Reference is made to the Company's announcements made on 24 June 2020, 25 June 2020, 26 June 2020, 17 July 2020, 22 July 2020, 24 August 2020, 21 September 2020, 19 October 2020, 19 November 2020, 21 December 2020, 19 January 2021, 23 February 2021, 22 March 2021, 21 April 2021, 20 May 2021, 28 June 2021, 27 July 2021, 30 August 2021 and 8 September 2021 in relation to the Default in Payment to Alliance Bank Malaysia Berhad ("Announcements"). Unless otherwise defined, the definitions set out in the Announcements shall apply herein. 

The Board of Directors of Magna wishes to announce that Magna Ecocity Sdn Bhd had on 29 October 2021 made a payment of amounting to RM13,000,000 to Alliance Bank Malaysia Berhad pursuant to the Agreement dated 2 August 2021.

Save as disclosed above, there is no major development on the defaulted financing facilities since the date of the last announcement.

Further announcement on the development of the above matter will be made as and when necessary.

This announcement is dated 29 October 2021.