PETRON MALAYSIA REFINING & MARKETING BHD ("PMRMB" or "the Company")

UPDATE ON ARBITRATION PROCEEDINGS WITH MTC ENGINEERING SDN BHD

1. INTRODUCTION

Further to the Company's announcement dated 23 May 2023 in relation to the RM50,497,251 claimed referred to arbitration by MTC Engineering Sdn Bhd ("MESB"), the Company wishes to provide an update on the matter.

2. ARBITRAL AWARD

We were advised by our external counsel on 27 February 2026 that the arbitrator has delivered the award and has dismissed the majority of MESB's claim and allowed part of the Company's claim. The arbitrator has determined that only a net sum of RM6,800,756.41 is payable by PMRMB to MESB, which includes arbitration and legal costs.

3. CURRENT STATUS

PMRMB is reviewing the arbitrator's decision with its external counsel to determine the Company's next course of action, including whether any further legal steps are deemed appropriate.

4. FINANCIAL IMPACT

The sum of RM6,800,756.41 payable is not expected to have any material impact on the financial position or operations of PMRMB.

5. DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

None of the Directors or major shareholders of the Company, nor persons connected with them, has any interest, direct or indirect, in the arbitration proceedings.

This announcement is dated 27 February 2026.