Reference is made to the Announcement dated 15 December 2025 in respect of the aforesaid matter. ("Announcement")

(Unless otherwise stated, the words and abbreviations used herein shall have the same meaning as those defined in the Announcement.)

The Board wishes to provide clarification and further information on the Announcement:

1. For avoidance of doubt, the arrangement with Transyear is a joint development.

2. Transyear is a wholly owned subsidiary of Oriental Max, which specialises in development and marketing of properties in the northern region of Peninsular Malaysia and the Company wishes to leverage on their expertise to market the Development Lands to China buyers [other than buyers in the steel manufacturing or data centre business].

3. Transyear, as the joint developer, will have the following rights and responsibilities:

(a) To surrender and re-alienate and/or amalgamate and/or subdivide and/or partition the Development Lands or any part thereof with Landowner’s consent to maximise the sale potential of the Development Lands;

(b) To subdivide and/or partition the Development Lands into smaller plot or plots of land with Landowner’s consent;

(c) To develop, carry out, construct and complete all and every stage of the development on the Development Lands into the Developments in accordance with the Layout Plans, road, drainage and other plans to be approved by the relevant authorities;

(d) To design, construct, complete the structures, buildings; roads, culverts, side and back lanes, rubbish dumps, sewerage tanks, infrastructures and other works ancillary to complete the Developments; and

(e) To appoint consultants, contractors, subcontractors and agents for construction of the structures, buildings, roads, culverts, side and back lanes, rubbish dumps, sewerage tanks, infrastructures and other works ancillary to complete the Developments.

4. The Development Lands may be jointly sold by Transyear and Landowner to China buyers or sold by Landowner on its own under certain circumstances;

5. With regards to the Landowner’s Consideration or profit entitlement arising from this joint development arrangement, it is contingent upon the followings:

(a) where the Development Lands are sold by Transyear and the Landowner jointly, the Landowner will be entitled to a minimum consideration of RM25.00 per sq. feet from the sale price.

(b) where any part of the Development Lands is sold by Landowner on its own under certain circumstances, then the Landowner shall be entitled to all of the sale price.

6. In the event that any part of the Development Lands sold jointly by Transyear and the Landowner is less than 10 acres, the Landowner’s Consideration shall be at a rate to be mutually agreed by the Parties.

7. The shareholders of Oriental Max are as follows:

(a) Ch’ng Chiap Kang

(b) Ng Ai Choo

8. The shareholder of Laurel Venture Capital Sdn. Bhd. is as follows:

(a) Ch’ng De June

9. Regarding the time for completion and validity period of JVAs, it is based on the Parties’ estimation of timeframe to secure buyers for the Development Lands.

This announcement is dated 19 December 2025.