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 and 19 August 2024 in relation to the Disposal (“Announcements”). All abbreviations and definitions used herein shall have the same meanings as the words and expressions defined in the Announcements.)

On behalf of the Board, Maybank IB had on, 19 August 2024, announced that Pos Logistics and SWA had 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 (“Extended Completion Period”).

Following therefrom, Maybank IB, on behalf of the Board, wishes to announce that the Purchaser had, on 9 December 2024, requested to further extend the Extended Completion Period by 30 days from the last date of the Extended Completion Period in order to complete the Disposal (“2nd Extended Completion Period”).

Pursuant thereto, Maybank IB wishes to announce that the Parties have, on 10 December 2024, mutually agreed to extend the completion period of the SPA to the 2nd Extended Completion Period.

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

This announcement is dated 10 December 2024.