We refer to the News Article in The Edge Malaysia dated 15 July 2019 in particular, the following quoted statements:

(1) “Group managing director Chew Chong Keat hopes to sell the company’s entire 49% stake in Singapore-based TCH Marine Pte Ltd, as well as a pair of tug and barge parked under a 50:50 joint venture with Scomi Energy Services Bhd, this year.”

The Company wishes to clarify that it is currently exploring plans to dispose the above interests. However, at this point of time, the terms and conditions have yet to be fixed. This is in line with our objective to exit these loss-making marine-related businesses and focus our resources on our core freight-related activities. 

(2) “He says talks with the respective partners on withdrawing from the business are ongoing.”

The Company has been exploring plans on the disposal but nothing has yet been concluded. The Company will make appropriate announcement should talks be successful.

(3) “We hope to either sell off our stake in TCH or wait for its managing partner to offer to buy us out.”

The Company will explore all available options to dispose of its 49% stake in TCH Marine Pte Ltd (“TCH”), which could potentially include a sale to the current 51% shareholder in TCH, or to a third-party investor.

The Board wishes to stress that the Company and the Board adhere to the Corporate Governance and Corporate Disclosure standards at all times. All announcements released by the Company adhere to the Main Market Listing Requirements of Bursa Malaysia Securities Berhad. The Company will make the appropriate announcement as and when there are material developments on the Company’s way forward.

This announcement is dated 17 July 2019.