The Board of Directors (“Board”) of Mah Sing wishes to announce that on 6 July 2023, Star Residence Sdn Bhd (“Star Residence” or “Developer”), a wholly-owned subsidiary of Mah Sing had entered into a joint venture agreement (“JVA”) with Liberty Triangle Sdn Bhd (“Landowner”) for the Proposed Joint Venture to undertake a development of two pieces of land in Mukim Batu, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan Kuala Lumpur measuring in aggregate approximately 4.88 acres (collectively referred to as “Land”) for a total consideration of RM85,300,000 (“JV Consideration”). The Land comes with the benefit of approved development order (“DO”) with one of the DO approved with plot ratio of 1:6. The land title is also converted with category of land use “Bangunan”. Land premium has been paid and earthworks are partly completed. Payment for the JV Consideration is deferred and staggered where part of the JV Consideration is payable 18 months from the date of the JVA, and the balance upon completion and after vacant possession of Development units as stated in section 2.3.2 of this Announcement.

Please refer to the attachment for further details of the Proposed Joint Venture.

This announcement is dated 6 July 2023.