Pursuant to Malakoff Berhad’s (“Malakoff”) conditional Master Sale Agreement with Nucleus Avenue (M) Sdn Bhd (“NAB”), a wholly-owned subsidiary of MMC Corporation Berhad (“MMC”), for the proposed disposal of the entire business and undertakings of Malakoff, which includes its current 40% shareholding in Kapar Energy Ventures Sdn Bhd (“KEV”) to NAB, MARC would like to inform that there will be no change to the rating of AA+ID with Stable Outlook to KEV’s RM3.402 billion Bai Bithaman Ajil Debt Securities (“BaIDS”).

The above reaffirmation is subject to all necessary approvals in relation to the Shareholders’ Agreement, Asset Sale Agreement and the terms of the BaIDS of KEV being obtained.