PEC LTD.

(Incorporated in the Republic of Singapore)

(Registration No. 18200079M)

MEMBERS' VOLUNTARY WINDING UP OF A SUBSIDIARY

The Board of Directors of PEC Ltd. (the "Company") wishes to announce that the Company intends to undertake member's voluntary winding up of its 95% owned subsidiary, PT Audex Indonesia ("PT Audex"), held through Audex Pte Ltd, a wholly owned subsidiary of the Company. The voluntary liquidation is part of the on-going rationalisation of the operations of the Company.

Mr. Thomas Hanan Thoha of Jalan Pelikan III Blok U-9 Nomor 24 South Tangerang, Indonesia has been appointed as the liquidator of PT Audex on 3 August 2020 for the voluntary winding up.

PT Audex was incorporated in Indonesia on 14 July 2009. Its principal activities are engineering, procurement, construction services to onshore and offshore oil & gas, petrochemical and power industries, including consultancy services in relation to technology and engineering.

The Board will release further update as and when necessary.

The said member's voluntary winding up of PT Audex is not expected to have any material impact on the net tangible assets per share and earnings per share of the Company for the financial year ending 30 June 2020.

None of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the winding-up of PT Audex.

PEC Ltd.

By The Order of the Board

Abdul Jabbar Bin Karam Din

Company Secretary

22 September 2020

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PEC Ltd. published this content on 22 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 September 2020 10:54:03 UTC