Unless otherwise defined in this announcement, the terms used throughout this announcement shall have the same meaning as defined in the announcements dated 31 January 2024, 28 January 2025 and 28 July 2025 in relation to the Proposed Acquisition.

The Company wishes to announce that the Purchaser and the Vendor has on 21 November 2025 mutually terminated the SPA dated 30 January 2024.The Deposit together with interest earned shall be refunded to the Purchaser.

Following the mutual termination, the Company highlights that this decision enables a more efficient reallocation of capital towards opportunities that better align with Mah Sing’s investment criteria and offer quicker turnaround potential. Year-to-date, the Company has secured five strategic land acquisitions with a total gross development value (GDV) of approximately RM4.1 billion in Greater Kuala Lumpur, the Klang Valley and Penang, reinforcing Mah Sing’s capability to consistently replenish its landbank in key growth corridors to drive sustainable earnings.

The Company continues to actively assess additional landbank prospects, particularly within high-demand industrial, residential, and mixed-use segments, in support of its pipeline expansion strategy. Mah Sing has a total of 66 projects, with ongoing projects at various stages, providing earnings visibility for at least the next 8–10 years.

The Proposed Acquisition was not unconditional at the time of this announcement and therefore had not been included in the Company’s committed expansion plans or earnings forecast. As such, the termination is not expected to have any material impact on the Company’s earnings per share, net assets per share, gearing, share capital, or shareholding structure for the financial year ending 31 December 2025.

None of the Directors and/or major shareholders of the Company and/or persons connected with them have any interests, direct or indirect, in the termination.

This announcement is dated 21 November 2025.