The Board of Directors of the Company wishes to announce that the Company had on 22 October 2025 been served with an Originating Summons dated 17 October 2025 and an Affidavit in Support affirmed by Yang Xiaowen on 17 October 2025 filed by Messrs. Chee Siah Le Kee & Partners on behalf of Yang Xiaowen (“Plaintiff”), naming the Company as the Fourth (4th) Defendant.

BACKGROUND

The Plaintiff is a director and shareholder of Galactic Maritime (M) Sdn Bhd (“GMMSB”), the first (1st) Defendant. The Plaintiff claims that her shareholding in GMMSB was unlawfully reduced from 5,265,000 shares to 2,700,000 shares, with 2,565,000 shares allegedly transferred without her knowledge or consent. The Plaintiff’s solicitors discovered a public announcement dated 19 January 2017 made by the Company stating that the Company had entered into a Share Sale Agreement with the Plaintiff to purchase 2,565,000 shares for RM4,560,000, to be paid in full in cash. However, the Plaintiff claimed that she had never signed any Share Sale Agreement or share transfer forms in relation to the said transfer. The Plaintiff further claims that the shares transfer was thus carried out without her knowledge or consent.

THE PARTICULARS OF THE CLAIM UNDER THE ORIGINATING SUMMONS

The Plaintiff filed the Affidavit in Support pursuant to Order 24 Rule 7A of the Rules of Court 2012, seeking discovery of various documents from all four (4) defendants as specified in Appendix 1 of the Affidavit, including corporate, financial, and share-related records of GMMSB and documents relating to the alleged share transfer to the Company. The Plaintiff also seeks that the costs of this application be borne by the Defendants and for any other relief deemed fit and proper by the Honourable Court.

FINANCIAL AND OPERATIONAL IMPACT ON THE COMPANY

The Board is of the view that the Affidavit in Support and the discovery application are not expected to have any material financial or operational impact on the Company at this juncture.

POTENTIAL LIABILITY ON THE COMPANY

Based on the Originating Summons and Affidavit in Support, the Plaintiff is currently seeking pre-trial discovery only and has not commenced a substantive claim for damages or other relief against the Company. However, the affidavit indicates that the Plaintiff intends to consider initiating proceedings after reviewing the requested documents. If such proceedings are filed, potential liability could include monetary exposure arising from claims relating to the alleged share transfer valued at RM4,560,000 as stated in the 2017 announcement, or other remedies such as the return of shares, as well as legal and compliance costs incurred in contesting the discovery application and any subsequent litigation.

The Company has instructed its solicitors to contest the matter to defend its interest. Further announcement will be made to Bursa Malaysia Securities Berhad as and when there are material developments on the above matter.

This announcement is dated 23 October 2025.