ZELAN BERHAD ("ZELAN" OR THE "COMPANY") PROPOSED SETTLEMENT OF DEBTS OWING BY ZELAN HOLDINGS (M) SDN BHD ("ZHSB"), A WHOLLY-OWNED SUBSIDIARY OF ZELAN, TO MMC ENGINEERING SDN BHD ("MMCE"), A WHOLLY-OWNED SUBSIDIARY OF MMC ENGINEERING GROUP BERHAD, WHICH IN TURN, IS A WHOLLY-OWNED SUBSIDIARY OF MMC CORPORATION BERHAD ("MMC CORP"), AMOUNTING TO RM5,219,415.21 VIA THE TRANSFER OF 2 PROPERTIES BY ZHSB TO MMCE ("PROPOSED DEBT SETTLEMENT")

Zelan Berhad ("Zelan" or "Company") Creditors' voluntary liquidation of Zelan Construction Sdn Bhd ("ZCSB"), a wholly-owned subsidiary of Zelan.

ZELAN BERHAD ("ZELAN" OR THE "COMPANY") PROPOSED SCHEME OF ARRANGEMENT