On behalf of the Board of Directors of Straits ("Board"), UOB Kay Hian Securities Sdn Bhd ("UOBKH")  is pleased to announce that Straits had, on 13 December 2023, entered into a shares sale and purchase agreement with TMD Energy Limited ("TMDel") for the proposed transfer of 1,000,000 ordinary shares in Straits Marine Fuels & Energy Sdn Bhd ("SMF") ("Sale Share(s)"), representing 100% of the equity interest in SMF to TMDel for a purchase consideration of RM11,101,874 (equivalent to USD2,381,814) ("Purchase Consideration") to be satisfied entirely via cash or the issuance of new TMDel Shares or a combination of both ("Restructuring SSA"). For the purpose of the Restructuring SSA, Straits and TMDel have mutually agreed to apply the currency exchange rate of United States Dollar ("USD") 1.00: Ringgit Malaysia ("RM") 4.6611 ("Proposed Internal Restructuring").

Further details of the Proposed Internal Restructuring are set out in the attachment.

This announcement is dated 13 December 2023.