The Company wishes to announce that its wholly-owned subsidiary, Bintulu Port Sdn. Bhd. (”BPSB”) had on 11 April 2023 received a notification from Bintulu Port Authority (”BPA”) on the Cabinet’s approval for BPSB to continue operating Bintulu Port under the Interim Period (”IP”) of twelve (12) months from 1 July 2023 with further extension of six (6) months in the event the New Privatisation Agreement has yet to be finalised and executed.

Earlier, BPSB had on 24 November 2022 entered into an Interim Agreement with the Government of Malaysia as represented by the Ministry of Transport Malaysia (”the Government”) and Bintulu Port Authority (”BPA”) for BPSB to continue operating Bintulu Port under an Interim Period of six (6) months effective 1 January 2023 till 30 June 2023.

Prior to these, the Government had also granted approval in principle for BPSB to continue operating Bintulu Port for a period of thirty (30) years, subject to the terms and conditions to be agreed by the parties. Negotiations on the new terms and conditions are still ongoing and Parties are expected to conclude the same within this IP.

This announcement is dated 13 April 2023.