DISPOSAL BY POS LOGISTICS BERHAD ("POS LOGISTICS"), AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF POS MALAYSIA, OF THE ENTIRE EQUITY INTEREST HELD IN PNSL BERHAD TO SWA SHIPPING SDN BHD ("SWA" OR "PURCHASER") FOR CASH AND SETTLEMENT OF OUTSTANDING INTRA-GROUP TRADING DEBTS AND ADVANCES OWING BY PNSL TO POS LOGISTICS AND ITS GROUP OF COMPANIES AND POS MALAYSIA AS AT 31 MARCH 2024 BY SWA SUBJECT TO ADJUSTMENT FOR THE AMOUNT OWING BY PNSL TO POS MALAYSIA AT COMPLETION ("DISPOSAL")

(Reference is made to the Company’s announcement dated 21 May 2024 in relation to the Disposal (“Announcement”). All abbreviations and definitions used herein shall have the same meanings as the words and expressions defined in the Announcement.)

On behalf of the Board, Maybank IB wishes to announce that as at 19 August 2024, all the Conditions Precedent have been fulfilled and the SPA has become unconditional on even date (“Unconditional Date”).

In addition, on behalf of the Board, Maybank IB also wishes to announce that Pos Logistics and SWA had on 19 August 2024 mutually agreed to amend the Completion Date from within 21 days from the Unconditional Date to within 111 days from the Unconditional Date for the Parties to complete the Disposal.

Save as disclosed above, all other terms of the SPA remain unchanged and are in full force and effect.

This announcement is dated 19 August 2024.