This announcement is dated 24 January 2024.

Reference is made to the Company’s earlier announcement dated 12 December 2023 (“Earlier Announcement”) in relation to the Proposed Disposal. Unless stated otherwise, abbreviations and definitions used throughout this announcement shall bear the same meaning as those defined in the Earlier Announcement.

On behalf of the Board, Malacca Securities wishes to announce that the commissioning agreement previously entered into on 14 July 2023 with the auctioneer for the auction of the KL101 Barge has lapsed. Over the last 6 months, the Company has explored alternative avenues for the disposal of the KL101 Barge. In assessing its options, the Company had decided to not renew the commissioning agreement for the time being to enable the Company flexibility to explore any potential offers or opportunities that may arise prior to obtaining shareholders’ approval for the Proposed Disposal.

The Company envisages that it will decide on the final mode of the disposal, i.e. through a direct disposal to a third party or by undertaking an auction process, after obtaining its shareholders’ approval for the Proposed Disposal. The Company will consider, amongst others, the prevailing market conditions, as well as the asking prices for the KL101 Barge at the material time.