The Board of Directors of M&G (“Board”) wishes to announce that M&G Marine Logistics Holdings Sdn Bhd (“MGML”), a wholly-owned subsidiary of the Company, had, on 20 July 2020, entered into a subscription agreement (“Subscription Agreement”) with Muhibbah Engineering (M) Bhd (“MEB”) where MEB will subscribe for 40% equity interest in M&G Sutera 8 Sdn Bhd (“MGS8”).

MGS8 is currently a wholly-owned subsidiary of MGML, and accordingly, is a wholly-owned subsidiary of the Company. As such, upon completion of the Subscription Agreement, the Company will be deemed to have disposed of 40% equity interest in MGS8.

Further details of the Disposal are set out in the attachment.

This announcement is dated 21 July 2020.