The Board of Directors of Magna wishes to announce that the Company has on 24 November 2022 received the letter of resignation as auditors pursuant to Section 281 of the Companies Act 2016 dated 24 November 2022 from Messrs HLB Ler Lum Chew PLT on their resignation as auditors of the Company with immediate effect.

The resignation of Messrs. HLB Ler Lum Chew PLT was on a voluntary basis on the ground that the Company could not reach a consensus on matters related to proposed audit fees.

Save for the above, the Company is not aware of any matter that need to be brought to the attention of the shareholders of the Company.

Further announcement will be made by the Company on the appointment of new auditors in due course.

This announcement is dated 25 November 2022.