Further to the announcements made on 18 February 2022, 2 March 2022, 20 May 2022, 29 July 2022, 2 September 2022, 4 October 2022, 22 November 2022, 9 December 2022, 6 January 2023, 13 February 2023, 10 May 2023, 23 May 2023, 20 June 2023, 14 August 2023, 15 September 2023, 21 November 2023, 12 December 2023, 29 January 2024, 11 March 2024 and 25 March 2024, in respect of the Penang High Court Civil Suit No. PA-22NCC-13-04/2022 Doa Huat Holdings Sdn Bhd ("Plaintiff") vs. MBL Plantation Sdn Bhd ("MBLPSB" or "Defendant").

The Board of Directors of MBL wishes to announce that both Plaintiff and Defendant have entered into a Settlement Agreement on 8 April 2024 to reach a full and final settlement of the Civil Suit between parties and the Share Sale Agreement dated 1 April 2021 between parties subject to the recording of a Consent Order/Judgment before the High Court, whereby RM13,900,000.00 is to be refunded to the Plaintiff and the balance of RM10,000,000.00 is to be retained by the Defendant as liquidated assessed damages, wherein the full terms and conditions are contained in the Settlement Agreement.

Further announcements on the development of this matter will be made to Bursa Malaysia Securities Berhad from time to time.

This announcement is dated 8 April 2024.