Pursuant to Paragraph 10.08(1) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of the Company wishes to announce that FM has on 29 August 2023 entered into the following agreements for the purpose of disposing of its shipyard related business for a total consideration of RM4,200,000.00:-

• a Share Sale Agreement ("SSA") with Chew Chong Keat ("CCK"), a related party, for purposes of disposing 50,000 ordinary shares, representing the entire share capital of EESB for a cash consideration of RM50,000.00; and

• a Settlement Agreement ("SA") with CCK for the settlement of a sum of RM4,150,000.00 in cash to FM and/or its subsidiaries ("Group") (as applicable) by CCK as full and final settlement of part of the advances owing by EESB to the Group,

(collectively referred to as the "Disposal"), subject to the terms and conditions stated in the SSA and SA.

Details of the Disposal are set out in the attachment below.

This announcement is dated 29 August 2023.