise the remaining IPO proceeds earmarked for the construction of a new cold storage facility. The Board is of the opinion that the Extension of Time is in the best interest of the Company and will not have any adverse effect on the business, operations and the financial performance of the Company and its subsidiaries.

4. APPROVALS REQUIRED

The Extension of Time is not subject to approval from any regulatory authorities or the Company's shareholders.

5. DIRECTORS' STATEMENT

The Board is of the opinion that the Extension of Time will not have any material effect on the Company's financial performance and would be in the best interest of the Company.

The Board shall continue to be vigilant and prudent in managing the remaining IPO Proceeds and will continue to disclose the status of the utilisation of IPO Proceeds in its quarterly reports and annual report until the IPO proceeds are fully utilised.

This is announcement is dated 22 May 2026.