The Board of Directors of Magna wishes to announce that Magna Ecocity Sdn Bhd (“Magna Ecocity” or “Owner”), an indirect wholly-owned subsidiary of the Company has on 20 April 2022 entered into a Joint Venture Agreement (“JVA”) with OCR Avenue Sdn Bhd (“OCR Avenue” or “the Developer”), to fund and undertake the development of a parcel of 99 years leasehold land known as HSD 16667, PT 12, Seksyen 15, Bandar Shah Alam, Daerah Petaling, Negeri Selangor and measuring approximately 80936.9951 square meters (871,198.56 square feet) (hereinafter referred to as the “Project Land”) in accordance with such plans to be drawn up by the Developer at the Developer’s sole discretion and as may be approved by the Relevant Authority subject to such amendments or variations as may be required by the Relevant Authority and/or deemed necessary or expedient by the Developer and the Owner has agreed to do so for their mutual benefits, subject to the terms and conditions contained therein and the JVA.

(Magna Ecocity ad OCR Avenue shall hereinafter be collectively referred to as the “Parties” and individually as the “Party”).

Please refer to the attachment for further details.

This announcement is dated 20 April 2022.