The Board of Directors of MMAG Holdings Berhad ("MMAG" or the "Company") wishes to announce that MMAG Omni Ventures Sdn Bhd (formerly known as Line Clear Ventures Holdings Sdn Bhd) (“MOV” or the “Purchaser”), a wholly-owned subsidiary of MMAG, had on 13 September 2024 entered into a Shares Sale Agreement with Velocity Capital Partner Berhad (formerly known as CSH Alliance Berhad) (“the Vendor”), for the acquisition of 9,000,000 ordinary shares in Line Clear Express Sdn Bhd (formerly known as Line Clear Express & Logistics Sdn Bhd) (“LCE”), representing 8.91% of the equity interest in LCE, for a total cash consideration of RM13,750,000 (“the Proposed Acquisition”).

LCE is currently an 86.09% owned subsidiary of MOV and upon completion of the Proposed Acquisition, MOV’s equity interest in LCE would be increased from 86.09% to 95.00%.

Please refer to the attached file for further details of the announcement.

This announcement is dated 13 September 2024.