Bursa Announcement

The Company is pleased to announce that its wholly-owned subsidiary, Bintulu Port Sdn. Bhd. (“BPSB”), has entered into a Third Interim Agreement (“IA”) with the Government of Malaysia, represented by the Ministry of Transport Malaysia (“MOT”) and Bintulu Port Authority (“BPA”).

This Third Interim Agreement formalizes the extension of the Interim Period (“IP”) for BPSB to continue operating Bintulu Port for an additional period of twelve (12) months, commencing from 1 January 2025 and concluding on 31 December 2025 or until the date of coming into operation of Declaration of an Area in the Bintulu District to be a Federal Port (Repeal) Act 2024 and Bintulu Port Authority (Dissolution) Act 2024 whichever is the earlier.

BPSB had previously entered into an initial Interim Agreement with the Government and BPA to continue the operations of Bintulu Port under an Interim Period of six (6) months effective 1 January 2023 till 30 June 2023. This was followed by the Second Interim Agreement, which extended the IP by twelve (12) months period from 1 July 2023 until 30 June 2024, and subsequently, a further extension of six (6) months until 31 December 2024.

Further, as announced in the Budget Speech 2024, the Federal Government of Malaysia has agreed to transfer the regulatory powers of Bintulu Port to the Sarawak State Government, resulting in the port's change of status from a Federal to a State port. A Memorandum of Understanding was signed on 22 March 2024 to facilitate this transition. MOT had presented the necessary legislation to Parliament, and both the Federal Port (Repeal) Bill 2024 and the Bintulu Port Authority (Dissolution) Bill 2024 were passed. Currently, the State Government, BPA and BPSB are in the midst of finalising the Port Operation Agreement to appoint BPSB as the Port Operator when Bintulu Port becomes a State Port regulated by the Sarawak Government.

This announcement is dated 31 December 2024.