The Board of Directors of MKH ("Board") wishes to announce that the Board has received a notification dated 20 May 2026 from Maybank Investment Bank Berhad, on behalf of BKB ("Press Notice"), informing the Board that Whitmore Holdings Sdn Bhd ("Whitmore"), a wholly-owned subsidiary of BKB, had today entered into the following agreements:

(i)     unconditional share sale agreements ("SSA(s)") with Chen Choy & Sons Realty Sdn Bhd ("CCSR") for the following:

(a)    acquisition by Whitmore of 170,444,796 ordinary shares in MKH ("MKH Shares"), representing 29.6% equity interest in MKH (excluding treasury shares), for a total cash consideration of RM340.9 million or RM2.00 per MKH Share ("MKH Acquisition"); and

(b)    acquisition by Whitmore of an aggregate of 33,760,776 ordinary shares in MKH Oil Palm (East Kalimantan) Berhad ("MKHOP") ("MKHOP Shares"), representing 3.3% equity interest in MKHOP (excluding treasury shares), for a total cash consideration of RM21.9 million or RM0.6478 per MKHOP Share ("MKHOP Acquisition 1");

(ii)    unconditional SSA with Tan Sri Dato' Chen Kooi Chiew @ Cheng Ngi Chong ("TSCKC"), Tan Sri Datuk Chen Lok Loi ("TSCLL"), Datuk Chen Fook Wah ("DCFW"), Lotus Way Sdn Bhd ("Lotus Way"), Liberty Alliance (M) Sdn Bhd ("Liberty Alliance") and Activest Sdn Bhd ("Activest") for the acquisition by Whitmore of an aggregate of 5,392,698 MKHOP Shares, representing 0.5% equity interest in MKHOP (excluding treasury shares), for a total cash consideration of RM3.5 million or RM0.6478 per MKHOP Share ("MKHOP Acquisition 2"); and

(iii)   conditional SSA with CCSR, TSCKC, TSCLL, DCFW, Lotus Way, Liberty Alliance and Activest for the proposed acquisition by Whitmore of an aggregate of 104,433,373 MKH Shares ("MKH Sale Shares"), representing 18.1% equity interest in MKH (excluding treasury shares), for a total cash consideration of RM208.9 million or RM2.00 per MKH Sale Share ("MKH Conditional SSA") ("Proposed MKH Acquisition").

(MKH Acquisition, MKHOP Acquisition 1 and MKHOP Acquisition 2 are collectively referred to as "Acquisitions")

The SSAs for the Acquisitions ("Acquisitions SSAs") are not subject to any conditions precedent and are unconditional as at the date of the Press Notice. The Acquisitions will be effected by way of direct business transactions which will take place within 30 days from the date of the Acquisitions SSAs.

Upon completion of the Acquisitions, the direct shareholding of the Offeror will increase from nil to 29.6% in MKH and from nil to 3.9% in MKHOP, respectively. Upon completion of the Proposed MKH Acquisition, the direct shareholding of the Offeror in MKH will further increase to 47.7%.

Pursuant to subsection 218(2) of the Capital Markets and Services Act, 2007 ("CMSA") and subparagraph 4.01(a) of the Rules on Take-overs, Mergers and Compulsory Acquisitions ("Rules"), the Offeror will be obliged to extend a conditional mandatory take-over offer ("MO") for all the remaining voting shares in MKH not already owned by the Offeror, the Ultimate Offeror and the persons acting in concert with them ("PACs") ("MKH Offer Share") for a cash consideration of RM2.00 per MKH Offer Share ("Proposed MO").

Upon the MKH Conditional SSA becoming unconditional, the Offeror will serve the notice of MO to the Board, in accordance with subparagraph 9.10(1)(b)(i) of the Rules.

As at the date of the MKH Conditional SSA, MKH and its subsidiaries ("MKH Group") collectively holds 65.3% of the voting shares in MKHOP. Upon the Proposed MO becoming unconditional as to acceptances and pursuant to subsection 218(2) of the CMSA and note 3 to subparagraph 4.01(a) of the Rules, the Offeror will be obliged to undertake the MO for all the remaining voting shares in MKHOP not already owned by the Offeror, the Ultimate Offeror and the PACs as MKHOP constitutes a significant downstream company of the MKH Group.

Please refer to the Press Notice attached herewith for further details.

This Announcement is dated 20 May 2026.