Bursa Announcement

The Company is pleased to announce that its wholly-owned subsidiary, Bintulu Port Sdn. Bhd. ("BPSB"), has entered into a Second Interim Agreement (IA) with the Government of Malaysia represented by the Ministry of Transport Malaysia (“the Government”) and Bintulu Port Authority (“BPA”) whereby the official handing over ceremony was held on Tuesday, 15 August 2023 in Bintulu. This follows the initial notification dated 11 April 2023 on the Cabinet’s approval for BPSB to continue operating the Bintulu Port for an Interim Period ("IP") of twelve (12) months starting from 1 July 2023 and to end on 30 June 2024.

The Second Interim Agreement formalises the aforementioned twelve (12) months extension and provides an option for a further six (6) months extension thereafter.

Previously, BPSB has entered into an initial Interim Agreement with the Government and BPA to continue the operations of Bintulu Port during an Interim Period of six (6) months which expired on 30 June 2023.

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 upon by the parties. Negotiations on the new terms and conditions are still ongoing, and the parties are expected to conclude them within this interim period.

This announcement is dated 17 August 2023.