1.1 The Board of Directors of AB wishes to announce that on 18 January 2016, FPT, a wholly owned subsidiary of AB had entered into:

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1 ANNOUNCEMENT ACOUSTECH BERHAD ( AB or the Company ) PROPOSED DISPOSAL BY FORMOSA PROSONIC TECHNICS SDN BHD ( FPT ) OF A LEASEHOLD LAND HELD UNDER PM 4012, LOT NO , BANDAR SULTAN SULAIMAN, DAERAH KLANG, NEGERI SELANGOR WITH ADDRESS KNOWN AS LOT 2D, JALAN SULTAN MOHAMED 1, KAWASAN PERINDUSTRIAN BANDAR SULTAN SULAIMAN, PELABUHAN KLANG, SELANGOR DARUL EHSAN TOGETHER WITH BUILDINGS CONSTRUCTED THEREON FOR A CASH CONSIDERATION OF RM11,000, ( PROPOSED DISPOSAL ) (REFERRED TO AS PROPOSED DISPOSAL ) 1. INTRODUCTION 1.1 The Board of Directors of AB wishes to announce that on 18 January 2016, FPT, a wholly owned subsidiary of AB had entered into: A sale and purchase agreement ( SPA ) with Full Sprint Sdn Bhd ( FS ) for the proposed disposal a leasehold land with title particulars PM 4012, Lot No , Bandar Sultan Sulaiman, Daerah Klang, Negeri Selangor with address known as Lot 2D, Jalan Sultan Mohamed 1, Kawasan Perindustrian Bandar Sultan Sulaiman, Pelabuhan Klang, Selangor Darul Ehsan together with buildings constructed thereon ( Property ) for a cash consideration of RM11,000, ( Proposed Disposal ) A tenancy agreement with FS for the rental of the Property upon completion of the Proposed Disposal ( Proposed Tenancy Agreement ) (collectively referred to as Proposals ) 2. DETAILS OF THE PROPOSALS 2.1 Proposed Disposal Salient Terms of SPA The salient terms of SPA include, amongst others, the following: Conditions Precedent (1) FPT and FS ( the Parties ) agree that SPA shall be conditional upon FPT obtaining the State Authority s Consent and shall do all things necessary and use its best endeavors to obtain the State Authority s Consent including to pay the relevant levies or fees as may be imposed by the relevant authorities (2) In the event that the condition precedent is not fulfilled on or before the date which is six (6) months from the date of the SPA (or such later date or dates as the Vendor may, from time to time determine), the Vendor shall be entitled at the Vendor s discretion by notice in writing to the Purchaser to continue with the sale and purchase or to terminate the sale and purchase herein. (3) The date of receipt of the State Authority s Consent by the solicitors shall be the date of fulfilment of the condition precedent ( CP fulfilment Date ). Consideration (1) The Disposal Consideration shall be RINGGIT MALAYSIA ELEVEN MILLION (RM11,000,000.00) only ( Disposal Consideration ). (2) Upon execution of the SPA: (i) a sum of RINGGIT MALAYSIA THREE HUNDRED THIRTY THOUSAND (RM330,000.00) only ( the RPGT ) equivalent to three per centum (3%) of the Disposal Consideration shall be paid by the Purchaser to the solicitor as stakeholder to deal with for the payment of Real Property Gains Tax to the Inland Revenue Branch, if any; 1

2 (ii) (iii) a sum of RINGGIT MALAYSIA SEVEN HUNDRED AND SEVENTY THOUSAND (RM770,000.00) only ( Balance Deposit ) equivalent to seven per centum (7%) of the Disposal Consideration shall be paid by the Purchaser to the Solicitor as stakeholder the receipt and clearance of the payment of which the Vendor hereby acknowledge as part payment of the Disposal Consideration (the RPGT and the Balance Deposit shall be referred to as Deposit ); the Purchaser shall pay a sum of RINGGIT MALAYSIA NINE MILLION AND NINE HUNDRED THOUSAND (RM9,900,000.00) only ( Balance Disposal Consideration ) on or before ninety (90) days from the CP Fulfilment Date ( Completion Date ) to the Solicitor to hold and deal with in accordance with the applicable provisions of the SPA. In the event that the Balance Disposal Consideration is not paid to the solicitor by the Completion Date, the Vendor shall automatically grant the Purchaser an extension of thirty (30) days or such period of time as agreed between the Parties, commencing from the Completion Date ( Extended Completion Period ), provided that the Purchaser shall pay interest to the Vendor at the rate of eight per centum (8%) per annum, calculated on a day-to-day basis. (c) Right to Terminate Default by Purchaser (1) In the event that the Purchaser shall fail to pay punctually the Disposal Consideration and/or in the event of any material breach by the Purchaser of any of the provisions of the SPA and fails to remedy such breach within fourteen (14) days from the date of receipt by the Purchaser of the Vendor s written notice specifying the breach and requiring the same to be remedied, the Vendor shall be entitled:- at the cost and expense of the Purchaser to the remedy of specific performance against the Purchaser and to all reliefs flowing therefrom; or to terminate this Agreement and forfeit the Deposit as agreed liquidated damages. (2) If the Vendor decides to terminate the SPA, the Purchaser shall upon demand from the Vendor forthwith:- (c) deliver legal possession of the Said Property to the Vendor (if the Said Property has already been delivered to the Purchaser) at the Purchaser's own cost and expense; deliver to the Vendor a valid and registrable Withdrawal of Private Caveat duly executed by the Purchaser (in the event that the Purchaser has exercised the Purchaser s rights and presented for registration a private caveat against the Said Property); and return or cause to be returned all relevant documents (including without limitation the Document of Title and the original Transfer to the Vendor) to the relevant parties (unless such documents are required by the relevant authorities), Default by Vendor in exchange for the refund by the Vendor to the Purchaser of all moneys (save and except for the amount equivalent to the Deposit) paid towards the account of the Disposal Consideration whereupon the SPA shall terminate and cease to be of any further effect. (1) In the event that the Vendor shall fail, neglect and/or refuse to sell and/or transfer the Said Property and/or deliver punctually legal possession of the Said Property to the Purchaser in accordance with the provisions of this Agreement and fails to remedy such breach within fourteen (14) days from the date of receipt by the Vendor of the Purchaser s written notice specifying the breach and requiring the same to be remedied, the Purchaser shall be entitled:- at the cost and expense of the Vendor to the remedy of specific performance against 2

3 the Vendor and to all reliefs flowing therefrom; or to terminate the SPA and claim a sum equivalent to the Deposit as agreed liquidated damages from the Vendor. (2) If the Purchaser decides to terminate the SPA, the Vendor shall upon demand from the Purchaser forthwith pay to the Purchaser the sum equivalent to the Deposit as liquidated damages and refund to the Purchaser all moneys (including the Deposit) paid towards the account of the Disposal Consideration. Upon receipt of such payment, the Purchaser shall:- (c) deliver vacant possession of the Said Property restored to its original state and condition (as it was prior to delivery to the Purchaser) to the Vendor (if the same have already been delivered to the Purchaser) at the Purchaser's own cost and expense (without any rental or compensation begin payable by the Purchaser for the period the Purchaser is deemed to be in occupation of the Said Property; deliver to the Vendor a valid and registrable Withdrawal of Private Caveat duly executed by the Purchaser (in the event that the Purchaser has exercised the Purchaser s rights and has presented for registration a private caveat against the Said Property); and return or cause to be returned all relevant documents to the relevant parties (unless such documents are required by the relevant authorities), whereupon the SPA shall terminate and cease to be of any further effect Salient terms of the Tenancy Agreement (1) FS as the Landlord ( Landlord ) agrees to grant a tenancy and FPT as the Tenant ( Tenant ) agrees to accept a tenancy from the Rental Commencement Date, namely the date of completion of the SPA based on a monthly rental of RM68, only per month or the rate of RM0.80 per square foot. (2) The Tenant hereby covenants with the Landlord as follows:- To pay the Landlord upon the Rental Commencement Date:- (i) (ii) the sum of RM136, only (the receipt of which the Landlord hereby expressly acknowledges) being the equivalent of two (2) months of the Monthly Rental as security deposit for the due observance and performance of the Tenant s obligations and liabilities herein this Agreement (hereinafter referred to as the Security Deposit ); and a further sum of RM68, only (the receipt of which the Landlord hereby expressly acknowledges) as Utility Deposit. to pay and discharge all charges for or in connection with the consumption or use of telephone, electricity, water and sewerage treatment or other services payable in respect of the Said Property during the term of this Tenancy or any renewal(s) thereof. (3) The Tenant shall keep the interior of the Said Property including the flooring and interior plaster and other surface material, walls and ceilings and the Landlord s Fixtures therein, including all windows, glass, shutters, locks, fastenings, electric wiring and fittings and other fixtures of the Landlord in upon and attributable to the Said Property and the water closets lavatories and conveniences of which the Tenant has the exclusive use in clean, good and tenantable repair and condition. (4) The Tenant shall permit the Landlord or their duly authorised agents upon giving 48 hours prior written notice at all reasonable and convenient times to enter the Said Property and examine the state of repair and condition thereof and to check and take inventories of the Landlord s fixtures, fittings and equipment therein and the Tenant shall repair and make good all defect and wants of repair thereto as may be necessary in compliance with the Tenant s obligations under Clause 3.1 herein of which notice in writing shall be given by the Landlord to the Tenant thereunder within ten (10) days after the giving of such notice provided that in the event the Tenant fails to repair the same within the time stipulated, the Landlord may proceed to carry out the repairs and the cost of the same shall be repayable by the Tenant to the Landlord on demand. 3

4 (5) The Landlord shall ensure that all existing assessments, quit rents and Indah Water charges payable in respect of the Said Property are paid whenever the same shall become due. (6) Upon the Tenant paying the rents hereby reserved and performing and observing all covenants and agreements herein contained and on the Tenant s part to be observed and performed, the Tenant shall peaceably and quietly hold and enjoy the Said Property during the term of this Tenancy or any renewal(s) thereof without any interruption or disturbance from or by the Landlord or any person or persons rightfully claiming under or in trust for the Landlord or by any other person whosoever and howsoever arising. (7) The Landlord shall keep the roof, main structure, walls, gutters of the Said Property in good tenantable repair and condition. (8) Offer to Re-Purchase In the event that the Landlord receives an offer to purchase from any interested third party during the term of the Tenancy and the Landlord has the intention to sell the Said Property, the Landlord shall first offer in writing to the Tenant the right of first refusal to purchase the Said Property from the Landlord at the same price and based on the same terms offered by or to the third party and in this respect, the Landlord shall give notice in writing to the Tenant to express its intention to sell the Said Property stipulating the terms of sale. (9) Default by the Tenant The Landlord and the Tenant hereby agree that: (c) (d) (e) (f) (g) if the Monthly Rental hereby reserved or any other payments reserved herein payable to the Landlord or any part thereof shall be unpaid for a period of seven (7) days after any of the same shall have become due and payable in accordance with the covenants for payment herein contained (whether formally demanded or not); or if the Tenant commits, permits or suffers to occur any breach or default in the due and punctual observance and performance of any of the covenants, obligations and provisions of this Agreement; or if the Tenant shall quit or attempt to quit or abandon or deliver vacant possession of the Said Property at any time prior to the expiration of the First Term or the Renewed Term as the case may be, for any reason whatsoever other or if any distress or execution proceedings is levied against the Tenant; or if the Tenant commits any act of bankruptcy or becomes a bankrupt or if the Tenant is a corporation, a winding-up petition is presented against it (otherwise than for the purpose of reconstruction or amalgamation); or if the Tenant shall make an assignment for the benefit of or enter into any scheme of composition or arrangement with the Tenant s creditors; or if a receiver or manager of any or part of the Tenant s assets is appointed; it shall be lawful for the Landlord at any time thereafter to serve a notice upon the Tenant and it is hereby mutually agreed that a reasonable time in which to remedy the breach, if the breach is capable of remedy, is fourteen (14) days and on the expiration of the period specified in the said forfeiture notice without the breach complained of having been remedied, the Landlord shall be entitled to the following:- (aa) (bb) to the remedy of specific performance against the Tenant and to all reliefs flowing therefrom at the costs and expense of the Tenant (including solicitors fees on solicitors and client basis) without prejudice to any other remedies that may be available to the Landlord under applicable laws; or to terminate the Tenancy by notice in writing to the Tenant whereupon the Tenant shall pay to the Landlord an amount equivalent to the Monthly Rental for the whole unexpired period of the First Term or any renewed period thereof, as the case may be, as agreed liquidated damages (hereinafter called the Agreed Liquidated Damages ). 4

5 (10) Default by the Landlord If the Landlord shall commit a material breach of any of the covenants and agreements herein contained to be kept, observed and performed by the Landlord and such material breach shall have continued for thirty (30) days after the Landlord receives written notice thereof from the Tenant, unless the default is remedied within thirty (30) days period thereafter, the Tenant shall be entitled to the remedy of specific performance of this Agreement against the Landlord and to all reliefs flowing therefrom without prejudice to any other remedies that may be available to the Tenant under applicable laws. (11) Renewal The Landlord shall grant to the Tenant an option to renew the Tenancy of the Said Property for a further term of three (3) years (hereinafter referred to as the Second Term ) at the prevailing market rental for buildings and facilities of similar grade and location and subject to Schedule 2 except that the rental shall not be lower than the Renewed Term s rent and unless agreed otherwise by both parties, all other terms of the Tenancy contained in this Agreement remaining unchanged. The Tenant shall confirm the exercise of this option at least one (1) year prior to the expiry of the First Term s period. Should the Tenant wish to pre-terminate the tenancy during the Second Term, the Tenant may do so by serving the Landlord three (3) months advance written notice Information on the Property The Property is situated in an industrial area known as Kawasan Perusahaan Bandar Sultan Suleiman with address known as Lot 2D, Jalan Sultan Mohamed 1, Kawasan Perindustrian Bandar Sultan Sulaiman, Pelabuhan Klang, Selangor Darul Ehsan. It has a land area of 17,471 square meters (188, square feet). The Property is located about 25.1 kilometres to the south-west of Shah Alam Town Centre and 15 kilometres of Klang Town Centre whilst Kuala Lumpur City Centre is situated about 56 kilometres to the south-west and accessible from the Klang Town Centre via Jalan Kapar. The immediate neighbourhood of the Property is predominantly industrial in character. Kawasan Perusahaan Bandar Sultan Suleiman is an established estate situated on the north-western flank of Port Klang and formerly known as Taiwanese Industrial Park. The surrounding developments comprises a mixture of residential, commercial and industrial in character, consisting of terraced houses, apartments, shop-offices and detached factories. (1) Details of the title to the Property are as follows: Title No. : PM 4012 Lot No. : Lot No Town : Bandar Sultan Sulaiman District : Klang State : Selangor Land Area : 17,471 square metres (188, square feet) Category of : Perusahaan/Perindustrian Land Use Registered Owner : Formosa Prosonic Technics Sdn Bhd Tenure : Leasehold for 99 years, term expiring on 21 September Encumbrances : Nil Other : Nil Endorsement Express Condition : Tanah yang diberi milik ini tidak boleh dipindah milik, digadai atau dipajak melainkan dengan kebenaran Pihak Berkuasa Negeri. Address : Lot 2D, Jalan Sultan Mohamed 1, Kawasan Perindustrian Bandar Sultan Sulaiman, Pelabuhan Klang, Selangor Darul Ehsan (2) The buildings comprised within the Property consists of: Building Four (4) Storey Office Factory Approximate Gross Floor Area 3, square metres (36, square feet) 4, square metres (46, square feet) Approximate Net Floor Area 2, square metres (29, square feet) 4, square metres (43, square feet) Approximate Age

6 Warehouse Basketball Hall Canteen Guardhouse Total square metres (6, square feet) 1, square metres (15, square feet) square metres (10, square feet) square metres ( square feet) 10, square metres (115, square feet) square metres (5, square feet) 1, square metres (13, square feet) square metres (7, square feet) square metres ( square feet) 9, square metres (99, square feet Basis and justification on arriving at Disposal Consideration The Disposal Consideration was arrived at on a willing buyer-willing seller basis after taking into consideration the market valuation on the Property carried out by Messrs Laurelcap Sdn Bhd ( Laurelcap ), an independent firm of registered valuers, appointed by FPT which assessed the market value of Property at RM11,000, using the Comparison Method and Investment Approach of valuation Method of Valuation of the Property Laurelcap had appraised the Property by using the Comparison Method of valuation. This method involves comparing the Property with recently transacted properties of a similar nature or offers for sale/rental of similar properties in the area. Adjustments are then made for differences in location, size and shape of the lot, size, condition and design of the building, site facilities available, market conditions and other factors in order to arrive at a common basis for comparison. Laurelcap also applied the Investment Approach. In the Investment Approach, the capital value is derived from an estimate of the market rental, which the subject property can reasonably be let for. Outgoings or operating expenses, such as repairs and maintenance, insurance and management are then deducted from the annual rental income. The net annum rental income is capitalized at an appropriate current market yield to arrive at its indicative capital value. The Property was inspected by Laurelcap on 9 November Laurelcap is of the opinion that the total market value of Property is RM11,000, in its existing physical condition with vacant possession and subject to its title being free from encumbrances, good, marketable and registrable Estimated gain arising from the Proposed Disposal Based on the audited consolidated financial results for financial year ended 31 December 2014, AB and its subsidiary is expected to realise an estimated one-off net gain (after taxation) of approximately RM151, in relation to the Proposed Disposal as set out below: RM Disposal Consideration 11,000, Audited NBV as at 31 December ,748,209 Estimated Expenditure 100,000 Estimated Net Gain from Proposed Disposal 151, Original Cost of Investment The breakdown of the dates and original cost of investment for Property is set out below: Details of Property Date of Investment Original Cost of Investment RM Land and buildings ,304, INFORMATION ON THE PURCHASER AND VENDOR 3.1 FPT 6

7 FPT is a wholly-owned subsidiary of AB with its registered office at Unit 30-01, Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, Kuala Lumpur. FPT was incorporated on 16 June The issued and paid-up share capital of FPTSB is RM33,300,000 comprising 33,300,000 ordinary shares of RM1.00 each. The principal business of FPTSB is manufacturing of speaker units. The Directors of FPT are Su Cheng Tao and Cheong Hong Yip. 3.2 FS FS is a private company limited by shares incorporated in Malaysia and with its registered office at Unit 30-01, Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, Kuala Lumpur. FS was incorporated on 28 June The issued and paid-up share capital of FS is RM2.00 comprising 2 ordinary shares of RM1.00 each. The principal business of FS is trading and investment holding. The Directors of FS are Wu Swee Ngor and Lue Lee Ying. 4. UTILISATION OF DISPOSAL PROCEEDS The Disposal Consideration is expected to be utilised in the following manner: Proposed utilisation of Disposal Consideration: RM million Amount Expected timeframe for utilisation Acquisition of factory RM5,000, years Estimated expenses in relation to Proposals* RM100, months Rental payments RM2,500,000 3 years Working Capital RM3,400, year Total RM11,000, * The estimated expenses consist of professional fees, fees payable to authorities, taxes and other miscellaneous expenses 5. RATIONALE FOR THE PROPOSED DISPOSAL Since the disposal of the manufacturing assets in the Sungai Petani plant by FPT in 2015, FPT has ceased a major part of its operations in Sungai Petani. In turn, FPT has consolidated its manufacturing activity in its main location in Port Klang with a view to improving productivity and efficiency. Following from this, the Company was able to rationalise the Group s asset by helping to reduce excess manufacturing capacity to cope with the anticipated drop in demand and improve operational efficiency. Upon consolidation of its manufacturing operations, the management is of the opinion that the current manufacturing space layout within the Property is not ideal for the current capacity and production undertaken by the Group. In this regard, the management has decided to look at possible relocation of the manufacturing operations by first disposing the Property under a sale and lease back arrangement where upon completion of the SPA, FPT will be permitted to rent the Property for its current manufacturing operations until the expiry of the rental term or extended rental term, as the case may be, while management scouts for alternative locations. Under this arrangement, FPT will be able to immediately unlock the value of the Property and free up resources for the Group to scout for more appropriate locations to house its manufacturing operations. Given the current subdued property market conditions and negative economic sentiments, management is of the opinion that it is better for the Property to be disposed to the Purchaser who has agreed to pay the Property at market valuation and accept the lease back arrangement rather than delay this option to a later date when there is no certainty that the property market will improve in the near term nor will there be better offer from potential purchasers given the depressed economy and negative economic outlook in Malaysia. Given the above, the Board believes that the Proposed Disposal will enable the Company to unlock and realise the value and capital appreciation of the Property and enable AB to realise an estimated one-off gain (after taxation) of approximately RM152,000. The proceeds arising from the Proposed Disposal is expected to enhance the liquidity position of the Company and provide financing for any relocation which may be undertaken in the future. 6. FINANCIAL EFFECTS OF THE PROPOSALS 7

8 6.1 Share Capital and Substantial Shareholders Shareholdings The Proposals are not expected to have any effect on the issued and paid-up share capital and the substantial shareholders shareholdings of the Company. 6.2 Earnings Per Share The Proposals will result in an estimated one-off gain on disposal of approximately RM152,000. The Proposals will result in a gain of approximately RM0.09 sen per AB s Share for the financial year ending 31 December Net Assets Per Share And Gearing The Proposals are not expected to have any material effect on the net assets per share and gearing of AB Group for the financial year ending 31 December PERCENTAGE RATIO The highest percentage ratio applicable to the Proposed Disposals pursuant to paragraph 10.02(g) of the Main Market Listing Requirements is approximately 10.26% based on the latest audited consolidated financial statements of the Company for the financial year ended 31 December CASH COMPANY OR PRACTICE NOTE 17 ( PN 17 ) COMPANY The Proposals will not result in AB becoming a cash company or a PN17 company as defined under the Listing Requirements. 9. DIRECTORS AND/OR MAJOR SHAREHOLDERS INTEREST AND PERSONS CONNECTED WITH THEM None of the Directors and/ or major shareholders of AB or persons connected to them has any interest, direct or indirect, in the Proposals. 10. ESTIMATED TIMEFRAME FOR COMPLETION Barring unforeseen circumstances, the Proposed Disposals are expected to be completed by the 2 nd quarter of APPROVALS REQUIRED Other than the fulfillment of conditions precedent set out above, the Proposed Disposal is not subject to approval from any other authority. The Proposed Disposal is not subject to the approval of the shareholders of the Company. The Company expects to submit the application to the State Authority within 1 month from the date of this announcement. 12. DIRECTORS S RECOMMENDATION The Directors of AB, after having considered all aspects of the Proposals, including but not limited to the rationale, salient terms of the SPA and Tenancy, financial effects and the valuation of the Property is of the opinion that the Proposals are in the best interest of the Group. 8

9 13. DOCUMENTS AVAILABLE FOR INSPECTION The SPA and Tenancy may be inspected at the Registered Office of the Company at Unit 30-01, Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, Kuala Lumpur during normal business hours from Monday to Friday (except public holidays) for a period of three (3) months from the date of this announcement. This Announcement is dated 18 January

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