Introduction

The Board of Directors ("Board") of MPay is pleased to announce that ManagePay Services Sdn. Bhd., a wholly-owned subsidiary of the Company ("MPSB"), had on 26 March 2026 received and accepted the Letter of Award dated 6 March 2026 ("Letter of Award") issued by Penang Port Sdn. Bhd. ("PPSB") to render the services of design, develop, supply, configure, test, integrate, commission and maintenance of PPSB mobile application hosted in a cloud ("Services") for the Contract Period (as defined below), subject to the terms and conditions as stipulated in the Letter of Award.

Information on PPSB

MPSB

MPSB is a Bank Negara Malaysia licensed Fintech company engaged in the business of development, provision and management of payment services, privilege and loyalty programmes, card issuing and acquiring business and its related payment technology, business know-how and security requirements thereto, and provision of logistics support.

PPSB

PPSB is in the state of Penang, in the north-west of Peninsular Malaysia. It is known as the oldest and longest established port in Malaysia, PPSB paved a boutique role by serving as the primary gateway to the northern region of Malaysia and southern region of Thailand, serving the basins of the Straits of Malacca and the Gulf of Bengal.

PPSB serves as a multipurpose port that provides unique value towards the growth of industries in Penang. Being situated in Penang is also a major game-changer, as Penang is strategically linked to the Indonesia - Malaysia - Thailand Growth Triangle ("IMTGT"). The IMTGT promotes private-sector-led economic growth, facilitates the development of the sub-region as a whole by addressing complementarities and comparative advantages of the member countries.

Salient Terms of the Contract

The salient terms of the Letter of Award, are inter alia, as follows:

(a) The awarded contract sum for the Services is RM270,270.00 only.

(b) MPSB shall deliver PPSB mobile application within four (4) months upon receipt of Superintending Officer's written instruction ("Completion Period") and to provide a comprehensive system support during the subscription period of three (3) years ("Subscription Period").

(The Completion Period and Subscription Period shall be collectively known as the "Contact Period").

Financial Effects

The Letter of Award will not have any effect on the issued share capital and shareholdings of the substantial shareholders of the Company. However, it is expected to contribute positively towards the earnings and net assets per share of the Company for the financial year ending 30 June 2026 and onwards.

Directors' and Major Shareholders' Interest

None of the Directors and/or major shareholders of MPay and/or persons connected with them have any interests, direct or indirect, in the Letter of Award.

Statement by Directors

Having considered all aspects of the Letter of Award, the Board of the Company is of the view that the acceptance of the Letter of Award is in the best interest of the Company.

Approvals required

The Letter of Award is not subject to approval of the shareholders of MPay and any relevant regulatory authorities.

This announcement is dated 20 April 2026.