INTRODUCTION

The Board of Directors ("Board") of Marine & General Berhad ("M&G" or "the Company") wishes to announce that the Company had on 23 March 2022, incorporated a wholly owned subsidiary namely, M&G Marine Services Sdn Bhd ("MGMS").

MGMS has a paid-up share capital of RM1.00 and is incorporated to undertake vessel management, vessel maintenance and repairs, and other marine services related business.

The incorporation of MGMS will not have any effect to the issued and paid-up capital of the Company as well as its substantial shareholders’ shareholdings and is not expected to have a material effect on the earnings, net assets and gearing of the Company and the Group for the financial year ending 30 April 2022.

DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTEREST

None of the directors or major shareholders or person connected to the directors or major shareholders has any interest, direct or indirect in the incorporation of MGMS.

This announcement is dated 23 March 2022.