On behalf of the board of directors of Mudajaya ("Director(s)") ("Board"), UOB Kay Hian Securities (M) Sdn Bhd ("UOBKH") wishes to announce that the Company proposes to undertake the following:-

i. a renounceable rights issue of up to 668,885,366 new ordinary shares in Mudajaya ("Mudajaya Share(s)" or "Share(s)") ("Rights Shares") on the basis of 1 Rights Share for every 1 existing Mudajaya Share held, together with up to 668,885,366 free detachable warrants in Mudajaya ("Warrant(s)") on the basis of 1 Warrant for every 1 Rights Share subscribed for at an issue price of RM0.22 per Rights Shares on an entitlement date to be determined and announced later ("Proposed Rights Issue with Warrants"); and

ii. an exemption under Paragraph 4.08(1)(b) of the Rules on Take-Overs, Mergers and Compulsory Acquisitions ("Rules") to Yakin Setiamas Sdn Bhd and persons acting in concert with it ("PACs"), from the obligation to undertake a mandatory offer for all the remaining Mudajaya Shares not already owned by them pursuant to the Proposed Rights Issue with Warrants ("Proposed Exemption").

(The Proposed Rights Issue with Warrants and the Proposed Exemption are collectively referred to as the "Proposals").

Further details on the Proposals are set out in the attachment enclosed.

This announcement is dated 24 March 2021.