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The Board of Directors of Masteel wishes to announce that the Company proposes to obtain shareholders’ approval for the proposed renewal of authority for the Company to purchase its own ordinary shares (“Proposed Renewal of Share Buy Back”) at the forthcoming Forty-Seventh (“47th”) Annual General Meeting (“AGM”) of the Company.

At the AGM of the Company held on 21 June 2018, the shareholders of Masteel had granted a mandate for the Company to purchase up to 10% of its own ordinary shares. The authority shall expire at the conclusion of the forthcoming 47th AGM of the Company.

A Statement to Shareholders containing details in relation to the Proposed Renewal of Share Buy Back will be distributed to shareholders together with the Annual Report of the Company for the financial year ended 31 December 2018.

This announcement is dated 1 April 2019.

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