Update in relation to Sincere Acres Sdn Bhd

On 4 October 2023, the Company announced, amongst other matters, that MobilityOne Sdn Bhd ("M1 Malaysia"), the Group's wholly-owned operating subsidiary in Malaysia, had completed the acquisition of a 49% equity interest in Sincere for a cash consideration of RM30,000,000. It was further announced that whilst the first tranche, representing RM2.0 million, had been paid by M1 Malaysia to United Flagship Development Sdn Bhd (the "Vendor"), the second tranche, representing the balance of RM28.0 million (the "Second Tranche"), was required be paid by M1 Malaysia by 8 March 2024 (the "Second Tranche Payment Date").

The Second Tranche Payment Date has been subject to prior extensions, as announced by the Company most recently on 2 January 2025. The Vendor has today agreed with the Company to further extend the Second Tranche Payment Date for payment of the Second Tranche plus accrued interest from 28 February 2025 to 31 May 2025 (the "Extended Second Tranche Payment Date"). As part of this extension, M1 Malaysia has agreed to pay the Vendor in cash the accrued interest for the period from 9 September 2024 to 28 February 2025 totalling RM1,327,123 (the "Accrued Interest Payment"). RM650,000 of the Accrued Interest Payment has been paid by M1 Malaysia with the balance to be settled on or around 7 April 2025.

All other terms of the acquisition of Sincere remain unchanged.