Investor Relations

(Unless stated otherwise, the abbreviations and definitions used herein shall have the same meaning as those used in the announcement dated 11 July 2025.)

Reference is made to the announcement pursuant to the Proposed Joint Venture with ChargeHere on 11 July 2025 (Reference Number: GA1-11072025-00052). We wish to provide additional information in respect of the Proposed Joint Venture.

1. ADDITIONAL RISK FACTORS

The Board acknowledges that ChargeHere is presently engaged in the electric vehicle (“EV”) charging infrastructure business under the “ChargeSini” brand. Given the similar business activity with the joint venture company (“JV Company”) under the Proposed Joint Venture, there is a potential conflict of interest risk between ChargeHere and the JV Company. Accordingly, the Parties have agreed, amongst others, as follows in the Agreement in order to promote effective collaboration and mitigate potential business conflict of interest (if any):-

a) all revenues and commercial benefits from projects executed by the JV Company shall be exclusively recorded under and accrue to the JV Company;

b) both Parties shall refer relevant opportunities to the JV Company to be considered first, and shall act in good faith to support its implementation unless the counterparty insists on working exclusively with one party;

c) if a project exceeds certain thresholds (i.e. project value or number of charging points) mutually agreed by the Parties, such project shall be channelled to and undertaken by the JV Company;

d) neither party shall enter into similar EV charging joint ventures with third parties during the term without prior written consent of the other party, nor divert business or employees away from the JV Company;

e) these arrangements will be reviewed annually through good faith cooperation among the Parties, taking into consideration market conditions, business performance, and evolving opportunities; and

f) establishment of three (3) relevant committees (i.e. Project, Finance and Technical Committees)  comprising representatives from both Parties which shall be responsible to, amongst others, evaluate and review the commercial terms and overall viability (with regard to both commercial and financial aspects) of proposed projects prior to their implementation by the JV Company.

2. SOURCE OF FUNDING

The Board wishes to inform that the JV Company’s operations and project development costs are expected to be funded through a combination of internal funds contributed by the joint venture parties in proportion to their respective shareholdings, either as capital injections (which would be in turn funded via a combination of internal available funds and/or bank borrowings from the respective Parties) or shareholder’s advances and/or external financing to be procured by the JV Company.

However, as specific project scopes and costs remain under evaluation, the precise funding structure and amount have yet to be determined at this stage.

With regard to the initial capital of the JV Company amounting to RM200,000, which is to be contributed by MBE and ChargeHere in proportion to their respective shareholdings of 51:49, the funding is expected to be through internal available funds.

3. SHAREHOLDERS OF CHARGEHERE

In addition to the information disclosed in the earlier announcement, the shareholders of ChargeHere comprise the following shareholders:-

This announcement is dated 15 July 2025.