Malakoff Berhad : and Gas Malaysia Form Strategic Alliance to Provide O&M Services for Cogeneration Plants

PRESS RELEASE

FOR IMMEDIATE PUBLICATION

Malakoff and Gas Malaysia Form Strategic Alliance to Provide

O&M Services for Cogeneration Plants

KUALA LUMPUR, 13 October 2021 - Malakoff Corporation Berhad ("Malakoff") and Gas Malaysia Berhad ("Gas Malaysia"), both members of the MMC Group, are pleased to announce the formation of Malakoff - Gas Malaysia Cogen O&M Sdn Bhd, a Joint Venture Company ("JVCo") that will be established through the joint venture agreement today.

The alliance is a strategic partnership between two utility companies within the MMC Group of Companies, bringing together the expertise and resources of both parties to undertake Operations and Maintenance ("O&M") services for cogeneration plants in Malaysia.

Malakoff is a multinational Power, Water and Environmental Services Group with core focus in power generation, water desalination, O&M and environmental services. Gas Malaysia is licensed under the Gas Supply Act 1993 to supply and sell reticulated natural gas and liquefied petroleum gas to industrial, commercial and residential users. In addition, Gas Malaysia also develops, operates and maintains the Natural Gas Distribution System (NGDS) within Peninsular Malaysia.

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Through this joint venture, Malakoff's subsidiary, Malakoff Technical Solutions Sdn Bhd ("MTS") will hold a 51% equity interest and the remaining 49% will be owned by Gas Malaysia's wholly-owned subsidiary, Gas Malaysia Ventures 1 Sdn Bhd.

MTS is a full-fledged global O&M service provider for power and water desalination plants and has established its footprint in Malaysia, ASEAN (the Association of Southeast Asian Nations) and MENA (the Middle East and Northern Africa).

Encik Anwar Syahrin Abdul Ajib, Managing Director/Chief Executive Officer of Malakoff is optimistic that this joint venture will accelerate the company's growth in the cogen business.

"This is a great opportunity for Malakoff to further expand our good track record in the O&M business segment. We welcome Gas Malaysia's participation as our partner, as their vast experience will bring more opportunities and synergies to the JVCo," he added.

Commenting on the formation of this strategic alliance, Encik Ahmad Hashimi Abdul Manap, the Group Chief Executive Officer of Gas Malaysia said, "Strategic alliances have become an increasingly vital element for our long-term growth strategy. We believe this partnership will further solidify our presence in the market."

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About Malakoff Corporation Berhad

MALAKOFF CORPORATION BERHAD is a multinational Power, Water and Environmental & Waste Management Services Group with core focus in power generation, water desalination, Operations & Maintenance ("O&M") and environmental services. In Malaysia, Malakoff is the largest Independent Power Producer ("IPP") with an effective generating capacity of 5,836 MW. Through Alam Flora Sdn Bhd, Malakoff is also the country's biggest environmental services company, managing solid waste volume of 4,145 tonnes per day.

Malakoff's international assets include power and water ventures in Saudi Arabia, Bahrain and Oman, with an effective power generation capacity of 588 MW and water desalination capacity of 472,975 m3 /day. Malakoff is also actively looking to venture further into the Middle East and North African region as well as the South-East Asian markets.

Through its wholly owned subsidiary, Malakoff Technical Solutions Sdn Bhd (formerly known as Teknik Janakuasa Sdn Bhd), Malakoff has involvements in O&M services locally and in Saudi Arabia, Kuwait, Oman and Indonesia.

Malakoff's subsidiary, Alam Flora, provides comprehensive environmental services beyond waste management and public cleansing to its concessions in the Federal Territories of Kuala Lumpur and Putrajaya as well as the state of Pahang.

Malakoff believes in working together with all stakeholders in productive partnerships. As such, the Group takes pride in being a responsible operator and a good corporate citizen in all communities where it operates.

Malakoff is a member of the MMC Group.

About Gas Malaysia Berhad

Gas Malaysia Berhad, a member of MMC Corporation Berhad, was established on 16 May 1992 to sell, market and distribute natural gas as well as to construct, operate and maintain the Natural Gas Distribution System ("NGDS") within Peninsular Malaysia. Gas Malaysia is licensed under the Gas Supply Act, 1993 ("GSA") by the Suruhanjaya Tenaga ("ST"), with the approval of the Minister, to supply and sell reticulated natural gas in Peninsular Malaysia. On 15 December 2000, Gas Malaysia was granted the licence to supply and sell reticulated Liquefied Petroleum Gas ("LPG"). This licence further expands Gas Malaysia's business in the supply of reticulated LPG to commercial and residential sectors within Peninsular Malaysia. Gas Malaysia currently operates and maintains about 2,600 kilometres of Natural Gas Distribution System network across Peninsular Malaysia, supplying natural gas and LPG to over 900 industrial customers, about 2,000 commercial customers and over 20,000 residential customers.

In line with our target of delivering sustainable value creation, we prepared ourselves to transition to a new business landscape with the implementation of the Third-Party Access ("TPA") system introduced by the government to liberalise the natural gas market. Gas Malaysia Berhad divided its operations into two distinct entities: the distribution arm (Gas Malaysia Distribution Sdn Bhd) and the shipment arm (Gas Malaysia Energy and Services Sdn Bhd), with the former being responsible for the gas distribution business and the latter for the retailing part of the gas business.

For more information, please visit www.gasmalaysia.com

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FOR MEDIA ENQUIRIES:

MALAKOFF CORPORATION BERHAD

Mr. Saravanan Desigamanie

Head, Strategy & Communication

Malakoff Corporation Berhad

Office: [phone]

Mobile: [phone]

Email:[e-mail]

GAS MALAYSIA BERHAD

En. Kamarul Ariffin Ibrahim

Head of Corporate Affairs Department

Gas Malaysia Berhad

No. 5, Jalan Serendah 26/17,

Seksyen 26, Peti Surat 7901,

40732, Shah Alam, Selangor.

Tel: [phone] (Ext: 3500/ [phone]

Email:[e-mail]

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