We refer to the Company’s announcements dated 23 July 2020, 27 July 2020, 28 July 2020, 29 July 2020, 12 January 2021 and 31 May 2022 (“Announcements”) in respect of the above. Unless otherwise stated, the terms used herein shall bear the same meaning as defined in the Announcements.

ENRA wishes to inform that ESPML, PT CMS, ESPM, Sea Trust Marine Pte Ltd, PT Adidaya Energi Mandiri (“PT AEM”) and SPM Terminals Pty Ltd (collectively “Parties”) have entered into a Settlement Agreement, with an effective date of 15 August 2022 to amicably conclude a full and final settlement of any and all the various disputes with such settlement being without any admission of liability to any of the respective claims as against each other.  The Parties have achieved the following main settlement agreement:

1. ESPML shall pay PT CMS the sum of USD$3,200,000.00 only and pay PT AEM the sum of USD$150,000.00 only (collectively “Settlement Sum”).
2. The payment of the Settlement Sum by ESPML represents the full and final settlement of the claims in this Arbitration and ancillary proceedings, as well as all disputes related thereto.
3. The payment of the Settlement Sum shall be made within 21 days of the effective date of the Settlement Agreement (being 15 August 2022).
4. Upon payment of the Settlement Sum, both Parties shall withdraw all claims and counterclaims in the Arbitration with no order as to costs including PT CMS applying for the immediate release of ESPML’s vessel, the Ratu ENRA, from arrest.
5. ESPML and the Claimant shall bear their own respective legal costs and expenses arising from this Arbitration proceedings, and shall each bear 50% of the Tribunal and any other charges incurred in the Arbitration.

The settlement will have a net impact of RM0.038 to the net asset per share and earnings per share of the Company respectively. There is no material financial impact to the gearing, share capital, and substantial shareholders’ shareholdings of the Company for the financial year ending 31 March 2023.

Operationally, the settlement will allow for the warrant of arrest on Ratu ENRA to be lifted.

This announcement is dated 16 August 2022.