PEC LTD.

(Incorporated in the Republic of Singapore)

(Registration No. 198200079M)

INCREASE OF SHARE CAPITAL IN SUBSIDIARY

The Board of Directors of PEC Ltd. (the "Company") wishes to announce that its subsidiaries, PEC International Investments Pte. Ltd. ("PECII") has increased its issued and paid-up share capital from to S$2,100,000.00 to S$2,600,000.00 (the "Share Increase").

PECII is incorporated in Singapore as a wholly owned subsidiary of the Company. The principal activities of PECII include other investment holding companies.

The Share Increase was effected by way of a subscription by the Company of 500,000 new ordinary shares in the capital of PECII at a subscription price of S$1.00 per share.

As announced by the Company on 28 October 2020, PEC Process Systems Pte Ltd ("PPS") was incorporated in Singapore on 16 October 2020 as a wholly owned subsidiary.

The Share increase was effected by way of subscription by PECII for an aggregate of 499,999 new ordinary shares in the capital of PPS at a cash consideration of S$1.00 per share.

There is no change in the Company's percentage shareholding interest in PECII and PPS arising from the Share Increase as the shareholdings remains at 100% held by the Company.

The above transaction is not expected to have any significant impact on the net tangible assets or earnings per share of the Company for the current financial year.

None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the above transaction.

By The Order of the Board

Abdul Jabbar Bin Karam Din

Company Secretary

23 December 2020

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PEC Ltd. published this content on 23 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 December 2020 10:20:01 UTC