mtt - sc.com.my

THIS DOCUMENT HAS NOT BEEN REGISTERED BY THE SECURITIES COMMISSION MALAYSIA ("SC"). THE INFORMATION IN THIS DOCUMENT MAY BE SUBJECT TO FURTHER AMENDMENTS BEFORE BEING REGISTERED BY THE SC. UNDER NO CIRCUMSTANCES SHALL THIS DOCUMENT CONSTITUTE AN OFFER FOR SUBSCRIPTION OR PURCHASE OF, OR AN INVITATION TO SUBSCRIBE FOR OR PURCHASE THE SECURITIES.

PROSPECTUS

MTT SHIPPING & LOGISTICS

MTT SHIPPING AND LOGISTICS BERHAD (Registration No. 201901004019 (1313346-A))

(Incorporated in Malaysia under the Companies Act, 2016)

INITIAL PUBLIC OFFERING ("IPO") OF UP TO 300,000,000 ORDINARY SHARES IN MTT SHIPPING AND LOGISTICS BERHAD ("MTTSL") ("IPO SHARES") IN CONJUNCTION WITH THE LISTING OF AND QUOTATION FOR THE ENTIRE ENLARGED ISSUED SHARES IN MTTSL ("MTTSL SHARES") ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD COMPRISING AN OFFER FOR SALE OF UP TO 50,000,000 EXISTING MTTSL SHARES ("OFFER SHARES") AND A PUBLIC ISSUE OF 250,000,000 NEW MTTSL SHARES ("ISSUE SHARES") INVOLVING:

(I) INSTITUTIONAL OFFERING OF UP TO 270,000,000 IPO SHARES TO MALAYSIAN AND FOREIGN INSTITUTIONAL AND SELECTED INVESTORS, INCLUDING BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY AT THE INSTITUTIONAL PRICE TO BE DETERMINED BY WAY OF BOOKBUILDING ("INSTITUTIONAL PRICE"); AND

(II) RETAIL OFFERING OF 30,000,000 ISSUE SHARES TO THE DIRECTORS AND ELIGIBLE EMPLOYEES OF MTTSL AND ITS SUBSIDIARIES (INCLUDING THE DIRECTORS OF OUR SUBSIDIARIES) ("GROUP"), PERSONS WHO HAVE CONTRIBUTED TO THE SUCCESS OF THE GROUP AND THE MALAYSIAN PUBLIC AT THE RETAIL PRICE OF RM[e] PER ISSUE SHARE ("RETAIL PRICE"), PAYABLE IN FULL UPON APPLICATION AND SUBJECT TO REFUND OF THE DIFFERENCE BETWEEN THE RETAIL PRICE AND THE FINAL RETAIL PRICE (AS DEFINED IN THIS PROSPECTUS) IN THE EVENT THAT THE FINAL RETAIL PRICE IS LESS THAN THE RETAIL PRICE,

SUBJECT TO THE CLAWBACK AND REALLOCATION PROVISIONS AND THE OVER·ALLOTMENT OPTION (AS DEFINED IN THIS PROSPECTUS). THE FINAL RETAIL PRICE WILL BE EQUAL TO THE LOWER OF:

(I) THE RETAIL PRICE OF RM[e] PER ISSUE SHARE; OR

(II) THE INSTITUTIONAL PRICE.

Principal Adviser, Global Coordinator, Joint Bookrunner, Joint Managing Underwriter and Joint Underwriter

~Maybank Investment Bank

Maybank Investment Bank Berhad (Co. o.g. No. 197301002412) (A Participating Organisation of Bursa Malaysia Securities Berhad)

Joint Bookrunner, Joint Managing Underwriter and Joint Underwriter

AFFIN HWANG CAPITAL

AFFIN HWANG INVESTMENT BANK BERHAD Registration No. 197301000792 (14389-U)

(A Participating Organisation of Bursa Malaysia Securities Berhad)

NO SECURITIES WILL BE ALLOTTED OR ISSUED BASED ON THIS PROSPECTUS AFTER SIX MONTHS FROM THE DATE OF THIS PROSPECTUS.

The SC has approved the issue, offer or invitation for the offering under Section 214(1) of the Capital Markets and Services Act, 2007.

This Prospectus [has been registered] by the SC. The approval of the IPO, and registration of this Prospectus, should not be taken to indicate that the SC recommends our IPO or assumes responsibility for the correctness of any statement made, opinion expressed or report contained in this Prospectus. The SC has not, in any way, considered the merits of our Shares being offered for investment.

The SC is not liable for any non-disclosure on the part of our Company and takes no responsibility for the contents of this Prospectus, makes no representation as to its accuracy or completeness, and expressly disclaims any liability for any loss that you may suffer arising from or in reliance upon the whole or any part of the contents of this Prospectus.

INVESTORS ARE ADVISED TO READ AND UNDERSTAND THE CONTENTS OF THIS PROSPECTUS. IF IN DOUBT, PLEASE CONSULT A PROFESSIONAL ADVISER.

FOR INFORMATION CONCERNING RISK FACTORS WHICH SHOULD BE CONSIDERED BY PROSPECTIVE INVESTORS, SEE "RISK FACTORS" COMMENCING ON PAGE 212.

LISTING SOUGHT: MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD

THIS PROSPECTUS IS NOT TO BE DISTRIBUTED OUTSIDE MALAYSIA

THIS PROSPECTUS IS DATED [e]

Registration No. 201901004019 (1313346-A)Registration No. 201901004019 (1313346-A)

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All defined terms used in this Prospectus are defined under “Definitions” commencing on page xv,“Glossary of Technical Terms” commencing on page xxiii and “Presentation of Financial and Other Information” commencing on page xii.

RESPONSIBILITY STATEMENTS

Our Directors, the Promoters and the Selling Shareholders have seen and approved this Prospectus. They collectively and individually accept full responsibility for the accuracy of the information. Having made all reasonable enquiries, and to the best of their knowledge and belief, they confirm that there is no false or misleading statement or other facts which if omitted, would make any statement in this Prospectus false or misleading.

Maybank IB, being the Principal Adviser, the Global Coordinator and the Joint Bookrunner for the Institutional Offering and the Joint Managing Underwriter and the Joint Underwriter for the Retail Offering in relation to our IPO, acknowledges that, based on all available information, and to the best of its knowledge and belief, this Prospectus constitutes a full and true disclosure of all material facts concerning our IPO.

It is to be noted that the role of Affin Hwang IB in our IPO is limited to being the Joint Bookrunner for the Institutional Offering within [and outside] Malaysia and the Joint Managing Underwriter and theJoint Underwriter for the Retail Offering.

STATEMENTS OF DISCLAIMER

Our Company [has obtained] the approval of Bursa Securities for our Listing. Admission to the Official List of Bursa Securities is not to be taken as an indication of the merits of our IPO, our Company or our Shares.

This Prospectus, together with the Application Form, [have also been lodged] with the Registrar of Companies, who takes no responsibility for its contents.

OTHER STATEMENTS

Investors should note that you may seek recourse under Sections 248, 249 and 357 of the CMSA for breaches of securities laws including any statement in this Prospectus that is false, misleading, or from which there is a material omission; or for any misleading or deceptive act in relation to this Prospectus or the conduct of any other person in relation to our Company.

Our Shares are offered to the public on the premise of full and accurate disclosure of all material information concerning our IPO, for which any person set out in Section 236 of the CMSA, is responsible.

[Our Shares are classified as Shariah-compliant by the SAC. This classification remains valid from the date of issue of this Prospectus until the next Shariah compliance review undertaken by the SAC. The new status is released in the updated list of Shariah-compliant securities, on the last Friday of May and November.]

Investors should not take the agreement by the Joint Managing Underwriters and the Joint Underwriters named in this Prospectus to underwrite our Shares under the Retail Offering as an indication of the merits of our Shares being offered.

This Prospectus has been prepared in the context of an IPO under the laws of Malaysia. It does not comply with the laws of any jurisdiction other than Malaysia, and it has not been and will not be lodged, registered or approved under any applicable securities or equivalent legislation or by any regulatory authority of any jurisdiction other than Malaysia.

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This Prospectus is published solely in connection with our IPO. Our Shares are being offered solely on the basis of the information contained and representations made in this Prospectus. Our Company, the Promoters, the Selling Shareholders, the Principal Adviser, the Global Coordinator, the Joint Bookrunners, the Joint Managing Underwriters and the Joint Underwriters have not authorised anyone to provide any information or to make any representation not contained in this Prospectus. Any information or representation not contained in this Prospectus must not be relied upon as having been authorised by our Company, the Promoters, the Selling Shareholders, the Principal Adviser, the Global Coordinator, the Joint Bookrunners, the Joint Managing Underwritersand the Joint Underwriters or any of their respective directors, or any other persons involved in our IPO.

The distribution of this Prospectus and our IPO are subject to the laws of Malaysia. This Prospectus has not been and will not be made to comply with the laws of any jurisdiction other than Malaysia, and has not been and will not be lodged, registered or approved pursuant to any applicable securities or equivalent legislation or by any regulatory authority or other relevant body of any jurisdiction other than Malaysia. Accordingly, this Prospectus may not be used for the purpose of and does not constitute an offer for subscription or purchase or invitation to subscribe for or purchase of our Sharesin any jurisdiction or in any circumstances in which such an offer is not authorised or is unlawful or to any person to whom it is unlawful to make such offer or invitation.

Our Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act. The IPO Shares are only being offered and sold outside the United States in “offshore transactions” as defined in, and in reliance upon, Regulation S under the U.S. Securities Act. Any investor purchasing IPO Shares will be deemed to have represented that such purchase is in compliance Regulation S.

In addition, until 40 days after the commencement of the IPO, any offer or sale of the IPO Shares within the United States by a dealer whether or not participating in the IPO may violate the registration requirements of the U.S. Securities Act if such offer or sale is made otherwise than in accordance with an exemption from registration under the U.S. Securities Act.

Notice to investors in Hong Kong

This Prospectus has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong ("SFO”). No action has been taken in Hong Kong to authorise or register this document or to permit the distribution of this document or any documents issued in connection with it. Accordingly, the IPO Shares have not been and will not be offered or sold in Hong Kong other than to "professional investors" (as defined in the SFO and any rules made under that ordinance).

No advertisement, invitation or document relating to the IPO Shares has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the IPO Shares that are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors.

No person allotted with the IPO Shares may sell, or offer to sell, such securities in circumstances that amount to an offer to the public in Hong Kong within six months following the date of issue of such securities.

The contents of this Prospectus have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this Prospectus, you should obtain independent professional advice.

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Notice to investors in Singapore

This Prospectus and any other materials relating to the IPO has not been and will not be registered as a prospectus with the Monetary Authority of Singapore. Accordingly, the IPO Shares may not be offered or sold or made the subject of an invitation for subscription or purchase, nor may this Prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the IPO Shares be circulated or distributed, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act (Chapter 289) of Singapore, as modified or amended from time to time (“SFA”)) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA and (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018 of Singapore, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the IPO Shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,

securities or securities-based derivatives contracts (each term as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the IPO Shares pursuant to an offer made under Section 275 of the SFA except:

(1) to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;

(2) where no consideration is or will be given for the transfer;

(3) where the transfer is by operation of law;

(4) as specified in Section 276(7) of the SFA; or

(5) as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018 of Singapore.

Notification under Section 309B(1)(c) of the SFA – In connection with Section 309B of the SFA and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (“CMP Regulations 2018”), the Company has determined the classification of the IPO Shares as prescribed capital markets products (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

We will not, prior to acting on any acceptance in respect of our IPO, make or be bound to make any enquiry as to whether you have a registered address in Malaysia and we will not be deemed to accept any liability whether or not any enquiry or investigation is made in connection to it.

It will be your sole responsibility to ensure that your application for our IPO would be in compliance with the terms of our IPO and would not be in contravention of any laws of countries or jurisdictions other than Malaysia to which you may be subjected to. We will further assume that you had accepted our IPO in Malaysia and will be subjected only to the laws of Malaysia in connection with it.

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However, we reserve the right, in our absolute discretion, to treat any acceptance as invalid if we believe that such acceptance may violate any law or applicable legal or regulatory requirements.

It will be your sole responsibility to consult your legal and/or other professional advisers on the laws to which our IPO or you are or might be subjected to.

Neither we nor the Promoters, the Selling Shareholders, the Principal Adviser, the Global Coordinator, the Joint Bookrunners, the Joint Managing Underwriters and the Joint Underwriters nor any other advisers in relation to our IPO will accept any responsibility or liability in the event that any application made by you will become illegal, unenforceable, avoidable or void in any country or jurisdiction.

ELECTRONIC PROSPECTUS/INTERNET SHARE APPLICATION

This Prospectus can also be viewed or downloaded from Bursa Malaysia Berhad’s website at www.bursamalaysia.com. The contents of the Electronic Prospectus and the copy of this Prospectus registered with the SC are the same.

The internet is not a fully secure medium. Your Internet Share Application may be subject to risks of data transmission, computer security threats such as viruses, hackers and crackers, faults with computer software and other events beyond the control of the Internet Participating Financial Institutions. These risks cannot be borne by the Internet Participating Financial Institutions.

If you doubt of the validity or integrity of the Electronic Prospectus, you should immediately request a paper/printed copy of this Prospectus from us or the Issuing House. If there is any discrepancy between the contents of the Electronic Prospectus and the contents of the paper/printed copy of this Prospectus for any reasons whatsoever, the contents of the paper/printed copy of this Prospectuswhich are identical to the copy of the Prospectus registered with the SC shall prevail.

In relation to any reference in this Prospectus to third party internet sites (“Third-Party Internet Sites”), whether by way of hyperlinks or by way of description of the Third-Party Internet Sites, you acknowledge and agree that:

(i) we do not endorse and are not affiliated in any way with the Third-Party Internet Sites. Accordingly, we are not responsible for the availability of, or the contents or any data, information, file or other material provided on the Third-Party Internet Sites. You shall bear all risks associated with the access to or use of the Third-Party Internet Sites;

(ii) we are not responsible for the quality of products or services in the Third-Party Internet Sites, particularly in fulfilling any of the terms of your agreements with the Third-Party Internet Sites. We are also not responsible for any loss or damage or cost that you may suffer or incur in connection with or as a result of dealing with the Third-Party Internet Sites or the use of or reliance on any data, information, file or other material provided by the Third-Party Internet Sites; and

(iii) any data, information, file or other material downloaded from the Third-Party Internet Sites is done at your own discretion and risk. We are not responsible, liable or under obligation for any damage to your computer system or loss of data resulting from the downloading of any such data, information, file or other material.

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Where an Electronic Prospectus is hosted on the website of the Internet Participating Financial Institutions, you are advised that:

(i) the Internet Participating Financial Institution is only liable in respect of the integrity of the contents of the Electronic Prospectus, to the extent of the contents of the Electronic Prospectus on the web server of the Internet Participating Financial Institution which may be viewed via your web browser or other relevant software. The Internet Participating Financial Institution is not responsible for the integrity of the contents of the Electronic Prospectus, which has been obtained from the web servers of the Internet Participating Financial Institution and subsequently communicated or disseminated in any manner to you or other parties;

(ii) while all reasonable measures have been taken to ensure the accuracy and reliability of the information provided in the Electronic Prospectus, the accuracy and reliability of the Electronic Prospectus cannot be guaranteed because the internet is not a fully secure medium; and

(iii) the Internet Participating Financial Institution is not liable (whether in tort or contract or otherwise) for any loss, damage or costs, you or any other person may suffer or incur due to, as a consequence of or in connection with any inaccuracies, changes, alterations, deletions or omissions in respect of the information provided in the Electronic Prospectus which may arise in connection with or as a result of any fault with web browsers or other relevant software, any fault on your or any third party’s personal computer, operating system or other software, viruses or other security threats, unauthorised access to information or systems in relation to the website of the Internet Participating Financial Institution, and/or problems occurring during data transmission which may result in inaccurate or incomplete copies of information being downloaded or displayed on your personal computer.

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Registration No. 201901004019 (1313346-A)Registration No. 201901004019 (1313346-A) INDICATIVE TIMETABLE

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The following events are intended to take place on the following indicative time and/or date:

Events Time and/or date

Opening of the Institutional Offering(1) []

Issuance of the Prospectus/Opening of the Retail Offering 10.00 a.m., []

Closing of the Retail Offering 5.00 p.m., []

Closing of the Institutional Offering []

Price Determination Date []

Balloting of applications for our Issue Shares under the Retail Offering []

Allotment/Transfer of our IPO Shares to successful applicants []

Listing []

Note:

(1) [Other than the Institutional Offering to the Cornerstone Investors. The Master Cornerstone Placement Agreement for the acquisition of our IPO Shares has been entered into on []]

In the event there are any change to the timetable, we will advertise the notice of changes in widely circulated English and Bahasa Malaysia daily newspapers within Malaysia.

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TABLE OF CONTENTS

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PRESENTATION OF FINANCIAL AND OTHER INFORMATION ………………………………. xii

FORWARD-LOOKING STATEMENTS………………………………………………………………. xiv

DEFINITIONS................................................................................................................................... xv

GLOSSARY OF TECHNICAL TERMS............................................................................................ xxiii

1. CORPORATE DIRECTORY............................................................................................... 1

2. INTRODUCTION……………………………………………………………………………… 7

2.1 Approvals and conditions ..................................................................................... 7

2.2 Moratorium on our Shares.................................................................................... 9

3. PROSPECTUS SUMMARY................................................................................................ 11

3.1 Principal details of our IPO................................................................................... 11

3.2 Overview of our business ..................................................................................... 12

3.3 Competitive strengths........................................................................................... 12

3.4 Strategies and future plans .................................................................................. 13

3.5 Risk factors........................................................................................................... 14

3.6 Impact of the COVID-19 pandemic ...................................................................... 16

3.7 Promoters and substantial shareholders.............................................................. 17

3.8 Directors and Key Senior Management ............................................................... 18

3.9 Use of proceeds ................................................................................................... 19

3.10 Financial and operational highlights ..................................................................... 19

3.11 Dividend policy ..................................................................................................... 20

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Registration No. 201901004019 (1313346-A)


TABLE OF CONTENTS (Cont’d)

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4. DETAILS OF OUR IPO....................................................................................................... 21

4.1 Indicative timetable............................................................................................... 21

4.2 Particulars of our IPO and plan of distribution...................................................... 22

4.3 Share capital, classes of shares and ranking ...................................................... 29

4.4 Basis of arriving at the price of our IPO Shares and refund mechanism ............. 29

4.5 Dilution.................................................................................................................. 32

4.6 Use of proceeds ................................................................................................... 33

4.7 Brokerage fee, underwriting commission and placement fee .............................. 39

4.8 Details of the underwriting, placement and lock-up arrangements ...................... 40

4.9 Trading and settlement in secondary market ...................................................... 41

5. INFORMATION ON OUR PROMOTERS, SUBSTANTIAL SHAREHOLDERS, DIRECTORS AND KEY SENIOR MANAGEMENT............................................................ 42

5.1 Promoters and substantial shareholders.............................................................. 42

5.2 Board of Directors................................................................................................. 50

5.3 Key Senior Management ...................................................................................... 95

5.4 Declaration by our Promoters, Directors and Key Senior Management .............. 108

5.5 Associations or family relationship between our Promoters, substantial shareholders, Directors and Key Senior Management 108

5.6 Other matters........................................................................................................ 109

6. INFORMATION ON OUR GROUP ..................................................................................... 110

6.1 Our Company ....................................................................................................... 110

6.2 Pre-IPO Exercise.................................................................................................. 110

6.3 Our Group structure………………………………………………………………… 113

6.4 Our subsidiaries, jointly controlled entity and associated company..................... 116

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7. BUSINESS OVERVIEW ..................................................................................................... 133

7.1 History of our Group ............................................................................................. 133

7.2 Key milestones and awards ................................................................................. 136

7.3 Our business ........................................................................................................ 139

7.4 Principal markets by business segments ............................................................. 156

7.5 Operational processes and technology used ...................................................... 157

7.6 Types, sources and availability of inputs ............................................................. 163

7.7 Material properties and equipment ...................................................................... 164

7.8 Operating capacity and utilisation rates .............................................................. 165

7.9 Our customers ...................................................................................................... 168

7.10 Major customers ................................................................................................... 169

7.11 Major suppliers ..................................................................................................... 172

7.12 Marketing and business development activities ................................................... 175

7.13 Research and development ................................................................................. 176

7.14 Competitive strengths .......................................................................................... 176

7.15 Strategies and future plans ................................................................................. 180

7.16 Seasonality ........................................................................................................... 185

7.17 Interruptions to our business and operations ...................................................... 186

7.18 Employees............................................................................................................ 194

7.19 Governing laws and regulations ........................................................................... 195

7.20 Major licences, permits and approvals ................................................................. 195

7.21 Intellectual property rights .................................................................................... 195

7.22 Insurance.............................................................................................................. 196

7.23 Material dependency on commercial contracts, agreements or other arrangements ....................................................................................................... 197

7.24 Environmental, social and governance ................................................................ 198

8. INDUSTRY OVERVIEW ..................................................................................................... 200

9. RISK FACTORS ................................................................................................................. 212

9.1 Risks relating to our business .............................................................................. 212

9.2 Risks relating to our industry ................................................................................ 222

9.3 Risks relating to our Shares and our Listing ........................................................ 225

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10. RELATED PARTY TRANSACTIONS ................................................................................ 229

10.1 Related party transactions.................................................................................... 229

10.2 Monitoring and oversight of related party transactions ........................................ 246

11. CONFLICTS OF INTEREST............................................................................................... 248

11.1 Interest in entities carrying on a similar trade as our Group or which are ourcustomers or suppliers ......................................................................................... 248

11.2 Declaration by advisers on conflicts of interest .................................................... 255

12. FINANCIAL INFORMATION .............................................................................................. 256

12.1 Historical combined financial information ............................................................. 256

12.2 Management’s discussion and analysis of financial condition and results of operations............................................................................................................. 259

12.3 Capitalisation and indebtedness .......................................................................... 311

12.4 Reporting Accountants’ Report on the Pro Forma Consolidated Statements of Financial Position of MTTSL ............................................................................... 312

12.5 Dividend policy ..................................................................................................... 324

13. ACCOUNTANTS’ REPORT ............................................................................................... 326

14. STATUTORY AND OTHER GENERAL INFORMATION .................................................. 420

14.1 Share capital......................................................................................................... 420

14.2 Extracts of our Constitution .................................................................................. 420

14.3 Limitation on the right to hold securities and/or exercise voting rights................. 422

14.4 Repatriation of capital, remittance of profit and taxation ...................................... 423

14.5 Material contracts ................................................................................................. 423

14.6 Material litigation................................................................................................... 424

14.7 Consents .............................................................................................................. 425

14.8 Documents available for inspection...................................................................... 426

14.9 Responsibility Statements .................................................................................... 426

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15. SUMMARISED PROCEDURES FOR APPLICATION AND ACCEPTANCE.................... 427

15.1 Opening and closing of Application ...................................................................... 427

15.2 Methods of Application ......................................................................................... 427

15.3 Eligibility................................................................................................................ 428

15.4 Procedures for Application by way of Application Form 429

15.5 Procedures for Application by way of Electronic Share Application..................... 429

15.6 Procedures for Application by way of Internet Share Application ........................ 430

15.7 Authority of our Board and the Issuing House ..................................................... 430

15.8 Over/under-subscription…………………………………………………………… 430

15.9 Unsuccessful/partially successful applicants........................................................ 431

15.10 Successful applicants ........................................................................................... 432

15.11 Enquiries............................................................................................................... 433

ANNEXURE A: OUR MATERIAL PROPERTIES A-1

ANNEXURE B: OUR MAJOR LICENCES, PERMITS AND APPROVALS B-1

ANNEXURE C: MATERIAL REGULATORY REQUIREMENTS C-1

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Registration No. 201901004019 (1313346-A)Registration No. 201901004019 (1313346-A) PRESENTATION OF FINANCIAL AND OTHER INFORMATION

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All references to “our Company” or “MTTSL” are to MTT Shipping and Logistics Berhad. All references to “MTTSL Group” or “our Group” are to our Company and our subsidiaries taken as a whole. All references to “we”, “us”, “our” and “ourselves” are to our Company and where the context otherwise requires, our Group.

Certain amounts and percentage figures included in this Prospectus have been subjected to rounding adjustments. Any discrepancies in the tables or charts between the amounts listed and totals in this Prospectus are due to rounding adjustments. Other abbreviations and acronyms used in this Prospectus are defined in the “Definitions” section and technical terms used in this Prospectus are defined in the “Glossary of Technical Terms” section. Words denoting the singular will, where applicableinclude the plural and vice versa and words denoting the masculine gender will, where applicable, include the feminine and/or neuter gender and vice versa. Reference to persons will, where applicable, include companies and corporations.

Any reference to provisions of the statutes, rules, regulations, enactments or rules of stock exchange shall (where the context admits), be construed as a reference to provisions of such statutes, rules, regulations, enactments or rules of stock exchange (as the case may be) as modified by any written law or (if applicable) amendments or re-enactments to the statutes, rules, regulations, enactments or rules of stock exchange for the time being in force.

Any reference to a time or date shall be a reference to a time or date in Malaysia, unless otherwise stated.

Any references to the “LPD” in this Prospectus are to 30 June 2021, being the latest practicable date prior to the registration of this Prospectus with the SC.

The information on our website or any website, directly or indirectly, linked to our website does not form part of this Prospectus and you should not rely on those information for the purposes of your decisionwhether or not to invest in our Shares.

This Prospectus includes statistical data provided by various third parties and us and cites third-party projections regarding the growth and performance of the industry in which we operate and our estimated market share. This data is taken or derived from information published by industry sources and from our internal data. In each of such case, the source is stated in this Prospectus, provided that where no source is stated, it can be assumed that the information originates from us or is extracted from the IMR Report included in Section 8 of this Prospectus. We have appointed Smith Zander to provide an independent market and industry review. In compiling its data for the review, Smith Zander relied on its research methodology, industry sources, published materials, its private databanks and direct contacts within the industry.

Further, third-party projections cited in this Prospectus are subject to significant uncertainties that could cause actual data to differ materially from the projected figures. We cannot give any assurance that the projected figures will be achieved and you should not place undue reliance on the statistical data and third-party projections cited in this Prospectus.

EBITDA and the related ratios presented in this Prospectus are supplemental measures of our performance and liquidity that are not required by or presented in accordance with the IFRS and MFRS. Furthermore, EBITDA is not a measure of our financial performance or liquidity under the IFRS and MFRS and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with the IFRS or MFRS or as an alternative to cash flows from operating activities or as a measure of liquidity. In addition, EBITDA is not a standardised term, and hence, a direct comparison of EBITDA between companies may not be possible. Other companies may calculate EBITDA differently from us, limiting its usefulness as a comparative measure.

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PRESENTATION OF FINANCIAL AND OTHER INFORMATION (Cont’d)

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We believe that EBITDA may facilitate comparisons of operating performance from period to period and company to company by eliminating potential differences caused by variations in capital structures (affecting interest expense and finance charges), tax positions (including the impact on periods or companies of changes in effective tax rates or net operating losses), the age and booked depreciation and amortisation of assets (affecting relative depreciation and amortisation expenses). EBITDA has been presented because we believe that it is frequently used by securities analysts, investors and other interested parties in evaluating similar companies, many of whom present such non-IFRS and non-MFRS financial measures when reporting their results. Finally, EBITDA is presented as a supplemental measure of our ability to service debt. Nevertheless, EBITDA has limitations as an analytical tool, and prospective investors should not consider it in isolation from or as a substitute for analysis of our financial condition or results of operations, as reported under the IFRS and MFRS. Due to these limitations, EBITDA should not be considered as a measure of discretionary cash available to invest in the growth of our business.

For illustrative purposes and unless specified otherwise, all HKD and USD amounts in this Prospectus were converted in RM amounts based on exchange rate of HKD100 : RM53.4735 and USD1.00 :RM4.1520 respectively, being the middle rate quoted by Bank Negara Malaysia as at 5.00 pm as at the LPD.

No representation is made that the HKD and USD amounts referred to in this Prospectus could have been or could actually be converted into RM amounts, at the rates indicated or at all.

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FORWARD-LOOKING STATEMENTS

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This Prospectus contains forward-looking statements. All statements other than statements of historical facts included in this Prospectus, including, without limitation, those regarding our financial position, business strategies and prospects are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results,performance or achievements, or industry results expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. Such forward-looking statements reflect our current view with respect to future events and are not a guarantee of future performance.

Forward-looking statements can be identified by the use of forward-looking terminologies such as the words “may”, “will”, “would”, “could”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “aim”, “plan”, “forecast” or similar expressions and include all statements that are not historical facts. Such forward-looking statements include, without limitation, statements relating to:

(i) our business strategies and potential growth opportunities;

(ii) our future plans and objectives;

(iii) our future financial position, earnings, cash flows and liquidity;

(iv) the general industry environment, including the demand for our services, trends and competitive position; and

(v) regulatory environment and the effects of future regulation.

Factors that could cause actual results, performance or achievements to differ materially include, but are not limited to, those discussed in Section 9 of this Prospectus on “Risk Factors” and Section 12.2 of this Prospectus on “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. We cannot give any assurance that the forward-looking statements made in this Prospectus will be realised. Such forward-looking statements are made only as at the LPD.

In light of these uncertainties, the inclusion of such forward-looking statements should not be regarded as a representation or warranty by us or our advisers that such plans and objectives will be achieved.

Should we become aware of any subsequent material change or development affecting a matter disclosed in this Prospectus arising from the date of registration of this Prospectus but before the date of allotment/transfer of our IPO Shares, we will further issue a supplemental or replacement prospectus, as the case may be, in accordance with the provisions of Section 238(1) of the CMSA and Paragraph 1.02, Chapter 1 of Part II (Division 6) on (Supplementary and Replacement Prospectus) of the Prospectus Guidelines.

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Registration No. 201901004019 (1313346-A)Registration No. 201901004019 (1313346-A) DEFINITIONS

xv

The following terms shall apply throughout this Prospectus unless the term is defined otherwise or the context requires otherwise: Acquisitions : Acquisitions of ordinary shares in MTT Shipping and ICSD respectively

undertaken by our Company pursuant to the terms of the MTT Shipping SSA and the ICSD SSA as described in Section 6.2 of this Prospectus

Act : Companies Act 2016 ADA : Authorised Depository Agent Admission : Admission of our Shares to the Official List of the Main Market of Bursa

Securities Affin Hwang IB : Affin Hwang Investment Bank Berhad AGM : Annual general meeting Application : Application for our Issue Shares by way of Application Form, Electronic

Share Application or Internet Share Application Application Form : Application form for the application for our Issue Shares under the

Retail Offering accompanying this Prospectus ATM : Automated teller machine Auditors or Reporting Accountants or KPMG

: KPMG PLT

Authorised Financial Institution

: Authorised financial institution participating in the Internet Share Application in respect of the payment for our Issue Shares

Board : Board of Directors of our Company Bumiputera : In context of: (i) individuals - Malay and the aborigines and the natives of Sabah

and Sarawak as specified in the Federal Constitution of Malaysia; (ii) companies - companies which fulfil, among others, the following

criteria or such other criteria as may be imposed by the MITI: (a) registered under the Act as a private company; (b) its shareholders are 100% Bumiputera; and (c) its board of directors (including its staff) are at least 51%

Bumiputera; and (iii) cooperatives - cooperatives whose shareholders or cooperative

members are at least 95% Bumiputera or such criteria as may be imposed by the MITI

Bursa Depository : Bursa Malaysia Depository Sdn Bhd Bursa Securities : Bursa Malaysia Securities Berhad CDS : Central Depository System

xv

Registration No. 201901004019 (1313346-A)Registration No. 201901004019 (1313346-A) DEFINITIONS (Cont’d)

xvi

Clarice Ong : Ong Yee Sian, our Promoter, Key Senior Management, Non-Independent Executive Director and Moratorium Provider

CMCO : Conditional MCO issued by the Government of Malaysia under the Prevention and Control of Infectious Diseases Act 1988 and the Police Act 1967

CMSA : Capital Markets and Services Act, 2007

Constitution : Constitution of our Company

Cornerstone Investors : Collectively, [] and []

COVID-19 : An infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2)

Dato’ Seri Ong : Dato’ Seri Ong Kean Lee, our Promoter, substantial shareholder, Executive Chairman and Moratorium Provider

Depositor : A holder of a Securities Account

Director(s) : Director(s) of our Company

EBITDA : Earnings before interest, taxation, depreciation and amortisation

Electronic Prospectus : Copy of this Prospectus that is issued, circulated or disseminated via the internet and/or an electronic storage medium, including but not limited to CD-ROMs (Compact Disc - Read Only Memory)

Electronic Share Application

: Application for our Issue Shares under the Retail Offering through a Participating Financial Institution’s ATM

Eligible Persons : Collectively, our Directors, employees of our Group (including the directors of our Subsidiaries) and persons who have contributed to the success of our Group who are eligible to participate in the Retail Offering

EMCO : Enhanced MCO issued under the Prevention and Control of Infectious Diseases Act 1988 of Malaysia and the Police Act 1967 of Malaysia

EPS : Earnings per share

Equity Guidelines : Equity Guidelines issued by the SC

Evergreen Malaysia : Evergreen Marine Corp (Malaysia) Sdn Bhd

Evergreen Taiwan : Evergreen Marine Corp. (Taiwan) Ltd., a company listed on the Taiwan Stock Exchange, being the ultimate holding company of Evergreen Malaysia

Evergreen Group of Companies

: Collectively, Evergreen Taiwan and its subsidiaries

Final Retail Price : Final price per Issue Share to be paid by the investors under the Retail Offering, equivalent to the Retail Price or the Institutional Price, whichever is lower, to be determined on the Price Determination Date

FPE : Financial period ended, or where the context otherwise requires, financial period ending

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FYE : Financial year ended, or where the context otherwise requires, financial year ending

GDPL : Global Dominance Pte. Ltd., our substantial shareholder

Global Coordinator : Maybank IB

GP : Gross profit

HMSB : Hartavisi Murni Sdn Bhd, a corporate shareholder of MTTC

HSE : Health, Safety and Environment

IACS : International Association of Classification Societies

ICSD SSA : Share sale agreement dated 27 July 2021 entered into between our Company (as purchaser) and the identified shareholders of ICSD, namely OCTSB, PKT, Dato’ Seri Ong, Ooi Lean Hin, Chan Huan Hin and Lee Hock Saing (as vendors) for the acquisition of 2,588,393 ordinary shares in ICSD for a purchase consideration of RM23,446,592 which was satisfied via the issuance of 23,446,592 new MTTSL Shares at an issue price of RM1.00 per MTTSL Share

IFRS : International Financial Reporting Standards issued by the International Accounting Standards Board

IMR Report : Independent market research report dated 29 July 2021 prepared by Smith Zander

IMO : International Maritime Organisation

Independent Market Researcher or Smith Zander

: Smith Zander International Sdn Bhd

Institutional Offering : Offering of up to 270,000,000 IPO Shares at the Institutional Price, subject to clawback and reallocation provisions and the Over-allotment Option, to the following:

(a) Malaysian institutional and selected investors, including Bumiputera investors approved by the MITI; and

(b) foreign institutional and selected investors.

Institutional Price : Price per IPO Share to be paid by investors under the Institutional Offering which will be determined on the Price Determination Date by way of bookbuilding

Internet Participating Financial Institution

: A participating financial institution for the Internet Share Application

Internet Share Application : Application for our Issue Shares under the Retail Offering through an Internet Participating Financial Institution

IPO : Initial public offering comprising the Offer for Sale and the Public Issue

IPO Shares : Collectively, the Offer Shares and the Issue Shares

Issue Shares : New Shares to be issued by our Company under the Public Issue

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Issuing House or Share Registrar

: Tricor Investor & Issuing House Services Sdn Bhd

Joint Bookrunners : Collectively, Maybank IB and Affin Hwang IB

Joint Managing Underwriters

: Collectively, Maybank IB and Affin Hwang IB

Joint Underwriters : Collectively, Maybank IB and Affin Hwang IB

Key Senior Management : Key senior management personnel of our Group, whose profiles are set out in Section 5.3.3 of this Prospectus

Listing : Listing of and quotation for the entire enlarged issued shares of our Company on the Main Market of Bursa Securities

Listing Requirements : Main Market Listing Requirements of Bursa Securities

LPD : 30 June 2021, being the latest practicable date prior to the registrationof this Prospectus with the SC

Lloyd’s Register : Lloyd’s Register Singapore Pte Ltd, Lloyd’s Register Asia or Lloyd’s Register of Shipping (Malaysia) Bhd, all being subsidiaries or affiliatesof Lloyd’s Register Group Limited, who issued the relevant certificates for the vessels operated by our Group

Malaysian Public : Malaysian citizens, companies, co-operatives, societies and institutions incorporated or organised under the laws of Malaysia

Market Day : A day on which Bursa Securities is open for trading in securities

Master Cornerstone Placement Agreement

: Master cornerstone placement agreement dated [] entered into between our Company, the Selling Shareholders, the Global Coordinator, the Joint Bookrunners and the Cornerstone Investors,under which the Cornerstone Investors agree to acquire an aggregate of [] IPO Shares under the Institutional Offering at the Institutional Price

Maybank IB or Principal Adviser or Stabilising Manager

: Maybank Investment Bank Berhad

MCCG : Malaysian Code on Corporate Governance

MCO : Movement Control Order issued under the Prevention and Control of Infectious Diseases Act 1988 of Malaysia and the Police Act 1967 of Malaysia

MFRS : Malaysian Financial Reporting Standards issued by the Malaysian Accounting Standards Board

MITI : Ministry of International Trade and Industry

Moratorium Providers : Collectively, Dato’ Seri Ong, Ooi Lean Hin, Chan Huan Hin, MTTC,OCTSB and Clarice Ong, being shareholders of our Company whose securities are subject to moratorium under the Equity Guidelinestogether with Lee Hock Saing and Lee Kong Siong who have voluntarily provided moratorium undertakings pursuant to our IPO

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xix

MTT Shipping SSA : Share sale agreement dated 27 July 2021 entered into between our Company (as purchaser) and all the shareholders of MTT Shipping, namely Dato’ Seri Ong, MTTC, Ooi Lean Hin, Lee Hock Saing, Chan Huan Hin, Lee Kong Siong and GDPL (as vendors) for the acquisitionof 10,000,000 ordinary shares in MTT Shipping for a purchase consideration of RM378,804,381 which was satisfied via the issuance of 378,804,381 new MTTSL Shares at an issue price of RM1.00 per MTTSL Share

MTTC : Malaysia Trade & Transport Company Sdn Bhd, our substantial shareholder and Moratorium Provider

MTTSL or Company : MTT Shipping and Logistics Berhad

MTTSL Group or Group : Collectively, MTTSL and its subsidiaries

MTTSL Shares or Shares : Ordinary shares in our Company

NA : Net assets

NBV : Net book value

Offer for Sale : Offer for sale up to 50,000,000 Offer Shares by the Selling Shareholders

Offer Shares : Existing MTTSL Shares to be offered by the Selling Shareholderspursuant to the Offer for Sale

Official List : A list specifying all securities listed on Bursa Securities

OCTSB : Ong Chin Teik Sdn Bhd, our substantial shareholder and Moratorium Provider

Over-allotment Option : The over-allotment option granted by the Over-allotment Option Providers to the Stabilising Manager (on behalf of the Placement Managers)

Over-allotment Option Providers

: Collectively, Dato’ Seri Ong, Ooi Lean Hin, Chan Huan Hin, Lee Hock Saing, Lee Kong Siong and GDPL

Participating Financial Institution

: A participating financial institution for the Electronic Share Application

PAT : Profit after taxation

PATAMI : Profit after taxation and minority interest

PBT : Profit before taxation

PE Multiple : Price-to-earnings multiple

Pink Form Allocations : The allocation of 10,000,000 Issue Shares to the Eligible Persons under the Retail Offering

PKT : Permodalan K.T. Sdn Bhd

Placement Agreement : Placement agreement dated [] entered into between the Company, the Selling Shareholders and the Placement Managers in respect of such number of IPO Shares to be offered under the Institutional Offering

xix

Registration No. 201901004019 (1313346-A) DEFINITIONS (Cont’d)

xx

Placement Managers : Collectively, Maybank IB and Affin Hwang IB Pre-IPO Exercise : Collectively, the Acquisitions and the Share Split Price Determination Date : The date on which the Institutional Price and the Final Retail Price will

be determined Promoters : Collectively, Dato’ Seri Ong, Ooi Lean Hin, Chan Huan Hin, Clarice

Ong, Lee Hock Saing and Lee Kong Siong, being the promoters as prescribed under Section 226 of CMSA and “Promoter” shall refer to any one of them

Prospectus Guidelines : Prospectus Guidelines issued by the SC Public Issue : Public issue of 250,000,000 Issue Shares by our Company Record of Depositors : A record of securities holders established by Bursa Depository in

accordance with the Rules of Bursa Depository Retail Offering : Offering of 30,000,000 Issue Shares at the Retail Price, subject to the

clawback and reallocation provisions, to be allocated as follows: (i) 10,000,000 Issue Shares reserved for application by the Eligible

Persons; and (ii) 20,000,000 Issue Shares for application by the Malaysian Public,

via balloting Retail Price : Initial price of RM[●] per Issue Share to be fully paid upon application

under the Retail Offering, subject to adjustment as detailed in Section 4.4.1 of this Prospectus

Retail Underwriting Agreement

: Retail underwriting agreement dated [] entered into between our Company, the Joint Managing Underwriters and the Joint Underwriters for the underwriting of our Issue Shares under the Retail Offering

RMCO : Recovery MCO issued by the Government of Malaysia under the

Prevention and Control of Infectious Diseases Act 1988 and the Police Act 1967

ROC : Registrar of Companies Rules of Bursa Depository : The rules of Bursa Depository as issued under the SICDA SAC : Shariah Advisory Council of the SC SC : Securities Commission Malaysia Securities Account or CDS Account

: An account established by Bursa Depository for a Depositor for the recording of deposit of securities and for dealing in such securities by the Depositor

Selling Shareholders : Collectively, Dato’ Seri Ong, Ooi Lean Hin, Chan Huan Hin, Lee Hock

Saing, Lee Kong Siong and GDPL Share Lending Agreement

: Share lending agreement dated [] entered into between the Over-allotment Option Providers and the Stabilising Manager pursuant to which the Over-allotment Option Providers will lend their Shares to the Stabilising Manager to cover over-allotments, if any, under the Over-allotment Option

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Share Split

: Subdivision of 402,250,978 Shares following the completion of the Acquisitions into 750,000,000 Shares

SICDA : Securities Industry (Central Depositories) Act, 1991 Currencies HKD : Hong Kong Dollar, the lawful currency of Hong Kong RM and sen : Ringgit Malaysia and sen, the lawful currency of Malaysia USD : United States Dollar, the lawful currency of the United States of

America Subsidiaries (in alphabetical order) ICSD : ICS Depot Services Sdn Bhd Kapal Solutions : Kapal Solutions Sdn Bhd Lestari Maritime Lestari Maritime Sdn Bhd LP Multi Terminal : LP Multi Terminal Sdn Bhd (in member’s voluntary winding up) LPMT Resources : LPMT Resources Sdn Bhd (in the process of being struck-off) MTT Likang : MTT Likang Sdn Bhd MTT Realty Holdings : MTT Realty Holdings Sdn Bhd MTT Shipping : MTT Shipping Sdn Bhd MTT Shipping (East Malaysia)

: MTT Shipping (East Malaysia) Sdn Bhd

MTT Shipping Bintulu : MTT Shipping Bintulu Sdn Bhd MTT Shipping KK : MTT Shipping Kota Kinabalu Sdn Bhd MTT Shipping Kuantan : MTT Shipping Kuantan Sdn Bhd MTT Shipping Kuching : MTT Shipping Kuching Sdn Bhd MTT Shipping Labuan : MTT Shipping Labuan Sdn Bhd MTT Shipping Langkawi : MTT Shipping Langkawi Sdn Bhd MTT Shipping Logistics Centre

: MTT Shipping Logistics Centre Sdn Bhd

MTT Shipping Lumut : MTT Shipping Lumut Sdn Bhd MTT Shipping Miri : MTT Shipping Miri Sdn Bhd MTT Shipping Muara : MTT Shipping Muara Sdn Bhd MTT Shipping Pasir Gudang

: MTT Shipping Pasir Gudang Sdn Bhd

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xxii

MTT Shipping Pelepas : MTT Shipping Pelepas Sdn Bhd MTT Shipping Perawang : MTT Shipping Perawang Sdn Bhd MTT Shipping Port Klang : MTT Shipping Port Klang Sdn Bhd MTT Shipping Rajang : MTT Shipping Rajang Sdn Bhd MTT Shipping Tanjong Manis

: MTT Shipping Tanjong Manis Sdn Bhd

MTT Shipping Tawau : MTT Shipping Tawau Sdn Bhd MTTS Holdings : MTTS Holdings Sdn Bhd Nautica Ship Management

: Nautica Ship Management Sdn Bhd

Sea Lion Container Line : Sea Lion Container Line Sdn Bhd Sea Navigator : Sea Navigator Limited Jointly controlled entity Harbour 360 : Harbour 360 Sdn Bhd Associated company Perceptive Logistics : Perceptive Logistics Sdn Bhd

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Registration No. 201901004019 (1313346-A)Registration No. 201901004019 (1313346-A) GLOSSARY OF TECHNICAL TERMS

xxiii

Barge : A flat-bottomed boat used to carry cargo. A barge is usually non self-propelled and dependent on a tugboat for propulsion

Berthing : The mooring of a vessel at port terminal

Bill of lading : A sea consignment document with details of a shipment issued by shipping companies or freight forwarders to shippers and consignees, which serves as a receipt, ownership and transport agreement of the shipment

Box operator : A shipping company who owns and manages a fleet of containers for its provision of container liner shipping services, but do not operate container vessels by itself for the services provided. Box operator provides container liner shipping services through procuring container slot space from vessel operating shipping companies.

Certificate of Classification

: A certificate issued by member of International Association of Classification Societies ("IACS") for vessels that are surveyed and certified in compliant with standards developed by the IACS members

Consignee : The receiver of cargo

Container : A metal box designed and built with standardised specifications and dimensions for cargo storage and intermodal transportation

Container depot : A designated area for the storage and container related services for empty containers

Container haulage : The carriage of containers using land transportation

Container liner shipping : The carriage of containers using sea transportation

Dry docking : A process where a vessel is brought to a dry dock. A dry dock is a structured area in a form of a basin where water within the area can be filled for vessel to manoeuvre in and out of the area, or drained out for regulatory inspection, and maintenance and repair to be performed within the area

Freight forwarder : A party who acts on behalf of shippers or consignees to arrange and coordinate the shipment of goods from one place to another, using single or multiple transportation modes including land, rail, sea and/or air

Horsepower : A measurement of power that can be generated and delivered by an engine

Main Line Operator : A shipping company that usually sails to major ports of a region or a country, which the ports may not be the ultimate port of origin and/or destination of the cargo, and Main Line Operator may require feeder services from other shipping companies to ship the cargo to the ultimate destination

Nominal capacity : A theoretical measurement of the maximum number of empty containers that can be carried on a container vessel

Pilotage : Navigation service provided by port to guide the vessel along the route sailing to the port terminal

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Registration No. 201901004019 (1313346-A)Registration No. 201901004019 (1313346-A) GLOSSARY OF TECHNICAL TERMS

xxiv

Port call : An action where a port is called by a vessel to berth for a scheduled period of time for loading and unloading of cargo

Port of discharge : A place where cargo are unloaded from the vessel

Port of loading : A place where cargo are loaded onto the vessel

Port of registry : A place where the particulars of a vessel are officially registered. The ports of registry in Malaysia are Port Klang, Penang Port, Kota Kinabalu Port and Kuching Port

Removable vehicle racking system

: A racking system mounted into a dry cargo container to carry vehicles for shipment. It saves space and allows containers to be fully utilised in carrying vehicles

Shipper : The sender of cargo

Stuffing : A process in which cargo are loaded into an empty container

TEU : 20-foot equivalent unit, a unit of container capacity often used to describe the capacity of a container. It is also a measurement used to determine the capacity (i.e. carrying volume in terms of number of TEU) of a container vessel

Time charter : A type of vessel chartering arrangement whereby the vessel is chartered for a pre-determined period of time, and the vessel owner remains responsible for the management of vessel and the supply of crew members to the charterer while the charterer decides on the sailing routes of the vessel within the chartering period. The operating costs incurred for the vessel such as ship management and maintenance costs as well as crew costs are borne by the vessel owner whereas the fuel costs and port dues of the vessel are borne by the charterer

Throughput : A measurement of the amount of cargo that passes through a port over a specific period of time

Transhipment : The shipment of cargo to an intermediate destination for a change of vessel before reaching the final destination

Tug : A tugboat equipped with a propulsion system that manoeuvres other types of boat, such as barge

Unberthing : The unmooring of a vessel from port terminal

xxiv

Registration No. 201901004019 (1313346-A)Registration No. 201901004019 (1313346-A) 1. CORPORATE DIRECTORY

1

BOARD OF DIRECTORS Name Designation Nationality Address

Dato’ Seri Ong Non-Independent Executive Chairman

Malaysian 20, Jalan Haji Rafaie 11200 Tanjong Bungah Pulau Pinang Malaysia

Ooi Lean Hin Non-Independent

Executive Director/ Managing Director

Malaysian 1 Elitis Serambi Mera Valencia Hillcourt Precinct 47000 Sungai Buloh Selangor Darul Ehsan Malaysia

Chan Huan Hin Non-Independent

Executive Director Malaysian 26, Jalan USJ 17/13A

47630 Subang Jaya Selangor Darul Ehsan Malaysia

Clarice Ong Non-Independent

Executive Director Malaysian 20, Jalan Haji Rafaie

11200 Tanjong Bungah Pulau Pinang Malaysia

Razman Hafidz bin Abu Zarim

Senior Independent Non-Executive

Director

Malaysian 8C-3A-1 Sri Murni Condominium 8 Lorong Kota Empat Bukit Ledang 50480, Kuala Lumpur Wilayah Persekutuan Malaysia

Dato’ Abd Gani bin Othman

Independent Non-Executive Director

Malaysian Lot 22797, Jalan Mawar Putih Kg. Dato Abu Bakar Baginda 43000 Kajang Selangor Darul Ehsan Malaysia

Dato’ Captain Haji Ahmad bin Othman


Malaysian 42 Jalan Rabung U8/39 Bukit Jelutong 40150 Shah Alam Selangor Darul Ehsan Malaysia

Dato’ Seri Wong Siew Hai


Malaysian 9, Jesselton Avenue 10450 George Town Pulau Pinang Malaysia

Shareen Shariza Dato' binti Abdul Ghani


Malaysian 480212, Jalan Sungai Penchala 12 Kampung Sungai Penchala 60000 Kuala Lumpur Wilayah Persekutuan Malaysia

1


1. CORPORATE DIRECTORY (Cont’d)

2

AUDIT COMMITTEE

Name Designation Directorship

Razman Hafidz bin Abu Zarim Chairman Senior Independent Non-Executive Director


Member Independent Non-Executive Director

Dato’ Abd Gani bin Othman Member Independent Non-Executive Director

NOMINATING AND REMUNERATION COMMITTEE


Dato’ Seri Wong Siew Hai Chairman Independent Non-Executive Director

Razman Hafidz bin Abu Zarim Member Senior Independent Non-Executive Director

Dato’ Abd Gani bin Othman Member Independent Non-Executive Director

RISK MANAGEMENT COMMITTEE


Chan Huan Hin Chairman Non-Independent Executive Director

Dato’ Seri Wong Siew Hai Member Independent Non-Executive Director



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3

COMPANY SECRETARIES : Wong Wai Foong 1164, Jalan 17/46Happy Garden46400 Petaling JayaSelangor Darul EhsanMalaysia

Professional qualification: Malaysian Institute of Chartered Secretaries and Administrators ("MAICSA”)(MAICSA No.: MAICSA 7001358)CCM Practising Certificate No.202008001472

Rebecca Kong Say Tsui No. 26, Jalan Puteri 11/8Bandar Puteri 47100 PuchongSelangor Darul EhsanMalaysia

Professional qualification: MAICSA(MAICSA No.: MAICSA 7039304)CCM Practising Certificate No. 202008001003

REGISTERED OFFICE : Unit 30-01, Level 30, Tower AVertical Business SuiteAvenue 3, Bangsar SouthNo. 8, Jalan Kerinchi59200 Kuala LumpurWilayah PersekutuanMalaysia

Tel. No. : +603 2783 9191

HEAD/MANAGEMENT OFFICE : Unit 13A-1, Level 13A, Tower 8UOA Business ParkNo. 1, Jalan Pengaturcara U1/51ASeksyen U140150 Shah AlamSelangor Darul EhsanMalaysia

Tel. No. : +603 5568 3000E-mail : [email protected] : www.mttsl.com.my

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4

AUDITORS AND REPORTING ACCOUNTANTS

: KPMG PLT LLP0010081-LCA & AF 0758Chartered AccountantsLevel 10, KPMG Tower8, First Avenue Bandar Utama47800 Petaling Jaya Selangor Darul EhsanMalaysia

Tel. No. : +603 7721 3388

Partner-in-charge : Lam Shuh SiangProfessional qualification: Member of Malaysian Institute of Accountants (“MIA”)(MIA membership no. : CA22909)Fellow of Association of Chartered Certified Accountants (“FCCA”) (FCCA membership no. : 2673904)

SELLING SHAREHOLDERS : Dato’ Seri Ong20, Jalan Haji Rafaie 11200 Tanjong BungahPulau PinangMalaysia

Ooi Lean Hin1 Elitis Serambi MeraValencia Hillcourt Precinct47000 Sungai BulohSelangor Darul EhsanMalaysia

Chan Huan Hin26, Jalan USJ 17/13A47630 Subang JayaSelangor Darul EhsanMalaysia

Lee Hock SaingA-0-7 Sri Bayu CondoUSJ 11/747600 Subang JayaSelangor Darul EhsanMalaysia

Lee Kong SiongNo. 15, Jalan Bayu Laut 6/KS09D’Laman Greenville41200 KlangSelangor Darul EhsanMalaysia

GDPL96 Robinson Road#16-01 SIF BuildingRepublic of Singapore, 68899

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5

PRINCIPAL ADVISER ANDGLOBAL COORDINATOR

: Maybank Investment Bank Berhad 32nd Floor, Menara Maybank100, Jalan Tun Perak50050 Kuala LumpurWilayah PersekutuanMalaysia

Tel. No. : +603 2059 1888

JOINT MANAGING UNDERWRITERS AND JOINT UNDERWRITERS (in alphabetical order)

: Affin Hwang Investment Bank Berhad27th Floor, Menara Boustead69, Jalan Raja Chulan50200 Kuala LumpurWilayah PersekutuanMalaysia

Tel. No. : +603 2146 7444

Maybank Investment Bank Berhad 32nd Floor, Menara Maybank100, Jalan Tun Perak50050 Kuala LumpurWilayah PersekutuanMalaysia

Tel. No. : +603 2059 18888

JOINT BOOKRUNNERS (in alphabetical order)

: Affin Hwang Investment Bank Berhad27th Floor, Menara Boustead69, Jalan Raja Chulan50200 Kuala LumpurWilayah PersekutuanMalaysia

Tel. No. : +603 2146 7444

Maybank Investment Bank Berhad 32nd Floor, Menara Maybank100, Jalan Tun Perak50050 Kuala LumpurWilayah PersekutuanMalaysia

Tel. No. : +603 2059 1888

LEGAL ADVISERS : To our Company

Mah-Kamariyah & Philip Koh3A07 Block B, Phileo Damansara II15 Jalan 16/11, Off Jalan Damansara46350 Petaling JayaSelangor Darul EhsanMalaysia

Tel. No. : +603 7956 8686

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6

To the Global Coordinator, Joint Bookrunners, Joint Managing Underwriters and Joint Underwriters

Kadir, Andri & PartnersSuite A-38-8, Level 38 Menara UOA BangsarNo. 5, Jalan Bangsar Utama 159000 Kuala LumpurWilayah Persekutuan Malaysia

Tel. No. : +603 2780 2888

INDEPENDENT MARKET RESEARCHER

: Smith Zander International Sdn Bhd15-01, Level 15, Menara MBMR1, Jalan Syed Putra58000 Kuala LumpurWilayah PersekutuanMalaysia

Tel. No. : +603 2732 7537

Signing partner : Dennis Tan

(See Section 8 of this Prospectus for the profile of the firm and the signing partner)

ISSUING HOUSE AND SHARE REGISTRAR

: Tricor Investor & Issuing House Services Sdn Bhd Unit 32-01, Level 32, Tower A Vertical Business Suite Avenue 3, Bangsar South No. 8, Jalan Kerinchi 59200 Kuala LumpurWilayah PersekutuanMalaysia

Tel. No. : +603 2783 9299

LISTING SOUGHT : Main Market of Bursa Securities

SHARIAH STATUS : [Approved by the SAC]

6

Registration No. 201901004019 (1313346-A)Registration No. 201901004019 (1313346-A) 2. INTRODUCTION

7

2.1 APPROVALS AND CONDITIONS

2.1.1 SC

The SC has, via its letter dated [], approved our IPO and our Listing under Section 214(1) of the CMSA and our Company’s resultant equity structure pursuant to ourListing under the equity requirement for public listed companies, subject to compliance with the following conditions:

Details of conditions Status of compliance[] []

In the same letter, the SC has also noted that the effects of our Listing on the equity structure of our Company is as follows:

As at 30 June 2021* After our IPO

No. of Shares %

Assuming the Over-allotment Option is

not exercised

Assuming the Over-allotment Option is

fully exercised(1)

Category of shareholders

No. of Shares %

No. of Shares %

BumiputeraMalaysian Public via balloting

- - 10,000,000 1.00 10,000,000 1.00

Bumiputera investors to be approved by MITI

- - 125,000,000 12.50 125,000,000 12.50

Total Bumiputera(2) - - 135,000,000 13.50 135,000,000 13.50

Non-Bumiputera(3)(4) 5 100.00 806,195,300 80.62 811,057,900 81.11

Total Malaysian 941,195,300 94.12 811,057,900 94.61

Foreigners(4) - - 58,804,700 5.88 53,942,100 5.39

Total 5 100.00 1,000,000,000 100.00 1,000,000,000 100.00

Notes:

* Being the latest practicable date prior to submission of our Listing application to the SC.

(1) Assuming that our Shares under the Over-allotment Option are fully subscribed by non-Bumiputera institutional investors and selected investors.

(2) Assuming all our Shares allocated to Bumiputera investors to be approved by MITI under the Institutional Offering and Bumiputera investors under the Retail Offering via balloting are fully subscribed.

(3) Assuming all the Eligible Persons who are allocated our Issue Shares under the Retail Offering are non-Bumiputera Malaysian as the actual subscribers cannot be determined at this juncture.

(4) Assuming all our Shares allocated to institutional and selected investors under the Institutional Offering will be subscribed by non-Bumiputera Malaysian only as the amount allocated between the non-Bumiputera Malaysian investors and other foreign investorscan only be determined after the closing of applications for our IPO Shares.

7

Registration No. 201901004019 (1313346-A)Registration No. 201901004019 (1313346-A) 2. INTRODUCTION (Cont’d)

8

The SC has, via its letter dated [], approved the reliefs sought by us from having to comply with certain requirements under the Equity Guidelines. The details of the reliefs sought and the corresponding conditions imposed by the SC are as follows:

Reference Details of relief granted

Conditions imposed (if any)

Status of compliance

Equity Guidelines

Paragraph 1(f) of Part IV – Appendix I

Relief allowing for information in respect of the ultimate beneficial ownership of Evergreen be limited to information which is available in the public domain

[] []

Paragraph 2 of Appendix 4

Relief allowing for the placement of IPO Shares to persons connected to certain placement agents

[] []

Paragraph 5.30 of Part II

Relief allowing certain ultimate individual shareholders of MTTC be exempted from providing an undertaking in compliance with Paragraph 5.30 of the Equity Guidelines

[] []

The SAC has, via its letter dated [], classified our Shares as Shariah-compliant securities based on our audited combined financial statements for the FYE 31 December 2020.

2.1.2 MITI

The MITI has, via its letter dated [], stated that it has taken note and has no objection for us to implement our Listing.

2.1.3 Bursa Securities

Bursa Securities has, via its letter dated [], resolved to approve our Admission and our Listing, subject to compliance with the following conditions:

Details of conditions Status of compliance[] []

8


9

2.2 MORATORIUM ON OUR SHARES

In accordance with the Equity Guidelines, our Shares held by the Moratorium Providers as at the date of our Listing will be placed under moratorium. In this respect, our Shares that are subject to moratorium are set out below:

After our IPOAssuming the Over-allotment Option

is not exercisedAssuming the Over-allotment Option

is fully exercisedDirect Indirect Direct Indirect

NameNo. of

Shares %No. of

Shares %No. of

Shares %No. of

Shares %(’000) (’000) (’000) (’000) (’000)

Dato’ Seri Ong 207,032 20.70 145,053(1) 14.51 189,913 18.99 145,053(1) 14.51

Ooi Lean Hin 118,722 11.87 - - 108,905 10.89 - -

Chan Huan Hin 43,042 4.30 - - 39,482 3.95 - -

Lee Hock Saing 99,801 9.98 - - 91,548 9.15 - -

Lee Kong Siong 16,801 1.68 - - 15,412 1.54 - -

MTTC 141,257 14.13 - - 141,257 14.13 - -

OCTSB 3,797 0.38 141,257(2) 14.13 3,797 0.38 141,257(2) 14.13

Clarice Ong 100(3) 0.01 - - 100(3) 0.01 - -

Notes:

(1) Deemed interested by virtue of his shareholding in OCTSB and interest in MTTC through his shareholding in OCTSB pursuant to Section 8(4) of the Act.

(2) Deemed interested by virtue of its shareholding in MTTC pursuant to Section 8(4) of the Act.

(3) Assuming Clarice Ong fully subscribes her entitlement under the Pink Form Allocations.

The Moratorium Providers have fully accepted the moratorium. They will not be permitted to sell, transfer or assign any part of their respective holding in our Shares as at the date of ourListing for a period of six months from the date of the Listing.

9


10

The direct shareholders of MTTC, namely Dato’ Seri Ong, Ong Guat Ee, Dato’ Paduka Tengku Shaharin Abu Bakar bin Tengku Suleiman, Estate of Tengku Sharifah Salwa binti Syed Putra, Ong Lip Chee, Yeow Kheng Eng, Datin Bahariah binti Mohd Yusof, Goh Siew Eng, Abdul Shukur bin Abdul Rani, Goh Huck Sun, PKT, OCTSB and HMSB, will not be permitted to sell, transfer or assign their respective shareholdings in MTTC for a period of six months from the date of our Listing. [A relief had been obtained from the SC] for [●] shareholders of MTTC from providing the required moratorium.

The direct shareholders of OCTSB, namely Dato’ Seri Ong, Ong Guat Ee and Charmaine Ooh Yen Nee, will not be permitted to sell, transfer or assign their respective shareholdings in OCTSB for a period of six months from the date of our Listing.

The direct shareholders of PKT, namely Dato’ Seri Ong, Ong Guat Ee and Nizam Ariff bin Dato’ Seri Nazir Ariff, will not be permitted to sell, transfer or assign their respective shareholdings in PKT for a period of six months from the date of our Listing.

The direct shareholders of HMSB, namely Zairin binti Tun Ibrahim, Ahmad bin Ibrahim and Mariam binti Ibrahim, will not be permitted to sell, transfer or assign their respective shareholdings in HMSB for a period of six months from the date of our Listing. [A relief had been obtained from the SC for the deceased shareholder of HMSB from providing the requiredmoratorium].

The above restrictions do not apply in respect of:

(i) our Shares that may be sold pursuant to the Over-allotment Option to be granted by the Over-allotment Option Providers to the Stabilising Manager (on behalf of the Placement Manager); and

(ii) the transfer of our Shares by the Over-allotment Option Providers as contemplated under the Share Lending Agreement, provided that the restrictions will apply to our Shares returned to Over-allotment Option Providers pursuant to the Share Lending Agreement.

The above moratorium restrictions are specifically endorsed on the share certificates representing our Shares held by the Moratorium Providers which are under moratorium to ensure that our Share Registrar does not register any transfer that contravenes such restriction.

10

Registration No. 201901004019 (1313346-A) 3. PROSPECTUS SUMMARY

11

This Prospectus Summary only highlights the key information from other parts of this Prospectus. It does not contain all the information that may be important to you. You should read and understand the contents of the whole Prospectus prior to deciding on whether to invest in our Shares. 3.1 PRINCIPAL DETAILS OF OUR IPO

3.1.1 Institutional Offering The Institutional Offering involves the offering of up to 270,000,000 IPO Shares

(comprising up to 50,000,000 Offer Shares and 220,000,000 Issue Shares), representing up to 27.00% of our enlarged issued Shares, subject to the clawback and reallocation provision and Over-allotment Option as set out in Sections 4.2.3 and 4.2.4 of this Prospectus, at the Institutional Price in the following manner:

(i) 125,000,000 IPO Shares, representing 12.50% of our enlarged issued Shares,

to Bumiputera investors approved by the MITI; and

(ii) up to 145,000,000 IPO Shares, representing 14.50% of our enlarged issued Shares, to the Malaysian institutional and selected investors (other than Bumiputera investors approved by the MITI) and foreign institutional and selected investors.

3.1.2 Retail Offering The Retail Offering involves the offering of 30,000,000 Issue Shares, representing

approximately 3.00% of our enlarged issued Shares, subject to the clawback and reallocation provision as set out in Sections 4.2.3 of this Prospectus, at the Retail Price in the following manner:

(i) Allocation to the Eligible Persons

10,000,000 Issue Shares, representing approximately 1.00% of our enlarged issued Shares, are reserved for application by the Eligible Persons.

(ii) Allocation via balloting to the Malaysian public 20,000,000 Issue Shares, representing 2.00% of our enlarged issued Shares, are reserved for application by the Malaysian Public via balloting, of which 10,000,000 Issue Shares, have been set aside for application by Bumiputera citizens, companies, co-operatives, societies and institutions.

3.1.3 Moratorium on our Shares

In accordance with the Equity Guidelines, the Moratorium Providers are not allowed to sell, transfer or assign any of their respective holding in our Shares for a period of six months from the date of our Listing.

Our Public Issue and Offer for Sale will raise gross proceeds of RM[●] million and RM[●] million, respectively. For detailed information in relation to our IPO and moratorium on our Shares, see Sections 4.2 and 2.2 of this Prospectus.

11



3. PROSPECTUS SUMMARY (Cont’d)

12

3.2 OVERVIEW OF OUR BUSINESS

Our Company was incorporated in Malaysia under the Act as a private limited company underthe name of MTT Shipping and Logistics Sdn Bhd on 31 January 2019. Our Company was converted into a public limited company on 29 July 2021.

We are an investment holding company and through our subsidiaries, we are principally engaged in the provision of container shipping services, vessel chartering services, and container storage and container related services:

Container Liner Shipping

Our container liner shipping services cover routes between ports in Peninsular Malaysia and East Malaysia as well as overseas ports around the Southeast Asia region such as Singapore, Thailand, Brunei, Indonesia, India and Myanmar which are in close proximity to Malaysia.

Vessel Chartering

We charter out our own container vessels on time charter basis. As at the LPD, wecharter out three container vessels and will be chartering out another four container vessels in July 2021 to container liner shipping companies.

Container Depot

We operate four container depots, all located in Peninsular Malaysia, where we provide container storage and container related services to support our Group’s container liner shipping business and to our customers.

As at the LPD, we own a fleet of 12 container vessels with a total nominal capacity of 15,442 TEU.We have also taken delivery of two new container vessels, MTT Sapangar (1,800 TEUs) and MTT Sibu (415 TEUs) in July 2021. As part of our growth strategies, we intend to acquire additional container vessels and expect to receive four additional container vessels between 3Q 2021 and 1Q 2022.

For further details on our group structure and business, see Sections 6 and 7 of this Prospectus.

3.3 COMPETITIVE STRENGTHS

Our competitive strengths are as follows:

(i) We own our fleet of vessels, ensuring greater control over our container liner shipping operations and enabling us to capture demand from the charter market

As at the LPD, our Group owns 12 container vessels and operates nine vessels for our container shipping business. By owning these vessels to support our shipping business, it allows us to have a greater control over our operations as we can have the certainty of having sufficient fleet of container vessels which are suitable for the ports water depth along our services routes at all times. Further, our own fleet of container vessels also enables us to capture demand from the charter market as our container vessels can be chartered out to other container vessel operators.

(ii) We provide weekly fixed-day shipping services and comprehensive port coverage across Peninsular Malaysia and East Malaysia

Our Group offers weekly fixed-day shipping services between Peninsular Malaysia and East Malaysia, while some of our service routes cover ports in Singapore, Thailand andBrunei. The days of departure and arrival for our service routes are fixed according to the respective fixed-day sailing schedule, hence allowing our customers to effectively manage their logistics and inventory cycles. In addition, our comprehensive coverage of ports across Peninsular Malaysia and East Malaysia has also positioned us as a strong feeder operator in Malaysia.

12

Registration No. 201901004019 (1313346-A)Registration No. 201901004019 (1313346-A) 3. PROSPECTUS SUMMARY (Cont’d)

13

(iii) We are a leading player in container shipping between Peninsular Malaysia and East Malaysia with a 37.2% market share by total container throughput between Peninsular Malaysia and East Malaysia in 2020 We are one of the major container liner shipping companies in Malaysia as demonstrated by our market share. As recognition of our business achievements, we have received various awards for our container liner shipping business over the years. Our leading position and reputation will provide confidence to our customers in terms of our capabilities in the provision of container liner shipping services and the quality of our services, which will in turn facilitate the growth and expansion of our business.

(iv) We have established long term business relationships with our suppliers and customers. We have close working relationships with our suppliers including port operators and bunker fuel suppliers, as well as our customers which mainly comprise shippers, consignees, freight forwarders and Main Line Operators. These established business relationships support the growth and expansion of our Group.

(v) We have digitalised our business operations for greater operational efficiency. Our Group understands the importance of adopting the latest relevant digital-related technologies into our business operations in order to maintain and/or improve our operational efficiency. In view of this, we employ a proprietary information technology (“IT”) system (i.e. shipping software namely iKapal’s Shipping System) to support our day-to-day business operations. We employ a third party software, the SOVY-Depot System, to coordinate the daily operations of our container depot business.

(vi) We have an experienced and long serving Key Senior Management team with substantial industry experience. We have a group of Key Senior Management team with vast experience in the shipping and logistics industry as well as in-depth knowledge in our business across a broad spectrum of business activities, including operations, sales and marketing, and finance.

For further details on our competitive strengths, see Section 7.14 of this Prospectus. 3.4 STRATEGIES AND FUTURE PLANS

As part of our business strategies and future plans, we have in place the following expansion and development plans that would provide us with the platform to grow our business:

(i) To continue to expand our container liner shipping business in Malaysia and

overseas, as well as our vessel chartering business by expanding our fleet of container vessels We expect to receive four additional container vessels between 3Q 2021 and 1Q 2022 and intend to purchase additional container vessels to support the growth of our business. With additional container vessels we will be able to increase our port callings and expand our port coverage to new service routes, both within Malaysia as well as overseas. Further, we will be able to capitalise on strong charter demand for container vessels of between 1,000 TEUs and 2,999 TEUs.

13



14

(ii) To expand our container depot and containerised automotive shipping business by setting up new container depots in Port Klang (Pulau Indah), Kota Kinabalu, Kuching and Bintulu

As our container shipping business continue to grow, we intend to set up container depot in Port Klang (Pulau Indah) and three new container depots in East Malaysia, namely in Kota Kinabalu, Kuching and Bintulu. The new container depots in East Malaysia will expand our container depot coverage and strengthen our presence. With the additional capacity, we expect to grow our revenue from this business segment.

(iii) To purchase additional containers to support our growing container liner shipping business

We intend to purchase additional containers comprising standard dry cargo containers, refrigerated containers and special containers for oversize cargo in 20-ft and/or 40-ft tosupport the growth and expansion of our container liner shipping business.

(iv) To enhance our IT infrastructure to further improve our operational efficiency

We intend to enhance the functions and upgrade the interface of our online portal under iKapal’s Shipping System and the automation functions of SOVY-Depot System. We also intend to implement a ship management system to centralise the management of our container vessels.

(v) To selectively pursue acquisitions and investments in companies

We may seek acquisitions of companies that complement and have direct cost and capability synergies with our existing operations as well as businesses with significant growth potential as part of our growth strategy.

For further details on our business strategies and future plans, see Section 7.15 of this Prospectus.

3.5 RISK FACTORS

Our business is subject to a number of risk factors, many of which may have a material adverse impact on our business operations, financial position and performance. A summary of the key risk factors is set out below:

3.5.1 RISKS RELATING TO OUR BUSINESS

(i) We may not be able to renew or maintain our major licences, permits and approvals tooperate our business operations due to reasons beyond our control. We require various major licences, permits and approvals including Domestic Shipping Licences and shipping agent approval(s) for our business operations. These licences, permits and approvals are subject to periodic renewal. We may be materially and adversely affected if these licences, permits and approvals are not renewed, suspended, revoked or terminated. See Annexure B of this Prospectus for details of our major licences, permits and approvals.

(ii) Failure in IT systems could adversely affect our business operations. We are dependent on various IT systems provided and/or maintained by third party service providers to ensure efficient, effective and responsive business operations. Failure of third party service providers to provide services and any disruption to our computer systems and IT systems may compromise our business operations as well as cause transaction errors, loss of data or downtime. Further, we cannot assure that we are able to continuously enhance our IT systems to meet our customers’ needs and keeping up with the technology developed or used by other industry players.

14



15

(iii) We may be materially and adversely affected by COVID-19 pandemic and other pandemics. The outbreak of COVID-19 has imposed additional restrictions and obligations on our operations. Although we have not been required to close or temporarily halt our operations as our business was deemed to be essential, we may be required to do so in the future in the event that any of our employees become infected by COVID-19. Such disruption may affect our ability to adequately staff our operations and eventually the delivery of the cargos for our customers. There can be no assurance that we will not experience more severe disruptions in the future in the event that more stringent quarantine measures are imposed or if the COVID-19 pandemic becomes more severe or protracted.

(iv) We operate in a capital intensive industry where we incur significant expenditure to maintain the operating condition of our vessels. Our vessels may need to be docked in the event of breakdown and collision. Rectification of the affected vessels may require us to incur significant costs and may result in such vessels being out of service over a period of time which could cause disruption to our business operations. Our maintenance and repair related expenditure may also increase following increases in the cost of labour, size of our fleet, changes in regulations and currency fluctuations. There can be no assurance that we will at all times have sufficient capital resources to maintain and repair our vessels.

(v) We operate in a highly regulated industry which is governed by both domestic andinternational laws. The container liner shipping industry is highly regulated and our operations are subject to various international conventions, treaties and national and local laws and regulations in force as set out in Annexure C of this Prospectus. The laws and regulations are subject to changes at any time. Any introduction of new laws and regulations applicable to us may result in us having to incur additional operating expenditure to ensure compliance, which could materially and adversely affect our business and results of operations. Any failure in complying with the laws regulations would also result in us having to pay a high fines and penalties.

(vi) We may be affected by any change in the current taxation. Prior to the year of assessment (“YA”) 2012, 100% of the statutory income of a resident person derived from the business of transporting passengers or cargo by sea on a Malaysian ship or letting out on charter a Malaysian ship owned by him on a voyage or time charter basis shall be exempted from income tax (“100% Tax Exemption”). The Income Tax Act 1967 was amended in 2012 to reduce the quantum of the said income tax exemption from 100% to 70% with effect from the YA 2012 (“70% Tax Exemption”). However, this was not implemented.

With only the 70% Tax Exemption, 30% of our statutory income derived from Malaysian ships would be subject to the prevailing statutory tax rate of 24% and for illustrative purposes only,as a consequence, the effective tax rate of our Group would increase from approximately 9% to 13% for the FYE 31 December 2020. The effective tax rate of our Group for the FYE 31 December 2021 will also increase as compared to our effective tax rate for the FYE 31 December 2020. There can be no assurance that the tax exemption under the Income Tax Act 1967 would continue to be available to Malaysian shipowners for an indefinite period of time or will continue on the same terms. Any adverse change to the tax treatment will adversely affect our results of operations.

15



16

3.5.2 RISKS RELATING TO OUR INDUSTRY

(i) We are subject to changes in government, economies, fiscal and monetary policies and regulations applicable to container liner shipping industry. Our business may from time to time be subject to changes in applicable government, economic, fiscal and monetary policies and regulations. For example, the cabotage policy was implemented in Malaysia in 1980 to protect domestic shipping companies and to promote the domestic shipping industry. This policy does not allow for non-Malaysian vessels to conduct domestic shipping activities in Malaysia, unless exempted. However, cabotage policy went through several partial liberalisations. Pursuant to the partial liberalisation of the cabotage policy, with effect from 1 June 2017, both Malaysian and non-Malaysian vessels may provide transport of cargo services from any one port in Peninsular Malaysia to any one port in Sabah, Sarawak or Labuan (and vice versa), from any port in Sabah to another port in Sabah, or from any port in Sarawak to another port in Sarawak, without having to obtain a Domestic Shipping Licence. Competition would likely increase if more foreign players enter the market. Such increased competition may materially and adversely affect our business, financial condition, results of operations and prospect.

(ii) Our business operations may be affected by the disruptions to the operations at port which are under our coverage. Our container liner shipping operations are reliant on the continued operations of the ports which are under our coverage. Further, we operate weekly fixed-day shipping services which is an important element and distinguishing factor to our container liner shipping services. We may suffer operational disruptions from port congestion or stoppages as a result of certain disruptive events at the ports such as breakdown of port equipment, shortages in port labour, adverse weather conditions. Any such disruptions may result in delayed schedules and increased our cost of operations which eventually may materially and adversely affect our operations and financial performance.

For further information on our risk factors, see Section 9 of this Prospectus.

3.6 IMPACT OF THE COVID-19 PANDEMIC

As our business is deemed as essential services under the transportation sector, our operations are not subject to any mandatory closure or halt in operations pursuant to the imposition of movement restrictions. While all our branch offices in Malaysia and our shipping agent offices in Malaysia and overseas countries are allowed to operate, subject to standard operating procedures (“SOP”), our business and operations were impacted by external factors such as fluctuations in demand for container liner shipping services, port congestion and shortage of containers.

Notwithstanding the fluctuations in demand for our container liner shipping services as impacted by the COVID-19 pandemic, our total lifting in the FYE 31 December 2020 was higher than FYE 31 December 2019 by 9.2%. However, our revenue from freight income in the FYE 31 December 2020 saw a decrease of 1.8% as compared to the FYE 31 December 2019 mainly due to, amongst others, a decrease in average freight rates.

The COVID-19 pandemic has also resulted in the global container shipping industry facing an industry-wide shortage of empty containers due to expanded container turnaround time from land, port congestions at major ports as well as increase in shipping demand following the recovery of trade activities. As a result, the availability of our containers remains tight. However, as at the LPD, our Group did not face major container shortage issues for our container liner shipping operations.

We also did not face any major disruptions in the supply of bunker fuel or encounter any reduction in workforce for our container liner shipping operations. For further information on the impact of the COVID-19 pandemic on our business and operation, see Section 7.17 of this Prospectus.

16

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fully

sub

scrib

es h

er e

ntitl

emen

t und

er th

e P

ink

Form

Allo

catio

ns.

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)

3.PR

OSP

ECTU

S SU

MM

ARY

(Con

t’d)

17

3.7

PRO

MO

TER

S A

ND

SU

BST

ANTI

AL S

HA

REH

OLD

ERS

The

follo

win

g ta

ble

set o

ut th

e di

rect

and

indi

rect

shar

ehol

ding

s of

our

Pro

mot

ers

and

subs

tant

ial s

hare

hold

ers

befo

re a

nd a

fter o

ur IP

O:

Nat

iona

lity/

Plac

e of

In

corp

orat

ion

Bef

ore

our I

PO

Afte

r our

IPO

Ass

umin

g th

e O

ver-

allo

tmen

t Opt

ion

is n

ot e

xerc

ised

Ass

umin

g th

e O

ver-

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fully

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rcis

edD

irect

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ctIn

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eN

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ares

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eri O

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n H

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aysi

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aysi

an18

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rice

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aysi

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0(4)

0.01

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)0.

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Subs

tant

ial s

hare

hold

ers

MTT

C(5

)M

alay

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-14

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714

.13

--

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ore

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ng G

uat E

eM

alay

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(7)

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e Ia

in

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Not

es:

(1)

Bas

ed o

n ou

r iss

ued

shar

e ca

pita

l of 7

50,0

00,0

00 S

hare

s af

ter t

he P

re-IP

O E

xerc

ise

but b

efor

e ou

r IP

O.

(2)

Bas

ed o

n ou

r enl

arge

d is

sued

sha

re c

apita

l of 1

,000

,000

,000

Sha

res

afte

r our

IPO

.(3

)D

eem

ed in

tere

sted

by

virtu

e of

his

sha

reho

ldin

gin

OC

TSB

and

inte

rest

in M

TTC

thro

ugh

his

shar

ehol

ding

in O

CTS

B p

ursu

ant t

o S

ectio

n 8(

4) o

f the

Act

.(4

)A

ssum

ing

Cla

rice

Ong

fully

sub

scrib

es h

er e

ntitl

emen

t und

er th

e P

ink

Form

Allo

catio

ns.

17

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

3.PR

OSP

ECTU

S SU

MM

ARY

(Con

t’d)

18

(5)

Ref

er to

Sec

tions

5.1

.3(v

ii) a

nd 5

.1.3

(viii

) of t

his

Pro

spec

tus

for t

he u

ltim

ate

bene

ficia

l ow

ners

of M

TTC

and

OC

TSB

.(6

)D

eem

ed in

tere

sted

by

virtu

e of

its

shar

ehol

ding

in M

TTC

pur

suan

t to

Sec

tion

8(4)

of t

he A

ct.

(7)

Dee

med

inte

rest

ed b

y vi

rtue

of h

er s

hare

hold

ing

in O

CTS

B a

nd in

tere

st in

MTT

C th

roug

h he

r sha

reho

ldin

g in

OC

TSB

pur

suan

t to

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ion

8(4)

of t

he A

ct.

(8)

Dee

med

inte

rest

ed b

y vi

rtue

of h

is s

hare

hold

ing

in G

DP

L pu

rsua

nt to

Sec

tion

8(4)

of t

he A

ct th

roug

h Ta

nam

ar H

oldi

ngs

Lim

ited,

a c

ompa

ny in

corp

orat

ed in

th

e B

ritis

h V

irgin

Isla

nds,

hol

ding

the

entir

e is

sued

sha

re c

apita

l of G

DP

L in

trus

t for

him

.

3.8

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

As a

t the

LPD

, our

Dire

ctor

s an

d Ke

y S

enio

r Man

agem

ent a

re a

s fo

llow

s:

Nam

eD

esig

natio

nD

irect

ors

Dat

o’ S

eri O

ngN

on-In

depe

nden

t Exe

cutiv

e C

hairm

anO

oi L

ean

Hin

Non

-Inde

pend

ent E

xecu

tive

Dire

ctor

/Man

agin

g D

irect

or

Cha

n H

uan

Hin

Non

-Inde

pend

ent E

xecu

tive

Dire

ctor

Cla

rice

Ong

Non

-Inde

pend

ent E

xecu

tive

Dire

ctor

Raz

man

Haf

idz

bin

Abu

Zarim

Seni

or In

depe

nden

t Non

-Exe

cutiv

e D

irect

orD

ato’

Abd

Gan

i bin

Oth

man

Inde

pend

ent N

on-E

xecu

tive

Dire

ctor

Dat

o’ C

apt.

Haj

i Ahm

ad b

in O

thm

anIn

depe

nden

t Non

-Exe

cutiv

e D

irect

orD

ato’

Ser

i Won

g Si

ew H

aiIn

depe

nden

t Non

-Exe

cutiv

e D

irect

orSh

aree

n Sh

ariz

a D

ato'

bin

ti Ab

dul G

hani

Inde

pend

ent N

on-E

xecu

tive

Dire

ctor

Key

Sen

ior M

anag

emen

tD

ato’

Ser

i Ong

Exec

utiv

e C

hairm

anO

oi L

ean

Hin

Man

agin

g D

irect

orC

han

Hua

n H

inD

irect

or o

f Adm

inis

tratio

nC

laric

e O

ngD

irect

or o

f Cor

pora

te A

ffairs

Le

e H

ock

Sain

gD

irect

or o

f Mar

ketin

gLe

e Ko

ng S

iong

Dire

ctor

of O

pera

tions

Yap

Bee

Yong

Chi

ef F

inan

ce O

ffice

rR

onni

e Ta

n Ke

an S

ing

Gen

eral

Man

ager

(Com

mer

cial

)C

hua

Song

How

Gen

eral

Man

ager

(Ope

ratio

ns)

For f

urth

er in

form

atio

n on

our

Dire

ctor

s an

d Ke

y S

enio

r Man

agem

ent,

see

Sect

ions

5.2

and

5.3

of t

his

Pros

pect

us

18

Registration No. 201901004019 (1313346-A) 3. PROSPECTUS SUMMARY (Cont’d)

19

3.9 USE OF PROCEEDS

Description of use of proceeds

Estimated timeframe for use from the date

of our Listing RM’000 % (i) Purchase of vessels and containers Within 36 months [●] [●]

(ii) Repayment of bank borrowings Within 6 months [●] [●]

(iii) Land acquisition for setting up of new container depots

Within 36 months [●] [●]

(iv) Investment in IT infrastructure Within 36 months [●] [●]

(v) Working capital Within 12 months [●] [●]

(vi) Defray fees and expenses relating to our IPO and Listing

Within 3 months [●] [●]

Total [●] 100.00 There is no minimum subscription to be raised from our IPO. For further detailed information on our use of proceeds, see Section 4.6 of this Prospectus.

3.10 FINANCIAL AND OPERATIONAL HIGHLIGHTS

The historical combined financial statements of our Group for the FYE 31 December 2018, FYE 31 December 2019, FYE 31 December 2020 and FPE 31 March 2021 (“Combined Financial Statements”) have been prepared based on the financial statements of the MTT Shipping and its subsidiaries, and ICSD which are under the common control of Dato’ Seri Ong, Ooi Lean Hin, Chan Huan Hin, Lee Hock Saing and Lee Kong Siong for each of the financial years and period indicated. The following table sets out information derived from our Combined Financial Statements for the years and period indicated.

FYE 31 December FPE 31 March

Audited Audited 2018 2019 2020 2021 RM’000 RM’000 RM’000 RM’000 Revenue 537,759 509,761 514,541 168,312 Direct costs (409,506) (408,950) (414,880) (122,975) Gross profit 128,253 100,811 99,661 45,337 Other operating

income 8,009 6,269 6,847 1,145 PBT 94,644 58,216 56,636 32,478 PAT attributable to

owners of the Company

84,154 51,877 47,176 31,708

Total equity 297,828 342,704 388,699 418,706 Total borrowings

(including lease liabilities)

110,803 246,264 327,930 392,744

Gross profit margin(1) 23.8 19.8 19.4 26.9 PBT margin(2) 17.6 11.4 11.0 19.3 PAT margin(3) 16.4 11.0 10.0 19.1 Current ratio (times)(4) 1.7 1.5 1.6 1.4 Gearing ratio (times)(5) 0.4 0.7 0.8 0.9

19




20

Notes:

(1) Computed based on gross profit for the financial years/period divided by revenue for the financial years/period.

(2) Computed based on PBT for the financial years/period divided by revenue for the financial years/period.

(3) Computed based on profit for the financial years/period divided by revenue for the financial years/period;

(4) Computed based on current assets over current liabilities.

(5) Computed based on total borrowings (including lease liabilities) divided by total equity as at the end of the year.

The table below sets out the utilisation rate for our Head Haul and Back Haul journeys (as defined in Section 7.8 of this prospectus) for the financial years/period under review:

FYE 31 December FPE 31 March2018 2019 2020 2020 2021

Head Haul journeysAvailable capacity

(TEU)(1) 210,488 212,887 202,403 66,398 58,494

Actual lifting (TEU)(2) 150,758 141,306 151,198 45,113 49,395Utilisation rate (%)(3) 71.6 66.4 74.7 67.9 84.4

Back Haul journeysAvailable capacity

(TEU)(1) 210,488 212,887 202,403 66,398 58,494

Actual lifting (TEU)(2) 51,223 52,452 59,067 23,351 14,931Utilisation rate (%)(3)(4) 24.3 24.6 29.2 35.2 25.5

Notes:

(1) Being the aggregate of the actual space available on container vessels operated by our Group, measured at a loading capacity of 14 tonnes per TEU for the financial years/period indicated;

(2) Actual number of laden containers carried by container vessels operated by our Group and/or our partner vessels for the financial years/period indicated for the abovementioned journey;

(3) Computed based on the actual lifting made by our group over the total available capacity; and

(4) The utilisation rates for the Back Haul journeys were significantly lower than the utilisation rates of the Head Haul journeys as we only take into account the laden containers for the computation of the utilisation rate. As mentioned above, container vessels in the Back Haul journeys were mostly occupied with empty containers that we need to bring back to their respective supply port.

3.11 DIVIDEND POLICY

Our Company presently does not have any fixed dividend policy in place. The actual dividend that our Board may recommend or declare in the future in respect of any particular financial year or period will subject to the factors outlined below as well as any other factors deemed relevant by our Board. Upon recommendation by our Board, we will, inter alia, take into account various factors as set out below to determine the level of dividend payments:

(i) our level of cash, gearing and return on equity and retained earnings;(ii) our expected financial performance;(iii) our projected levels of capital expenditure and other investment plans;(iv) our working capital requirements; and(v) any contractual restrictions and/or commitments.

For further details on our dividend policy and dividends declared and/or paid by to our shareholders, see to Section 12.5 of this Prospectus.

20


4. DETAILS OF OUR IPO

21

4.1 INDICATIVE TIMETABLE

The following events are intended to take place on the following indicative time and/or date:

Events Time and/or date

Opening of the Institutional Offering(1) []

Issuance of the Prospectus/Opening of the Retail Offering 10.00 a.m., []

Closing of the Retail Offering 5.00 p.m., []

Closing of the Institutional Offering []

Price Determination Date []

Balloting of applications for our Issue Shares under the Retail Offering []

Allotment/Transfer of our IPO Shares to successful applicants []

Listing []

Note:

(1) [Other than the Institutional Offering to the Cornerstone Investors. The Master Cornerstone Placement Agreement for the acquisition of our IPO Shares has been entered into on [].]

In the event there are any change to the timetable, we will advertise the notice of changes inwidely circulated English and Bahasa Malaysia daily newspapers in Malaysia.

21


4. DETAILS OF OUR IPO (Cont’d)

22

4.2 PARTICULARS OF OUR IPO AND PLAN OF DISTRIBUTION

Our IPO is subject to the terms and conditions of this Prospectus. Upon acceptance, our IPO Shares are expected to be allocated in the manner described below, subject to the clawback and reallocation provisions and the Over-allotment Option as set out in Sections 4.2.3 and 4.2.4 of this Prospectus, respectively.

Our IPO consists of the Institutional Offering and the Retail Offering, totalling up to 300,000,000 IPO Shares, representing up to approximately 30.00% of our enlarged issued Shares. For the avoidance of doubt, our IPO Shares offered under the Institutional Offering and the Retail Offering do not include our Shares under the Over-allotment Option.

4.2.1 Institutional Offering

The Institutional Offering involves the offering of up to 270,000,000 IPO Shares (comprising up to 50,000,000 Offer Shares and 220,000,000 Issue Shares), representing up to 27.00% of our enlarged issued Shares, subject to the clawback and reallocation provisions and the Over-allotment Option as set out in Sections 4.2.3 and 4.2.4 of this Prospectus, respectively at the Institutional Price in the following manner:

(i) 125,000,000 IPO Shares, representing 12.50% of our enlarged issued Sharesto Bumiputera investors approved by the MITI; and

(ii) up to 145,000,000 IPO Shares, representing up to 14.50% of our enlarged issued Shares to the following persons:

(a) Malaysian institutional and selected investors (other than Bumiputera investors approved by the MITI); and

(b) foreign institutional and selected investors.

[As part of the Institutional Offering, on [], our Company and the Selling Shareholders,entered into a Master Cornerstone Placement Agreement with the Global Coordinator, the Joint Bookrunners and the Cornerstone Investors whereby the Cornerstone Investors have agreed to acquire from the Selling Shareholders, subject to the terms of the Master Cornerstone Placement Agreement and the individual cornerstone placement agreements, an aggregate of [] IPO Shares, representing []% of our enlarged issued Shares, at RM[] per IPO Share or the Institutional Price, whichever is lower. None of the Cornerstone Investors will individually acquire 5.00% or more of our enlarged issued Shares under the individual cornerstone placement agreements.]

[The cornerstone placement agreements are conditional upon, among others, the Retail Underwriting Agreement and the Placement Agreement being entered into and not having been terminated pursuant to their respective terms.]

22



23

4.2.2 Retail Offering

The Retail Offering involves the offering of 30,000,000 Issue Shares, representingapproximately 3.00% of our enlarged issued Shares, subject to the clawback and reallocation provisions as set out in Section 4.2.3 of this Prospectus, at the Retail Price in the following manner:

(i) Allocation to the Eligible Persons

10,000,000 Issue Shares, representing approximately 1.00% of our enlargedissued Shares, are reserved for application by the Eligible Persons in the following manner:

Category of Eligible Persons

No. of Eligible

Persons

Aggregateno. of Issue

Sharesallocated

Our Directors(1) 6 600,000Eligible employees of our Group (including thedirectors of our subsidiaries)(2)

400 4,500,000

Persons who have contributed to the success of our Group(3)

200 4,900,000

Total 606 10,000,000

Notes:

(1) The Directors who are also the Selling Shareholders will not be allocated any IssueShares. Clarice Ong and each of the Independent Directors have been allocated 100,000 Issue Shares and collectively, a total of 600,000 Issue Shares have been allocated to them.

(2) The basis and criteria for allocation to the eligible employees of our Group(including the directors of our subsidiaries) are based on, among others, their length of service, job grade, seniority and job responsibilities, past contribution to our Group.

(3) The criteria for allocation to persons who have contributed to the success of our Group are based on, among others, their length of business relationship with our Group and their contribution to the success of our Group.

(ii) Allocation via balloting to the Malaysian Public

20,000,000 Issue Shares, representing approximately 2.00% of our enlargedissued Shares, are reserved for application by the Malaysian Public via balloting,of which 10,000,000 Issue Shares, have been set aside for application by Bumiputera citizens, companies, co-operatives, societies and institutions.

23

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

4.D

ETA

ILS

OF

OU

R IP

O (C

ont’d

)

24

In s

umm

ary,

our

IPO

Sha

res

will

be a

lloca

ted,

sub

ject

to th

e cl

awba

ck a

nd r

eallo

catio

n pr

ovis

ions

and

the

Ove

r-al

lotm

ent O

ptio

n se

t out

in

Sect

ions

4.2.

3an

d 4.

2.4

of th

is P

rosp

ectu

s,re

spec

tivel

y in

the

follo

win

g m

anne

r:

Offe

r for

Sal

ePu

blic

Issu

eTo

tal

Cat

egor

yN

o. o

f Sha

res

% o

f our

en

larg

edis

sued

Shar

es(1

)N

o. o

f Sh

ares

% o

f our

en

larg

edis

sued

Sh

ares

(1)

No.

of

Shar

es

% o

f our

en

larg

edis

sued

Shar

es(1

)

Ret

ail O

fferin

g:El

igib

le P

erso

ns-

Our

Dire

ctor

s-

-60

0,00

00.

0660

0,00

00.

06-

Elig

ible

em

ploy

ees

of o

ur G

roup

(incl

udin

gth

edi

rect

ors

of o

ur s

ubsi

diar

ies)

--

4,50

0,00

00.

454,

500,

000

0.45

-Pe

rson

s w

ho h

ave

cont

ribut

ed t

o th

e su

cces

s of

ou

r Gro

up-

-4,

900,

000

0.49

4,90

0,00

00.

49

Mal

aysi

an P

ublic

(via

bal

lotin

g):

-Bu

mip

uter

a-

-10

,000

,000

1.00

10,0

00,0

001.

00-

Non

-Bum

iput

era

--

10,0

00,0

001.

0010

,000

,000

1.00

Sub-

tota

l-

-30

,000

,000

3.00

30,0

00,0

003.

00

Inst

itutio

nal O

fferin

g:Bu

mip

uter

a in

vest

ors

appr

oved

by

the

MIT

I-

-12

5,00

0,00

012

.50

125,

000,

000

12.5

0O

ther

M

alay

sian

an

d fo

reig

n in

stitu

tiona

l an

d se

lect

ed in

vest

ors

50,0

00,0

005.

0095

,000

,000

9.50

145,

000,

000

14.5

0

Sub-

tota

l50

,000

,000

5.00

220,

000,

000

22.0

027

0,00

0,00

027

.00

Tota

l50

,000

,000

5.00

250,

000,

000

25.0

030

0,00

0,00

030

.00

Not

e:

(1)

Bas

ed o

n ou

r1,0

00,0

00,0

00 S

hare

s af

ter o

ur IP

O.

24



25

The completion of the Retail Offering and the Institutional Offering are inter-conditional. Our IPO is also subject to the public shareholding spread requirement under the Listing Requirements as set out in Section 4.2.6 of this Prospectus.

4.2.3 Clawback and reallocation

The Retail Offering and the Institutional Offering will be subject to the followingclawback and reallocation provisions:

(i) if our IPO Shares allocated to Bumiputera investors approved by the MITI (“MITI Tranche”) are under-subscribed, such IPO Shares will first be made available for subscription by other Malaysian and foreign institutional and selectedinvestors under the Institutional Offering.

If after the above reallocation, the MITI Tranche is still under-subscribed under the Institutional Offering, and there is a corresponding over-subscription for the Issue Shares by the Malaysian Public under the Retail Offering, the IPO Shares will be clawed back from the MITI Tranche and allocated firstly, to the BumiputeraMalaysian Public under the Retail Offering via balloting process as mentioned in Section 4.2.2(ii) of this Prospectus, and thereafter to the other Malaysian Public under the Retail Offering;

(ii) subject to item (i) above, if there is an under-subscription in the InstitutionalOffering and an over-subscription in the Retail Offering, our IPO Shares may beclawed back from the Institutional Offering and allocated to the Retail Offering;and

(iii) if there is an under-subscription in the Retail Offering and an over-subscriptionin the Institutional Offering, our Issue Shares may be clawed back from the RetailOffering and allocated to the Institutional Offering.

There will be no clawback and reallocation if there is an over-subscription or under-subscription in both the Institutional Offering and the Retail Offering or an under-subscription in either the Institutional Offering or the Retail Offering but no over-subscription in the other.

Any Issue Shares not taken up by any of the Eligible Persons (“Excess Issue Shares”)will be made available for application by the other Eligible Persons who have applied for excess Issue Shares in addition to their pre-determined allocation of Issue Shares. Such Excess Issue Shares will be allocated to these Eligible Persons on a fair and equitable basis in the following priority:

(aa) firstly, allocation on a pro-rata basis to our Directors and eligible employees of our Group (including the directors of our Subsidiaries) who have applied for Excess Issue Shares based on the number of Excess Shares applied for;

(bb) secondly, allocation of any surplus Excess Issue Shares after (aa) above on a pro-rata basis to persons who have contributed to the success of our Group who have applied for Excess Issue Shares based on the number of ExcessIssue Shares applied for; and

(cc) thirdly, to minimise odd lots.

25



26

Our Board reserves the right to allot Excess Issue Shares applied for in such manner as it may deem fit and expedient in the best interest of our Company, subject always to such allocation being made on a fair and equitable basis, and that the intention of our Board as set out in items (aa) to (cc) above is achieved. Our Board also reserves the right to accept any Excess Issue Shares application, in full or in part, without assigning any reason.

Once completed, the steps involving items (aa) to (cc) above will not be repeated. Should there be any balance of Excess Issue Shares thereafter, such balance will be made available for application by the Malaysian Public under the Retail Offering. Any Issue Shares under the Retail Offering not applied for after being subject to the clawback and reallocation provisions above shall be underwritten by the Joint Underwriters.

4.2.4 Over-allotment Option

The Over-allotment Option Providers may grant an Over-allotment Option to the Stabilising Manager (on behalf of the Placement Managers) and may appoint the Stabilising Manager to undertake any price stabilisation actions. The Stabilising Manager (or person(s) acting on behalf of the Stabilising Manager) may at its absolute discretion, over-allot our Shares (on behalf of the Placement Managers) and subsequently, effect transactions to stabilise or maintain the market price of our Shares at levels that might not otherwise prevail in the open market. Such transactions consist of bids or purchases to peg, fix or maintain the price of our Shares. If the Stabilising Manager creates a short position in our Shares in connection with the Institutional Offering, the Stabilising Manager may reduce that short position by purchasing our Shares in the open market. The Stabilising Manager may also elect to reduce any short positions by exercising all or part of the Over-allotment Option.

If granted, the Over-allotment Option will be exercisable in whole or in part by the Stabilising Manager, on one or more occasions, by giving written notice to the Over-allotment Option Providers at any time, within 30 days from the date of our Listing to purchase from the Over-allotment Option Providers up to an aggregate of 45,000,000 Shares at the Institutional Price for each IPO Share, representing up to 15.00% of thetotal number of IPO Shares offered, solely for purposes of covering over-allotments of our Shares (if any).

Subject to there being an over-allotment, the Stabilising Manager will (on behalf of the Placement Managers) enter into the Share Lending Agreement with the Over-allotment Option Providers to borrow up to an aggregate of 45,000,000 Shares to cover the over-allotments. Any Shares that may be borrowed by the Stabilising Manager under the Share Lending Agreement will be returned by the Stabilising Manager to the Over-allotment Option Providers through the purchase of our Shares in the open market by the Stabilising Manager in the conduct of stabilisation activities or deemed returned through the exercise of the Over-allotment Option by the Stabilising Manager or a combination of both. The exercise of the Over-allotment Option will not increase the total number of Shares issued and is not intended to constitute an offer for sale of our Shares by the Over-Allotment Providers under our IPO.

Purchases of a security to stabilise the price or to cover the over-allotment may cause the price of the security to be higher than it might be in the absence of these purchases. Such transactions may be effected on the Main Market of Bursa Securities and in other jurisdictions where it is permissible to do so, in each case, in compliance with all applicable laws and regulations, including the CMSA and any regulations thereunder.

26



27

The number of Shares that the Stabilising Manager (or person(s) acting on behalf of the Stabilising Manager) may buy to undertake stabilising action, shall not exceed an aggregate of 45,000,000 Shares, representing up to 15.00% of the total number of IPO Shares offered. However, there is no obligation on the Stabilising Manager (or person(s) acting on behalf of the Stabilising Manager) to undertake any such stabilising action. Such stabilising actions may commence on or after the commencement of trading of our Shares on the Main Market of Bursa Securities and, if commenced, may be discontinued at any time and cannot be effected after the earliest of (i) the date falling 30 days from the commencement of trading of our Shares on the Main Market of Bursa Securities; or (ii) the date when the Stabilising Manager has bought, on the Main Market of Bursa Securities, an aggregate of 45,000,000 Shares, representing 15.00% of the total number of IPO Shares offered to undertake the stabilising action.

Neither our Company, the Over-allotment Option Providers nor the Stabilising Manager makes any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our Shares. In addition, neither our Company, the Over-allotment Option Providers nor the Stabilising Manager makes any representation that the Stabilising Manager will engage in such transactions, or that such transactions once commenced, will not be discontinued without notice (unless such notice is required by law).

4.2.5 Priority of the offering

In the event the demand for our IPO Shares is less than 300,000,000 IPO Shares, our Public Issue shall take precedence over the Offer for Sale. The demand for our IPO Shares shall be firstly satisfied with our Issue Shares under our Public Issue, and following that, any excess demand will be satisfied with the Offer Shares under the Offer for Sale.

4.2.6 Minimum subscription level

There is no minimum subscription level in terms of the proceeds to be raised from ourIPO. However, in order to comply with the public shareholding spread requirementunder the Listing Requirements or as approved by Bursa Securities, the minimumsubscription level in terms of number of Shares will be the number of Shares requiredto be held by the public shareholders of our Company.

Under the Listing Requirements, we are required to have a minimum of 25.0% of ourShares held by at least 1,000 public shareholders, each holding not less than 100Shares at the point of our Listing.

If the above requirement is not met, we may not be able to proceed with our Listing.See Section 9.3.1 of this Prospectus for details in the event there is a delay in ortermination of our Listing.

27

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

4.D

ETA

ILS

OF

OU

R IP

O (C

ont’d

)

28

4.2.

7Se

lling

Sha

reho

lder

s

The

Offe

r Sha

res

to b

e of

fere

d by

eac

h Se

lling

Shar

ehol

der a

nd th

eir r

espe

ctiv

e sh

areh

oldi

ngs

in o

ur C

ompa

ny b

efor

e an

d af

ter o

ur IP

O a

nd

thei

r mat

eria

l rel

atio

nshi

p w

ith o

ur G

roup

with

in th

e pa

st th

ree

year

s ar

e as

follo

ws:

Nam

eM

ater

ial r

elat

ions

hip

with

our G

roup

Shar

ehol

ding

bef

ore

our I

POO

ffer F

or S

ale

Shar

ehol

ding

afte

r ou

r IPO

ass

umin

g th

e O

ver-

allo

tmen

t O

ptio

n is

not

ex

erci

sed

Ove

r-al

lotm

ent

Opt

ion

Shar

ehol

ding

afte

r ou

r IPO

ass

umin

g th

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No.

of

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es(%

)(1)

No.

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(%)(2

)N

o. o

f Sh

ares

(%)(2

)N

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ares

(%

)(2)

No.

of

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)(2)

Dat

o’ S

eri O

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irect

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ey S

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r M

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rom

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su

bsta

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9

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GD

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es:

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r iss

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50,0

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hare

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re-IP

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(2)

Bas

ed o

n ou

r 1,0

00,0

00,0

00Sh

ares

afte

r our

IPO

.

28

Registration No. 201901004019 (1313346-A) 4. DETAILS OF OUR IPO

29

4.3 SHARE CAPITAL, CLASSES OF SHARES AND RANKING Upon completion of our IPO, our share capital will be as follows: No. of Shares RM

After the Share Split 750,000,000 402,251 New Shares to be issued pursuant to our Public Issue 250,000,000 (1)[ ]

Enlarged issued share capital upon Listing 1,000,000,000 [ ] Note: (1) Calculated based on the Retail Price and after deducting the estimated listing expenses of

approximately RM[ ] million which is directly attributable to our Public Issue and allowed to be debited against our share capital.

As at the date of this Prospectus, we only have one class of shares, being ordinary shares. Our Issue Shares will, upon allotment and issuance, rank equally in all respects with our existing Shares including voting rights, and will be entitled to all rights, dividends and other distributions that may be declared subsequent to the date of allotment of our Issue Shares, subject to any applicable Rules of Bursa Depository. Subject to any special rights attached to any Shares which we may issue in the future, our shareholders shall, in proportion to the amount paid up on our Shares held by them, be entitled to share the profits paid out by us as dividends or other distributions. Similarly, if our Company is liquidated, our shareholders shall be entitled to the surplus (if any), in accordance with our Constitution, after the satisfaction of any preferential payments in accordance with the Act and our liabilities. At any general meeting of our Company, each shareholder shall be entitled to vote in person, by proxy, by attorney or by duly authorised representative. Any resolution set out in the notice of any general meeting, or in any notice of resolution which may properly be moved and is intended to be moved at any general meeting is voted by poll. On a poll, each shareholder present either in person, by proxy, by attorney or by other duly authorised representative shall have one vote for each Share held. A proxy may but need not be a member of our Company and there shall be no restriction as to the qualification of the proxy.

4.4 BASIS OF ARRIVING AT THE PRICE OF OUR IPO SHARES AND REFUND MECHANISM 4.4.1 Retail Price

The Retail Price was determined and agreed upon by our Directors and the Selling Shareholders in consultation with the Global Coordinator, after taking into consideration the following factors:

(i) PE Multiple of approximately [ ] times based on our Group EPS of 4.7 sen after

taking into account our PATAMI of RM47.2 million of for the FYE 31 December 2020 and our 1,000,000,000 Shares upon Listing;

(ii) pro forma consolidated NA per Share attributable to ordinary equity holders of

our Company as at 31 March 2021 after our IPO of RM[ ] based on our 1,000,000,000 Shares upon Listing; and

29




30

(iii) our competitive strengths, as follows:

(a) we own our fleet of vessels, ensuring greater control over our container liner shipping operations and enabling us to capture demand from the charter market;

(b) we provide weekly fixed-day shipping services and comprehensive port coverage across Peninsular Malaysia and East Malaysia;

(c) we are a leading player in container liner shipping between Peninsular Malaysia and East Malaysia with a 37.21% market share by total container throughput between Peninsular Malaysia and East Malaysia in 2020;

(d) we have established long-term business relationships with our suppliers and customers;

(e) we have digitalised our business operations for greater operational efficiency; and

(f) we have an experienced and long serving Key Senior Management team with substantial industry experience;

(iv) our strategies and future plans, as follows:

(a) we intend to continue expanding our container liner shipping business in Malaysia and overseas, as well as our vessel chartering business by expanding our fleet of container vessels;

(b) we intend to expand our container depot and containerised automotive shipping business by setting up new container depots in Port Klang (Pulau Indah), Kota Kinabalu, Kuching and Bintulu;

(c) we intend to purchase additional containers to support our growing container liner shipping business;

(d) we intend to enhance our IT infrastructure to further improve our operational efficiency; and

(e) we may selectively pursue acquisitions and investments in companies as part of our growth strategy.

(v) positive outlook of the container shipping industry in Malaysia and global vesselchartering industry, details of which are as described in Section 8 of thisProspectus; and

(vi) prevailing market conditions which include among others, market performanceof key global indices and companies involved in similar business listed on Bursa Securities, current market trends and investors’ sentiments.

The Final Retail Price will be determined after the Institutional Price is determined on the Price Determination Date and will be the lower of:

(a) the Retail Price; or

(b) the Institutional Price.

30


31

If the Final Retail Price is lower than the Retail Price, the difference between the Retail Price and the Final Retail Price will be refunded to the successful applicants without any interest thereon. Further details on the refund mechanism are set out in Section 4.4.3 of this Prospectus. The Final Retail Price and the Institutional Price are expected to be announced within two Market Days from the Price Determination Date via Bursa Securitie Listing Information Network. In addition, all successful applicants will be given written notice of the Final Retail Price and the Institutional Price, together with the notices of allotment for our Issue Shares.

4.4.2 Institutional Price

The Institutional Price will be determined by a bookbuilding process wherein prospective institutional and selected investors will be invited to bid for portions of the Institutional Offering by specifying the number of our IPO Shares they would be prepared to acquire and the price they would be prepared to pay for our IPO Shares in respect of the Institutional Offering. This bookbuilding process commenced on [ ] and will end on [ ]. Upon completion of the bookbuilding process, the Institutional Price will be fixed by our Directors and the Selling Shareholders in consultation with the Global Coordinator on the Price Determination Date.

4.4.3 Refund mechanism

If the Final Retail Price is lower than the Retail Price, the difference between the Retail Price and the Final Retail Price will be refunded to the successful applicants without any interest thereon. The refund will be in the form of cheques and despatched by ordinary post to the address maintained with Bursa Depository for applications made via the Application Form or by crediting into the accounts of the successful applicants with the Participating Financial Institution for applications made via the Electronic Share Application or by crediting into the accounts of the successful applicants with the Internet Participating Financial Institution for applications made via Internet Share Application, within ten Market Days from the date of final ballot of applications, at the

For further details on the refund mechanism, see Section 15.9 of this Prospectus.

4.4.4 Expected market capitalisation

Based on the Retail Price, the total market capitalisation of our Company upon our Listing would be approximately RM[ ] billion.

You should note that the market price of our Shares upon our Listing is subject to the vagaries of market forces and other uncertainties. You are reminded to carefully consider the risk factors as set out in Section 9 of this Prospectus.

31



32

4.5 DILUTION Dilution is the amount by which the price paid by retail, institutional and selected investors for our Shares exceeds our pro forma consolidated NA per Share after our IPO. Our pro forma consolidated NA per Share as at 31 March 2021 was RM0.53, based on the total number of our issued shares of 750,000,000 after the Pre-IPO Exercise but before adjusting for our IPO. After taking into account our enlarged number of issued Shares from the issuance of the 250,000,000 Issue Shares and after adjusting for the use of proceeds from our Public Issue, our pro forma consolidated NA per Share as at 31 March 2021 would be RM[ ]. This represents an immediate increase in NA per Share of RM[ ] to our existing shareholders, and an immediate dilution in NA per Share of RM[ ] (representing [ ]%) of the Retail Price and the Institutional Price (assuming the Final Retail Price and the Institutional Price will equal to the Retail Price), to the retail and institutional and selected investors. The following table illustrates such dilution on a per Share basis assuming the Retail Price is equal to the Final Retail Price and the Institutional Price: RM

Final Retail Price/Institutional Price

[ ]

Pro forma consolidated NA per Share as at 31 March 2021 after the Pre-IPO Exercise but before adjusting for our IPO

0.53

Pro forma consolidated NA per Share as at 31 March 2021 after the Pre-IPO Exercise and after adjusting for the use of proceeds from our Public Issue

[ ]

Increase in consolidated NA per Share to our existing shareholders

[ ]

Dilution in pro forma consolidated NA per Share to retail and institutional and selected investors

[ ]

Dilution in pro forma consolidated NA per Share to retail and institutional and selected investors as a percentage of the Final Retail Price/Institutional Price

[ ]%

Save for our Shares issued pursuant to the Acquisitions as set out in Section 6.2.1 of this Prospectus, none of our Directors, Key Senior Management, substantial shareholders or persons connected with them have acquired any securities in our Company, neither have they entered into any transaction which grants them the right to acquire any of our Shares from the date of our incorporation to the date of this Prospectus.

32



33

4.6 USE OF PROCEEDS We expect to use the gross proceeds from our Public Issue amounting to RM[ ] million(1) in the following manner:

Description of use of proceeds

Estimated timeframe for use from the date of our

Listing %

Purchase of vessels and containers

Within 36 months [ ] [ ]

Repayment of bank borrowings Within 6 months [ ] [ ]

Land acquisitions for the setting- up of new container depots


Investment in IT infrastructure Within 36 months [ ] [ ]

Working capital Within 12 months [ ] [ ]

Defray fees and expenses relating to our IPO and our Listing


Total [ ] [ ]

Note: (1) We have assumed that the Institutional Price and the Final Retail Price will be equal to the Retail

Price.

4.6.1 Purchase of vessels and containers

Purchase of vessels

container liner shipping and vessel chartering business operations by enlarging our fleet size and optimise our fleet composition. We intend to use RM[ ] million of the proceeds from our Public Issue to part finance the acquisition of additional new and/or second-hand container vessels with nominal capacity range approximately between 800 TEUs and 2,500 TEUs. Any shortfall will be funded via internally generated funds and/or bank borrowings. As at the LPD, we have yet to identify container vessel(s). The exact type, quantity and usage of the container vessels to be identified are subject to the prevailing market demand and conditions and cannot be determined at this juncture. We intend to use the additional container vessels in our existing and/or new service routes as well as vessel chartering business in the future as set out in Section 7.15.1 of this Prospectus. The estimated acquisition cost will depend on the prices of the container vessels and foreign currency exchange rates at the point of acquisition.

33



34

Purchase of new containers We intend to use RM[ ] million of the proceeds from our Public Issue to part finance the acquisition of new containers. Any shortfall will be funded via internally generated funds and/or bank borrowings. These containers which we intend to purchase include standard dry cargo containers, refrigerated containers and special containers for oversize cargo. These types of containers come in 20-ft and 40-ft sizes. These new containers will be used to support the container liner shipping operations of our Group where containers are provided to shippers for shipment of their cargo. As at the LPD, the prices of a new 20-ft container and 40-ft container are approximately USD3,800 and USD6,500 respectively based on quotations we obtained from container manufacturers. The market prices of containers are subject to fluctuations depending on demand and supply conditions for containers and global steel prices. We intend to purchase approximately 4,000 containers from container manufacturers based in China. The actual quantity, size and purchase price of new containers to be purchased are subject to changes as they will depend on, market prices of new containers and foreign currency exchange rates at the time of purchase. In the event that we incur these capital expenditure before the receipt of the proceeds from our Public Issue, the proceeds will be used to replenish our internally generated funds and/or repay bank borrowings drawn down for the funding of the purchase of vessels and containers.

34


Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

4.

DET

AILS

OF

OU

R IP

O

35

4.6.

2 R

epay

men

t of b

ank

borr

owin

gs

W

e in

tend

to u

se R

M[

] milli

on o

f the

pro

ceed

s fro

m o

ur P

ublic

Issu

e to

par

tly re

pay

our b

ank

borro

win

gs, t

he d

etai

ls o

f whi

ch a

re a

s fo

llow

s:

Ban

k/

Type

of b

anki

ng

faci

lity

Faci

lity

amou

nt

Amou

nt

outs

tand

ing

as a

t th

e LP

D

Prop

osed

re

paym

ent a

mou

nt

Inte

rest

rate

(%

per

ann

um)/

Mat

urity

dat

e Pu

rpos

e of

bor

row

ing

ot

herw

ise

stat

ed)

Affin

Ba

nk

Berh

ad/

term

loan

12

,800

[

] [

] 4.

10%

/ Ap

ril 2

025

To p

art f

inan

ce th

e ac

quis

ition

of

our v

esse

l, M

TT P

asir

Gud

ang

Af

fin B

ank

Berh

ad/

term

loan

10

,800

[

] [

] 4.

10%

/ M

ay 2

025

To p

art f

inan

ce th

e ac

quis

ition

of

our v

esse

l, M

TT B

intu

lu

Af

fin B

ank

Berh

ad/

over

draf

t 15

,700

[

] [

] 3.

85%

/ Ap

ril 2

027

To p

art f

inan

ce th

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quis

ition

of

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vess

el,

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Kuc

hing

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an

d its

dry

dock

ing

cost

s

Af

fin B

ank

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ad/

over

draf

t 17

,200

[

] [

] 3.

85%

/ Fe

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ry 2

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To p

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ce th

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ition

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our v

esse

l, M

TT P

eraw

ang

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B Ba

nk B

erha

d/

term

loan

10

,000

[

] [

] 4.

10%

/ Ju

ne 2

029

To p

art f

inan

ce th

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ition

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xim

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y 8,

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re

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res

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stria

l la

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n Kl

ang,

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lang

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ileas

e In

tern

atio

nal

Fina

ncia

l Ser

vice

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inga

pore

) Pte

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/ te

rm lo

an

USD

16,0

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(equ

ival

ent t

o R

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(1) )

[]

[]

4.54

%/

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ch 2

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To p

art f

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ce th

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quis

ition

of

our v

esse

l, M

TT S

empo

rna

Tota

l 13

2,93

2 [

] [

]

35


36

Note: (1) Based on the exchange rate of USD1.00 : RM4.1520, being the middle rate quoted by

Bank Negara Malaysia at 5.00 p.m. as at the LPD.

The repayment of these borrowings is expected to give rise in interest savings of approximately RM[ ] million per annum based on their respective interest rates. The increase in our total equity from issuance of new Shares under our Public Issue coupled with the proposed repayment will reduce our overall gearing level from 0.9 times to [ ] times after our IPO. If the actual repayment amount required as at the payment date is higher than the amount set out above, the shortfall will be financed through internally generated funds. However, if the actual repayment amount required as at the payment date is lower than the amount set out above, the surplus will be used for our working capital.

4.6.3 Land acquisitions for the setting-up of new container depots

We intend to use RM[ ] million of the proceeds from our Public Issue to part finance the acquisitions of land to set up new container depots in East Malaysia in line with our future plan of expanding our container depot business. We are still in the midst of identifying suitable land in Kuching and Bintulu with an estimated land area of between 10 to 12 acres for each location. The land cost for each location is expected to be approximately between RM20.0 million to RM30.0 million. The acquisitions are expected to be completed within 24 months from the date of our Listing. The setting-up and construction of each container depot which will be undertaken thereafter will take approximately 12 months to complete.

The land costs and construction works for two container depots are expected to cost approximately RM75.0 million with RM[ ] million to be funded using the proceeds from our Public Issue with the balance of RM[ ] million to be financed through bank borrowings.

36



37

4.6.4 Investment in IT infrastructure

We intend to use RM[ ] million of the proceeds from our Public Issue for investment in IT infrastructure, the details of which are as follows:

Upgrade in iK , being the existing software we use for our container liner shipping business

[ ](1)

Upgrade in SOVY-Depot System, being the existing software we use for our container depot business

[ ](1)

Purchase of ship management software [ ](2) Upgrade in internet connectivity of our vessels [ ](2) Upgrade in network infrastructure [ ](3)

Total [ ] Notes: (1) The proceeds allocated for the enhancement and upgrade works of iK

System and SOVY-Depot System are expected to be used within 12 months from the date of our Listing and for its subsequent system updates/upgrades and modification within 36 months from the date of our Listing.

(2) The proceeds allocated for the purchase of ship management software and upgrade in internet connectivity of our vessels is expected to be used on a staggered basis within 36 months from the date of our Listing.

(3) The proceeds allocated for the upgrade in network infrastructure is expected to be used within 12 months from the date of our Listing.

Upgrade in iK Currently, we are using iK , a software solely developed by a third party vendor for us, to facilitate the daily operations of our container liner shipping business. We intend to use RM[ ] million of the proceeds from our Public Issue to upgrade the current software. Under iK , there is an online portal for customers to place bookings, track their shipments, check sailing schedule, fill in and update their shipment details. See Section 7.5.3 of this Prospectus for further details on iK . We intend to enhance this customer online portal in terms of user experience and functionality. The enhanced online portal will encourage more customers to switch from manual booking to online booking, thereby reducing reliance on manual labour and human errors. We also intend to add new functions which include, among others, sailing schedule request, freight rate enquires, invoicing and payment to the existing customer online portal. While customers have access to an improved online portal, these new features will also help to increase the level of automation in our To enable these additional functions on the customer online portal, our iKSystem will need to be integrated with our other IT systems and business intelligence systems. This integration will allow us to collect more data on our operations (e.g. shipment statistics, and container and shipment tracking reports) to have more insights on our business operations which will help us in decision-making and formulating business strategy and plans.

37



38

Upgrade in SOVY-Depot System We intend to use RM[ ] million of the proceeds from our Public Issue for the upgrade in SOVY-Depot System, being the depot management system that we use in our day-to-day container depot operation. The upgraded SOVY-Depot System will allow us to have more detailed costing, better visibility of empty containers returned and released, and higher level of automation in our container depot operation. Purchase of ship management software We intend to use RM[ ] million of the proceeds from our Public Issue to purchase a ship management software with multiple modules on a staggered basis and in phases over a period of 36 months from the date of our Listing so that we have time to familiarise one or two modules before purchasing the full modules. This software will integrate and improve our in-house vessel management processes such as crew management, procurement of spare parts and planning of repair and maintenance of our vessels, which currently rely on spreadsheet application. Upgrade in internet connectivity of our vessels We intend to use RM[ ] million of the proceeds from our Public Issue to set up 4G LTE internet connectivity on our vessels in phases over a period of 36 months from the date of our Listing. This will provide our vessels with a stronger and stable internet connection when operating near-shore as compared to the existing internet access which is provided via satellite connection. The improved connectivity with stable connection between our vessels and ship management software will improve operational decision-making across our vessels. Upgrade in network infrastructure As we rely on a variety of IT and operating systems to manage and support our operations, our hardware and software require upgrade from time to time to avoid any disruption to our We intend to use RM[ ] million of the proceeds from our Public Issue for the upgrade in our network infrastructure. We will be purchasing servers and ancillary network equipment such as security infrastructure, switches, fibre cabling and routers, among others. We also plan to upgrade or purchase other software such as antivirus software and document management software which help to convert all hardcopy document to electronic copy.

4.6.5 Working capital

to increase in tandem with our business expansion or future plans as described in Section 7.15 of this Prospectus. We intend to use RM[ ] million of the proceeds from our Public Issue as

-to-day operations, including, but not limited to, purchase of bunker fuel, payment for terminal handling charges, marine charges, container leasing cost and vessel maintenance cost.

38



39

4.6.6 Defray fees and expenses relating to our IPO and our Listing

The estimated expenses and fees incidental to our IPO and our Listing amounting to approximately RM[ ] million will be borne by us, the details of which are as follows:

Professional fees(1) [ ] Fees payable to authorities [ ] Brokerage fee, underwriting commission and placement fees [ ] Other fees and expenses relating to our IPO and our Listing(2) [ ]

Total [ ] Notes: (1) This includes advisory fees for, among others, our Principal Adviser, legal advisers,

auditors, company secretary, Reporting Accountants, Independent Market Researcher and Share Registrar.

(2) This includes any other related fees and expenses in connection with our IPO, such as printing and advertising fees, travel and roadshow expenses, translator fees, media related expenses and IPO event expenses.

If the actual listing expenses are higher than estimated, the shortfall will be funded through our internally generated funds. However, if the actual listing expenses are lower than estimated, the surplus will be used for our working capital.

The actual proceeds accruing to our Company will depend on the Institutional Price and the Final Retail Price. If the actual proceeds are higher than budgeted above, the excess will be used for our working capital. However, if the actual proceeds are lower than budgeted above, the proceeds allocated for capital expenditure will be reduced. Given the timing of the use of proceeds to be raised from our Public Issue may not be immediate and as part of our efficient capital management to maximise profit income, we intend to place the proceeds raised from our Public Issue or any balance (including accrued profit, if any) in the profit-bearing accounts with licensed financial institution(s) and/or in money-market deposit instruments/funds. Our Company will not receive any proceeds from the Offer for Sale. The total gross proceeds from the Offer for Sale of up to approximately RM[ ] million will accrue entirely to the Selling Shareholders. The Selling Shareholders will bear placement fees in relation to the Offer for Sale which is estimated to be approximately RM[ ] million.

4.7 BROKERAGE FEE, UNDERWRITING COMMISSION AND PLACEMENT FEE 4.7.1 Brokerage Fee

We will pay the brokerage in respect of the Issue Shares under the Retail Offering at the rate of 1.0% (exclusive of applicable tax) of the Final Retail Price in respect of successful applications bearing the stamp of either the participating organisations of Bursa Securities, members of the Association of Banks in Malaysia, members of the Malaysian Investment Banking Association or the Issuing House.

39



40

The Global Coordinator and Joint Bookrunners are entitled to charge brokerage commission to successful applicants under the Institutional Offering. For the avoidance of doubt, such brokerage commission under the Institutional Offering will not be payable by us or the Selling Shareholders.

4.7.2 Underwriting commission

As stipulated in the Retail Underwriting Agreement, the Joint Managing Underwriters and the Joint Underwriters have agreed to underwrite our Issue Shares under the Retail Offering for an underwriting commission of [ ]% of the Retail Price multiplied by the total number of Issue Shares underwritten under the Retail Offering in accordance with the terms of the Retail Underwriting Agreement.

4.7.3 Placement fee

The Selling Shareholders for the Offer Shares and us for our Issue Shares will pay the Global Coordinator and Joint Bookrunners a placement fee and selling commission of [ ]% and may pay the Global Coordinator and Joint Bookrunners a discretionary fee of up to [ ]% of the Institutional Price multiplied by the number of IPO Shares sold to Malaysian and foreign institutional and selected investors in accordance with the terms of the Placement Agreement.

4.8 DETAILS OF THE UNDERWRITING, PLACEMENT AND LOCK-UP ARRANGEMENTS

4.8.1 Underwriting

We have entered into the Retail Underwriting Agreement with the Joint Managing Underwriters and the Joint Underwriters to severally and not jointly (nor jointly and severally) underwrite 30,000,000 Issue Shares under the Retail Offering, subject to the clawback and reallocation provisions as set out in Section 4.2.3 of this Prospectus and upon the terms and subject to the conditions of the Retail Underwriting Agreement. Details of the underwriting commission are set out Section 4.7.2 of this Prospectus, while the salient terms of the Retail Underwriting Agreement are as follows: [ ]

4.8.2 Placement

We and the Selling Shareholders expect to enter into the Placement Agreement with the Placement Managers in relation to the placement of up to 270,000,000 IPO Shares under the Institutional Offering, subject to the clawback and reallocation provisions and the Over-allotment Option as set out in Sections 4.2.3 and 4.2.4 of this Prospectus, respectively. We and the Selling Shareholders will be requested, on a several basis, to give various representations, warranties and undertakings, and to indemnify the Placement Managers against certain liabilities in connection with our IPO.

4.8.3 Lock-up arrangements

[ ]

40




41

4.9 TRADING AND SETTLEMENT IN SECONDARY MARKET

Upon our Listing, our Shares will be traded through Bursa Securities and settled by book-entrysettlement through CDS, which is operated by Bursa Depository. This will be effected inaccordance with the Rules of Bursa Depository and the provisions of the SICDA. Accordingly,we will not deliver share certificates to the subscribers of our IPO Shares.

Beneficial owners of our Shares are required under the Rules of Bursa Depository to maintainour Shares in CDS accounts, either directly in their names or through authorised nominees.Persons whose names appear in the Record of Depositors maintained by Bursa Depository willbe treated as our shareholders in respect of the number of Shares credited to their respectiveCDS accounts.

Transactions in our Shares under the book-entry settlement system will be reflected by theseller’s CDS account being debited with the number of Shares sold and the buyer’s CDSaccount being credited with the number of Shares acquired. No transfer stamp duty is currentlypayable for our Shares that are settled on a book-entry basis, although there is a nominaltransfer fee of RM10.00 payable for each transfer not transacted on the market.

Shares held in CDS accounts may not be withdrawn from the CDS except in the followinginstances:

(i) to facilitate a share buy-back;

(ii) to facilitate conversion of debt securities;

(iii) to facilitate company restructuring process;

(iv) where a body corporate is removed from the Official List;

(v) to facilitate a rectification of any error; and

(vi) in any other circumstances as determined by Bursa Depository from time to time, afterconsultation with the SC.

Trading for shares of companies listed on Bursa Securities is normally done in “board lots” of100 shares. Investors who desire to trade less than 100 shares are required to trade under theodd lot board. Settlement of trades done on a “ready” basis on Bursa Securities generally takesplace on the third Market Day following the transaction date, and the payment for the securities is generally settled on the third Market Day following the transaction date.

It is expected that our Shares will not commence trading on Bursa Securities until approximately ten Market Days after the close of the Institutional Offering. Subscribers of our Shares will notbe able to sell or otherwise deal in our Shares (except by way of book-entry transfer to other CDS accounts in circumstances which do not involve a change in beneficial ownership) prior tothe commencement of trading on Bursa Securities.

41

Reg

istra

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No.

201

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9 (1

3133

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o. 2

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43

Reg

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No.

201

9010

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9 (1

3133

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tratio

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o. 2

0190

1004

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(131

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.

46


5. INFORMATION ON OUR PROMOTERS, SUBSTANTIAL SHAREHOLDERS, DIRECTORS AND KEY SENIOR MANAGEMENT (Cont’d)

47

5.1.3 Profile of our Promoters and substantial shareholders

(i) Dato’ Seri Ong

Dato’ Seri Ong, a Malaysian, is our Promoter, substantial shareholder and Executive Chairman. See Section 5.2.3 of this Prospectus for further details of Dato’ Seri Ong’s profile.

(ii) Ooi Lean Hin

Ooi Lean Hin, a Malaysian, is our Promoter, substantial shareholder and Managing Director. See Section 5.2.3 of this Prospectus for further details of Ooi Lean Hin’s profile.

(iii) Chan Huan Hin

Chan Huan Hin, a Malaysian, is our Promoter, substantial shareholder and Director of Administration. See Section 5.2.3 of this Prospectus for further details of Chan Huan Hin’s profile.

(iv) Lee Hock Saing

Lee Hock Saing, a Malaysian, is our Promoter, substantial shareholder and Director of Marketing. See Section 5.3.3 of this Prospectus for further details of Lee Hock Saing’s profile.

(v) Lee Kong Siong

Lee Kong Siong, a Malaysian, is our Promoter and Director of Operations. See Section 5.3.3 of this Prospectus for further details of Lee Kong Siong’s profile.

(vi) Clarice Ong

Clarice Ong, a Malaysian, is our Promoter and Director of Corporate Affairs.See Section 5.2.3 of this Prospectus for further details of Clarice Ong’s profile.

(vii) MTTC

MTTC is our substantial shareholder.

MTTC was incorporated in Malaysia under the Companies Act 1965 on 24 October 1963 as a private limited company under its present name and is deemed registered under the Act. MTTC is principally involved in stevedores, shipping agents and letting of properties.

As at the LPD, the issued share capital of MTTC is RM20,000,000 comprising 20,000,000 ordinary shares.

As at the LPD, the directors of MTTC are Dato’ Seri Ong, Ooi Lean Hin, Mariam binti Ibrahim, Tengku Shaharin Abu Bakar bin Tengku Suleiman, Ong Ying Yee and Clarice Ong.

47



48

The table below sets out the substantial shareholders of MTTC and their respective shareholdings in MTTC as at the LPD:

Direct Indirect

Name No. of shares %^ No. of shares %^

OCTSB 7,397,000 36.99 - -Dato’ Seri Ong 3,142,000 15.71 7,397,000(1) 36.99Ong Guat Ee 1,636,000 8.18 7,397,000(1) 36.99PKT 3,600,000 18.00 - -Nizam Ariff bin Dato’ Seri Nazir Ariff

- - 3,600,000(2) 18.00

Notes:

^ Based on the entire issued share capital of 20,000,000 ordinary shares inMTTC as at the LPD.

(1) Deemed interested by virtue his/her shareholdings in OCTSB pursuant to Section 8(4) of the Act.

(2) Deemed interested by virtue of his shareholding in PKT pursuant to Section 8(4) of the Act.

As at the LPD, the remaining minority shareholders of MTTC are 18 non-related individuals and HMSB with interest ranging from 0.09% to 4.91% in MTTC.

See Section 5.1.1 of this Prospectus for further details of MTTC’s direct and indirect shareholdings (before and after our IPO) in our Company.

(viii) OCTSB

OCTSB is our substantial shareholder through its interest in MTTC pursuant to Section 8(4) of the Act.

OCTSB was incorporated in Malaysia under the Companies Act 1965 on 13 December 1978 as a private limited company under its present name and is deemed registered under the Act. OCTSB is an investment holding company and is principally involved in general carriers and transport operator’s business.

As at the LPD, the issued share capital of OCTSB is RM14,000 comprising 14,000 ordinary shares.

The directors of OCTSB are Dato’ Seri Ong and Ong Guat Ee as at the LPD.

The shareholders of OCTSB as at the LPD are as follows:

Direct Indirect

NameNo. of

shares %No. of

shares %

Dato’ Seri Ong 6,500 46.43 - -Ong Guat Ee 6,500 46.43 - -Charmaine Ooh Yen Nee

1,000 7.14 - -

48



49

Ong Guat Ee, a Malaysian, aged 61, is our indirect substantial shareholder through her interest held in OCTSB, which in turn holds our Company. She is the sister of Dato’ Seri Ong.

See Section 5.1.1 of this Prospectus for further details of OCTSB’s and Ong Guat Ee’s direct and indirect shareholdings (before and after our IPO) in our Company.

(ix) GDPL

GDPL is our substantial shareholder.

GDPL was incorporated in Singapore on 1 November 2018 as a private limited company. GDPL is an investment holding company.

The registered address of GDPL is at 96 Robinson Road #16-01 SIF Building, Republic of Singapore, 068899.

As at the LPD, the issued share capital of GDPL is SGD1,000 comprising 1,000ordinary shares.

The director of GDPL is Chia Swee Foong as at the LPD.

GDPL is solely held by Tanamar Holdings Limited, a company incorporated in the British Virgin Islands, in trust for Graeme Iain Brown.

Graeme Iain Brown, a New Zealander, aged 50, is our indirect substantial shareholder through his interest held in GDPL, which in turn holds our Company.

See Section 5.1.1 of this Prospectus for further details of GDPL’s and Graeme Iain Brown’s direct and indirect shareholding (before and after our IPO) in our Company.

49



50

5.2 BOARD OF DIRECTORS

The details of the members of our Board and the date of expiration of the current term of office for each of our Directors and the period that each of our Directors has served in that office as at 30 July 2021 are as follows:

Name Age Nationality DesignationDate of

appointment

Date of expiry of

current term of office

No. of years and months

in officeDato’ Seri Ong

64 Malaysian Non-Independent

Executive Chairman

31 January 2019

Subject to retirement at our AGM in

2022

2 years 6months

Ooi Lean Hin


Executive Director/

Managing Director

31 January 2019


2022

2 years 6months

Chan Huan Hin


Executive Director

6 November 2019


2022

1 year 8 months

Clarice Ong


Executive Director

6 November 2019


2022

1 year 8 months


66 Malaysian Senior Independent

Non-Executive Director

6 November 2019


2022

1 year 8 months


65 Malaysian Independent Non-Executive

Director

6 November 2019


2022

1 year 8 months

Dato’ Capt. Haji Ahmad bin Othman


Director

6 November 2019


2022

1 year 8 months



Director

6 November 2019


2022

1 year 8 months

Shareen SharizaDato’ binti Abdul Ghani


Director

29 July 2021 Subject to retirement at our AGM in

2022

Less than 1 month

50



51

None of our Directors represents any corporate shareholder on our Board. Further, save as disclosed below, there are no family relationships between our Directors:

(i) Dato’ Seri Ong is the father of Clarice Ong.

See Section 5.5 of this Prospectus for further details of the associations or family relationship between our Promoters, substantial shareholders, Directors and Key Senior Management.

5.2.1 Board practices

Our Board takes cognisance of the local corporate governance landscape constituted by the Act, the Listing Requirements and the latest iteration of the MCCG. Our Board is driven to comply with the practices espoused by the MCCG.

Currently, our Company has yet to adopt the recommendation under MCCG to have a Board comprising at least 30% women directors. In this regard, our Company endeavours to comply with the recommendation within six months from the completion of our Listing. Our Board will also provide a statement on the extent of compliance with the MCCG in our first annual report as a listed entity.

Our Company is headed by our Board, which assumes responsibility for our Company’s leadership and is collectively responsible for meeting the objectives and goals of our Company. Our Board shall have all powers necessary for managing and for directing and supervising the management of the business and affairs of our Company, including but not limited to establishing and reviewing the strategic direction and plans, monitoring the implementation of strategic plans, reviewing the financial results, identifying and evaluating business risks and ensuring implementation of a sound risk management framework, reviewing the adequacy and integrity of the internal control system and establishment of succession plans for our Board members and senior management.

In line with the MCCG, our Board has set out a board charter that clearly identifies issues and decisions reserved for our Board. Further, the board charter sets out the roles and responsibilities of our Board as follows:

(i) Reviewing, challenging and approving our Group’s annual corporate plan, which includes our Group’s overall corporate strategy, marketing plan, human resources plan, information technology plan, financial plan, budget, regulation plan and risk management plan.

(ii) Overseeing the conduct of our Group’s business and to determine whether ourGroup’s businesses are being properly managed.

(iii) Reviewing the adequacy and integrity of our Group’s management information and internal control systems, ensuring there is a sound framework for internal controls and risk management.

(iv) Ensuring our Group has appropriate policies and procedures to review performance of the directors and senior management and to set an appropriate level of remuneration to attract and retain them.

(v) Developing succession planning, including appointing, training, fixing the remuneration of, and where appropriate, replacing key management.

(vi) Ensuring that our Group has in place procedures to enable effective communication with stakeholders.

51



52

(vii) Reviewing the adequacy and integrity of our Group’s management information and internal control systems, including systems for compliance with applicable laws, regulations, rules, directives and guidelines (including the Listing Requirements, securities laws and the Act).

In addition, the roles and responsibilities of our Executive Chairman and Managing Director are clearly segregated to further enhance and preserve a balance of authority and accountability. Our Executive Chairman is primarily responsible for the following:

(i) Ensuring orderly conduct of the Board meetings.

(ii) Providing leadership to our Board in its collective oversight of managementand interfacing with the management but not overseeing the day-to-day management of our Group.

(iii) Ensuring effectiveness of our Board.

On the other hand, our Managing Director is primarily responsible for the following:

(i) Focusing on the business and day-to-day management of our Group.

(ii) Holding the primary executive responsibility for our Group’s business performance and manages our Group in accordance with the strategies and policies approved by the Board.

(iii) Leading the senior management of our Group in making, implementing and managing the day-to-day decisions on our Group’s business operations and resources and the associated risks involved in pursuing our Group’s corporate objectives.

(iv) Ensuring the business directions are in line with industry and economic trends in our Group’s operating environment.

(v) Developing, implementing and managing our Group’s risk management and

internal control systems within the risk appetite and framework approved by our Board.

Pursuant to Clause 53(1) of our Constitution, the notice for an AGM shall be given to the shareholders at least 21 days prior to the meeting. Further, Clause 76 of our Constitution also provides that at each AGM, one-third of our Directors for the time being, or if their number is not a multiple of three, then the number nearest to one-third shall retire from office at the conclusion of our AGM in every year provided always that all Directors shall retire from office once at least in each three years but shall be eligible for re-election. The Directors to retire in every year shall be the Directors who have been longest in office since their last election. A retiring Director shall be eligible for re-election.

Pursuant to Clause 77 of our Constitution, the Directors shall have power from time to time to appoint any person to be a Director either to fill a casual vacancy or as an additional Director, provided that the total number of Directors shall not at any time exceed the maximum number fixed in accordance with our Constitution. Any Director so appointed shall hold office only until the next AGM and shall then be eligible for re-election.

52

Reg

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No.

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5.2.

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53

Reg

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No.

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9010

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9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

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(131

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(Con

t’d)

54

Nam

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.

54



55

5.2.3 Profiles of our Directors

(i) Dato’ Seri Ong

Non-Independent Executive Chairman

Dato’ Seri Ong, a Malaysian aged 64, is our Non-Independent Executive Chairman and has been with our Group since October 2010. He completed his secondary education in 1974 with St. Xavier’s Institution, Penang.

Dato’ Seri Ong is an entrepreneur with over 41 years of experience in the shipping and logistics industry. Dato’ Seri Ong started his career in April 1980 as a trainee executive in MTTC, a company which was established by his father, the late Dato’ Ong Chin Teik, in 1963. MTTC was then a shipping agent and barge operator primarily serving the sugar manufacturing industry. Dato’ Seri Ong undertook various roles with MTTC to gain exposure to various facets of the barging, stevedoring and shipping industry before eventually assuming the role of Managing Director of MTTC in 1995.

Over the years, Dato’ Seri Ong has established various businesses involving the shipping and logistics sector. In 1988, he established Priority Cargo Sdn Bhd and Priority Bonded Warehouse Sdn Bhd to provide services in air freight industry and warehousing facilities. Perceptive Logistics Sdn Bhd was subsequently established in March 2001 to provide haulage, distribution and transportation services.

Other than being involved with MTTC, Dato’ Seri Ong joined Evergreen Malaysia, an indirect subsidiary of Evergreen Taiwan as an Executive Director in July 1997. He was then promoted to become the Managing Director and subsequently the Chairman of Evergreen Malaysia in July 1997 and October 2006 respectively. In such roles, he was responsible for maintaining strong relationships with the customers of Evergreen Malaysia as well as the relevant authorities.

Dato’ Seri Ong has stepped down from the executive roles in Evergreen Malaysia in January 2018.

In October 2010, Dato’ Seri Ong together with Ooi Lean Hin, Chan Huan Hin, Lee Kong Siong and Lee Hock Saing incorporated MTT Shipping. Subsequently in December 2015, he acquired an equity interest in ICSD together with Ooi Lean Hin, Chan Huan Hin and Lee Hock Saing so as to carry out businesses relating to storage, maintenance and repairs of sea freight containers.

Dato’ Seri Ong served as the Vice President of the Stevedore Employers’ Association, Penang from 1995 to 2002 and as the President of the Stevedore Employers’ Association, Penang from 2003 to 2011.

Dato’ Seri Ong was appointed to our Board on 31 January 2019. In his capacity as a director of companies within our Group, Dato’ Seri Ong has provided business and management guidance and strategic advice to the senior management of our Group over the years. Under Dato’ Seri Ong’s guidance and direction, the MTTSL Group has grown rapidly to become one of the leading carriers in Malaysia. Going forward, he will continue to play a similar role following the completion of our Listing.

55



56

(ii) Ooi Lean Hin

Managing Director

Ooi Lean Hin, a Malaysian aged 62, is our Managing Director and has been with our Group since October 2010. He completed his Malaysian Certificate of Education at the St. Xavier’s Institution in Penang in 1976.

Mr. Ooi is the co-founder of our Group and has played a pivotal role in establishing and growing our shipping and container depot businesses over the years. Mr. Ooi is a shipping and logistics veteran over 40 years of experience. He has broad experience in various facets of the shipping industry including the container and freight operations, administration and management, vessel operations and freight sales and marketing activities.

Mr. Ooi began his working life in 1977 as a waiter at the Palm Beach Hotel in Penang. In 1978, he continued his studies for the Malaysian Higher School Certificate. Mr. Ooi then involved in life insurance business and subsequently joined Trans Global Agencies Sdn Bhd as a sales representative in 1979.

At the end of 1979, Mr. Ooi started his career in shipping industry when he joined Nedlloyd EAC Agencies (Malaysia) Sdn Bhd (“Nedlloyd”), a shipping agency in Penang, as an operation clerk and has subsequently transferred to the customer service and marketing department.

In 1981, Mr. Ooi joined Mawaria Shipping (PG) Sdn Bhd, a freight forwarding and shipping agency in Penang, as a branch manager, where he oversaw the overall management, operation and profit performance of the branch. Subsequently in 1982, he joined Laksamana Shipping Agencies Sdn Bhd, a shipping agent for Ben Line Agencies, a Scottish shipping company involved in the Far East to Europe trade, as a sales and marketing manager in charge of developing marketing opportunities and plans. In 1983, Mr. Ooi rejoined Nedlloyd as a marketing manager, assuming the similar role performed at Laksamana Shipping Agencies Sdn Bhd.

He then joined Pesaka Jardine Shipping Agencies Sdn Bhd, a shipping agency in 1985, as a sales and marketing manager for its Penang branch office and subsequently transferred to the Kuala Lumpur branch office as commercial manager to spearhead the commercial department, overseeing sales budgeting and ensuring the business growth of the company. In 1989, he was transferred back to Penang as the branch manager, where he oversaw the administrative functions, daily operations and overall commercial performance of Penang branch office.

In 1991, Mr. Ooi joined Dynamic Freight Services Sdn Bhd, a freight forwarding arm of the Jardine Shipping Services group of companies, as a general manager. Mr Ooi was responsible for overseeing daily business activities, improving overall business functions, managing budgets and developing strategic plans for the freight forwarding business of the company. A year later, he was transferred to Pesaka Jardine Shipping Agencies Sdn Bhd as a general manager to oversee the entire shipping agency business of the company.

In 1997, Mr. Ooi rejoined Trans Global Agencies Sdn Bhd as a general manager, where he was responsible for coordinating business operations, maintaining good customers relations and identifying new business opportunities for the company.

56



57

In August 1998, Mr. Ooi joined Green Peninsula Agencies Sdn Bhd as group general manager, overseeing the business of the company and its group of companies. His responsibilities were monitoring the daily business operations of the group, implementing growth strategies and improving the financial performance of the group.

In January 2001, Mr. Ooi was also appointed as the Vice Chairman of Evergreen Malaysia after the completion of the restructuring exercise involving Green Peninsula Agencies Sdn Bhd and Evergreen Malaysia, where he played a significant role in overseeing the business operations and building brand awareness of the Green Peninsula Agencies Sdn Bhd group of companies. In the same year, Mr. Ooi played a significant role in the conceptual and implementation of the relocation of substantial part of Evergreen Taiwan’s transshipment hub from Singapore Port to Tanjung Pelepas Port, Johor. He relinquished his position as the Vice Chairman with Evergreen Malaysia in February 2017.

In October 2010, Mr. Ooi together with Dato’ Seri Ong, Lee Kong Siong, Lee Hock Saing and Chan Huan Hin incorporated MTT Shipping and they worked together to develop and expand the business of MTT Shipping group of companies. Subsequently in December 2015, he acquired an equity interest in ICSD together with Dato’ Seri Ong, Chan Huan Hin and Lee Hock Saing so as to carry out businesses relating to storage, maintenance and repairs of sea freight containers.

He held prominent roles with industry associations to advocate and promote the interests of the shipping industry in Malaysia. Mr. Ooi is currently the Chairman of the Shipping Association of Malaysia (“SAM”). During his tenure as the Chairman of the SAM, Mr. Ooi has been instrumental in seeking a more inclusive industry association by extending eligibility for membership of SAM to any party or company who has interest directly or indirectly in the Malaysian shipping industry (instead of limiting the membership to a party who owns a vessel).

SAM was formerly known as the International Shipowners Association (ISOA),in which Mr. Ooi was a member of the executive committee since year 2000 and thereafter acted as the Vice Chairman and Chairman until 2008. In October 2018, he was appointed by the National Shipping and Port Council formed under the auspices of the Maritime Division, the Ministry of Transport as the advisory council to lead a team to participate in the Malaysia Shipping Master Plan 2017 – 2022 organised by the Ministry of Transport, by presenting the topic of “Enhancing Malaysia’s Attractiveness to Shipping Businesses”.

Mr. Ooi was redesignated as the Managing Director of the MTTSL Group on 31 January 2019. He has been primarily responsible for implementing comprehensive business plans to facilitate the growth and achievements of the MTTSL Group. Together with Dato’ Seri Ong, he also played a significant role in the formulation of expansion plans and strategies for the MTTSL Group. Going forward, he will continue to play similar role following the completion of our Listing.

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(iii) Chan Huan Hin

Non-Independent Executive Director

Chan Huan Hin, a Malaysian aged 62, is our Non-Independent Executive Director and has been with our Group since October 2010. He graduated with a Bachelor in Engineering degree from the University of Adelaide in April 1986.

Mr. Chan began his career as an assistant engineer with Toshiba Electronics (M) Sdn Bhd in 1986, where he was involved in quality assurance work. He left Toshiba Electronics (M) Sdn Bhd in 1987 and joined Monolithic Memories (M) Sdn Bhd in January 1988 as a quality assurance engineer. He was responsible for assessing product quality and conduct field failure analysis.

In December 1988, Mr. Chan left the semiconductor industry and become involved in the shipping industry by joining Pesaka Jardine Shipping Agencies Sdn Bhd, a shipping agency as an executive. As an executive, he was exposed to various roles including liner service, international logistics service and project freight logistics service as preparation to head a new branch office in East Malaysia. In 1989, he was promoted to the position of a business development manager based in Kota Kinabalu branch office, where he was put in charge of the planning of new business opportunities so as to expand income streams of the group companies within the Jardine Shipping Services, which comprise of liner shipping agencies, non-liner shipping agencies and international freight forwarding.

In 1989, Mr. Chan was seconded to Sealord Shipping Agencies Sdn Bhd, a shipping agency within the Jardine Shipping Services group of companies as a business development manager. He spearheaded the company’s marketing division by developing and identifying new business opportunities in East Malaysia. Thereafter in 1992, he returned to Peninsular Malaysia and joined Dynamic Freight Services Sdn Bhd as a sea freight manager where he was based in Port Klang. As a sea freight manager, he supervised the day-to-day sea freight operations and coordinated with shipping lines for cargo logistics arrangements. He was also responsible in formulating and implementing growth strategies for the branch offices in Port Klang, Ipoh and Penang. Mr. Chan was promoted to the position of assistant general manager in 1993 and thereafter general manager in 1994, where his responsibilities were expanded to including monitoring the administrative functions and daily operations of the company and overseeing the commercial performance of the company.

In 1998, Mr. Chan joined Logistics Support Services Sdn Bhd as a general manager, where his role was similar to the role he held in Dynamic Freight Services Sdn Bhd. He was redesignated as vice president in December 1998 following a global rebranding exercise undertaken by the company.

Mr. Chan joined Priority Synergy Sdn Bhd, an international logistics services company, in 2002 as a manager and Executive Director, where he was responsible for the day-to-day freight forwarding businesses and services of the company from the central to south of Peninsular Malaysia. His responsibilities also include formulating and implementing strategic business plans to ensure the growth of the company. Mr. Chan resigned from his executive role in Priority Synergy Sdn Bhd and ceased to involve in the day-to-day operations of the company from 30 November 2019.

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In October 2010, Mr. Chan together with Dato’ Seri Ong, Ooi Lean Hin, Lee Kong Siong and Lee Hock Saing incorporated MTT Shipping and they worked together to develop and expand the business of MTT Shipping and its group of companies. Subsequently in December 2015, he acquired an equity interest in ICSD together with Dato’ Seri Ong, Ooi Lee Hin and Lee Hock Saing so as to carry out container depot businesses relating to storage, maintenance and repairs of sea freight containers.

In his capacity as a director of the MTT Shipping group of companies, Mr. Chan has been primarily responsible for the documentation, financing and delivery process for vessel purchases and disposals. He is also responsible for overseeing the operations of the on-dock depot, automotive logistics business, the development of the logistics centres in Kota Kinabalu, Sabah and Pulau Indah, Selangor and the recruitment process for personnel and trainees of our Group. In addition, Mr. Chan was involved in obtaining the International Organisation for Standardisation (ISO) certifications for MTT Shipping’s occupational health and safety management system and quality management system in year 2020. Going forward, he will continue to play a similar role following the completion of our Listing.

(iv) Clarice Ong

Non-Independent Executive Director/Director of Corporate Affairs

Clarice Ong, a Malaysian aged 33, is our Non-Independent Executive Director and has been with our Group since June 2014. She graduated from Queen Mary, University of London, United Kingdom with a Bachelor of Arts in Cities, Economies and Social Change in July 2009 and later obtained a Master of Science in Finance and Investment from BPP University (formerly known as BPP Business School) in August 2010.

Clarice Ong began her career as an analyst with Stockcube Research Ltd, an independent financial research and analytical services provider in London, United Kingdom from October 2010 until February 2014, where she was involved in carrying out technical analysis and proprietary trading on behalf of clients. She returned to Malaysia to join MTT Shipping in June 2014 as a management trainee and during this period, she rotated to various departments and handled various operational works of MTT Shipping. She was then promoted to the position of Internal Audit and Corporate Communications Manager of MTT Shipping in July 2015, where she helped to establish internal audit procedures to improve the internal control systems of MTT Shipping group of companies.

Clarice Ong was appointed as a director of MTT Shipping in September 2017. Since then, she has been responsible for developing and implementing strategies to increase the brand presence of MTT Shipping group of companies, building relationships with key stakeholders and managing and retaining relationships with employees, customers and suppliers.

In January 2019, Clarice Ong was appointed as the Director of Corporate Affairs of our Company and she is primarily responsible for setting up good corporate practices across our Group and developing strategies in bringing value to the overall performance of our Group. She is also involved in creating aligned corporate affairs plans and coordinating integration efforts to enhance our Group’s branding and reputation. Going forward, she will continue to play a similar role following the completion of our Listing and in addition to these responsibilities, she will also be responsible for overseeing the Group’s corporate compliance and governance functions.

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(v) Razman Hafidz bin Abu Zarim

Senior Independent Non-Executive Director

Razman Hafidz Bin Abu Zarim, a Malaysian aged 66, is our Senior Independent Non-Executive Director. He graduated with a joint-honours degree in Economics and Accountancy from University College, Cardiff, Wales in 1977. He is a Fellow member of the Institute of Chartered Accountants in England & Wales and a member of the Malaysian Institute of Accountants (MIA).

Razman Hafidz began his career in accountancy in 1977 when he joined Touche Ross & Co., London, England as an audit junior and later qualified as a Chartered Accountant. He left Touche Ross & Co in 1984 and joined Hacker Young, a medium-sized international accounting firm in London, England as an audit assistant manager. In 1987, he was admitted as an audit partner and was primarily involved in the area of corporate finance advisory, where he advised clients for listing exercises on the London Stock Exchange. He was one of the partners who set up the Corporate Finance Department of Hacker Young and actively participated in the formation of Hacker Young International Affiliated Organisation.

In 1989, he returned to Malaysia and joined Price Waterhouse (now known as PricewaterhouseCoopers (“PwC Malaysia”)) as an audit partner. In January 1993, he was promoted to be the partner-in-charge of PwC Malaysia’s management consulting services and became one of the six members of the firm’s executive board. In this capacity, he was responsible for advising clients on risk and regulatory compliance as well as capability identification and building for business growth. He was also involved in providing strategic advisory services to companies seeking for listing on Bursa Securities. He was with the firm until 31 December 1993.

In 1994, Razman Hafidz founded Norush Sdn Bhd to provide consultancy and advisory services on corporate restructuring, mergers and acquisitions, corporate governance and fund-raising exercises for private and public companies. He ceased operations of Norush Sdn Bhd in March 2016.

Razman Hafidz was the Managing Director or Chief Executive Officer of several public listed companies, including Tune Protect Group Berhad from 2016 to 2018 and Mithril Berhad from 2003 to 2010. Razman Hafidz was also a director of MAA Holdings Berhad (now known as MAA Group Berhad) from 1998 to 2004 and the Chief Executive Officer of its subsidiary, namely Malaysian Assurance Alliance Berhad from 2000 to 2002.

Razman Hafidz also held positions as independent director on the board of several public listed companies including, Panasonic Manufacturing Malaysia Berhad from 2004 to 2016, Linde Malaysia Holdings Berhad (formerly known as Malaysian Oxygen Berhad) from 2003 to 2016 and Yeo Hiap Seng (Malaysia) Berhad from 2005 to 2013. He was the independent chairman of Tune Protect Group Berhad from 2012 to 2016 and Sumitomo Mitsui Banking Corporation Malaysia Berhad from 2011 to 2015. He is currently an independent director at Hartalega Holdings Berhad.

He was appointed to our Board on 6 November 2019. He currently sits on the Audit Committee and Nominating and Remuneration Committee of our Groupsince 22 March 2021.

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(vi) Dato’ Abd Gani bin Othman


Dato’ Abd Gani Bin Othman, a Malaysian aged 65, was appointed as our Independent Non-Executive Director on 6 November 2019. Dato’ Abd Gani sits on the Audit Committee and Nominating and Remuneration Committee of our Group. Dato’ Abd Gani graduated with a Bachelor of Letters from Universiti Kebangsaan Malaysia in 1980. He was accredited as a Customs Technical and Operational Advisor by the World Customs Organisation (WCO) in 2014.

Dato’ Abd Gani has served in the Royal Malaysian Customs Department for 36 years in various key positions across offices in Putrajaya, Kuala Lumpur, Selangor and Labuan from 1980 to 2016. In 1980, Dato’ Abd Gani was appointed as superintendent of customs, where he carried out investigations and raids for documentary cases and was based at the preventive division at Kuala Lumpur branch office. In 1982, he was transferred to Port Klang as superintendent of customs, where he was responsible for both local and foreign vessels transhipment of Peninsular Malaysia. In 1987, he was transferred to Langkawi and promoted as the Assistant Director of Customs, where he was responsible for setting up the customs marine training centre to provide basic safety training to seafarers, such as basic fire-fighting, elementary first aid, personal survival techniques, personal safety and social responsibility.

In 2000, Dato’ Abd Gani was transferred to the headquarters of the Royal Malaysian Customs Department at Jalan Duta, Kuala Lumpur as the Senior Assistant Director of Customs 2, where he was responsible in maintaining and safeguarding all the vessels owned by the customs department. Subsequently, Dato’ Abd Gani was re-designated as the Senior Assistant Director of Customs 1, where he focused more on public awareness on changes or practices required arising from new customs laws.

In 2008, Dato’ Abd Gani was further promoted as the State Director of Labuan, where he was in charge of the day-to-day operations and management of the branch office at Labuan. He was also involved in licensing application process by reviewing all the applications for licenses to import certain excise duty goods. In 2009, Dato’ Abd Gani was again transferred to headquarters at Putrajaya as the Senior Assistant Director of Customs 1, where he was primarily responsible for exercising borders control, particularly on the movement of goods from neighbouring countries to Malaysia. He was also involved in reviewing and approving license applications for private jetties made by the public.

In 2011, Dato’ Abd Gani was transferred to the corporation audit division of Kuala Lumpur branch office, where his designation remained unchanged. His responsibilities included examining and investigating the business records, business systems and commercial records of individuals and companies that were involved, directly or indirectly, in payment of taxes. When he was at the Kuala Lumpur branch office, he was promoted to the position of Deputy Director of Customs.

After his promotion, he was again transferred to headquarters at Putrajaya and was serving under the division of trade facilitation. He was in charge of supervising and facilitating trade imports and exports with the aim to contribute positively to Malaysia’s trade efficiency and global competitiveness to ultimately boost the country’s ranking as a trading nation.

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In 2015, Dato’ Abd Gani was again transferred to the branch office at Kuala Lumpur as the Head of Preventive Division. He supervised the day-to-day operations and management of the branch office and his scope of work included reviewing the investigation papers for advice and prosecution purposes, carrying out operations against uncustomed goods through raids, searches, operations and managing the storage and disposal of seized goods efficiently.

In 2016, Dato’ Abd Gani was promoted as the Director of Customs of the Kuala Lumpur branch office, where he oversaw various divisions, from goods and services tax division, technical division, audit division, finance division, human resources division and preventive division. As the Director of Customs, Dato’ Abd Gani was also responsible to report the performance of all divisions under his purview to headquarters at Putrajaya. Dato’ Abd Gani retired and left service at the end of 2016.From 2017 until to-date, Dato’ Abd Gani has been serving as a tax advisor with PricewaterhouseCoopers Taxation Services Sdn Bhd, providing advice on cases pertaining to indirect taxes and liaising with the relevant authority.

(vii) Dato’ Capt. Haji Ahmad bin Othman


Dato’ Capt. Haji Ahmad bin Othman, a Malaysian aged 66, is our Independent Non-Executive Director. He obtained an Ordinary National Certificate in Nautical Science from Riversdale College, Liverpool, United Kingdom in 1976 and holds a Certificate of Competency, Deck Officer Class 1 (Master Mariner) (“Certificate of Competency”), United Kingdom, since 1982. He is currently a life member and Fellow of the Association of Malaysia’s Maritime Professionals (Ikhtisas Kelautan Malaysia (IKMAL)) since 2004.

As part of the programme to obtain Certificate of Competency, Dato’ Capt. Haji Ahmad served as a deck cadet and elevated severally up to senior second officer on various types of ships at Ocean Fleets Ltd in Liverpool from 1972 to 1981, where he was responsible for safe keeping of navigational watches, cargo work and other shipboard operations. In 1981, he was seconded to Straits Steamship of Singapore, a subsidiary of Ocean Fleets Ltd, where he was in charge of navigation and monitoring the loading and discharging of cargo.

In 1983, he returned to Malaysia and served under the Marine Department of Malaysia for more than 30 years in various capacities. Dato’ Capt. Haji Ahmad joined as a marine officer in 1983, where he was based at Port Klang. He was responsible for conducting training and assessment for the staff of the Marine Department. He was appointed as an examiner in the same year to examine the competency level of seafarers prior to them being permitted to serve on board ships. In 1984, Dato’ Capt. Haji Ahmad was transferred to Johor Bahru as Habour Master, where he was primarily responsible in the management and day-to-day operation of the Marine Department in Johor, which amongst others, include ships inspection and boats licensing. He also played a role in managing and maintaining the navigational aids along the coast and monitoring the movement of local and foreign ships for various ports in Johor.

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In 1990, Dato’ Capt. Haji Ahmad was transferred to Penang where his responsibilities were similar with the roles he held in Johor, covering various ports in Penang, Kedah and Perlis. In 1994, he was transferred to Sabah as the Director of Marine, Sabah, where he took charge of the maritime affairs within Sabah waters, the daily management and budgeting of the department.

In 1995, Dato’ Capt. Haji Ahmad was transferred back to Port Klang as Principal Assistant Director of the Navigation Aids Unit, where he oversaw the maintenance and installation of marine navigational aids for Peninsular Malaysia to ensure an efficient, effective and safe navigation in Peninsular waters. In 1997, Dato’ Capt. Haji Ahmad was promoted to Director of Safety of Navigation Division of the Marine Department and his work scope extended to overseeing the maritime traffic services and marine environmental control for Peninsular waters, particularly on implementing operational control for oil spill and hazardous noxious substances from ships.

In 2002, Dato’ Capt. Haji Ahmad was promoted as the Deputy Director General of Marine Department, where he supervised the projects development, budget requirement, ships registration, boats licensing and safe manning requirement inspection. In 2006, he became the Director General of Marine Department and he was also the Chairman of Light Dues Board Peninsular Malaysia and Central Mercantile Marine Fund. He retired from Marine Department in October 2014.

After his retirement from government service, Dato’ Capt. Haji Ahmad was appointed as director of several companies. He sat on the board of directors of Bank Pembangunan Malaysia Berhad and its subsidiary, namely Global Maritime Ventures Berhad from May 2015 to March 2017. He was also appointed as a director of Borcos Shipping Sdn Bhd, a company specialising in the provision of marine transportation and support services for the offshore oil and gas industry from July 2015 to March 2017. Currently, he is the Port-Reception Facility Advisor of KA Petra Sdn Bhd, where he is advising the company in setting up, development and creation of an adequate port-reception facility in addressing the transportation and disposal of ship-generated waste and cargo residues.

He is currently sitting on the board of governors of Meritus University, a niche university focusing on maritime education from October 2016 until to-date.

He was appointed to our Board on 6 November 2019. He currently sits on the Audit Committee and Risk Management Committee of our Group.

(viii) Dato’ Seri Wong Siew Hai


Dato’ Seri Wong Siew Hai, a Malaysian aged 70, is our Independent Non-Executive Director. He graduated with a Bachelor of Science in Mechanical Engineering from University of Leeds, England in 1974 and Masters of Science in Management Science from Imperial College of Science & Technology, University of London, England in 1975.

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Dato’ Seri Wong has over 28 years of working experience in the electronics industry, of which approximately 27 years with Intel Malaysia group of companies. He began his career in 1976 as a quality assurance engineer and held several managerial positions during his tenure with Intel Malaysia. In 1996, he left Intel Malaysia and joined Dell Asia Pacific Sdn Bhd as the Vice President and Managing Director for approximately 2 years from 1996 to 1997, where he was responsible for manufacturing and general site management of the customer centre of Dell Asia Pacific Sdn Bhd. In 1997, Dato’ Seri Wong left Dell Asia Pacific Sdn Bhd and re-joined Intel Malaysia as Managing Director and he was promoted to the position of Vice President under the Technology and Manufacturing Group (TMG), Intel Corporation in 1999, where he was responsible for the Malaysian group of factories. In 2001, he was promoted to the position of general manager of Assembly and Test Manufacturing (ATM), where he was responsible for all assembly test factories worldwide until his retirement in 2004.

Dato’ Seri Wong is the President of the Malaysian Semiconductor Industry Association (MSIA) which was recently formed in January 2021. He is also the Chairman of E&E Productivity Nexus since 2017 and a member of Pasukan Petugas Khas Pemudahcara Perniagaan (PEMUDAH) since 2012. Dato’ Seri Wong was the Chairman of the Malaysian American Electronics Industry, an industry committee under the American Malaysian Chamber of Commerce (AMCHAM) since 2005 until January 2021. From 2005 to 2017, he was a board member of Malaysia External Trade Development Corporation (MATRADE), a division under the Ministry of International Trade and Industry (MITI). He was also a member of National Productivity Council in 2017.

He is currently an independent director of SAM Engineering & Equipment (M) Berhad and Greatech Technology Berhad, companies listed on the Main Market of Bursa Securities. He was a director of Invest-In-Penang Berhad (an agency incorporated by the Penang State Government to promote investment in the state of Penang) from 2004 to 2008. He is currently a director of Penang Tech Centre Bhd and Penang Science Cluster, both are non-profit organisations aim to help inspire interest of the next generation in science and technology. Under an industry-led initiative in collaboration with the Penang State Government, he pioneered the setting up of Tech Dome Penang which was opened in July 2016, the first science discovery centre in Penang with the mission to inspire children and students to pursue science and engineering and to cultivate the talents in the fields of science, engineering and technology.

In the education industry, Dato' Seri Wong is a member of the board of governors of UOW Malaysia KDU University College and the Prince of Wales Island International School, Penang. In November 2018, he was appointed to the Board of Trustee of Yayasan Universiti Multitmedia (YUM). He also serves as a member of the management board of the Institute for Research and Innovation of Wawasan Open University from 2011 to 2019. From 2001 to 2006, he was a member of the board of directors of Kolej Universiti Technologi Tun Hussein Onn. In 2017, he was also appointed as an Adjunct Professor of Multimedia University (MMU) until 2020.

He was appointed to our Board on 6 November 2019. He currently sits on the Risk Management Committee and Nominating and Remuneration Committee of our Group since 22 March 2021.

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(ix) Shareen Shariza Dato’ binti Abdul Ghani


Shareen Shariza Dato’ binti Abdul Ghani, a Malaysian, 52, is our Independent Non-Executive Director. She was appointed to our Board on 29 July 2021. Shareen Shariza graduated with a Bachelor’s Degree in Mass Communications from Universiti Sains Malaysia in 1993. She also obtained aMaster in Public Policy from Universiti Malaya in 2012 and a Master of Studies in Sustainability Leadership from the Cambridge University in 2015.

Shareen Shariza began her career in December 1993 when she joined RA Public Relations Sdn Bhd as a senior consultant. She was responsible for developing corporate communications strategies and providing public relations consultation to a range of public listed companies, international and regional retail brands as well as banking and finance industry.

In April 1997, Shareen Shariza joined Nepline Berhad, a company principally involved in chartering and shipping related businesses, as a public relations manager, where she was primarily responsible for establishing public relations and communication function for the company, engaging with the company’s regional and international stakeholders, developing and creating annual reports, preparing media profiles and articles of the company.

In April 1998, Shareen Shariza left Nepline Berhad and joined the Malaysian Exchange of Securities Dealing and Automated Quotation Berhad (“MESDAQ”), a securities market for the listing of high growth and technology-based companies, where she assumed the role of Assistant Vice President in Corporate Communications. Her role in MESDAQ was mainly to establish strategic communication and reputation management function for MESDAQ.

Shareen Shariza left MESDAQ in December 2001 and went on to set up her own sole proprietorship business, namely the PR Practice, to provide consultation services, such as integrated communications, crisis and issues management, corporate communications and corporate branding to various companies. Shareen Shariza then ceased her business in January 2003 and joined Trax Associates Sdn Bhd as a senior associate to solely develop brand strategy and formulating the brand management framework for a multinational oil and gas company.

Following the completion of the one-year project provided to the multinational oil and gas company, Shareen Shariza expanded her career experience to humanitarian works from April 2004 to April 2007, where she became the Chief Operating Officer of Mercy Malaysia, delivering humanitarian services, emergency response, rehabilitation and recovery aids to countries that were embroiled in humanitarian crisis. During her tenure with Mercy Malaysia, she played a leading role in formulating Mercy Malaysia’s organisational development and operational excellence as well as securing corporate funding and setting up accountability framework for Mercy Malaysia. In recognition of her achievements in and contributions to the humanitarian services, she was conferred the Darjah Paduka Mahkota Perak (DPMP) by His Royal HighnessSultan Azlan Shah, the late Sultan of Perak Darul Ridzuan, who was the Patron of Mercy Malaysia.

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In July 2007, Shareen Shariza joined Khazanah Nasional Berhad (“Khazanah”) as the Director of Corporate Responsibility. Under the ambit of human and social capital development, Shareen Shariza played a significant role indesigning and executing national level initiatives, such as the promoting intelligence, nurturing talent and advocating responsibility foundation (also known as the PINTAR foundation), Yayasan Sejahtera and graduate employability management scheme (also known as GEMS Malaysia).

In July 2013, Shareen Shariza was transferred to the Managing Director’s office of Khazanah, assuming the role as the Director of Special Projects, where she oversaw the government-linked corporation transformation programme to develop corporate responsibility and sustainability strategies such as policy frameworks, sustainability practices and initiatives and integrated reporting mechanisms for government-linked corporations.

In March 2016, Shareen Shariza left Khazanah and joined Talent CorporationMalaysia Berhad (“TalentCorp”) as the Chief Operating Officer and subsequently assumed the role of Chief Executive Officer in June 2016. During her tenure in TalentCorp, she was primarily responsible for the design and execution of national talent or human capital strategies and action plans with a focus on optimising top talent to meet the demands of the key economic growth sectors. She also actively involved in formulating progressive polices for future of work, women in leadership roles and in the workforce, diversity and inclusionof holistic practices in workplace.

In May 2018, Shareen Shariza left TalentCorp and joined Sorga Ventures Sdn Bhd, a boutique consulting firm, as director in providing and establishing the environmental, social and governance framework to a range of public listed companies in Malaysia.

In June 2019, Shareen Shariza left Sorga Ventures Sdn Bhd. and co-foundedSorga Innovation Sdn Bhd (“Sorga Innovation”), a boutique advisory firm specialising in human capital or talent strategies and solutions. She is currently the Chief Executive Officer of Sorga Innovation where she oversees the setting up and operation of a talent platform and management system, known as gigxglobal.com, a fractional work platform for professional talents who desire to engage in “on demand” project-based jobs.

Shareen Shariza was a board member of the Geneva based Humanitarian Accountability Partnership (2009) in 2007 where she was involved in establishing the policy framework for accountability. She currently sits on the board of trustees of Yayasan UEM since 2019.

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1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

68

Dire

ctor

Dire

ctor

ship

sPr

inci

pal a

ctiv

ities

Invo

lvem

ent

in b

usin

ess

activ

ities

ot

her t

han

as a

dire

ctor

Ev

ergr

een

Hea

vy I

ndus

trial

Cor

p (M

) Be

rhad

M

anuf

actu

ring

of c

argo

con

tain

ers

and

cont

aine

r par

ts

Shar

ehol

der (

indi

rect

)

Ev

ergr

een

Laur

el H

otel

(M) S

dn B

hd

Hot

elie

r

Shar

ehol

der (

indi

rect

)

G

reen

pen

Frei

ght S

ervi

ces

Sdn

Bhd

Fo

rwar

ding

ag

ent,

war

ehou

sing

an

d re

late

d se

rvic

es

Subs

tant

ial

shar

ehol

der

(dire

ct

and

indi

rect

)

G

reen

pen

Prop

ertie

s S

dn B

hd

Pr

oper

ty in

vest

men

t

Subs

tant

ial

shar

ehol

der

(dire

ct

and

indi

rect

)

G

.U. I

ndus

tries

(M) S

dn B

hd

War

ehou

sing

, ha

ndlin

g an

d fo

rwar

ding

and

letti

ng o

f pro

perti

es

Subs

tant

ial s

hare

hold

er (i

ndire

ct)

G

urne

y W

alk

Esca

pade

Sdn

Bhd

In

vest

men

t ho

ldin

g co

mpa

ny

hold

ing

shar

es

in

Ecop

arad

ise

(Pen

ang)

Sdn

Bhd

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

Ja

saju

ru S

dn B

hd

Prop

erty

inve

stm

ent

Su

bsta

ntia

l sha

reho

lder

(ind

irect

)

L.

T. S

hipp

ing

Sdn

Bhd

In

vest

men

t ho

ldin

g co

mpa

ny

hold

ing

shar

es in

MTT

Pro

perti

es &

D

evel

opm

ent

Sdn

Bhd

and

MTT

Le

arni

ng A

cade

my

Sdn

Bhd

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

M

TTC

St

eved

ores

, sh

ippi

ngag

ents

, le

tting

of p

rope

rties

Su

bsta

ntia

l sh

areh

olde

r (d

irect

an

d in

dire

ct)

M

TT D

ot C

omm

Sdn

Bhd

G

ener

al

tradi

ng

and

reta

il e-

com

mer

ce

busi

ness

ov

er

the

inte

rnet

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

68

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

69

Dire

ctor

Dire

ctor

ship

sPr

inci

pal a

ctiv

ities

Invo

lvem

ent

in b

usin

ess

activ

ities

ot

her t

han

as a

dire

ctor

M

TT L

earn

ing

Acad

emy

Sdn

Bhd

Ed

ucat

ion

cent

re

Subs

tant

ial

shar

ehol

der

(dire

ct

and

indi

rect

)

M

TT P

rope

rties

& D

evel

opm

ent

Sdn

Bhd

H

ousi

ng d

evel

opm

ent

Su

bsta

ntia

l sh

areh

olde

r (d

irect

an

d in

dire

ct)

N

atur

al S

ynth

esis

Sdn

Bhd

Pr

ovis

ion

of m

arke

ting,

pro

mot

ion

and

rela

ted

serv

ices

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

O

CTS

B

Inve

stm

ent

hold

ing

com

pany

ho

ldin

g sh

ares

in 1

6co

mpa

nies

(1) ,

gene

ral

carr

iers

an

d tra

nspo

rt op

erat

ors

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

Pa

c D

e Pa

c Se

rvic

es (P

ort K

lang

) Sdn

Bh

d

War

ehou

sing

and

sto

rage

ser

vice

s

Subs

tant

ial

shar

ehol

der

(dire

ct

and

indi

rect

)

Pe

rcep

tive

Logi

stic

s Sd

n B

hd

Hau

lage

, di

strib

utio

n &

trans

porta

tion

serv

ices

Su

bsta

ntia

l sh

areh

olde

r (d

irect

an

d in

dire

ct)

Pe

rsila

Sdn

Bhd

H

aula

ge a

nd d

istri

butio

n se

rvic

es

Subs

tant

ial s

hare

hold

er (i

ndire

ct)

Pe

nang

Shi

ppin

g an

d Tr

adin

g C

o Sd

n Bh

d

Dor

man

t

Subs

tant

ial s

hare

hold

er (i

ndire

ct)

PK

T

Inve

stm

ent

hold

ing

com

pany

ho

ldin

g sh

ares

in 1

0co

mpa

nies

(2)

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

Pr

iorit

y Bo

nded

War

ehou

se S

dn B

hd

War

ehou

se

faci

litie

s,

bond

ed

or

othe

rwis

e, s

tore

keep

ing,

pac

king

, de

liver

y an

d re

late

d se

rvic

es

Su

bsta

ntia

l sha

reho

lder

(ind

irect

)

69

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

70

Dire

ctor

Dire

ctor

ship

sPr

inci

pal a

ctiv

ities

Invo

lvem

ent

in b

usin

ess

activ

ities

ot

her t

han

as a

dire

ctor

Pr

iorit

y C

argo

Sdn

Bhd

G

ener

al c

arrie

r of

goo

ds;

haul

ier

and

prov

isio

n of

anc

illar

y se

rvic

es

Subs

tant

ial s

hare

hold

er (i

ndire

ct)

Pr

iorit

y G

lobe

Exp

ress

(M) S

dn B

hd

Oth

er

trans

porta

tion

supp

ort

activ

ities

O

ther

ser

vice

act

iviti

es in

cide

ntal

to

land

tran

spor

tatio

n

Forw

ardi

ngof

frei

ght

N

il

Pr

iorit

y H

aula

ge

& D

istri

butio

n Sd

n Bh

d

Hau

lage

an

d di

strib

utio

n an

d re

late

d op

erat

ion

of

wor

ksho

p se

rvic

es

Su

bsta

ntia

l sh

areh

olde

r (d

irect

an

d in

dire

ct)

Pr

iorit

y Lo

gist

ics

Sdn

Bhd

H

aula

ge a

nd d

istri

butio

n, b

onde

d tru

ckin

g,

inte

rnat

iona

l fre

ight

fo

rwar

ding

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

Pr

iorit

y M

ater

ials

Han

dlin

g Sd

n Bh

d

Hiri

ng, s

ales

and

ser

vici

ng o

f for

klift

an

d he

avy

mac

hine

ries

Su

bsta

ntia

l sh

areh

olde

r (d

irect

an

d in

dire

ct)

Pr

iorit

y R

esou

rces

Sdn

Bhd

In

form

atio

n co

mm

unic

atio

n te

chno

logy

(IC

T), m

anag

emen

t and

co

nsul

tanc

y,

gene

ral

tradi

ng a

nd

reta

il

Su

bsta

ntia

l sha

reho

lder

(ind

irect

)

Pr

iorit

y S

yner

gy S

dn B

hd

Frei

ght

forw

ardi

ng

and

rela

ted

serv

ices

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

R

ound

-The

-Wor

ld L

ogis

tics

Cor

p (M

) Sd

n Bh

d

Forw

ardi

ng

agen

t an

d re

late

d se

rvic

es

Subs

tant

ial

shar

ehol

der

(dire

ct

and

indi

rect

)

70

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

71

Dire

ctor

Dire

ctor

ship

sPr

inci

pal a

ctiv

ities

Invo

lvem

ent

in b

usin

ess

activ

ities

ot

her t

han

as a

dire

ctor

Se

ko G

loba

l Log

istic

s (M

) Sdn

Bhd

Fo

rwar

ding

age

nt

Subs

tant

ial

shar

ehol

der

(dire

ct

and

indi

rect

)

S

Y.Pi

ngga

n-M

angk

ok K

won

g H

eong

(1

981)

Sdn

Bhd

D

eale

rs in

cro

cker

y

Subs

tant

ial s

hare

hold

er (i

ndire

ct)

U

niq

OPT

Sdn

Bhd

R

eal e

stat

e ac

tiviti

es w

ith o

wne

d or

le

ased

pro

perti

es

Subs

tant

ial s

hare

hold

er (d

irect

)

Pas

t Dire

ctor

ship

s:

Ev

ergr

een

Mal

aysi

a(r

esig

ned

on 2

4 Ja

nuar

y 20

18)

Sh

ippi

ng a

gent

s

Nil

IS

Sol

utio

ns a

nd C

onsu

ltanc

y Sd

n Bh

d (r

esig

ned

on 3

0 N

ovem

ber 2

017)

IT

pro

duct

and

its

rela

ted

serv

ices

N

il

Pe

rcep

tive

Logi

stic

s Pr

oper

ties

Sdn

Bhd

(res

igne

d on

13

Febr

uary

201

8)

Prop

erty

inve

stm

ent

N

il

Pre

sent

Invo

lvem

ent a

s S

ubst

antia

l Sha

reho

lder

:

N

il

Oth

er

man

agem

ent

cons

ulta

ncy

activ

ities

, ac

tiviti

es

of

hold

ing

com

pani

es, a

gric

ultu

re a

ctiv

ities

for

crop

s pr

oduc

tion

Su

bsta

ntia

l sh

areh

olde

r (d

irect

) of

Bot

anic

aPl

anta

tions

Sdn

Bhd

71

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

72

Dire

ctor

Dire

ctor

ship

sPr

inci

pal a

ctiv

ities

Invo

lvem

ent

in b

usin

ess

activ

ities

ot

her t

han

as a

dire

ctor

Ooi

Lea

n H

inP

rese

nt D

irect

orsh

ips:

G

reen

pen

Prop

ertie

s S

dn B

hd

Pr

oper

tyin

vest

men

t

Nil

M

MTT

Hol

ding

s Pt

e Lt

d

Inve

stm

ent

hold

ing

com

pany

hold

ing

shar

esin

MTT

M In

tegr

ated

Sh

ippi

ng

& Lo

gist

ics

Com

pany

Li

mite

d

N

il

M

TT P

rope

rties

& D

evel

opm

ent

Sdn

Bhd

H

ousi

ng d

evel

opm

ent

N

il

M

TTC

St

eved

ores

, sh

ippi

ng

agen

ts,

letti

ng o

f pro

perti

es

Nil

M

TTM

Inte

grat

ed S

hipp

ing

& Lo

gist

ics

Com

pany

Lim

ited

W

ater

tran

spor

t, la

nd tr

ansp

ort a

nd

trans

port

via

pipe

lines

an

d w

areh

ousi

ng a

nd s

uppo

rt ac

tiviti

es

for t

rans

porta

tion

N

il

Pa

c D

e Pa

c Se

rvic

es (P

ort K

lang

) Sdn

Bh

d

War

ehou

sing

and

sto

rage

ser

vice

s

Subs

tant

ial s

hare

hold

er (d

irect

)

Pe

rcep

tive

Logi

stic

s Sd

n B

hd

Hau

lage

, di

strib

utio

n an

d tra

nspo

rtatio

n se

rvic

es

Subs

tant

ial s

hare

hold

er (d

irect

)

Pe

rsila

Sdn

Bhd

H

aula

ge a

nd d

istri

butio

n se

rvic

es

Subs

tant

ial

shar

ehol

der

(indi

rect

)

Pr

iorit

y Bo

nded

War

ehou

se S

dn B

hd

War

ehou

se

faci

litie

s,

bond

ed

or

othe

rwis

e, s

tore

keep

ing,

pac

king

, de

liver

y an

d re

late

d se

rvic

es

N

il

72

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

73

Dire

ctor

Dire

ctor

ship

sPr

inci

pal a

ctiv

ities

Invo

lvem

ent

in b

usin

ess

activ

ities

ot

her t

han

as a

dire

ctor

Pr

iorit

y C

argo

Sdn

Bhd

G

ener

al c

arrie

r of

goo

ds;

haul

ier

and

prov

isio

n of

anc

illar

y se

rvic

es

Nil

Pr

iorit

y H

aula

ge

& D

istri

butio

n Sd

n Bh

d

Hau

lage

an

d di

strib

utio

n an

d re

late

d op

erat

ion

of

wor

ksho

p se

rvic

es

N

il

R

ound

-The

-Wor

ld L

ogis

tics

Cor

p (M

) Sd

n Bh

d

Forw

ardi

ng

agen

t an

d re

late

d se

rvic

es

Nil

Sp

ecpo

wer

Sdn

Bhd

In

vest

men

t ho

ldin

g co

mpa

ny,

how

ever

it d

oes

not h

old

shar

es in

an

y co

mpa

nyas

at t

he L

PD

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

U

niqu

e M

ile S

tone

Sdn

Bhd

Bu

ying

, se

lling,

re

ntin

g an

d op

erat

ing

of s

elf-o

wne

d or

lea

sed

real

est

ate

(res

iden

tial b

uild

ings

)

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

U

niq

OPT

Sdn

Bhd

R

eal e

stat

e ac

tiviti

es w

ith o

wne

d or

le

ased

pro

perti

es

Subs

tant

ial s

hare

hold

er (d

irect

)

Pas

t dire

ctor

ship

s:

Eu

roas

ia

Biom

ass

(M)

Sdn

Bhd

(res

igne

d on

1 D

ecem

ber 2

016)

D

orm

ant

N

il

Ev

ergr

een

Mal

aysi

a(r

esig

ned

on 2

4 Ja

nuar

y 20

18)

Sh

ippi

ng a

gent

N

il

Pe

rcep

tive

Logi

stic

s Pr

oper

ties

Sdn

Bhd

(res

igne

d on

13

Febr

uary

201

8)

Prop

erty

inve

stm

ent

N

il

73

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

74

Dire

ctor

Dire

ctor

ship

sPr

inci

pal a

ctiv

ities

Invo

lvem

ent

in b

usin

ess

activ

ities

ot

her t

han

as a

dire

ctor

Pre

sent

Invo

lvem

ent a

s S

ubst

antia

l Sha

reho

lder

:

N

il

Inve

stm

ent

hold

ing

com

pany

ho

ldin

g sh

ares

in

Ec

opar

adis

e (P

enan

g) S

dn B

hd

Su

bsta

ntia

l sha

reho

lder

(dire

ct) o

f G

urne

y W

alk

Esca

pade

Sdn

Bhd

N

il

Inve

stm

ent

hold

ing

com

pany

ho

ldin

g sh

ares

in M

TT P

rope

rties

&

Dev

elop

men

t Sd

n Bh

d an

d M

TT

Lear

ning

Aca

dem

y Sd

n Bh

d

Su

bsta

ntia

l sha

reho

lder

(dire

ct) o

f L.

T. S

hipp

ing

Sdn

Bhd

N

il

Frei

ght

forw

ardi

ng

and

rela

ted

serv

ices

Su

bsta

ntia

l sha

reho

lder

(dire

ct) o

f Pr

iorit

y S

yner

gy S

dn B

hd

Cha

n H

uan

Hin

Pre

sent

Dire

ctor

ship

s:

Pa

c D

e Pa

c Se

rvic

es (

Port

Klan

g)

Sdn

Bhd

W

areh

ousi

ng a

nd s

tora

gese

rvic

es

Subs

tant

ial s

hare

hold

er (

dire

ct

and

indi

rect

)

Pr

iorit

y O

ptim

um S

ervi

ces

Sdn

Bhd

Pr

ovid

ing

cust

om c

lear

ance

wor

k an

d co

mm

issi

on a

gent

s

Nil

Pr

iorit

y S

yner

gy S

dn B

hd

Frei

ght

forw

ardi

ng

and

rela

ted

serv

ices

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

U

niqu

e M

ile S

tone

Sdn

Bhd

Bu

ying

, se

lling,

re

ntin

g an

d op

erat

ing

of s

elf-o

wne

d or

lea

sed

real

est

ate

(res

iden

tial b

uild

ings

)

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

U

niq

Opt

Sdn

Bhd

R

eal e

stat

e ac

tiviti

es w

ith o

wne

d or

le

ased

pro

perti

es

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

74

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

75

Dire

ctor

Dire

ctor

ship

sPr

inci

pal a

ctiv

ities

Invo

lvem

ent

in b

usin

ess

activ

ities

ot

her t

han

as a

dire

ctor

Pas

t Dire

ctor

ship

s:

N

il

Pre

sent

Invo

lvem

ent a

s S

ubst

antia

l Sha

reho

lder

:

N

il

Frei

ght

forw

ardi

ng

and

rela

ted

serv

ices

Su

bsta

ntia

l sha

reho

lder

(dire

ct) o

f Pr

iorit

y S

yner

gy S

dn B

hd

Cla

rice

Ong

Pre

sent

Dire

ctor

ship

s:

D

3 D

YN S

dn B

hd

Bake

ry,

food

out

let,

cate

ring

and

even

t man

agem

ent

Su

bsta

ntia

lsha

reho

lder

(dire

ct)

G

.U. I

ndus

tries

(M) S

dn B

hd

War

ehou

sing

, ha

ndlin

g an

d fo

rwar

ding

and

letti

ng o

f pro

perti

es

Nil

M

TT L

earn

ing

Acad

emy

Sdn

Bhd

Ed

ucat

ion

cent

re

Nil

M

TT P

rope

rties

& D

evel

opm

ent S

dn

Bhd

H

ousi

ng d

evel

opm

ent

N

il

M

TTC

St

eved

ores

, sh

ippi

ng

agen

ts,

letti

ngof

pro

perti

es

Nil

N

atur

al S

ynth

esis

Sdn

Bhd

Prov

isio

n of

mar

ketin

g, p

rom

otio

n an

dre

late

d se

rvic

es

Nil

Pe

nang

Shi

ppin

g an

d Tr

adin

g C

o Sd

n Bh

d

Dor

man

t

Nil

75

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

76

Dire

ctor

Dire

ctor

ship

sPr

inci

pal a

ctiv

ities

Invo

lvem

ent

in b

usin

ess

activ

ities

ot

her t

han

as a

dire

ctor

Pr

iorit

y Bo

nded

W

areh

ouse

Sd

n Bh

d

War

ehou

sefa

cilit

ies,

bo

nded

or

ot

herw

ise,

sto

reke

epin

g, p

acki

ng,

deliv

ery

and

rela

ted

serv

ices

N

il

Pr

iorit

y C

argo

Sdn

Bhd

G

ener

al c

arrie

r of

goo

ds;

haul

ier

and

prov

isio

n of

anc

illar

y se

rvic

es

Nil

Pr

iorit

y G

lobe

Exp

ress

(M) S

dn B

hd

Oth

er

trans

porta

tion

supp

ort

activ

ities

O

ther

ser

vice

act

iviti

es in

cide

ntal

to

land

tran

spor

tatio

n

Forw

ardi

ng o

f fre

ight

N

il

Pr

iorit

y Lo

gist

ics

Sdn

Bhd

H

aula

ge a

nd d

istri

butio

n, b

onde

d tru

ckin

g,

inte

rnat

iona

l fre

ight

fo

rwar

ding

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

Pr

iorit

y M

ater

ials

Han

dlin

g Sd

n Bh

d

Hiri

ng, s

ales

and

ser

vici

ng o

f for

klift

an

dhe

avy

mac

hine

ries

N

il

Pr

iorit

y R

esou

rces

Sdn

Bhd

In

form

atio

n co

mm

unic

atio

n te

chno

logy

(IC

T), m

anag

emen

t and

co

nsul

tanc

y, g

ener

al t

radi

ng a

nd

reta

il

N

il

Pr

iorit

y S

yner

gy S

dn B

hd

Frei

ght

forw

ardi

ng

and

rela

ted

serv

ices

N

il

Se

ko G

loba

l Log

istic

s (M

) Sdn

Bhd

Fo

rwar

ding

age

nt

Nil

Pas

t Dire

ctor

ship

s:

N

il

76

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

77

Dire

ctor

Dire

ctor

ship

sPr

inci

pal a

ctiv

ities

Invo

lvem

ent

in b

usin

ess

activ

ities

ot

her t

han

as a

dire

ctor

Pre

sent

Invo

lvem

ent a

s S

ubst

antia

l Sha

reho

lder

:

N

il

Busi

ness

of i

nfor

mat

ion

tech

nolo

gy

serv

ices

ac

tiviti

es,

web

po

rtals

, di

gita

l as

set

exch

ange

an

d al

l re

late

d ac

tiviti

es

Su

bsta

ntia

l sha

reho

lder

(dire

ct)o

f Si

negy

Te

chbo

logi

es

(M)

Sdn

Bh

d

Raz

man

H

afid

z bi

n A

bu Z

arim

Pre

sent

Dire

ctor

ship

s:

H

arta

lega

Hol

ding

s Be

rhad

Inve

stm

ent

hold

ing

com

pany

hold

ing

shar

es in

4 c

ompa

nies

(3)

N

il

Lo

ob B

erha

d

Inve

stm

ent

hold

ing

com

pany

, ho

wev

er it

doe

s no

t hol

d sh

ares

in

any

com

pany

as

at th

e LP

D

N

il

R

haz

Sdn

Bhd

Ex

port

and

impo

rt of

a v

arie

ty o

f go

ods

with

out

any

parti

cula

r sp

ecia

lisat

ion

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

St

yle

Vent

ures

Sdn

Bhd

M

anuf

actu

rers

an

d de

aler

sin

je

wel

lerie

s

Subs

tant

ial s

hare

hold

er (d

irect

)

Pas

t Dire

ctor

ship

s:

Ev

ergr

een

Mal

aysi

a(r

esig

ned

on 2

8 Fe

brua

ry 2

017)

Sh

ippi

ng a

gent

s

Nil

Li

nde

Mal

aysi

a H

oldi

ngs

Berh

ad

(res

igne

d on

31

Dec

embe

r 201

6)

Inve

stm

ent

hold

ing

com

pany

ho

ldin

g sh

ares

in 5

com

pani

es(4

)

Nil

77

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

78

Dire

ctor

Dire

ctor

ship

sPr

inci

pal a

ctiv

ities

Invo

lvem

ent

in b

usin

ess

activ

ities

ot

her t

han

as a

dire

ctor

N

RT

Vent

ures

H

oldi

ngs

Sdn

Bhd

(res

igne

d on

15

July

201

6)

Inve

stm

ent

hold

ing

com

pany

and

m

anag

emen

t con

sulti

ng h

owev

er it

do

es

not

hold

sh

ares

in

an

y co

mpa

ny a

s at

the

LPD

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

Pa

naso

nic

Man

ufac

turin

g M

alay

sia

Berh

ad

(res

igne

d on

31

D

ecem

ber

2016

)

M

anuf

actu

re a

nd s

ales

of e

lect

rical

ho

me

appl

ianc

es

and

rela

ted

com

pone

nts

N

il

Pe

rcep

tive

Logi

stic

s Pr

oper

ties

Sdn

Bhd

(res

igne

d on

28

Febr

uary

201

7)

Prop

erty

inve

stm

ent

N

il

PK

T (r

esig

ned

on 2

8 Fe

brua

ry 2

017)

In

vest

men

t ho

l din

g co

mpa

ny

hold

ing

shar

es in

10

com

pani

es(2

)

Nil

R

ound

-The

-Wor

ld L

ogis

tics

Cor

p (M

) Sd

n B

hd (

resi

gned

on

28 F

ebru

ary

2017

)

Fo

rwar

ding

ag

ents

an

d re

late

d se

rvic

es

Nil

Tu

ne

Insu

ranc

e M

alay

sia

Ber

had

(res

igne

d on

31

Dec

embe

r 201

8)

Und

erw

ritin

g of

al

l cl

asse

s of

ge

nera

l ins

uran

ce b

usin

ess

N

il

Tu

ne P

rote

ct G

roup

Ber

had

(res

igne

d on

15

July

201

6)

Inve

stm

ent

hold

ing

com

pany

ho

ldin

g sh

ares

in

Tune

Ins

uran

ce

Mal

aysi

a Be

rhad

N

il

Va

luec

ap

Sdn

Bhd

(r

esig

ned

on

1 Ja

nuar

y 20

17)

In

vest

men

t in

secu

ritie

s

Nil

Pre

sent

Invo

lvem

ent a

s S

ubst

antia

l Sha

reho

lder

:

N

il

78

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

79

Dire

ctor

Dire

ctor

ship

sPr

inci

pal a

ctiv

ities

Invo

lvem

ent

in b

usin

ess

activ

ities

ot

her t

han

as a

dire

ctor

Dat

o’ A

bd G

ani

bin

Oth

man

Pre

sent

Dire

ctor

ship

s:

M

ega

Gal

eri S

dn B

hd

Impo

rtatio

n,

dist

ribut

ion,

re

tail

of

mot

or v

ehic

les

and

parts

and

the

pr

ovis

ion

of a

fter

sale

s se

rvic

es,

man

ager

ial s

ervi

ces

N

il

Pr

ima

Maj

u A

uto

Sdn

Bhd

W

hole

sale

an

d re

tail

sale

of

al

l ki

nds

of

parts

, co

mpo

nent

s,

supp

lies,

tool

s an

d ac

cess

orie

s fo

r m

otor

veh

icle

s, m

aint

enan

ce a

nd

repa

ir of

mot

or v

ehic

les,

who

lesa

le

and

reta

il of

new

mot

or v

ehic

les

N

il

Pas

t Dire

ctor

ship

s:

N

il

Pre

sent

Invo

lvem

ent a

s S

ubst

antia

l Sha

reho

lder

:

N

il

79

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

80

Dire

ctor

Dire

ctor

ship

sPr

inci

pal a

ctiv

ities

Invo

lvem

ent

in b

usin

ess

activ

ities

ot

her t

han

as a

dire

ctor

Dat

o’

Cap

t. H

aji

Ahm

ad b

in O

thm

anP

rese

nt D

irect

orsh

ips:

St

raits

Shi

ppin

gS

dn B

hd

Sh

ippi

ng a

genc

y an

d lo

gist

ics

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

Pas

t Dire

ctor

ship

s:

Ba

nk P

emba

ngun

an M

alay

sia

Berh

ad

(res

igne

d on

8 M

arch

201

7)

Prov

ide

med

ium

to lo

ng te

rm c

redi

t fa

cilit

ies

to

finan

ce

infra

stru

ctur

e pr

ojec

ts, m

ariti

me,

tech

nolo

gy a

nd

capi

tal

inte

nsiv

e in

dust

ries

in

man

ufac

turin

g as

w

ell

as

othe

r id

entif

ied

sect

ors

inlin

e w

ith t

he

coun

try’s

dev

elop

men

t pol

icy

N

il

G

loba

l M

ariti

me

Vent

ures

Be

rhad

(r

esig

ned

on 8

Mar

ch 2

017)

A

vent

ure

capi

tal

inve

stm

ent

hold

ing

com

pany

N

il

G

MV-

Bor

cos

Sdn

Bhd

(res

igne

d on

21

Apr

il 20

17)

In

vest

men

t ho

ldin

g co

mpa

ny

hold

ing

shar

es i

n S

yarik

at B

orco

s Sh

ippi

ng S

dn B

hd

N

il

S

yarik

at

Borc

os

Ship

ping

Sd

n Bh

d (r

esig

ned

on 2

6 M

ay 2

016)

En

gage

d in

ves

sels

cha

rterin

g an

d hi

re,

agen

t fo

r ch

arte

ring

rela

ted

serv

ices

N

il

Pre

sent

Invo

lvem

ent a

s S

ubst

antia

l Sha

reho

lder

:

N

il

80

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

81

Dire

ctor

Dire

ctor

ship

sPr

inci

pal a

ctiv

ities

Invo

lvem

ent

in b

usin

ess

activ

ities

ot

her t

han

as a

dire

ctor

Dat

o’ S

eri W

ong

Siew

H

aiP

rese

nt D

irect

orsh

ips:

D

arlin

g Bu

rger

Sdn

Bhd

Fran

chis

e re

stau

rant

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

D

nex

Sem

icon

duct

or S

dn B

hd

Inve

stm

ent

hold

ing

com

pany

, ho

wev

er it

doe

s no

t hol

d sh

ares

in

any

com

pany

as

at th

e LP

D

N

il

E&

E C

atal

yst S

dn B

hd

To

eng

age

in h

igh-

grow

th a

nd h

igh

tech

nolo

gy

star

t-up

com

pani

es

with

in

elec

troni

csan

d el

ectri

cal

indu

stry

N

il

G

reat

ech

Tech

nolo

gy B

erha

d

Inve

stm

ent

hold

ing

com

pany

ho

ldin

g sh

ares

in

G

reat

ech

Inte

grat

ion

(M)

Sdn

Bh

d (a

co

mpa

ny

prin

cipa

lly

invo

lved

in

de

sign

ing

and

man

ufac

turin

g of

si

ngle

au

tom

ated

eq

uipm

ent,

prod

uctio

n lin

e sy

stem

, pro

visi

on o

f re

late

d co

mpo

nent

s an

d en

gine

erin

g se

rvic

es)

N

il

M

alay

sia

Vent

ure

Cap

ital

Man

agem

ent B

erha

d

To

esta

blis

h,

adm

inis

ter

and

man

age

vent

ure

capi

tal

for

info

rmat

ion

and

tech

nolo

gy (

ICT)

, an

d ve

ntur

e fu

nds

othe

r th

an f

or

ICT,

to c

arry

out

act

iviti

es re

late

d to

ve

ntur

e ca

pita

l man

agem

ent

N

il

M

D U

nite

d S

dn B

hd

Prov

idin

g m

anag

emen

t ser

vice

s

Subs

tant

ial s

hare

hold

er (d

irect

)

81

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

82

Dire

ctor

Dire

ctor

ship

sPr

inci

pal a

ctiv

ities

Invo

lvem

ent

in b

usin

ess

activ

ities

ot

her t

han

as a

dire

ctor

N

atio

ngat

e H

oldi

ngs

Ber

had

In

vest

men

t ho

ldin

g co

mpa

ny,

how

ever

it d

oes

not h

old

shar

es in

an

y co

mpa

ny a

s at

the

LPD

N

il

Pe

nang

Sci

ence

Clu

ster

To s

et u

p te

chno

logi

cal c

entre

that

pr

ovid

es e

duca

tion

and

lear

ning

so

as

to

prov

ide

qual

ified

and

prof

essi

onal

hu

man

ta

lent

es

peci

ally

in P

enan

g an

d M

alay

sia

in g

ener

al

N

il

Pe

nang

Tec

h C

entre

Bhd

To

pro

mot

e in

nova

tion,

dis

cove

ry

and

insp

iratio

n in

sc

ienc

e an

d te

chno

logy

, to

set

up

a te

chno

logi

cal

cent

re

and

to

enco

urag

e th

e ne

xt g

ener

atio

n to

de

velo

p sk

ill an

d in

tere

st in

sci

ence

an

d te

chno

logy

and

nur

ture

you

ng

scie

ntifi

c en

trepr

eneu

rs

N

il

Sa

m E

ngin

eerin

g &

Equi

pmen

t (M

) Be

rhad

In

vest

men

t ho

ldin

g co

mpa

ny

hold

ing

shar

es i

n 10

com

pani

es(5

)

and

prov

isio

nof

co

rpor

ate

man

agem

ent s

ervi

ces

N

il

W

ong

Jee

Sdn

Bhd

Inve

stm

ent

hold

ing

com

pany

ho

ldin

g sh

ares

in

Won

der

Team

Sd

n B

hd (

a co

mpa

ny

prin

cipa

lly

invo

lved

in

oper

atin

g an

oil

palm

pl

anta

tion)

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

W

onde

r Tea

m S

dn B

hd

O

pera

ting

an o

il pa

lm p

lant

atio

n

Subs

tant

ial s

hare

hold

er (i

ndire

ct)

82

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

83

Dire

ctor

Dire

ctor

ship

sPr

inci

pal a

ctiv

ities

Invo

lvem

ent

in b

usin

ess

activ

ities

ot

her t

han

as a

dire

ctor

Pas

t Dire

ctor

ship

s:

Al

ion

Nat

ion

Gro

up B

erha

d (r

esig

ned

on 1

8 M

ay 2

018)

In

vest

men

t ho

ldin

g co

mpa

ny

hold

ing

shar

esin

4 c

ompa

nies

(6)

N

il

Ku

mpu

lan

Mod

al P

erda

na S

dn B

hd

(res

igne

d on

1 J

uly

2018

)

To

esta

blis

h,

adm

inis

ter

and

man

age

the

vent

ure

capi

tal

for

tech

nolo

gy a

cqui

sitio

n (V

CTA

) fun

d th

at in

clud

es lo

cal a

nd in

tern

atio

nal

inve

stm

ent

and

also

to

id

entif

y in

vest

men

t op

portu

nitie

s fo

r M

alay

sia

and

suita

ble

tech

nolo

gies

to

be

trans

ferr

ed b

ack

to M

alay

sia

N

il

Se

nai

Airp

ort

City

Ser

vice

s Sd

n B

hd

(res

igne

d on

26

Oct

ober

201

6)

Prov

ides

man

agem

ent s

ervi

ces

for

Sena

i A

irpor

t C

ity

deve

lopm

ent

area

an

d ac

ting

as

free

zone

au

thor

ity m

anag

er

N

il

Pre

sent

Invo

lvem

ent a

s S

ubst

antia

l Sha

reho

lder

:

N

il

Busi

ness

of

de

sign

, de

velo

p,

devi

se,

supp

ort,

mod

ify,

impr

ove

and

sell

web

and

mob

ile b

ased

lo

yalty

, sa

les

and

mar

ketin

g so

ftwar

e an

d ap

plic

atio

n fo

r bu

sine

ss

Su

bsta

ntia

l sh

areh

olde

r (d

irect

) of

Mar

chbi

g S

dn B

hd

N

il

Fast

food

ope

rato

r

Subs

tant

ial s

hare

hold

er (d

irect

) of

MD

Sta

r Cor

pora

tion

Sdn

Bhd

83

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

84

Dire

ctor

Dire

ctor

ship

sPr

inci

pal a

ctiv

ities

Invo

lvem

ent

in b

usin

ess

activ

ities

ot

her t

han

as a

dire

ctor

Shar

een

Shar

iza

bint

i D

ato’

Abd

ul G

hani

Pre

sent

Dire

ctor

ship

s:

C

atap

ult P

artn

ers

Asia

Sdn

Bhd

O

rgan

isat

ion,

pr

omot

ions

an

d/or

m

anag

emen

t of

ev

ent,

man

agem

ent

cons

ulta

ncy

activ

ities

, pu

blis

hing

of

bo

oks,

br

ochu

res

and

othe

r pub

licat

ions

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

So

rga

Inno

vatio

nSd

n B

hd

Busi

ness

m

anag

emen

t, co

nsul

tanc

y se

rvic

es a

ctiv

ities

of

empl

oym

ent

plac

emen

t ag

enci

es’

web

por

tals

Su

bsta

ntia

l sha

reho

lder

(dire

ct)

So

rga

Vent

ures

Sdn

Bhd

Fo

rm,

prom

ote

and

man

age

all

sorts

of a

sset

s of

ven

ture

cap

ital

N

il

Ya

yasa

n U

EM

To

rece

ive

and

adm

inis

ter f

unds

N

il

Pas

t Dire

ctor

ship

s:

Fi

ve C

apita

ls I

nter

natio

nal

Sdn

Bhd

(res

igne

d on

19

June

202

0)

Gen

eral

tra

ding

, in

vest

men

t, co

nsul

ting

N

il

M

alay

sia

Expa

triat

e S

ervi

ces

Cen

tre

Sdn

Bhd

(res

igne

d on

25

June

201

8)

To a

ttrac

t, m

otiv

ate

and

reta

in t

he

tale

nt n

eede

d fo

r Mal

aysi

a

Nil

M

ynex

t Sdn

Bhd

(res

igne

d on

20

June

20

18)

To

en

hanc

e th

e ed

ucat

ion,

de

velo

pmen

t of

hum

an c

apita

l in

na

tion

whi

ch

will

bene

fit

the

Mal

aysi

an s

ocie

ty a

nd c

omm

unity

at

larg

e

N

il

84

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

85

Dire

ctor

Dire

ctor

ship

sPr

inci

pal a

ctiv

ities

Invo

lvem

ent

in b

usin

ess

activ

ities

ot

her t

han

as a

dire

ctor

Ya

yasa

n S

ejah

tera

(re

sign

ed o

n 31

Ja

nuar

y 20

20)

To

add

ress

ext

rem

e po

verty

bas

ed

on

sust

aina

ble

livin

g ap

proa

ch

whi

ch

enco

mpa

sses

su

stai

nabl

e liv

elih

ood

or

skills

de

velo

pmen

t pr

ogra

mm

es a

cces

s to

edu

catio

n an

d so

cial

ser

vice

s, a

men

ities

and

pr

ovis

ion

of h

abita

ble

hom

e

To d

esig

n an

d de

velo

ppr

ogra

mm

e se

jaht

era,

eng

age

with

gov

ernm

ent

and

gove

rnm

ent-l

inke

d co

mpa

nies

an

d pa

rtner

s an

d es

tabl

ish

the

prog

ram

mes

pe

rform

ance

, m

easu

res

and

impa

ct

To

carr

y ou

t th

e pr

ogra

mm

es’

proj

ect i

mpl

emen

tatio

n an

d pr

ojec

t m

anag

emen

t mon

itorin

g

N

il

Pre

sent

Invo

lvem

ent a

s S

ubst

antia

l Sha

reho

lder

:

N

il

Not

es:

(1)

As

at th

e LP

D, O

CTS

B h

olds

sha

res

in th

e fo

llow

ing

com

pani

es:

(a)

MTT

C, a

com

pany

prin

cipa

lly in

volv

ed in

ste

vedo

rage

, shi

ppin

g ag

ents

and

letti

ng o

f pro

perti

es.

(b)

MTT

Lea

rnin

g Ac

adem

y S

dn B

hd, a

com

pany

prin

cipa

lly in

volv

ed in

edu

catio

n ce

ntre

.(c

)E

verg

reen

Lau

rel H

otel

(M) S

dn B

hd, a

com

pany

prin

cipa

lly in

volv

ed in

hot

elie

r.(d

)P

riorit

y H

aula

ge &

Dis

tribu

tion

Sdn

Bhd

, a c

ompa

ny p

rinci

pally

invo

lved

in h

aula

ge a

nd d

istri

butio

n an

d re

late

d op

erat

ion

of w

orks

hop

serv

ices

.(e

)E

verg

reen

Hea

vy In

dust

rial C

orp

(M) B

erha

d, a

com

pany

prin

cipa

lly in

volv

ed in

man

ufac

turin

g of

car

go c

onta

iner

s an

d co

ntai

ner

parts

.(f)

Des

a Ju

ru S

dn B

hd, a

com

pany

prin

cipa

lly in

volv

ed in

inve

stm

ent h

oldi

ng, h

oldi

ng s

hare

s in

Jas

ajur

u S

dn B

hd w

hich

is p

rinci

pally

invo

lved

in p

rope

rty

inve

stm

ent.

(g)

Gre

enpe

n P

rope

rties

Sdn

Bhd

, a c

ompa

ny p

rinci

pally

invo

lved

in p

rope

rty in

vest

men

t.(h

)S

outh

ern

Pip

e In

dust

ry (

Mal

aysi

a) S

dn B

hd, a

com

pany

prin

cipa

lly in

volv

ed in

man

ufac

ture

, sal

e an

d pr

oces

sing

of s

teel

pip

es a

nd o

ther

rela

ted

prod

ucts

.

85

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

86

(i)P

riorit

y C

argo

Sdn

Bhd

, a c

ompa

ny p

rinci

pally

invo

lved

in g

ener

al c

arrie

rs o

f goo

ds, h

aulie

r and

pro

visi

on o

f anc

illar

y se

rvic

es.

(j)IC

SD

, a c

ompa

ny p

rinci

pally

invo

lved

in c

onta

iner

sto

rage

and

con

tain

er re

late

d se

rvic

es.

(k)

Prio

rity

Bon

ded

War

ehou

se S

dn B

hd, a

com

pany

prin

cipa

lly in

volv

ed in

war

ehou

se fa

cilit

ies,

bon

ded

or o

ther

wis

e, s

tore

keep

ing,

pack

ing,

del

iver

y an

dre

late

d se

rvic

es.

(l)R

ound

-The

-Wor

ld L

ogis

tics

Cor

p (M

) Sdn

Bhd

, a c

ompa

ny p

rinci

pally

invo

lved

in th

e bu

sine

ss a

ctin

g as

forw

ardi

ng a

gent

s an

d re

late

d se

rvic

es.

(m)

Gre

enpe

n Fr

eigh

t Ser

vice

s S

dn B

hd, a

com

pany

prin

cipa

lly in

volv

ed in

the

busi

ness

act

ing

as fo

rwar

ding

age

nts,

war

ehou

sing

and

rela

ted

serv

ices

.(n

)IQ

Con

cret

e S

yste

ms

Sdn

Bhd

, a c

ompa

ny p

rinci

pally

invo

lved

in s

ellin

g of

fibe

rmes

h an

d tra

ding

of b

uild

ing

mat

eria

ls.

(o)

Pen

ang

Shi

ppin

g an

d Tr

adin

g C

o S

dn B

hd, a

dor

man

t com

pany

.

(2)

As

at th

e LP

D, P

KT

hold

s sh

ares

in th

efo

llow

ing

com

pani

es:

(a)

MTT

C, a

com

pany

prin

cipa

lly in

volv

ed in

ste

vedo

rage

, shi

ppin

g ag

ents

and

letti

ng o

f pro

perti

es.

(b)

Prio

rity

Hau

lage

& D

istri

butio

n S

dn B

hd, a

com

pany

prin

cipa

lly in

volv

ed in

hau

lage

and

dis

tribu

tion

and

rela

ted

oper

atio

n of

wor

ksho

p se

rvic

es.

(c)

MTT

Lea

rnin

g Ac

adem

y S

dn B

hd, a

com

pany

prin

cipa

lly in

volv

ed in

edu

catio

n ce

ntre

.(d

)G

reen

pen

Pro

perti

es S

dn B

hd, a

com

pany

prin

cipa

lly in

volv

ed in

pro

perty

inve

stm

ent.

(e)

ICS

D, a

com

pany

prin

cipa

lly in

volv

ed in

con

tain

er s

tora

ge a

nd c

onta

iner

rela

ted

serv

ices

. (f)

Gre

enpe

n Fr

eigh

t Ser

vice

s S

dn B

hd, a

com

pany

prin

cipa

lly in

volv

ed in

the

busi

ness

act

ing

as fo

rwar

ding

age

nts,

war

ehou

sing

and

rela

ted

serv

ices

.(g

)R

ound

-The

-Wor

ld L

ogis

tics

Cor

p (M

) Sdn

Bhd

, a c

ompa

ny p

rinci

pally

invo

lved

in th

e bu

sine

ss o

f act

ing

as fo

rwar

ding

age

nts

and

rela

ted

serv

ices

. (h

)E

mas

Cai

r Sdn

Bhd

, a d

orm

ant c

ompa

ny.

(i)P

riorit

y B

onde

d W

areh

ouse

Sdn

Bhd

, a c

ompa

ny p

rinci

pally

invo

lved

in w

areh

ouse

faci

litie

s, b

onde

d or

oth

erw

ise,

sto

reke

epin

g,pa

ckin

g, d

eliv

ery

and

rela

ted

serv

ices

.

(3)

As

at t

he L

PD

, H

arta

lega

Hol

ding

sB

erha

dis

a p

ublic

list

ed c

ompa

ny o

n th

e M

ain

Mar

ket

of B

ursa

Sec

uriti

es.

Its s

ubsi

diar

ies

are

prin

cipa

lly e

ngag

ed in

m

anuf

actu

ring

and

sale

of l

atex

glo

ves.

(4)

As

at th

e LP

D, L

inde

Mal

aysi

aH

oldi

ngs

Berh

adho

lds

shar

es in

the

follo

win

g co

mpa

nies

:

(a)

Lind

e M

alay

sia

Sdn

Bhd

,a c

ompa

ny p

rinci

pally

invo

lved

in(i)

man

ufac

ture

and

dis

tribu

tion

of in

dust

rial g

ases

, spe

cial

gas

es, m

edic

inal

gas

es, w

eldi

ng

equi

pmen

t and

con

sum

able

s an

d re

late

d pr

oduc

ts a

nd s

ervi

ces;

and

(ii)

inst

alla

tion

of g

as e

quip

men

t and

pip

elin

e sy

stem

to th

e in

dust

rial,

high

tech

an

d m

edic

al s

ecto

rs.

(b)

Kul

im In

dust

rial G

ases

Sdn

Bhd

,a c

ompa

ny p

rinci

pally

invo

lved

inm

anuf

actu

ring

and

dist

ribut

ion

of in

dust

rial g

ases

and

rela

ted

prod

ucts

.(c

)Li

nde

EO

X S

dn B

hd,a

com

pany

prin

cipa

lly in

volv

ed in

man

ufac

ture

and

sal

e of

indu

stria

l and

com

mer

cial

gas

es a

nd tr

adin

g of

wel

ding

and

med

ical

eq

uipm

ent a

nd re

late

d pr

oduc

ts.

(d)

Lind

e W

eldi

ng P

rodu

cts

Sdn

Bhd

,a d

orm

ant c

ompa

nyan

d it

isin

the

proc

ess

of w

indi

ng u

pas

at t

he L

PD

.(e

)Li

nde

Roc

Sdn

Bhd

,a c

ompa

nypr

inci

pally

invo

lved

inth

e pr

ovis

ion

of s

hare

ser

vice

cen

tre fo

r eng

inee

ring

man

agem

ent a

nd c

onsu

ltanc

y se

rvic

es

and

busi

ness

pro

cess

ing

outs

ourc

ing.

(5)

As

at th

e LP

D, S

am E

ngin

eerin

g &

Equ

ipm

ent (

M) B

erha

dis

a p

ublic

list

ed c

ompa

ny o

n th

e M

ain

Mar

ket o

fBur

sa S

ecur

ities

. Its

sub

sidi

arie

s ar

e pr

inci

pally

en

gage

d in

aer

ospa

ce a

nd e

quip

men

t man

ufac

turin

g.

86

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

87

(6)

As

at th

e LP

D, A

lion

Nat

ion

Gro

upB

erha

dho

lds

shar

es in

the

follo

win

g co

mpa

nies

:

(a)

Nat

iong

ate

Tech

nolo

gy (

M)

Sdn

Bhd

,a c

ompa

ny p

rinci

pally

invo

lved

inpr

ovis

ion

of e

lect

roni

c m

anuf

actu

ring

serv

ices

and

letti

ng o

f pro

perty

and

eq

uipm

ent.

(b)

Nat

iong

ate

Sol

utio

n (M

) Sdn

Bhd

,a c

ompa

ny p

rinci

pally

invo

lved

inpr

ovis

ion

of e

lect

roni

c m

anuf

actu

ring

serv

ices

, tra

ding

of e

lect

roni

cs c

ompo

nent

s,

parts

, mac

hine

ry a

nd e

quip

men

t and

pro

duct

ion

and

sale

/rent

al o

f lig

ht-e

mitt

ing

diod

e pr

oduc

ts, r

e-w

ork,

repa

ir an

d re

-man

ufac

turin

g of

ele

ctric

al a

nd

elec

troni

cs p

rodu

cts.

(c

)O

new

orks

Lig

htin

g S

dn B

hd,a

com

pany

prin

cipa

lly in

volv

ed in

tradi

ng o

f ele

ctric

al li

ghtin

g eq

uipm

ent a

nd re

late

d se

rvic

es.

(d)

Nat

iong

ate

Sale

s &

Ser

vice

s Sd

n B

hd,a

com

pany

prin

cipa

lly in

volv

ed in

man

ufac

turin

g of

var

ious

pla

stic

com

pone

nts.

The

invo

lvem

ent o

f our

Dire

ctor

s in

thos

e bu

sine

ss a

ctiv

ities

out

side

our

Gro

up w

ill n

ot a

ffect

thei

r com

mitm

ent a

nd re

spon

sibi

litie

s to

our

Gro

up in

thei

r re

spec

tive

role

s as

our

Dire

ctor

s.

5.2.

5Se

rvic

e co

ntra

cts

with

our

Dire

ctor

s

As a

t the

dat

e of

this

Pro

spec

tus,

ther

e ar

e no

exi

stin

g or

pro

pose

d se

rvic

e co

ntra

cts

betw

een

our

Dire

ctor

s an

d us

whi

ch p

rovi

de fo

r be

nefit

s up

on

term

inat

ion

of e

mpl

oym

ent.

87

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

88

5.2.

6D

irect

ors’

rem

uner

atio

n an

d m

ater

ial b

enef

its-in

-kin

d

The

aggr

egat

e re

mun

erat

ion

and

mat

eria

l ben

efits

-in-k

ind

(incl

udin

g an

d co

ntin

gent

or

defe

rred

rem

uner

atio

n) p

aid

and

prop

osed

to b

e pa

id to

our

D

irect

ors

for s

ervi

ces

rend

ered

in a

ll ca

paci

ties

to o

ur G

roup

for t

he F

YE 3

1 D

ecem

ber 2

020

and

the

FYE

31 D

ecem

ber 2

021

are

as fo

llow

s:

FYE

31 D

ecem

ber

2020

(Pai

d)D

irect

or’s

fees

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Bon

uses

EPF

and

SOC

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llow

ance

sB

enef

its-in

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ndTo

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’000

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M’0

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)(R

M’0

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’000

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irect

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Raz

man

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bin

Abu

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20-

--

--

20

Dat

o’ A

bd G

ani b

in

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man

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i Ahm

ad

bin

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20-

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o’ S

eri W

ong

Siew

H

ai20

--

--

-20

Shar

een

Shar

iza

Dat

o’

bint

i Abd

ul G

hani

--

--

--

-

88

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

89

FYE

31D

ecem

ber

2021

(Pro

pose

d)D

irect

or’s

fees

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ries

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uses

EPF

and

SOC

SOA

llow

ance

sB

enef

its-in

-ki

ndTo

tal

(RM

’000

)(R

M’0

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(RM

’000

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M’0

00)

(RM

’000

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ai72

--

--

-72

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een

Shar

iza

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o’

bint

i Abd

ul G

hani

72-

--

--

72

89

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

90

Not

es:

(1)

Incl

usiv

e of

Dire

ctor

’s fe

es d

raw

n in

Sub

sidi

arie

s.

(2)

The

bonu

ses

whi

ch w

ill b

e pa

id to

our

Exe

cutiv

e D

irect

ors

are

not i

nclu

ded

as s

uch

bonu

ses,

if a

ny, w

ill b

e de

term

ined

at a

late

r dat

e ba

sed

on o

ur G

roup

’s

perfo

rman

ce.

The

rem

uner

atio

n of

our

Dire

ctor

s, w

hich

incl

udes

Dire

ctor

s’ fe

es, b

onus

and

suc

h ot

her a

llow

ance

s as

wel

l as

othe

r ben

efits

,mus

t be

cons

ider

ed a

nd

reco

mm

ende

d by

our

Nom

inat

ing

and

Rem

uner

atio

nC

omm

ittee

and

sub

sequ

ently

app

rove

d by

our

Boa

rd.

Our

Dire

ctor

s’ f

ees

mus

t be

fur

ther

ap

prov

ed/e

ndor

sed

by o

ur s

hare

hold

ers

at a

gen

eral

mee

ting.

90



91

5.2.6.1 Audit Committee

Our Audit Committee was formed by our Board on 22 March 2021. Our Audit Committee currently comprises the following members, all of whom are Independent Non-Executive Directors:



Chairman Senior Independent Non-Executive Director





In fulfilling its primary objectives, the Audit Committee undertakes, amongst others, the following responsibilities and duties as stated in the terms of reference:

(a) To consider the nomination, appointment or re-appointment of the internal and external auditors and matters pertaining to the resignation and dismissal of the external auditors.

(b) To annually assess the suitability, objectivity and independence of the internal and external auditors, taking into consideration –

(i) the competency, audit quality, adequacy of scope and resource capacity of the internal and external auditors in relation to the audit;

(ii) the nature and extent of non-audit services rendered, and the level of fees paid for such services relative to audit fees. The Audit Committee shall review and approve all proposed non-audit services, including proposed fees, prior to work commencement; and

(iii) the conduct of and independence demonstrated by the internal and external auditors throughout the audit engagement. The Audit Committee shall obtain written confirmation from the internal and external auditors that they are, and have been, independent in accordance with all relevant professional and regulatory requirements.

(c) To discuss on the audit plan, the nature and scope of the audit, including any changes to the planned scope of the audit plan, with the internal and external auditors before the audit commences.

(d) Along with the external auditors, review and report to our Board the audit plan, in particular the adequacy of existing external audit arrangements with emphasis on the scope, and ensure coordination where more than one audit firm is involved.

(e) To review and report to our Board, the evaluation of the internal control plan, processes, the results of the internal audit assessments, investigation undertaken and whether or not appropriate actions are taken on the recommendations.

(f) To ensure that assistance and full access to all information and documents and records required is duly provided by the management of MTTSL and employees of our Group (collectively, the “Management”) to the internal and external auditors.

91



92

(g) To review and evaluate the system of their audit report with internal and external auditors before approval by our Board.

In relation to financial reporting, the Audit Committee undertakes, amongst others, the following responsibilities and duties as stated in the terms of reference:

(a) To evaluate and monitor the financial reporting process, and provide assurance that the financial information provided by the Management is relevant, reliable and timely.

(b) Together with the external auditors, to review and report to our Board the quarterly and year-end financial statements, before approval by our Board, focusing particularly on –

(i) changes in implementation of major accounting policy changes;

(ii) significant matters highlighted including financial reporting issues, significant judgments made by the Management, significant and unusual events or transactions, and how these matters are addressed; and

(iii) compliance with accounting standards and other legal requirements and if appropriate, recommend to our Board the issuance of the quarterly and year-end financial statements to Bursa Securities.

(c) To discuss problems and issues encountered during the interim and final audits, and any matter the external auditors may wish to discuss (in the absence of the Management, where necessary).

(d) To review and recommend to our Board for approval, the Audit Committee report, corporate governance overview statement, and statement on risk management and internal control for inclusion in the annual report as well as corporate governance report for an announcement and publication on the website of Bursa Securities.

In relation to related party transactions (“RPT”), the Audit Committee undertakes, amongst others, the following responsibilities and duties as stated in the terms of reference:

(a) To ensure that RPT and conflict of interests (“COI”) situations are monitored and reported to comply with standards through the following manners:

(i) To ensure that the Management establishes a comprehensive framework for the purposes of identifying, evaluating, approving, reporting RPT and monitoring COI situations.

(ii) Together with the finance team, to review and establish whether recurring RPT have been carried out in accordance with the mandate approved by shareholders and on commercial terms no more favourable than those available to non-related third parties.

(iii) To review non-recurring corporate proposals involving related parties to ensure that they are in the best interest of MTTSL and not detrimental to the interest to minority shareholders.

92



93

(b) To prepare an Audit Committee report at the end of the financial year for inclusion in the annual report pursuant to paragraph 15.15 of the Listing Requirements.

(c) To undertake such other assignments as requested by our Board from time to time or as the Audit Committee considers appropriate.

5.2.6.2 Risk Management Committee

Our Risk Management Committee was formed by our Board on 22 March 2021. Our Risk Management Committee currently comprises the following members, save for the Chairman of our Risk Management Committee, all of whom are Independent Non-Executive Directors:


Chan Huan Hin Chairman Non-Independent Executive Director





In fulfilling its primary objectives, the Risk Management Committee undertakes, amongst others, the following responsibilities and duties as stated in the terms of reference:

(a) To ensure the provision of quality product and services and monitor the risk culture and processes throughout our Group to take advantage of opportunities while managing risks that may adversely affect the reputation and achievement of business objectives.

(b) To review and recommend our Group’s risk management policies and strategies

for our Board’s approval. This includes reviewing major investment business cases and management’s assessment of the key associated risk, including funding options and costs, and investment returns prior to our Board’s approval.

5.2.6.3 Nominating and Remuneration Committee

Our Nominating and Remuneration Committee was formed by our Board on 22 March 2021. Our Nominating and Remuneration Committee currently comprises the following members, all of whom are Independent Non-Executive Directors:



Chairman Independent Non-Executive Director


Member Senior Independent Non-Executive Director



In fulfilling its primary objectives, the Nominating and Remuneration Committee undertakes, amongst others, the following responsibilities for recommending to our Board as stated in the terms of reference:

(a) To assist our Board in ensuring that our Board retain an appropriate structure, size and balance of skills to support the strategic objectives and values of theMTTSL Group.

93



94

(b) To recommend on the appointment of new directors and Board committee members.

(c) To assist our Board in its responsibilities regarding to the determination, implementation and oversight of remuneration packages and terms of employments to enable the recruitment, motivation and retention of directors. An executive director does not participate in any way in determining his/her individual remuneration.

(d) To oversee succession planning of the Board and Management; and

(e) Assist the Board by reviewing and making recommendations in respect of remuneration policies and framework of the employees of our Group.

94

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

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n N

o. 2

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1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

95

5.3

KEY

SEN

IOR

MA

NA

GEM

ENT

5.3.

1M

anag

emen

t rep

ortin

g st

ruct

ure

Exec

utiv

e C

hairm

an

Dat

o’ S

eri O

ng

Man

agin

g D

irect

orO

oi L

ean

Hin

Gen

eral

M

anag

er

(Com

mer

cial

)R

onni

e Ta

n K

ean

Sin

g

Gen

eral

M

anag

er

(Ope

ratio

ns)

Chu

a S

ong

How

Chi

ef

Fina

ncia

l O

ffice

rY

ap B

ee

Yon

g

Ship

ping

Ser

vice

sC

onta

iner

Dep

ot

Serv

ices

Gro

up S

ervi

ces

Dire

ctor

of

Cor

pora

te

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irsC

laric

e O

ng

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ctor

of

Adm

inis

tratio

nC

han

Hua

n H

in

Dire

ctor

of

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ratio

ns

Lee

Kon

g S

iong

Dire

ctor

of

Mar

ketin

g Le

e H

ock

Sai

ng

Boar

d of

Dire

ctor

s

95

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.IN

FOR

MAT

ION

ON

OU

R P

RO

MO

TER

S, S

UB

STA

NTI

AL

SHA

REH

OLD

ERS,

DIR

ECTO

RS

AN

D K

EY S

ENIO

R M

ANA

GEM

ENT

(Con

t’d)

96

5.3.

2Pa

rtic

ular

san

d sh

areh

oldi

ngs

of o

ur K

ey S

enio

r Man

agem

ent

Our

Key

Sen

ior M

anag

emen

t is

set o

ut b

elow

:

Nam

eA

geD

esig

natio

n

Dat

o’ S

eri O

ng64

Exec

utiv

e C

hairm

an

Ooi

Lea

n H

in62

Man

agin

g D

irect

or

Cha

n H

uan

Hin

61D

irect

or o

f Adm

inis

tratio

n

Cla

rice

Ong

33

Dire

ctor

of C

orpo

rate

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irs

Lee

Hoc

k Sa

ing

61D

irect

or o

f Mar

ketin

g

Lee

Kong

Sio

ng54

Dire

ctor

of O

pera

tions

Yap

Bee

Yong

58C

hief

Fin

ance

Offi

cer

Ron

nie

Tan

Kean

Sin

g55

Gen

eral

Man

ager

(Com

mer

cial

)

Chu

a So

ng H

ow66

Gen

eral

Man

ager

(Ope

ratio

ns)

The

shar

ehol

ding

s of

our

Exe

cutiv

e D

irect

ors

who

are

als

o pa

rt of

our

Key

Sen

ior M

anag

emen

t are

set

out

in S

ectio

n 5.

2.2

of th

is P

rosp

ectu

s.

96

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

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tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

5.

INFO

RM

ATIO

N O

N O

UR

PR

OM

OTE

RS,

SU

BST

ANTI

AL S

HAR

EHO

LDER

S, D

IREC

TOR

S AN

D K

EY S

ENIO

R M

ANAG

EMEN

T (C

ont’d

)

97

The

shar

ehol

ding

of t

he o

ther

Key

Sen

ior M

anag

emen

t bef

ore

and

afte

r our

IPO

ass

umin

g th

at o

ur K

ey S

enio

r Man

agem

ent w

ill fu

lly s

ubsc

ribe

for

thei

r res

pect

ive

entit

lem

ents

und

er th

e Pi

nk F

orm

Allo

catio

ns a

re s

et o

ut b

elow

:

Bef

ore

our I

PO

Afte

r our

IPO

Assu

min

g th

e O

ver-

allo

tmen

t O

ptio

n is

not

exe

rcis

ed

Assu

min

g th

e O

ver-

allo

tmen

t O

ptio

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5.3.3 Profiles of our Key Senior Management

The profiles of our Executive Directors who are also part of our Key Senior Management are set out in Section 5.2.3 of this Prospectus. The profiles of our other Key Senior Management are as follows:

(i) Lee Hock Saing

Director of Marketing

Mr. Lee Hock Saing, a Malaysian aged 61, is our Director of Marketing and has been with MTT Shipping group of companies since October 2010. He completed the Sijil Tinggi Persekolahan Malaysia (STPM) in 1979 with Han Chiang High School in Penang.

Mr. Lee began his career as a cleaning supervisor with Hygienic Cleaning Services, Penang in 1980. In 1981, he worked as a general clerk at Holiday Inn Hotel, Penang. Within the span of 2 years, he was promoted as store clerk and store keeper and he left Holiday Inn Hotel as a night auditor. In 1983, he became involved in the shipping industry by joining Nedlloyd EAC Agencies (Malaysia) Sdn Bhd, a shipping agency in Penang as an accounting clerk and a marketing coordinator subsequently, where he liaised and coordinated with exporters for cargo logistics arrangements.

In 1985, he joined Pesaka Jardine Shipping Agencies Sdn Bhd, a shipping agency, as a marketing executive, where he was in charge of non-liner marketing of tramps to the shipping agencies and external marketing to the importers. In 1986, Mr. Lee was instrumental in setting up new branches in Kota Kinabalu, Sandakan and Labuan and he was involved in agency management, ship broking and freight forwarding.

In 1989, Mr. Lee joined Jardine Shipping Agencies Singapore Pte Ltd, being the head office of Jardine group of companies where he was promoted as a country manager to set up the company’s first representative office in Vietnam. In Vietnam, Mr. Lee was in charge of the day-to-day freight forwarding operations, providing liner and port agency services to various liner principals in Vietnam.

In 1992, Mr. Lee left Jardine Shipping Agencies Singapore Pte Ltd and joined Hapag Lloyd (Asia) Pte Ltd, a vessels owner company, as a regional Far East marketing executive, covering the Far East to Europe services and focusing on countries, such as Malaysia, Singapore, Indonesia, Thailand, Vietnam and the Indian subcontinent. He was then promoted to the position of regional Far East marketing manager in 1993, where he started and headed all marketing activities covering the Far East to the United States of America, including involvement in contract negotiations. During his service, he had the opportunity to represent the company for the negotiation on the Asia-North America Eastbound Rate Agreement (ANERA).

In 1994, Mr. Lee left Hapag Lloyd (Asia) Pte Ltd and joined Regional Container Lines Singapore Pte Ltd, a Thailand-based vessels owner company. He was appointed as the country manager in Philippines where he was responsible for the company’s interest and profitability in Philippines. He then returned to Malaysia as a country manager in 1996, where he oversaw the company’s interest and profitability in Malaysia.

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In 1997, Mr. Lee left Regional Container Lines Singapore Pte Ltd and joined United Arab Shipping Company Limited where he was based at the Far East regional office in Singapore as an assistant Far East marketing manager where he was in charge of the marketing activities in the Far East.

In 1999, Mr. Lee left United Arab Shipping Company Limited and joined Evergreen Malaysia as a representative in the branch office in Bintulu, Sarawak where he was responsible in developing the business in East Malaysia. After a year, he was transferred to the head office at Shah Alam, Selangor as a general manager and subsequently was redesignated as an executive vice president in 2000. In Evergreen Malaysia, he was responsible for the overall management and profitability of the company. In 2001, he was involved in the relocation of Evergreen Taiwan’s transshipment hub from Singapore to the Port of Tanjung Pelepas, Johor. He subsequently left Evergreen Malaysia on 30 November 2019.

In October 2010, Mr. Lee together with Dato’ Seri Ong, Ooi Lean Hin, Chan Huan Hin and Lee Kong Siong incorporated MTT Shipping and they have worked together to develop and expand the business of MTT Shipping group of companies. Subsequently in December 2015, he acquired an equity interest in ICSD together with Dato’ Seri Ong, Ooi Lean Hin and Chan Huan Hin so as to carry out businesses relating to storage, maintenance and repairs of sea freight containers.

In December 2019, he was redesignated as the Director of Marketing of MTT Shipping group of companies. Since establishing MTT Shipping group of companies, he has been primarily responsible for developing and implementing sales and marketing strategies of MTT Shipping group of companies with an aim to increase market share of MTT Shipping group of companies in the shipping industry. It is anticipated that going forward, he will continue to play a similar role following the completion of our Listing.

(ii) Lee Kong Siong

Director of Operations

Lee Kong Siong, a Malaysian aged 54, is our Director of Operations and has been with our Group since October 2010. He obtained a Diploma in Business and Management from Swansea Institute of Higher Education, United Kingdom in 1993 under the part-time external programme organised by Swansea Institute of Higher Education in Malaysia.

Mr. Lee joined Green Peninsula Agencies Sdn Bhd, a shipping agent of Evergreen Taiwan, in November 1989 as an operations executive and was subsequently promoted to be the operations manager in 1998. During his 11 years of tenure in Green Peninsula Agencies Sdn Bhd, he was primarily responsible for managing the affairs of vessels at port, including addressing any necessities of shipment, liaising with suppliers and customers and keeping control of operational costs of the company.

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In July 2000, Mr. Lee was transferred to Greenpen Freight Services Sdn Bhd, a subsidiary of Green Peninsula Agencies Sdn Bhd at that point in time, as an operations manager and continued to oversee vessels operations. In December 2000, he was promoted to the senior manager position, where his responsibilities were expanded to focus more on the freight forwarding businesses and other logistics related services carried out by the company in Port Klang. Thereafter, he was made a deputy general manager in 2008 and general manager in 2009. During his tenure as the deputy general manager and general manager, he was primarily responsible for the day-to-day vessels operations and freight forwarding business of the company for the whole of Peninsular Malaysia. He left Greenpen Freight Services Sdn Bhd on 31 October 2019.

In October 2010, Mr. Lee together with Dato’ Seri Ong, Ooi Lean Hin, Chan Huan Hin and Lee Hock Saing incorporated MTT Shipping and they have worked together to develop and expand the business of MTT Shipping group of companies. Since establishing MTT Shipping group of companies, he has been primarily responsible for technical management of vessels, operational management of service routes, communication with relevant port authorities or container suppliers and management of container inventory for MTT Shipping group of companies. In April 2018, he was made a Director of Operations of MTT Shipping. Going forward, he will continue to play a similar role following the completion of our Listing.

(iii) Yap Bee Yong

Chief Finance Officer

Yap Bee Yong, a Malaysian aged 58, is our Chief Finance Officer and has been with our Group since December 2017. She has been primarily responsible for overseeing our Group’s finance and accounting management, business performance, treasury functions and regulatory compliance to ensure that our Group meets its business objectives in terms of returns, profitability and cash flow.

She was admitted as an Associate of the Association of Chartered Certified Accountants (ACCA) in September 1992, and as a Fellow of the same in 1997. Ms. Yap has been a member of the Malaysian Institute of Accountants since 1996.

Ms. Yap began her career as an Audit Assistant with KPMG Peat Marwick & Co in November 1988. She was then promoted to an Audit Semi-Senior in January 1991 until May 1992 where she was involved in audit work. In June 1992, she left the firm and joined Hong Leong Fund Management Sdn Bhd as an Assistant Accountant where she administered fund accounts of clients as well as managed the accounts of the company. Ms. Yap subsequently joined Dai-Ichi Kikaku Sdn Bhd in November 1993 as an Assistant Finance and Administration Manager where she was responsible for the company’s accounts and human resource and administrative functions.

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AND KEY SENIOR MANAGEMENT (Cont’d)

101

In September 1995, Ms. Yap joined Pacific Ship-Managers Sdn Bhd as an Accountant where she was part of the management accountant’s team and was responsible to manage and consolidate the accounts of the Malaysian Bulk Carriers Sdn Bhd group of companies. She was subsequently promoted to Financial Controller of Malaysian Bulk Carriers Berhad in June 2003 following the acquisition of Pacific Ship-Managers Sdn Bhd. As the Group Financial Controller, she was primarily responsible for the finance and accounting management of the group until December 2011. In January 2012, Ms. Yap joined Gastrodome Management Services Sdn Bhd as the Financial Controller where she was in charge of all financing matters of the group of companies owning and operating a chain of food and beverage restaurants. In September 2013, Ms. Yap joined PPB Property Development Sdn Bhd as the Financial Controller where she responsible for the overall direction and control of all financial matters as well as financial and regulatory compliance work. She left the company in January 2016 and unemployed until she joined Smart Niche Sdn Bhd as the Financial Controller in March 2017 where she was primarily responsible for the overall financial reporting of the company until November 2017.

Ms. Yap has 33 years of experience in the ambit of audit, accounting and finance. She has extensive experience in the field of audit and financial reporting in accordance with the Listing Requirements and Malaysian Financial Reporting Standards issued by the Malaysian Accounting Standards Board.

(iv) Ronnie Tan Kean Sing General Manager (Commercial)

Ronnie Tan Kean Sing, a Malaysian aged 55, is our General Manager of Commercial of ICSD and he has been with ICSD since 2002. He completed his secondary education in 1984 with Chung Ling High School, Penang.

In 1985, Ronnie Tan joined a haulage company, as a general worker cum despatch, where he monitored incoming and outgoing of container documents for stacking purposes. At the end of 1985, he joined Syarikat Penghantaran A’m Sdn Bhd, a customs agent company, as a forwarding clerk, where he was involved in preparing and reviewing customs clearing documentation for the import and export goods. He was seconded to Laksamana Shipping Agencies Sdn Bhd as an operational clerk, where he coordinated shipment documents for cargo movements and freight shipments.

Mr. Ronnie Tan then left Laksamana Shipping Agencies Sdn Bhd and joined Perkapalan Maritime Sdn Bhd as an operational clerk in 1986, where his responsibilities were similar as at Laksamana Shipping Agencies Sdn Bhd.

In 1987, Mr. Ronnie Tan joined Sealord Shipping Agencies Sdn Bhd, a shipping agency, as a logistics clerk and subsequently promoted to be the supervisor in 1988, where he supervised the shipping container operations. In 1990, he was then transferred to Dynamic Freight Services Sdn Bhd as a marketing executive, where he was involved in promoting shipping services to shipping companies and exploring new market opportunities for the company. In 1991, he left Dynamic Freight Services Sdn Bhd and joined Pesaka Jardine Shipping Agencies Sdn Bhd as a terminal executive, where his role was similar to his role at Sealord Shipping Agencies Sdn Bhd. In 1993, Mr. Ronnie Tan joined New Eng Kong Container Services Sdn Bhd, a container leasing agent, as a marketing manager, where he was responsible for implementing marketing plans to maintain existing customers and to attract potential customers.

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102

Mr. Ronnie Tan first involvement in the container depot business was in 1994 when he joined Malconrep Depot (M) Sdn Bhd as a depot manager. In this capacity, he oversaw the day-to-day depot operations of the company in Port Klang. In 1995, Mr. Ronnie Tan joined Sky Container Depot Services Sdn Bhd as a marketing director, where he was in charge of marketing for depot services to existing and potential customers. In 2000, Mr. Ronnie Tan left the container depot industry and established Golf Leisure Sdn Bhd, a golf travel agent services for local and tourists in Penang. In 2002, Mr. Ronnie Tan ceased the business and re-joined the container depot industry by joining ICSD as a branch manager in Penang. As a branch manager, he was responsible for the day-to-day operations of the depot to ensure a smooth service delivery performance. On 10 April 2018, Mr. Ronnie Tan was made the General Manager of Commercial of ICSD, where his responsibilities are to oversee the commercial and marketing activities of ICSD and develop new business opportunities for all depot of ICSD, including those in Port Klang and Pasir Gudang.

(v) Chua Song How General Manager (Operations)

Chua Song How, a Malaysian aged 66, is our General Manager of Operations of ICSD and he has been with ICSD since 2002. He obtained a Diploma in Law from Rima College in Selangor in August 1993 and a Bachelor of Laws from University of Wolverhampton in September 1995. He was the founder and first President of the Johor Container Depot Association (“JCDA”), from 2008 to 2012 and currently he is the Vice President of JCDA.

Mr. Chua began his career as an entrepreneur by establishing a joint venture company with a partner in 1975 that manufactured and supplied garments to retailers in Malacca. Mr. Chua ceased his business in Malacca and worked as a news reporter with Sin Chew Media Corporation Berhad from 1982 until 1990. Mr. Chua subsequently joined Pembinaan Kesentosaan Sdn Bhd, a property development company as a business development manager, where he was involved in identifying potential land for acquisition and development by the company. Subsequently in 1991, he was seconded to Bukit Kemuning Golf and Country Resort as a golf manager, where he was placed in charge of the day-to-day operations and maintenance of the club house and golf course facilities. While working as a golf manager, Mr. Chua took the opportunity to further his studies at Rima College and University of Wolverhampton, where he obtained his Diploma in Law and Bachelor of Laws by distance learning in August 1993 and September 1995 respectively.

Mr. Chua’s first involvement in the container depot industry was in 1996 when he joined Malconrep Depot (M) Sdn Bhd, an off-dock container depot in North Port, Port Klang as an operation manager, where he was responsible for overseeing the day-to-day container depot operations. In 1999, he went on to join Tiong Nam Allied Container Depot Services Sdn Bhd as a depot manager in Pasir Gudang, where his responsibilities were similar to the responsibilities as at Malconrep Depot (M) Sdn Bhd.

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In 2002, Mr. Chua joined ICSD as its branch manager in Pasir Gudang. In this capacity, he was responsible for the entire depot operation of ICSD located in Pasir Gudang. In April 2018, Mr. Chua was promoted to General Manager of Operations of ICSD, where his responsibilities were extended to cover the day-to-day operations of all ICSD’s yards including those located in Port Klang and Penang. Following the completion of our Listing, Mr. Chua will continue to oversee the daily operations of the depots of ICSD in Pasir Gudang, Port Klang and Penang.

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5.3.5 Service contracts with our Key Senior Management

As at the date of this Prospectus, there are no existing or proposed service contracts between our Key Senior Management and us which provide for benefits upon termination of employment.

5.3.6 Key Senior Management’s remuneration and benefits

The aggregate remuneration and material benefits-in-kind paid (including contingent or deferred remuneration) and proposed to be paid to our Key Senior Management for services rendered in all capacities to our Group for the FYE 31 December 2020 and FYE 31 December 2021 are as follows:

Remuneration band

FYE 31 December 2020 (Paid)

FYE 31 December 2021 (Proposed)(1)

(RM’000) (RM’000)

Lee Hock Saing 850 - 900 1,000 - 1,050

Lee Kong Siong 600 - 650 650 - 700

Yap Bee Yong 350 - 400 350 - 400

Ronnie Tan Kean Sing 300 - 350 300 - 350

Chua Song How 300 - 350 300 - 350

Note:

(1) Excluding bonuses as such bonuses, if any, will be determined at a later date based on our Group’s performance.

The above remuneration of our Key Senior Management, which includes salaries, bonus, fees and allowances as well as other benefits, must be considered andrecommended by our Nominating and Remuneration Committee and subsequently approved by our Board.

The remuneration and material benefits in-kind of our Executive Directors who are alsopart of our Key Senior Management are set out in Section 5.2.6 of this Prospectus.

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5.4 DECLARATION BY OUR PROMOTERS, DIRECTORS AND KEY SENIOR MANAGEMENT

As at the LPD, none of our Promoters, Directors and Key Senior Management has been involved in any of the following (whether in or outside Malaysia):

(i) in the last 10 years, a petition under any bankruptcy or insolvency laws was filed (and not struck out) against such person or any partnership in which such person was a partner or any corporation of which such person was a director or member of key senior management;

(ii) disqualified from acting as a director of any corporation, or from taking part directly or indirectly in the management of any corporation;

(iii) in the last 10 years, was charged or convicted in a criminal proceeding or is a named subject of a pending criminal proceeding;

(iv) in the last 10 years, any judgement was entered against such person, or finding of fault, misrepresentation, dishonesty, incompetence or malpractice on such person’s part, involving a breach of any law or regulatory requirement that relates to the capital market;

(v) in the last 10 years, such person was the subject of any civil proceeding, involving an allegation of fraud, misrepresentation, dishonesty, incompetence or malpractice on such person’s part that relates to the capital market;

(vi) the subject of any order, judgement or ruling of any court, government or regulatory authority or body temporarily enjoining such person from engaging in any type of business practice or activity;

(vii) in the last 10 years has been reprimanded or issued any warning by any regulatory authority, securities or derivatives exchange, professional body or government agency; or

(viii) there is any unsatisfied judgement against such person.

5.5 ASSOCIATION OR FAMILY RELATIONSHIP BETWEEN OUR PROMOTERS, SUBSTANTIAL SHAREHOLDERS, DIRECTORS AND KEY SENIOR MANAGEMENT

Save as disclosed below, there are no associations or family relationship between the Promoters, substantial shareholders, Directors and Key Senior Management as at the LPD:

Dato’ Seri Ong, who is our Promoter, Executive Chairman and substantial shareholder, is –

(i) the father of Clarice Ong, our Promoter and Director;

(ii) a director and major shareholder of OCTSB, our substantial shareholder;

(iii) the brother of Ong Guat Ee, who is a director and major shareholder of OCTSB; and

(iv) a director and major shareholder of MTTC, our substantial shareholder.

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5.6 OTHER MATTERS

No other amount has been paid or benefit given within the two years preceding the date of this Prospectus, nor is it intended to be paid or given, to our Promoters and our substantial shareholder except for the following:

(i) remunerations and benefits-in-kind arising from employment paid to our Promoters and our substantial shareholders as set out in Sections 5.2.6 and 5.3.6 of this Prospectus; and

(ii) dividend paid to our Promoters and our substantial shareholders.

There is no arrangement which operation may result in the change in control of our Companyat a date subsequent to our IPO and our Listing.

Our Promoters and our substantial shareholders have no different voting rights from our other shareholders.

109


6. INFORMATION ON OUR GROUP

107

6.1 OUR COMPANY

Our Company was incorporated in Malaysia under the Act as a private limited company under the name of MTT Shipping and Logistics Sdn Bhd on 31 January 2019. On 29 July 2021, our Company was converted into a public limited company and we assumed our present name of MTT Shipping and Logistics Berhad.

We are an investment holding company. Through our subsidiaries, we are principally engaged in the provision of container liner shipping services, vessel chartering services, and container storage and container related services.

6.2 PRE-IPO EXERCISE

6.2.1 Our Pre-IPO Exercise

To facilitate our Listing, we undertook the Pre-IPO Exercise comprising the following:

(i) acquisition of MTT Shipping;(ii) acquisition of ICSD; and(iii) Share Split.

(i) Acquisition of MTT Shipping

On [•], our Company completed the acquisition of the entire issued share capital of MTT Shipping of RM10,000,000 comprising 10,000,000 ordinary shares in MTT Shipping for a purchase consideration of RM378,804,381 from its existing shareholders. The acquisition was wholly satisfied by the issuance of 378,804,381 new MTTSL Shares at an issue price of RM1.00 per MTTSL Share to the respective shareholders as follows:

Name of vendor

No. of sale shares

acquired

Percentage of sale shares

acquiredPurchase

consideration

No. of new MTTSL Shares

issued

(%) (RM’000) (‘000)Dato’ Seri Ong 2,984,918 29.85 113,070 113,070

MTTC 2,000,000 20.00 75,761 75,761

Ooi Lean Hin 1,703,396 17.03 64,525 64,525

Lee Hock Saing 1,493,506 14.94 56,575 56,575

Chan Huan Hin 649,350 6.49 24,598 24,598

Lee Kong Siong 259,740 2.60 9,839 9,839

GDPL 909,090 9.09 34,437 34,437

Total 10,000,000 100.00 378,804 378,804

110


6. INFORMATION ON OUR GROUP (Cont’d)

108

The purchase consideration of MTT Shipping of RM378,804,381 was arrived at on a willing-buyer willing-seller basis, after taking into consideration the adjusted consolidated NA of MTT Shipping as follows:

(ii) Acquisition of ICSD

On [•], our Company completed the acquisition of 71.35% equity interest in ICSD, amounting to RM2,588,393, comprising 2,588,393 ordinary shares in ICSD for a purchase consideration of RM23,446,592 from the identified existing shareholders of ICSD. The acquisition was wholly satisfied via the issuance of 23,446,592 new MTTSL Shares at an issue price of RM1.00 per MTTSL Share to the following identified existing shareholders of ICSD:

Name of vendor

No. of sale shares

acquired

Percentage of saleshares

acquiredPurchase

consideration

No. of newMTTSL Shares issued

(%) (RM’000) (‘000)OCTSB 224,789 6.20 2,036 2,036

PKT 636,193 17.54 5,763 5,763

Dato’ Seri Ong 901,972 24.86 8,170 8,170

Ooi Lean Hin 551,925 15.21 5,000 5,000

Chan Huan Hin 67,109 1.85 608 608

Lee Hock Saing 206,405 5.69 1,870 1,870

Total 2,588,393 71.35 23,447 23,447

The purchase consideration of ICSD of RM23,446,592 was arrived at on a willing-buyer willing-seller basis, after taking into consideration the adjusted audited NA of ICSD as follows:

RMConsolidated NA as at 31 March 2021 383,304,318

Less: Payment of dividend to shareholders of MTT Shipping on 23 April 2021 and 12 May 2021

(4,500,000)

Adjusted consolidated NA / purchase consideration 378,804,381

RMAudited NA as at 31 March 2021 34,859,269

Less: Payment of dividend to shareholders of ICSD on 23 April 2021

(2,000,000)

Adjusted audited NA 32,859,269

Purchase considerationApproximately 71.35% x RM32,859,269 23,446,592

111



109

(iii) Share Split

Following the completion of the acquisitions of MTT Shipping and ICSD, we subdivided the ordinary shares in our Company to 750,000,000 Shares. The purpose of the Share Split is to enhance the liquidity of our Shares at the timeof our Listing. The Share Split was completed on [•].

Upon completion of the Share Split, we have 750,000,000 MTTSL Shares in issue and our shareholding structure before and after the Share Split is as follows:

Before the Share Split After the Share SplitNo. of Shares % No. of Shares %

(’000) (’000)Dato’ Seri Ong 121,240 30.14 226,054 30.14Ooi Lean Hin 69,525 17.28 129,630 17.28Chan Huan Hin 25,206 6.27 46,996 6.27Lee Hock Saing 58,444 14.53 108,970 14.53Lee Kong Siong 9,839 2.45 18,345 2.45MTTC 75,761 18.83 141,257 18.83GDPL 34,437 8.56 64,208 8.56OCTSB 2,036 0.51 3,797 0.51PKT 5,763 1.43 10,745 1.43

Total 402,251 100.00 750,000 100.00

6.2.2 Share capital and changes in share capital

As at the date of this Prospectus, our issued share capital is RM402,250,978,comprising 750,000,000 Shares.

The changes in our issued share capital since the date of our incorporation and up to the LPD are as follows:

Date of allotment/

subdivisionNo. of Shares

allotted Consideration

No of cumulative

Shares

Cumulative issued share

capital(RM)

31January

2019

5 Cash (subscribers’

shares)

5 5

[] 402,250,973(RM1.00 per

Share)

Otherwise than cash(1)

402,250,978 402,250,978

[] - Pursuant to Share Split

750,000,000 402,250,978

Note:

(1) Pursuant to the Acquisitions.

112



110

6.3 OUR GROUP STRUCTURE

Our group structure before and after our IPO are set out as below:

Before our IPO as at the LPD

After our IPO (assuming the Over-allotment Option is not exercised)

Note:

(1) The remaining 28.65% interest in ICSD is held by Peony Investment S.A., which in turn is wholly-owned by Evergreen Taiwan.

Dato’ Seri Ong Ooi Lean Hin Lee Kong

SiongLee Hock

SaingChan Huan

Hin

MTTC OCTSB GDPLPKT

Our Company

ICSD (1)MTT Shipping

Dato’ Seri Ong Ooi Lean Hin Lee Kong

SiongLee Hock

SaingChan Huan

Hin

MTTC OCTSB GDPLPKT

Our Company

ICSD (1)MTT Shipping

Public Investors

20.70% 11.87% 4.30% 9.98% 1.68%

14.13% 0.38% 1.07% 5.88% 30.00%

100.00% 71.35%

100.00%

30.14% 17.28% 6.27% 14.53% 2.45%

18.83% 0.51% 1.43% 8.56%

71.35%

113



111

MTTSL

ICSD(2)MTT Shipping

100.00% 71.35%

LP Multi Terminal

MTT ShippingMiri

LPMT Resources

MTT Shipping Muara

MTT Realty Holdings

MTT Shipping Pasir Gudang

MTT Shipping (East Malaysia)

MTT Shipping Pelepas

MTT Shipping Bintulu

MTT Shipping Port Klang

MTT Shipping KK

MTT Shipping Tanjong Manis

MTT Shipping Kuching

Nautica Ship Management

MTT Labuan Sea Lion Container Line

MTT Shipping Lumut

MTT Shipping Langkawi

MTT Shipping Perawang

MTT Shipping Logistics Centre

MTT Shipping Rajang

Lestari Maritime(4)

MTTS Holdings

Sea Navigator Limited(5)

Persila Sdn Bhd

100.00%

51.00%

60.00%

100.00%

50.00%

100.00%

100.00%

100.00% 100.00%

100.00% 100.00%

100.00% 100.00%

100.00% 100.00%

100.00% 100.00%

100.00% 100.00%

100.00% 100.00%

100.00% 100.00%

100.00% 100.00%

100.00%

Perceptive Logistics(7)

MTT Shipping Tawau

100.00%

Harbour 360(6)

30.00%

MTT Likang(1)MTT Shipping

Kuantan60.00% 100.00%

Kapal Solutions(3)55.00%

114



112

Notes:

(1) The remaining 40.00% interest in MTT Likang is held by Big Mile Sdn Bhd, an independent third party.

(2) The remaining 28.65% interest in ICSD is held by Peony Investment S.A., which in turn is wholly-owned by Evergreen Taiwan.

(3) The remaining shareholders of Kapal Solution are NM Sovy Technology Sdn Bhd and Wong Kee Yee in their respective shareholding proportions of 40.00% and 5.00%.

(4) The remaining shareholders of Lestari Maritime are ZS Holdings Limited and Liew Siew Kheong in their respective shareholding proportions of 39.00% and 10.00%.

(5) The remaining 40.00% interest in Sea Navigator Limited is held by Ong Chin Huat Walter, an independent third party who is also a director of Sea Navigator Limited.

(6) The remaining 50.00% interest in Harbour 360 is held by Makmal Capital Sdn Bhd, an independent third party.

(7) The remaining substantial shareholders of Perceptive Logistics are Priority Haulage & Distribution Sdn Bhd, Dato’ Seri Ong and Ooi Lean Hin in their respective shareholding proportions of 51.00%, 9.13% and 7.50%. The remaining minority shareholders of Perceptive Logistics are 10 individual shareholders with interest ranging from 0.13% to 0.25% in Perceptive Logistics.

See Section 6.4 of this Prospectus for details of our material subsidiaries.

115

Reg

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The details of our material subsidiaries as at the LPD are as follows:

6.4.1 MTT Shipping (Registration No. 201001034905 (918828-A))

MTT Shipping was incorporated in Malaysia under the Companies Act 1965 on 19 October 2010 as a private limited company under its present name and is deemed registered under the Act. As at the LPD, MTT Shipping is principally involved in ship owning and provision of shipping services for marine transportation. The principal place of business of MTT Shipping is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan. As at the LPD, the issued share capital is RM10,000,000 comprising 10,000,000 ordinary shares. There has been no change in the issued share capital of MTT Shipping for the past three financial years and up to the LPD.

MTT Shipping is a wholly-owned subsidiary of our Company. As at the LPD, MTT Shipping has 28 Subsidiaries, one jointly controlled entity and one associated company. See Section 6.4 of this Prospectus for the details of MTT Shipping’s subsidiaries, jointly controlled entity and associated company.

6.4.2 ICSD (Registration No. 200201000899 (68562-W))

ICSD was incorporated in Malaysia under the Companies Act 1965 on 12 January 2002 as a private limited company under the name of Integrated Container Services (Johor) Sdn Bhd and is deemed registered under the Act. Integrated Container Services (Johor) Sdn Bhd changed its name to its present name on 12 April 2007. As at the LPD, ICSD is principally involved in container storage and container related services. The principal place of business of ICSD is at Lot 4-A, Lingkaran Sultan Mohamed 2, Kawasan Perindustrian Bandar Sultan Suleiman, 42000 Pelabuhan Klang, Selangor Darul Ehsan. As at the LPD, the issued share capital of ICSD is RM3,627,508 comprising 3,627,508 ordinary shares. Save as disclosed below, there has been no change in the issued share capital of ICSD for the past three financial years and up to the LPD:

Date of allotment

No. of shares allotted Consideration

Cumulative share capital (RM)

25 January 2019 2,627,508 ordinary shares Cash 3,627,508

ICSD is a 71.35%-owned subsidiary of our Company with the remaining 28.65% held by Peony Investment S.A., a wholly-owned subsidiary of Evergreen Taiwan. Peony Investment S.A [has following the completion of the ICSD SSA entered] into a shareholders’ agreement with our Company for the purpose of regulating the rights and obligations of Peony Investment S.A and ourselves as shareholders of ICSD. As at the LPD, ICSD does not have any subsidiary, associate or joint venture.

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6.4.3 LP Multi Terminal (Registration No. 201701009649 (1223814-H))

LP Multi Terminal was incorporated in Malaysia under the Act on 23 March 2017 as a private limited company under its present name.

As at the LPD, LP Multi Terminal is in members’ voluntary winding-up and it has noprincipal place of business.

As at the LPD, the issued share capital of LP Multi Terminal is RM5,000,000 comprising 5,000,000 ordinary shares. There has been no change in the issued share capital of LP Multi Terminal for the past three financial years and up to the LPD.

LP Multi Terminal is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, LP Multi Terminal does not have any subsidiary, associate or joint venture.

6.4.4 MTT Realty Holdings (Registration No. 201601022401 (1193340-A))

MTT Realty Holdings was incorporated in Malaysia under the Companies Act 1965 on 30 June 2016 as a private limited company under its present name and is deemed registered under the Act. As at the LPD, MTT Realty Holdings is dormant, but theintended principal activity of MTT Realty Holdings is to invest in the development of building projects for own operation, real estate activities and activities of holding company.

The principal place of business of MTT Realty Holdings is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan.

As at the LPD, the issued share capital of MTT Realty Holdings is RM5,000,000 comprising 5,000,000 ordinary shares. There has been no change in the issued share capital of MTT Realty Holdings for the past three financial years and up to the LPD.

MTT Realty Holdings is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTT Realty Holdings does not have any subsidiary, associate or joint venture.

6.4.5 MTT Shipping Bintulu (Registration No. 201101032078 (960213-T))

MTT Shipping Bintulu was incorporated in Malaysia under the Companies Act 1965 on 14 September 2011 as a private limited company under its present name and is deemed registered under the Act. As at the LPD, MTT Shipping Bintulu is principally involved in ship owning and operations.

The principal place of business of MTT Shipping Bintulu is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan.

As at the LPD, the issued share capital of MTT Shipping Bintulu is RM100,000 comprising 100,000 ordinary shares. There has been no change in the issued share capital of MTT Shipping Bintulu for the past three financial years and up to the LPD.

MTT Shipping Bintulu is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTT Shipping Bintulu does not have any subsidiary, associate or joint venture.

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6.4.6 MTT Shipping KK (Registration No. 201101032080 (960215-W))

MTT Shipping KK was incorporated in Malaysia under the Companies Act 1965 on 14 September 2011 as a private limited company under its present name and is deemed registered under the Act. As at the LPD, MTT Shipping KK is principally involved in ship owning and operations.

The principal place of business of MTT Shipping KK is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan.

As at the LPD, the issued share capital of MTT Shipping KK is RM1,000,000 comprising 1,000,000 ordinary shares. There has been no change in the issued share capital of MTT Shipping KK for the past three financial years and up to the LPD.

MTT Shipping KK is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTT Shipping KK does not have any subsidiary, associate or joint venture.

6.4.7 MTT Shipping Kuantan (Registration No. 202101014489 (1414789-P))

MTT Shipping Kuantan was incorporated in Malaysia under the Act on 19 April 2021as a private limited company under its present name. As at the LPD, MTT Shipping Kuantan is principally involved in ship owning and operations.

The principal place of business of MTT Shipping Kuantan is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan.

As at the LPD, the issued share capital of MTT Shipping Kuantan is RM1 comprising one ordinary share. There has been no change in the issued share capital of MTT Shipping Kuantan since its incorporation and up to the LPD.

MTT Shipping Kuantan is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTT Shipping Kuantan does not have any subsidiary, associate or joint venture.

6.4.8 MTT Shipping Kuching (Registration No. 201101032066 (960201-W))

MTT Shipping Kuching was incorporated in Malaysia under the Companies Act 1965 on 14 September 2011 as a private limited company under its present name and is deemed registered under the Act. As at the LPD, MTT Shipping Kuching is principally involved in ship owning and operations.

The principal place of business of MTT Shipping Kuching is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan.

As at the LPD, the issued share capital of MTT Shipping Kuching is RM1,600,000 comprising 1,600,000 ordinary shares. There has been no change in the issued share capital of MTT Shipping Kuching for the past three financial years and up to the LPD.

MTT Shipping Kuching is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTT Shipping Kuching does not have any subsidiary, associate or joint venture.

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6.4.9 MTT Shipping Labuan (Registration No. 201501004702 (1130031-P))

MTT Shipping Labuan was incorporated in Malaysia under the Companies Act 1965on 4 February 2015 as a private limited company under its present name and is deemed registered under the Act. As at the LPD, MTT Shipping Labuan is principally involved in ship owning and operations.

The principal place of business of MTT Shipping Labuan is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan.

As at the LPD, the issued share capital of MTT Shipping Labuan is RM2,250,000 comprising 500,000 ordinary shares and 1,750,000 preference shares. Save as disclosed below, there has been no change in the issued share capital of MTT Shipping Labuan for the past three financial years and up to the LPD:

Date of allotmentNo. of shares

allotted Consideration

Cumulative sharecapital (RM)

23 February 2021

400,000 ordinary shares and 1,750,000

preference shares*

Cash 2,250,000

Note:

* All preference shares are held by MTT Shipping and having the following salient terms, rights, privileges and restrictions:

(a) Any redeemable preference shares may, with the sanction of an ordinary resolution, be issued on the terms that they are, or at an option of MTT Shipping Labuan are, liable to be redeemed.

(b) The redeemable preference shares holders shall have the rights to receive a fixed non-cumulative dividend at the rate of 8% per annum per share with dividend of which is issuable at the discretion of the directors.

(c) The dividend for each redeemable preference share shall be paid in priority to payment of any dividend to the holder of any other classes of shares or other classes of preference shares in MTT Shipping Labuan.

(d) The option to redemption of the redeemable preference shares preferred to MTT Shipping Labuan is at RM1.00 per share.

(e) The redeemable preference shares do not carry the right to vote except for variation of holders’ rights to the class of shares.

(f) The redeemable preference shares shall rank equally with regards to MTT Shipping Labuan’s residual assets, except that preference shareholders participate only to the extent of the value of its shares.

MTT Shipping Labuan is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTT Shipping Labuan does not have any subsidiary, associate or joint venture.

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6.4.10 MTT Shipping Langkawi (Registration No. 201501004714 (1130043-D))

MTT Shipping Langkawi was incorporated in Malaysia under the Companies Act 1965on 4 February 2015 as a private limited company under its present name and is deemed registered under the Act. As at the LPD, MTT Shipping Langkawi is principally involved in ship owning and operations.

The principal place of business of MTT Shipping Langkawi is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan.

As at the LPD, the issued share capital of MTT Shipping Langkawi is RM2,250,000 comprising 500,000 ordinary shares and 1,750,000 preference shares. Save as disclosed below, there has been no change in the issued share capital of MTT Shipping Langkawi for the past three financial years and up to the LPD:

Date of allotment

No. of shares allotted Consideration

Cumulative share capital (RM)

23 February 2021


preference shares*

Cash 2,250,000

Note:


(a) Any redeemable preference shares may, with the sanction of an ordinary resolution, be issued on the terms that they are, or at an option of MTT Shipping Langkawi are, liable to be redeemed.


(c) The dividend for each redeemable preference share shall be paid in priority to payment of any dividend to the holder of any other classes of shares or other classes of preference shares in MTT Shipping Langkawi.

(d) The option to redemption of the redeemable preference shares preferred to MTT Shipping Langkawi is at RM1.00 per share.


(f) The redeemable preference shares shall rank equally with regards to MTT Shipping Langkawi’s residual assets, except that preference shareholders participate only to the extent of the value of its shares.

MTT Shipping Langkawi is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTT Shipping Langkawi does not have any subsidiary, associate or joint venture.

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6.4.11 MTT Shipping Logistics Centre (Registration No. 201701012969 (1227134-M))

MTT Shipping Logistics Centre was incorporated in Malaysia under the Act on 14 April 2017 as a private limited company under its present name. As at the LPD, MTT Shipping Logistics Centre is principally involved in container storage and container related services.

The principal place of business of MTT Shipping Logistics Centre is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan.

As at the LPD, the issued share capital of MTT Shipping Logistics Centre is RM3,250,000 comprising 500,000 ordinary shares and 2,750,000 preference shares. Save as disclosed below, there has been no change in the issued share capital of MTT Shipping Logistics Centre for the past three financial years and up and to the LPD:

Date of allotment No. of shares allotted Consideration

Cumulative share capital

(RM)

31 December 2018


preference shares*Cash 2,850,000

12 April 2019 400,000 ordinary shares Cash 3,250,000

Note:


(a) any redeemable preference shares may, with the sanction of an ordinary resolution, be issued on the terms that they are, or at an option of MTT Shipping Logistics Centre are, liable to be redeemed.

(b) the redeemable preference shares holders shall have the rights to receive a fixed non-cumulative dividend at the rate of 8% per annum per share with dividend of which is issuable at the discretion of the directors.

(c) the dividend for each redeemable preference share shall be paid in priority to payment of any dividend to the holder of any other classes of shares or other classes of preference shares in MTT Shipping Logistics Centre.

(d) the option to redemption of the redeemable preference shares preferred to MTT Shipping Logistics Centre is at RM1.00 per share.

(e) the redeemable preference shares do not carry the right to vote except for variation of holders’ rights to the class of shares.

(f) the redeemable preference shares shall rank equally with regards to MTT Shipping Logistics Centre’s residual assets, except that preference shareholders participate only to the extent of the value of its shares.

MTT Shipping Logistics Centre is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTT Shipping Logistics Centre does not have any subsidiary, associate or joint venture.

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6.4.12 MTT Shipping Lumut (Registration No. 201701012914 (1227079-A))

MTT Shipping Lumut is incorporated in Malaysia under the Act on 14 April 2017 as a private limited company under its present name. As at the LPD, MTT Shipping Lumutis principally involved in ship owning and operations.

The principal place of business of MTT Shipping Lumut is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan.

As at the LPD, the issued share capital of MTT Shipping Lumut is RM100,000 comprising 100,000 ordinary shares. Save as disclosed below, there has been no change in the issued share capital of MTT Shipping Lumut for the past three financial years and up to the LPD:



(RM)29 December

2020 99,999 ordinary shares Cash 100,000

MTT Shipping Lumut is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTT Shipping Lumut does not have any subsidiary, associate or joint venture.

6.4.13 MTT Shipping Miri (Registration No. 201601025462 (1196401-D))

MTT Shipping Miri is incorporated in Malaysia under the Companies Act 1965 on 29 July 2016 as a private limited company under its present name and is deemed registered under the Act. As at the LPD, MTT Shipping Miri is principally involved in ship owning and operations.

The principal place of business of MTT Shipping Miri is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan.

As at the LPD, the issued share capital of MTT Shipping Miri is RM100,000 comprising 100,000 ordinary shares. There has been no change in the issued share capital of MTT Shipping Miri for the past three financial years and up to the LPD.

MTT Shipping Miri is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTT Shipping Miri does not have any subsidiary, associate or joint venture.

6.4.14 MTT Shipping Muara (Registration No. 201501003667 (1128999-V))

MTT Shipping Muara is incorporated in Malaysia under the Companies Act 1965 on 26 January 2015 as a private limited company under its present name and is deemed registered under the Act. As at the LPD, MTT Shipping Muara is principally involved inship owning and operations.

The principal place of business of MTT Shipping Muara is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan.

As at the LPD, the issued share capital of MTT Shipping Muara is RM3,500,000 comprising 3,500,000 ordinary shares. There has been no change in the issued share capital of MTT Shipping Muara for the past three financial years and up to the LPD.

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MTT Shipping Muara is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTT Shipping Muara does not have any subsidiary, associate or joint venture.

6.4.15 MTT Shipping Pasir Gudang (Registration No. 201601025468 (1196407-X))

MTT Shipping Pasir Gudang was incorporated in Malaysia under the Companies Act 1965 on 29 July 2016 as a private limited company under its present name and is deemed registered under the Act. As at the LPD, MTT Shipping Pasir Gudang isprincipally involved in ship owning and operations.

The principal place of business of MTT Shipping Pasir Gudang is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan.

As at the LPD, the issued share capital of MTT Shipping Pasir Gudang is RM100,000 comprising 100,000 ordinary shares. There has been no change in the issued share capital of MTT Shipping Pasir Gudang for the past three financial years and up to the LPD.

MTT Shipping Pasir Gudang is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTT Shipping Pasir Gudang does not have any subsidiary, associate or joint venture.

6.4.16 MTT Shipping Pelepas (Registration No. 201101032075 (960210-P))

MTT Shipping Pelepas was incorporated in Malaysia under the Companies Act 1965 on 14 September 2011 as a private limited company under its present name and is deemed registered under the Act. As at the LPD, MTT Shipping Pelepas is principally involved in ship owning and operations.

The principal place of business of MTT Shipping Pelepas is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan.

As at the LPD, the issued share capital of MTT Shipping Pelepas is RM100,000 comprising 100,000 ordinary shares. There has been no change in the issued share capital of MTT Shipping Pelepas for the past three financial years and up to the LPD.

MTT Shipping Pelepas is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTT Shipping Pelepas does not have any subsidiary, associate or joint venture.

6.4.17 MTT Shipping Perawang (Registration No. 201801038567 (1300598-H))

MTT Shipping Perawang was incorporated in Malaysia under the Act on 23 October 2018 as a private limited company under its present name. As at the LPD, MTT Shipping Perawang is principally involved in ship owning and operations.

The principal place of business of MTT Shipping Perawang is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan.

As at the LPD, the issued share capital of MTT Shipping Perawang is RM100,000 comprising 100,000 ordinary shares. Save as disclosed below, there has been no change in the issued share capital of MTT Shipping Perawang since its incorporationand up to the LPD:

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(RM)

23 October 2018 One ordinary share Subscriber’s share 1

16 August 2019 99,999 ordinary shares Cash 100,000

MTT Shipping Perawang is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTT Shipping Perawang does not have any subsidiary, associate or joint venture.

6.4.18 MTT Shipping Port Klang (Registration No. 201101032068 (960203-U))

MTT Shipping Port Klang was incorporated in Malaysia under the Companies Act 1965 on 14 September 2011 as a private limited company under its present name and is deemed registered under the Act. As at the LPD, MTT Shipping Port Klang is principally involved in ship owning and operations.

The principal place of business of MTT Shipping Port Klang is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan.

As at the LPD, the issued share capital of MTT Shipping Port Klang is RM100,000 comprising 100,000 ordinary shares. There has been no change in the issued share capital of MTT Shipping Port Klang for the past three financial years and up to the LPD.

MTT Shipping Port Klang is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTT Shipping Port Klang does not have any subsidiary, associate or joint venture.

6.4.19 MTT Shipping Rajang (Registration No. 202101014487 (1414787-D))

MTT Shipping Rajang was incorporated in Malaysia under the Act on 19 April 2021 as a private limited company under its present name. As at the LPD, MTT Shipping Rajangis principally involved in ship owning and operations.

MTT Shipping Rajang has no principal place of business.

As at the LPD, the issued share capital of MTT Shipping Rajang is RM1 comprising one ordinary share. There has been no change in the issued share capital of MTT Shipping Rajang since its incorporation and up to the LPD.

MTT Shipping Rajang is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTT Shipping Rajang does not have any subsidiary, associate or joint venture.

6.4.20 MTT Shipping Tanjong Manis (Registration No. 201601025464 (1196403-P))

MTT Shipping Tanjong Manis was incorporated in Malaysia under the Companies Act 1965 on 29 July 2016 as a private limited company under its present name and is deemed registered under the Act. As at the LPD, MTT Shipping Tanjong Manis isprincipally involved in ship owning and operations.

The principal place of business of MTT Shipping Tanjong Manis is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan.

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As at the LPD, the issued share capital of MTT Shipping Tanjong Manis is RM3,300,000 comprising 500,000 ordinary shares and 2,800,000 preference shares. Save as disclosed below, there has been no change in the issued share capital of MTT Shipping Tanjong Manis for the past three financial years and up to the LPD:



(RM)

24 September 2018


preference shares*Cash 3,300,000

Note:


(a) Any redeemable preference shares may, with the sanction of an ordinary resolution, be issued on the terms that they are, or at an option of MTT Shipping Tanjong Manis are, liable to be redeemed.


(c) The dividend for each redeemable preference share shall be paid in priority to payment of any dividend to the holder of any other classes of shares or other classes of preference shares in MTT Shipping Tanjong Manis.

(d) The option to redemption of the redeemable preference shares preferred to MTT Shipping Tanjong Manis is at RM1.00 per share.


(f) The redeemable preference shares shall rank equally with regards to MTT Shipping Tanjong Manis’ residual assets, except that preference shareholders participate only to the extent of the value of its shares.

MTT Shipping Tanjong Manis is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTT Shipping Tanjong Manis does not have any subsidiary, associate or joint venture.

6.4.21 MTT Shipping Tawau (Registration No. 201101032079 (960214-X))

MTT Shipping Tawau was incorporated in Malaysia under the Companies Act 1965 on 14 September 2011 as a private limited company under its present name and is deemed registered under the Act. As at the LPD, MTT Shipping Tawau is principally involved in ship owning and operations.

The principal place of business of MTT Shipping Tawau is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan.

As at the LPD, the issued share capital of MTT Shipping Tawau is RM100,000 comprising 100,000 ordinary shares. There has been no change in the issued share capital of MTT Shipping Tawau for the past three financial years and up to the LPD.

MTT Shipping Tawau is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTT Shipping Tawau does not have any subsidiary, associate or joint venture.

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6.4.22 MTTS Holdings (Registration No. 201101032077 (960212-H))

MTTS Holdings was incorporated in Malaysia under the Companies Act 1965 on 14 September 2011 as a private limited company under the name of MTT Shipping Sandakan Sdn Bhd and is deemed registered under the Act. MTT Shipping Sandakan Sdn Bhd changed its name to its present name on 10 February 2016. As at the LPD, MTTS Holdings is principally an investment holding company.

The principal place of business of MTTS Holdings is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor.

As at the LPD, the issued share capital of MTTS Holdings is RM3,700,000 comprising 3,700,000 ordinary shares. There has been no change in the issued share capital of MTTS Holdings for the past three financial years and up to the LPD.

MTTS Holdings is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, MTTS Holdings has one subsidiary, namely Sea Navigator Limited, which is principally involved in regional shipping operation. As at the LPD, MTTS Holdings does not have any associate or joint venture.

6.4.23 Sea Lion Container Line (Registration No. 201101011392 (939525-X))

Sea Lion Container Line is incorporated in Malaysia under the Companies Act 1965 on 7 April 2011 as a private limited company under its present name and is deemed registered under the Act. As at the LPD, Sea Lion Container Line is principally involved in ship owning and operations.

The principal place of business of Sea Lion Container Line is at No. 16, Jalan Sungai Aur/KS 4, 42000 Port Klang, Selangor Darul Ehsan.

As at the LPD, the issued share capital of Sea Lion Container Line is RM10,000 comprising 10,000 ordinary shares. There has been no change in the issued share capital of Sea Lion Container Line for the past three financial years and up to the LPD.

Sea Lion Container Line is a wholly-owned subsidiary of MTT Shipping, which in turn is our wholly-owned subsidiary. As at the LPD, Sea Lion Container Line does not have any subsidiary, associate or joint venture.

6.4.24 Sea Navigator Limited (Registration No. 2345780)

Sea Navigator Limited was incorporated in Hong Kong under the Companies Ordinance (Cap 622 of the laws of Hong Kong) on 7 March 2016 as a private limited company under the name of Sea Navigator (Hong Kong) Limited. Sea Navigator (Hong Kong) Limited changed its name to its present name on 1 February 2017. As at the LPD, Sea Navigator Limited is principally involved in regional shipping operation.

The principal place of business of Sea Navigator Limited is at Unit 3608-3609, 36/F, Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Hong Kong.

As at the LPD, the issued share capital of Sea Navigator Limited is HKD5,460,000comprising 5,460,000 ordinary shares. There has been no change in the issued share capital of Sea Navigator Limited for the past three financial years and up to the LPD.

Sea Navigator Limited is a 60% owned subsidiary of MTTS Holdings, which in turn is our indirect wholly-owned subsidiary. As at the LPD, Sea Navigator Limited does not have any subsidiary, associate or joint venture.

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As at the LPD, our Group has not issued any outstanding warrants, options, convertible securities or uncalled capital. None of our Shares and shares capital in our subsidiaries were issued and allotted at a discount or have any special terms or instalment payment term. Our issued Shares and the issued shares of our subsidiaries are fully paid-up.

As at the LPD, neither our Company nor our subsidiaries are involved in any bankruptcy, receivership or similar proceedings.

During the last financial year and up to the LPD, there were no –

(i) public take-over offers by third parties in respect of our Shares; and

(ii) public take-over offers by our Company in respect of other companies’ securities.

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7. BUSINESS OVERVIEW

1

7.1 HISTORY OF OUR GROUP

The origin of our Group dates back to 1980, when our Executive Chairman, Dato’ Seri Ong, joined MTTC. MTTC was co-established by the late Dato’ Ong Chin Teik, the father of Dato’ Seri Ong, in 1963. MTTC operated out of Penang and supported shipping activities in Penang Port. In 2000, through shareholdings in Green Peninsula Agencies Sdn Bhd, Dato’ Seri Ong jointly with our substantial shareholders, OCTSB and PKT, and Evergreen Group throughEvergreen International S.A. and Gaining Enterprise S.A., established Evergreen Malaysia. At that juncture, Dato’ Seri Ong, OCTSB and PKT collectively held 51% equity interest, while Evergreen Group held the remaining 49% equity interest in Evergreen Malaysia. Evergreen Malaysia was established as the local agent for Evergreen Taiwan in Malaysia, and has been responsible for operational and administrative functions relating to the business activities of Evergreen Taiwan in Malaysia. Green Peninsula Agencies Sdn Bhd subsequently ceased to be a shareholder of Evergreen Malaysia in 2017.

Leveraging on MTTC’s experience in shipping support services as well as Dato’ Seri Ong’s experience in the shipping-related industry including his experience in Evergreen Malaysia, Dato’ Seri Ong then incorporated MTT Shipping on 19 October 2010 to venture into the container liner shipping business. Ooi Lean Hin who is our Managing Director, Chan Huan Hinwho is our Director of Administration and MTTC subsequently became substantial shareholders of MTT Shipping at the end of 2010.

Under the leadership of Dato’ Seri Ong, we commenced business in November 2010, supported by Ooi Lean Hin, Lee Kong Siong who is our Director of Operations, Lee Hock Saing who is our Director of Marketing and Chan Huan Hin, bringing their respective shipping industry experience, knowledge and technical expertise to our business. Lee Hock Saing and Lee Kong Siong subsequently became shareholders of MTT Shipping in 2014.

The growth and expansion of our business over the years are demonstrated by several key milestones as follows:

Commencement of our container liner shipping business and introduction of weekly fixed-day shipping services

Between November 2010 and January 2011, we chartered container vessels from Johan Shipping Sdn Bhd (“Johan Shipping”), and tugs and barges from Asia Bulkers Sdn Bhd for different charter durations. Through the chartered vessels, our Group commenced operations in the provision of container liner shipping services, focusing on routes sailing between ports in Peninsular Malaysia and East Malaysia, and certain overseas ports around the Southeast Asia region including ports in Brunei and Bangkok, Thailand.

Shortly after we commenced our container liner shipping business, we introduced weekly fixed-day shipping services between Peninsular Malaysia and East Malaysia in 2011, to streamline our container liner shipping operations and vessel deployment. To support the introduction of our weekly fixed-day shipping services, we secured fixed berth windows with ports in Peninsular Malaysia as well as ports in East Malaysia. Our weekly fixed-day sailing schedule provides certainty on the days of arrival and departure at each port which helps our customers in managing their logistics and inventory cycles. Over the years, we gradually expanded our weekly fixed-day shipping services to cover additional ports, including overseas ports, and increased the frequency of sailing. See Section 7.3.2(ii) of this Prospectus for further details of our port coverage and weekly calls to each port as at the LPD.

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2

Establishment of our shipping agent network and branch offices, as well as appointment as shipping agent for Evergreen Malaysia in Sabah and Sarawak

During the early months of our business, Johan Shipping represented our Group as our shipping agent via its offices in Peninsular Malaysia and East Malaysia. In 2011, we set up our own branch offices in Port Klang, Johor, Kuching, Bintulu, Sibu, Miri, Tawau, Sandakan and Kota Kinabalu in order to establish our physical presence in these locations and to be able to provide our in-house shipping agency services at these locations. With this development, we ceased to employ shipping agency services from Johan Shipping in 2011 at these locations.

Between 2010 and 2013, we also appointed third party shipping agents in Penang, Labuan, Brunei, Indonesia, Thailand and Singapore, where these shipping agents assist us in facilitating, among others, operational arrangement of vessels at ports such as berthing, unberthing, loading and unloading of containers and pilotage; arrangement of cargo movement such as receiving and releasing containers, and/or issuance of original bills of lading.

In 2011, we were appointed as shipping agent for Evergreen Malaysia in Sabah and Sarawak. As an appointed shipping agent, we provide shipping agency services in relation to container liner shipping services provided by the Evergreen Group of Companies in Sabah and Sarawak. Our provision of shipping agency services for Evergreen Malaysia in Sabah and Sarawak has further strengthened our presence in East Malaysia and also provided us with an additional revenue stream. See Section 7.3.2(i)(c) of this Prospectus for further details of our role as shipping agent for Evergreen Malaysia.

Expansion of our fleet of container vessels

As our business continued to expand, we started to purchase and expand our own fleet of container vessels. From 2012 up to the LPD, we took delivery of 16 container vessels, of which four of these container vessels have been disposed mainly due to the age and condition of the vessels. Our fleet of container vessels can be used in our container liner shipping business or chartered out to third party container liner shipping companies in our vessel chartering business.

As at the LPD, we own a total of 12 container vessels and operate nine of these container vessels for our container liner shipping business. From 2018 up to the LPD, we have purchased six additional container vessels. We have taken deliveries of MTT Sapangar and MTT Sibu inJuly 2021 and the additional four container vessels are scheduled for delivery between 3Q 2021 and 1Q 2022. See Section 7.3.1 of this Prospectus for further details on our fleet of container vessels.

Expansion of our overseas port coverage

In 2012, we further expanded our overseas port coverage around the Southeast Asia region by providing container liner shipping services using chartered tugs and barges to facilitate the shipment of cargo between Peninsular Malaysia and certain river-ports in Sumatera, Indonesia.We started by operating one set of tug and barge sailing between Port of Tanjung Pelepas and Port of Perawang in Sumatera, Indonesia. Over the years, we gradually increased the coverage of ports in Sumatera, Indonesia and as at the LPD, we operate six sets of chartered tugs and barges covering Port Klang (Westports and Northport) and Port of Tanjung Pelepas to five ports in Sumatera, Indonesia. See Sections 7.3.1 and 7.3.2 (ii) of this Prospectus for further details on the sets of tugs and barges operated by us.

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3

In 2013, along with the appointment of a third party shipping agent in Singapore, we commenced coverage of Port of Singapore under our weekly fixed-day sailing schedule. In 2019, along with the appointment of a third party shipping agent in India, we started to provide container liner shipping services covering several ports in India through container vessels operated by third party container liner shipping companies. Subsequently in 2021, we started to provide container liner shipping services covering Yangon Port in Myanmar through a container vessel operated by a third party container liner shipping company.

Our services in India and Myanmar are in preparation for the potential expansion of our container liner shipping services using container vessels operated by our Group while expanding our overseas port coverage within and beyond the Southeast Asia region and providing an additional revenue stream for our Group.

Expansion into vessel chartering business

In 2014, upon delivery of our container vessel, MTT Pulau Pinang, we chartered it out to a third party container liner shipping company on a time charter until 2015 as we were at the time operating with sufficient capacity for our container liner shipping business. This allowed us to prevent the vessel from remaining idle and also to generate additional revenue for our Group. In 2018, at the time of our purchase of our container vessel, MTT Kuching Dua, it was on an on-going time charter by the previous owner to a third party container liner shipping company. With the purchase of the vessel, we assumed the charter arrangement from the previous owner until the end of the time charter in 2019.

Leveraging on this experience, our Group formally ventured into the vessel chartering business in 2019 by chartering out our container vessels when there are such enquiries and the prevailing chartering rates are commercially viable. In preparation for our formal entry into thevessel chartering business, we also purchased five new container vessels, MTT Senari, MTT Samalaju, MTT Semporna, MTT Sapangar and MTT Sibu, and took delivery of these vessels in January 2020, February 2021, March 2021 and July 2021 (for MTT Sapangar and MTT Sibu)respectively and these container vessels have been chartered out to third party container liner shipping companies as at the date of the Prospectus.

See Section 7.3.1 of this Prospectus for further details of container vessels used in our vessel chartering business and Section 7.3.3 for further details on our vessel chartering business.

Expansion into the container depot business

In December 2015, Dato’ Seri Ong, Ooi Lean Hin, Lee Hock Saing and Chan Huan Hin acquired a total of 45.5% equity interest in ICSD. Subsequently in 2017, Dato Seri Ong and Ooi LeanHin increased their respective equity interest in ICSD and together with Lee Hock Saing and Chan Huan Hin, assumed control over ICSD.

135



4

Through their shareholdings in ICSD, our Group began operating three container depots in Port Klang (Bandar Sultan Sulaiman), Pasir Gudang and Penang. In 2020, our Group expanded our container depot business by commencing the operations of an additional container depot in Port Klang (Westports). As at the LPD, these four container depots have a total combined storage capacity of approximately 24,500 units of containers and daily handling capacity of approximately 3,100 units of containers.

Our container depot business provides container storage and container related services such as container handling, container washing, maintenance and repair as well as empty drayage services for our container liner shipping business as well as to container hauliers, third party container liner shipping companies and shipping agencies, container leasing companies as well as box operators.

7.2 KEY MILESTONES AND AWARDS

The following table highlights the key milestones of our business:

Year Key milestone

2010 Commenced our container liner shipping business, through chartered container vessels, and tugs and barges

2011 Introduced weekly fixed-day shipping services between Peninsular Malaysia and East Malaysia

Set up nine branch offices in Port Klang, Johor, Kuching, Bintulu, Sibu, Miri, Tawau, Sandakan and Kota Kinabalu

Expanded our container liner shipping business by becoming a shipping agent for Evergreen Malaysia in Sabah and Sarawak

2012 Took delivery of four container vessels, MTT Penang (which was disposed in the same year), MTT Kuching (which was subsequently disposed in 2017), MTT Kinabalu (which was subsequently disposed in 2018) and MTT Tawau, with nominal capacities of 1,022 TEUs, 1,012 TEUs, 1,156 TEUs and 1,162 TEUs respectively

Expanded overseas port coverage in the Southeast Asia region with the provision of container liner shipping services using chartered tugs and barges for shipments between Port of Tanjung Pelepas and Port of Perawang in Sumatera, Indonesia

2013 Took delivery of a container vessel, MTT Port Klang (which was subsequently disposed in 2017), with a nominal capacity of 1,216 TEUs

Further expanded overseas port coverage in the Southeast Asia region with the coverage of Port of Singapore under our weekly fixed-day sailing schedule

2014 Took delivery of a container vessel, MTT Pulau Pinang, with a nominal capacity of 1,157 TEUs

2015 Took delivery of a container vessel, MTT Muara, with a nominal capacity of 1,679 TEUs

Expanded into container depot business through the partial acquisition of shares in ICSD by some of our Promoters

136



5

Year Key milestone

2016 Took delivery of two container vessels, MTT Pasir Gudang and MTT Bintulu, with nominal capacities of 1,740 TEUs and 1,489 TEUs respectively

2017 Took delivery of a container vessel, MTT Tanjung Manis, with a nominal capacity of 1,138 TEUs

2018 Took delivery of a container vessel, MTT Kuching Dua with a nominal capacity of 1,295 TEUs

Purchased two container vessels, MTT Sapangar with a nominal capacity of 1,800 TEU (which had been delivered in July 2021) and MTT Sandakan with a nominal capacity of 1,800 TEUs each (which is scheduled for delivery by 4Q 2021).

2019 Took delivery of a container vessel, MTT Pengerang, with a nominal capacity of 1,134 TEUs

Took delivery of a new container vessel, MTT Saisunee, with a nominal capacity of 1,162 TEUs

Purchased two container vessels, MTT Sibu and MTT Sarikei with a nominal capacity of 415 TEUs each (scheduled for delivery by 3Q 2021 and 1Q 2022respectively)

Formally ventured into vessel chartering business

Expanded overseas port coverage beyond the Southeast Asia region with provision of container liner shipping services covering several ports in India through container vessels operated by third party container liner shipping companies

2020 Expanded our container depot business by commencing the operations of an additional container depot

Took delivery of a new container vessel, MTT Senari, with a nominal capacity of 1,162 TEUs

2021 Took delivery of four new container vessels, MTT Samalaju and MTT Semporna, each with a nominal capacity of 1,162 TEUs, MTT Sapangar with a nominal capacity of 1,800 TEUs and MTT Sibu with a nominal capacity of 415 TEUs.

Purchased two container vessels, MTT Singapore and MTT Rajang with nominal capacities of 653 TEUs and 415 TEUs respectively (scheduled for delivery by 4Q 2021 and 1Q 2022 respectively)

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6

Our achievements have earned us awards and recognitions in the shipping industry, as follows:

Year Award Awarding body2012 Top Customer Award Sabah Ports Sdn Bhd2013 Top Customer Award (Shipping Agent) Sabah Ports Sdn Bhd2014 Top Customer Award (Shipping Agent) for

Sapangar Bay Container PortSabah Ports Sdn Bhd

2014 Top Customer Award (Shipping Agent) for Tawau Port

Sabah Ports Sdn Bhd

2017 Best Depot Award Johor Port Authority2017 Outstanding Performance Award (Shipping

Company)Malaysian Shipowners' Association/Ikthisas Kelautan Malaysia

2019 Best Depot Award Johor Port Authority

These awards are a testament to our success in growing and becoming a well-established container liner shipping group and cementing our position as a major player supporting trade activities between Peninsular Malaysia and East Malaysia.

138


Registration No. 201901004019 (1313346-A) 7. BUSINESS OVERVIEW (Cont’d)

139

7.3 OUR BUSINESS

An overview of our business activities is illustrated below:

Our revenue from our container liner shipping business is generated from:

(i) ocean freight charges when our customers engage us for shipment of containerised cargo; and

(ii) slot sale income when our customers purchase container slots from us.

Further, we also generate shipping agency fees from Evergreen Malaysia for the provision of shipping agency services in relation to container liner shipping services provided by Evergreen Group of Companies in Sabah and Sarawak. Our revenue from our vessel chartering business is generated from charter hire income when we charter out our container vessels to third party container liner shipping companies. Our revenue from our container depot business is generated from container storage fees, container handling fees (such as lift-on/ lift-off and/or pre-trip inspection), depot gate charges, container washing, maintenance and repair fees as well as empty drayage charges. The pre-trip inspection, maintenance and repair as well as empty drayage services are outsourced to third party service providers. In 2021, we ventured into the tug boat business via a joint venture company, Harbour 360 Sdn Bhd with Makmal Capital Sdn Bhd, to supply tug boats to port operators and companies in the oil and gas industry. As at the LPD, we have commenced the construction of our first tug boat which is still in the midst of construction. In the same year, we also ventured into the dry bulk shipping business via a joint venture company, Lestari Maritime Sdn Bhd, to provide dry bulk shipping services.

139


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into

the

vess

els

in o

rder

to m

aint

ain

esse

ntia

l ser

vice

s on

boa

rd.

(2)

As a

t the

LPD

, MTT

Pas

ir G

udan

g w

as in

ope

ratio

n fo

r our

con

tain

er li

ner s

hipp

ing

serv

ices

. MTT

Pas

ir G

udan

g w

ill be

cha

rtere

dou

t to

a th

ird p

arty

con

tain

er li

ner

ship

ping

com

pany

on

a sh

ort-t

erm

cha

rter b

asis

.

(3)

As a

t the

LPD

, MTT

Pen

gera

ng w

as o

n dr

y-do

ckin

g.Su

bseq

uent

to th

e dr

y-do

ckin

g, M

TT P

enge

rang

will

be c

harte

red

out t

o a

third

par

ty c

onta

iner

line

r shi

ppin

g co

mpa

nyon

a s

hort-

term

cha

rter b

asis

.

144

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)7.

BU

SIN

ESS

OVE

RVI

EW (C

ont’d

)

13

We

have

als

o pu

rcha

sed

six

addi

tiona

l con

tain

er v

esse

ls, M

TT S

anda

kan

(1,8

00 T

EUs)

, MTT

Sap

anga

r (1,

800

TEU

s), M

TT S

ibu

(415

TEU

s), M

TT S

arik

ei

(415

TEU

s), M

TT R

ajan

g (4

15TE

Us)

and

MTT

Sin

gapo

re (6

53) T

EUs)

. We

have

take

n de

liver

ies

of M

TT S

apan

gara

nd M

TT S

ibu

inJu

ly20

21 a

nd th

e ad

ditio

nal f

ourc

onta

iner

ves

sels

are

sche

dule

d fo

r del

iver

y be

twee

n 3Q

202

1 an

d 1Q

202

2.

In 2

012,

we

ente

red

into

a s

lot e

xcha

nge

arra

ngem

ent w

ith a

third

par

ty c

onta

iner

line

r sh

ippi

ng c

ompa

ny, M

SC, w

here

we

exch

ange

pre

-agr

eed

allo

cate

d co

ntai

ner v

esse

l spa

ce, a

lso

know

n as

con

tain

er s

lots

, with

MSC

, for

cer

tain

ser

vice

rout

es p

rovi

ded

by b

oth

our G

roup

and

MSC

. We

do n

ot jo

intly

own

any

cont

aine

r ves

sels

with

MSC

, as

the

exch

ange

of c

onta

iner

slo

ts a

re ta

ken

from

exi

stin

g op

erat

ing

cont

aine

r ves

sels

for c

erta

in s

ervi

ce ro

utes

offe

red

by b

oth

our

Gro

up a

nd M

SC.W

ithth

is a

rrang

emen

t, ou

r cus

tom

ers

can

book

con

tain

er s

lots

for t

he p

artic

ular

ser

vice

rout

es th

roug

h ou

r Gro

up o

r MSC

and

the

book

ings

w

ill be

ass

igne

d ei

ther

to o

ur v

esse

ls o

r MSC

’s v

esse

ls b

ased

on

the

avai

labi

lity

of th

e co

ntai

ner v

esse

l spa

ce a

nd a

rriva

l dat

e at

the

ports

. Thi

spa

rtner

ship

en

able

s ou

r Gro

up to

hav

e ad

ditio

nal c

apac

ity fo

r cer

tain

ser

vice

rout

es v

ia M

SC’s

con

tain

er s

lots

and

it a

llow

s us

tom

axim

ise

the

use

of th

e sp

ace

avai

labl

e on

ou

r con

tain

er v

esse

ls fo

r cer

tain

ser

vice

rout

es w

hich

enh

ance

s th

e ec

onom

ies

of s

cale

for o

ur c

onta

iner

liner

ship

ping

bus

ines

s.As

at t

he L

PD, t

here

are

two

partn

er v

esse

ls n

amel

y Ko

ta N

aga

and

Sala

m M

aju

whi

char

e in

clud

ed a

s pa

rt of

our

ser

vice

rou

tes

unde

r thi

s sl

ot e

xcha

nge

arra

ngem

entw

ithM

SC. I

n th

e ev

ent t

hat M

SC re

quire

s ad

ditio

nal s

lots

on

our c

onta

iner

ves

sels

in a

dditi

on to

the

pre-

agre

ed a

lloca

ted

cont

aine

r slo

ts u

nder

the

slot

exc

hang

e ar

rang

emen

t,th

e ad

ditio

nal c

onta

iner

slo

ts w

ill be

cha

rged

acc

ordi

ngly

to M

SCan

dvi

ce v

ersa

.

Upo

n re

ques

t, w

e m

ay a

lso

sell

cont

aine

r slo

ts to

third

par

ty s

hipp

ing

com

pani

es w

hich

requ

ire v

esse

l spa

ce fo

r our

ser

vice

rout

es a

nd fr

eigh

t for

war

ders

who

ha

ve re

gula

r shi

pmen

t ove

r a c

erta

in p

erio

d an

d w

ould

like

to p

re-b

ook

the

cont

aine

r slo

ts o

n ou

r con

tain

er v

esse

ls.

We

also

use

tugs

and

bar

ges

to s

hip

cont

aine

rised

car

go b

etw

een

Peni

nsul

ar M

alay

sia

and

certa

in ri

ver-

ports

in S

umat

era,

Indo

nesi

aw

hich

we

char

ter f

rom

third

par

ty o

wne

rsas

we

are

in th

e m

idst

of g

row

ing

this

bus

ines

s se

gmen

t. Th

ese

tugs

and

bar

ges

wor

k in

a s

et w

ith o

ne tu

g an

d on

e ba

rge

for e

ach

serv

ice.

Th

e se

t arra

ngem

ent o

f tug

s an

d ba

rges

is n

ot fi

xed

as e

ach

tug

can

be m

atch

ed w

ith a

ny b

arge

with

in it

s ca

paci

ty.

As a

t the

LPD

, we

char

ter a

nd o

pera

te s

ix tu

gs a

nd s

ix b

arge

s fro

m th

ird p

arty

ow

ners

, as

follo

ws:

No.

Tug

Hor

sepo

wer

Orig

inPo

rt o

f re

gist

ryO

wne

r of t

ugYe

ar

built

Age

(yea

rs)

Cha

rter

ed s

ince

1.En

deav

or 1

2 x

829

Indo

nesi

aBa

tam

PT M

egah

Man

diri

Suks

es S

ejat

i20

138

20 J

uly

2019

2.En

deav

or 3

2 x

829

Indo

nesi

aBa

tam

PT P

ulau

Lau

t Lin

e20

147

1 Se

ptem

ber 2

017

3.SP

GM

128

82

x 60

0In

done

sia

Bata

mPT

Meg

ah M

andi

ri Su

kses

Sej

ati

2010

111

April

202

0

4.SP

GM

128

92

x 60

0In

done

sia

Bata

mPT

Meg

ah M

andi

ri Su

kses

Sej

ati

2011

1026

Aug

ust 2

019

5.SP

GM

130

72

x 65

0In

done

sia

Bata

mPT

Meg

ah M

andi

ri Su

kses

Sej

ati

2013

81

Janu

ary

2017

6.M

illeni

um I

2 x

829

Indo

nesi

aBa

tam

PT B

inta

ng In

tiper

sada

Sej

ahte

ra20

147

15 F

ebru

ary

2020

145

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)7.

BU

SIN

ESS

OVE

RVI

EW (C

ont’d

)

14

No.

Bar

geN

omin

al c

apac

ity

(TEU

)O

rigin

Port

of r

egis

try

Ow

ner o

f bar

geYe

ar

built

Age

(yea

rs)

Cha

rter

ed s

ince

1.Pa

cific

Sun

142

0In

done

sia

Bata

mPT

Meg

ah M

andi

ri Su

kses

Sej

ati

2013

820

Jul

y 20

19

2.Pa

cific

Sun

334

4In

done

sia

Bata

mPT

Pul

au L

aut L

ine

2013

81

Sept

embe

r 201

7

3.M

MS

S 25

0135

2In

done

sia

Tanj

ung

Prio

kPT

Meg

ah M

andi

ri Su

kses

Sej

ati

2011

101

April

202

0

4.M

MS

S 25

0238

8In

done

sia

Tanj

ung

Prio

kPT

Meg

ah M

andi

ri Su

kses

Sej

ati

2011

1026

Aug

ust 2

019

5.M

MS

S 25

0734

4In

done

sia

Bata

mPT

Meg

ah M

andi

ri Su

kses

Sej

ati

2013

81

Janu

ary

2017

6.Se

a G

ate

2705

476

Indo

nesi

aBa

tam

PT B

inta

ng In

tiper

sada

Sej

ahte

ra20

147

1 Ja

nuar

y 20

19

146

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)


15

7.3.2 Container liner shipping

(i) Container liner shipping services

Container liner shipping is a type of shipping method using a range of standardised containers in carrying cargo on a container vessel. Standardised containers are widely used to carry cargo via different modes of transportation including container vessels, container haulage trucks and trains, thus making containerisation an efficient and cost-effective way to carry large volume of goods as it eliminates additional handling of goods (i.e. pack and unpack goods) when switching between transportation modes.

We are principally involved in container liner shipping services where we ship containerised cargo using container vessels from port of loading to port of discharge. Our container liner shipping services cover routes between ports in Peninsular Malaysia and East Malaysia as well as overseasports around the Southeast Asia region such as Singapore, Thailand, Brunei, Indonesia, Indiaand Myanmar which are in close proximity to Malaysia.

We provide weekly fixed-day container liner shipping services covering ports in Peninsular Malaysia, East Malaysia, Singapore, Thailand and Brunei where the days of arrival and departure at each port for a service route are fixed according to our weekly fixed-day sailing schedule. The distance and the voyage routes between each port are relatively short, with maximum voyage distance of 3,231 nautical miles and 14 days per voyage as at the LPD.

Our weekly fixed-day sailing services are mainly provided through a fleet of container vessels operated by our Group. The container vessels operated by our Group are with nominal capacities of between 1,000 and 2,000 TEU, and these are ideal given the depth and width limitations at some of the ports covered by our Group, especially ports in East Malaysia. The average age of our fleet of container vessels operated for our container liner shipping business as at the LPD is 20 years where eight container vessels were purchased from the secondary market and onecontainer vessel is newly built. Notwithstanding the age of our container vessels, the design, capacity and condition of our container vessels are suitable for our operations based on our service routes. Our weekly fixed-day sailing services cover most of the ports in the service routes at least once a week, hence providing an advantage to our customers as it helps our customers to manage their logistics and inventory cycles. For certain busier ports, we may sail up to three times on fixed days of every week, which provide our customers with more options in frequency of sailings. As at the LPD, we offer weekly fixed-day shipping services using our own container vessels based on five service routes, where each shipping service is designated for a specific service route with its respective sailing schedule.

We also provide non-fixed-day container liner shipping services covering various ports in Indonesia, India and Myanmar which are provided through sets of tugs and barges operated by our Group and container vessels operated by third party container liner shipping companies.

See Section 7.3.2(ii) of this Prospectus for further details of our port coverage and weekly calls to each port as at the LPD.

Our business activities as a container liner operator, feeder operator and shipping agent are further described below:

147



16

(a) Container liner operator

We provide container liner shipping services to our customers covering various ports located in Malaysia and various overseas ports around the Southeast Asian region as follows:

(i) Peninsular Malaysia and East Malaysia

We primarily operate as a domestic operator between ports in Peninsular Malaysia and East Malaysia where we provide container liner shipping services to our customers (who are “shippers and consignees”) comprising manufacturers and traders (including exporters and importers) using a fleet of container vessels operated by our Group and partner vessels.

We also provide container liner shipping services to shippers and consignees indirectly via freight forwarders, who act on behalf of shippers and consignees as their forwarding agent. In such cases, our customers are the freight forwarders.

(ii) Overseas: Singapore, Thailand, Brunei, Indonesia, India and Myanmar

We provide container liner shipping services to customers comprising shippers, consignees and freight forwarders who act on behalf of shippers and consignees for shipment of goods to and from various overseas ports around the Southeast Asia region such as Singapore, Thailand, Brunei, Indonesia, India and Myanmar.

For ports which we cover in Singapore, Thailand and Brunei, we provide container liner shipping services to our customers using a fleet of container vessels operated by our Group and partner vessels whereas for ports which we cover in Indonesia, India andMyanmar, we leverage on container vessels operated by third party container liner shipping companies to provide container liner shipping services to our customers. In doing so, this has expanded our overseas port coverage and provided additional revenue for our Group. This is also a conservative approach in preparation for the potential expansion of our container liner shipping services to Indonesia, India and Myanmar by deploying our own container vessels as it enables us to assess the demand for container liner shipping services and the feasibility of deploying our own container vessels in the region.

Moving forward, our Group will continue to seek opportunities to expand our overseas port coverage in the Southeast Asia region and other surrounding countries in Asia, to grow our container liner shipping business. See Section 7.15.1 of this Prospectus for further information on our future plans to expand our container liner shipping business in Malaysia and overseas.

(b) Feeder operator

We operate as a feeder operator as follows:

(i) Feeder services to Main Line Operators

We provide feeder services to Main Line Operators who berth, load and/or unload their containers, also known as transhipment containers at major hub ports such as Port Klang, Port of Tanjung Pelepas and Port of Singapore.

As a feeder operator, we provide services using container vessels operated by our Group or partner vessels to transport containers between these major hub ports and their ultimate ports of destination/origin which are some smaller ports in Peninsular Malaysia, East Malaysia and certain ports around the Southeast Asia region that are not covered by the Main Line Operators.

148



17

(ii) Dedicated feeder services to certain customers

We provide dedicated feeder services to certain customers in Malaysia and Sumatera, Indonesia.

For dedicated feeder services in Malaysia, we offer container liner shipping services to and from Pengerang Terminal, specifically for Petronas Chemicals Marketing (Labuan) Ltd (“Petronas”) and Aramco Chemicals Company (“Aramco”) since April 2019. Upon request from customers, we ship empty containers from Port Klang or Port of Tanjung Pelepas to Pengerang Terminal using container vessels operated by our Group, for the stuffing of petroleum products and thereafter, act as a feeder operator to ship theladen containers back to Port Klang and Port of Tanjung Pelepas for onward shipment to the ultimate destinations by the Main Line Operators. Nevertheless, due to an unforeseen accident which took place at Pengerang Integrated Petroleum Complex in 2020, our container liner shipping services to Petronas and Aramco have temporarily ceased from June 2020. We expect to re-commence our container liner shipping services to Petronas and Aramco by 4Q 2021.

For dedicated feeder services in Sumatera, Indonesia, we offer container liner shipping services to certain customers (i.e. exporters and importers) with regular shipment in Sumatera, Indonesia. We operate a fleet of tugs and barges as detailed in Section 7.3.1 of this Prospectus for this service, providing ocean connectivity between public and private river ports in Sumatera, Indonesia and certain ports in Peninsular Malaysia. These river ports in Sumatera, Indonesia have shallower waters and are not suitable for container vessels to sail and/or to berth, therefore we use tugs and barges to facilitate shipments to these ports.

(c) Shipping agent

In Sabah and Sarawak, we represent the Evergreen Group of Companies, a global Main Line Operator offering ocean shipping services to worldwide destinations, via an agencyarrangement with Evergreen Malaysia, as its local shipping agent. As the shipping agent for Evergreen Group of Companies, we are responsible for all operational activities which includes handling bookings, coordinating container logistics and vessel operations, and all other documentary services such as releasing bills of ladings and delivery orders, for container liner shipping services provided by Evergreen Group of Companies.

We are also involved in the containerised automotive shipping business where we specialise in containerised shipping of automotive vehicles. We use removable vehicle racking systems that are mounted into dry cargo containers to carry vehicles for shipment. As at the LPD, we own a total of 173 sets of removable vehicle racking systems that are used in our container liner shipping business for automotive vehicles, where each racking system is able to support and carry one vehicle. The removable vehicle racking system allows us to lash, tilt and/or lift the vehicles in the container, thus providing a space saving system that enables us to fully utilise the container space and allows up to four vehicles to be stored within a container depending on the size of the vehicles.

Leveraging on our comprehensive port coverage and the advantages of our weekly fixed-day shipping services which provide certainty on the days of arrival and departure, vehicle dealers and distributors in East Malaysia can enjoy the benefits of more efficient management of their inventory and logistics of vehicles from Peninsular Malaysia to East Malaysia. Further, the containerisation of vehicles also protects the vehicles by preventing the vehicles from external damage such as being dented or scratched during handling or being directly exposed to sun or rain during shipping.

149



18

(ii) Port coverage and service routes

Our container liner shipping services are mainly centred in Port Klang in Peninsular Malaysia. Port Klang is the largest port in Malaysia with a total handling capacity of 19.6 million TEU comprising Westports and Northport. We cover Port Klang in all of our service routes for sailing using container vessels, as large volumes of containers are shipped through Port Klang.

As at the LPD, the ports covered by our shipping services and the respective port calls are as follows:

Region/country Port coverage Number of port calls per week Peninsular Malaysia Port Klang (1) (2) (3)

Penang Port Johor Port (1)

Port of Tanjung Pelepas (3)

11 1 2 2

East Malaysia Kuching Port (1)

Bintulu Port (1)

Labuan Port (1)

Kota Kinabalu Port (1)

Sandakan Port Tawau Port Tanjung Manis Port (1)

Miri Port (4)

Sibu Port (4)

2 2 1 3 1 1 2 N/A (6)

N/A (6)

Singapore Port of Singapore (1) 1

Thailand Thai Connectivity Terminal, Bangkok (1)

Kerry Siam seaport, Laem Chabang

1

1

Brunei Port of Muara (1) 1

Indonesia Port of Perawang (3)

Port of Lubuk Gaung (3)

Port of Buatan (3)

Tebing Tinggi Port (3)

Port of Futong(3)

Port of Jakarta (5)

3 1 2 1 - (7)

N/A (6)

India Mundra Port (5)

Port of Chennai (5)

Jawaharlal Nehru Port (5)

Syama Prasad Mookerjee Port, Kolkata (5)

N/A (6)

N/A (6)

N/A (6)

N/A (6)

Myanmar Yangon Port(5) N/A (6)

Notes:

(1) These ports are covered by our Group and also covered under the slot exchange arrangement with MSC.

(2) We offer container liner shipping services to and from Port Klang, predominantly through Westports using both container vessels and sets of tugs and barges.

(3) We offer container liner shipping services to and from these ports using sets of tugs and barges.

150



151

(4) Our container liner shipping services to and from Miri Port and Sibu Port are provided through tugs and barges operated by third party shipping companies to and from Bintulu Port and Tanjung Manis Port respectively.

(5) Our container liner shipping services to and from these ports are provided through container vessels operated by third party container liner shipping companies.

(6) The port calls to these ports are not fixed as we provide container liner shipping services to and from these ports through container vessels and tugs and barges operated by third party container liner shipping companies and third party shipping companies as explained in the notes (4) and (5) above based on shipment destinations and schedules of our customers.

(7) Our Group did not record any port call at Port of Futong as at the LPD mainly due to reduced container volume in June 2021 arising from the shortage of containers from our customers’ end.

A map of ports covered by our container liner shipping business is as follows:

Legend:

(1) Thai Connectivity Terminal, Bangkok (15) Tanjung Manis Port (2) Kerry Siam seaport, Laem Chabang (16) Sibu Port (3) Penang Port (17) Bintulu Port (4) Port Klang (18) Miri Port (5) Port of Tanjung Pelepas (19) Port of Muara, Brunei (6) Port of Singapore (20) Labuan Port (7) Johor Port (21) Kota Kinabalu Port (8) Port of Lubuk Gaung (22) Sandakan Port (9) Port of Perawang (23) Tawau Port (10) Port of Buatan (24) Mundra Port (11) Port of Futong (25) Jawaharlal Nehru Port (12) Tebing Tinggi Port (26) Port of Chennai (13) Port of Jakarta (27) Syama Prasad Mookerjee Port, Kolkata (14) Kuching Port (28) Yangon Port

151



20

We review the performance of our service routes regularly, in terms of the deployment and utilisation of container vessels for each service route, and may modify, add or remove service routes from time to time if required. Our Group is also able to provide container liner shipping services or dedicated feeder services upon request if they are commercially viable to our Group.

(iii) Container types

To support our container liner shipping operations, we provide containers to shippers for shipment of their cargo. Our containers are also used by shippers for the carriage of goods during pre-shipping (from origin to port of loading) and post-shipping (from port of discharge to destination).

As at the LPD, we own 10,763 containers (of which 2,684 containers were under finance lease and recognised as our assets) and we lease 5,172 containers, as follows:

Type of container Description Size

Number of containers as at the LPD

No. Owned Leased Total

1. Standard dry cargo container

Fully enclosed container with doors at one end. The dry cargo containers are commonly used to carry general purpose cargo.

20-foot (“ft”) and40-ft

7,788 2,173 9,961

2. High cube dry cargo container

Has similar structure to standard dry cargo container but with an extra foot in height. High cube dry cargo containers are suitable to carry light, voluminous or bulky cargo.

40-ft 2,470 2,869 5,339

3. Refrigeratedcontainer

Also referred to as reefer container, it is a type of container equipped with a refrigeration system that controls the temperature in the container. Refrigerated containers are typically used to carry perishable goods that require temperature control, including, among others, fresh foods such as fruits, vegetables, meat, seafood and dairy products, as well as raw materials for food and beverage processing, pharmaceutical products and medicines.

20-ft and 40-ft

436 112 548

152



21

Type of container Description Size

Number of containers as at the LPD

No. Owned Leased Total

4. Open top container

Containers without a solid metal roof and is designed to carry over-height cargo. The open top containers are generally used to carry cargo such as tall machinery.

20-ft and 40-ft

30 16 46

5. Flat rack container with collapsible ends

Containers with only two ends. The two ends can be collapsed to make a completely flat surface, allowing more space for heavy and over-sized cargo. Flat rack containers are often used to carry trucks and boats, pipes and odd-sized machinery.

20-ft and 40-ft

39 2 41

10,763 5,172 15,935

153



22

7.3.3 Vessel chartering

We also charter out our container vessels to container liner shipping companies to sail on service routes that are not competing with our domestic service routes, on time charter basis. As at the LPD, we charter out three container vessels, MTT Senari, MTT Samalaju and MTT Semporna. We will also be chartering out additional four vessels in July 2021, MTT Sapangar, MTT Pengerang,MTT Pasir Gudang and MTT Sibu to other container liner shipping companies. The details of ourvessel chartering arrangements with container liner shipping companies are as follows:

Long term charter

Vessel nameNominal capacity

(TEUs) Year built Charter period and rate (per day)

MTT Senari 1,162 2020 December 2020- December 2021USD11,600

MTT Samalaju 1,162 2021 February 2021- February 2022USD14,000

MTT Semporna 1,162 2021 April 2021 – April 2023USD16,700

MTT Sibu 415 2021 July 2021 – July 2022USD6,000

MTT Sapangar 1,800 2021 July 2021 - July 2024 USD29,750

Short term charter

Vessel nameNominal capacity

(TEUs) Year built Charter period and rate (per day)

MTT Pengerang 1,134 2006 July 2021 – August 2021USD26,000

MTT Pasir Gudang 1,740 2000 July 2021 – September 2021USD40,000

Most of our newly built vessels (MTT Senari, MTT Semporna and MTT Samalaju) are designed for high intake of laden containers to sail on shallow drafted waterways where at a maximum draft of 7.7 metre, these container vessels are able to load 935 TEUs at a loading capacity of 14 tonnes per TEU. Further, these container vessels are more eco-friendly as they are built with scrubbers which enable HFO consumption to comply with the new IMO sulphur emission regulation effective from 1 January 2020. MTT Sapangar on the other hand, was built with the feature to install the scrubber if deemed necessary in the future.

See Section 7.3.1 of this Prospectus for further details on our fleet of container vessels.

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7.3.4 Container depot services

We operate one container depot on our own land located in Port Klang (Bandar Sultan Sulaiman) and three container depots on leased lands located in Port Klang (Westports), Penang and Pasir Gudang and the details of the land area and capacity of each of our container depots as at the LPD are as follows:

Location

Operating land area (acres)

Storage capacity (unit)

Daily handling capacity

(unit)

Port Klang (Bandar Sultan Sulaiman) 11.4 8,500 1,000Port Klang (Westports) 6.0 4,000 600Penang 8.3 5,500 800Pasir Gudang 8.3 6,500 700Total 33.6 24,500 3,100

We provide container storage and container-related services to external customers, namely container hauliers, third party container liner shipping companies and shipping agencies, container leasing companies as well as box operators to store their empty containers prior to deployment for the next shipment. Our container depot business also supports our container liner shipping business by allowing our own empty containers to be stored at the depots. All the empty containers stored in our depots are stacked according to the owner of the container, container size and type.

Our container-related services comprise handling (such as lift-on/lift-off and/or pre-trip inspection), washing, maintenance and repair as well as empty drayage services for the containers. The pre-trip inspection, maintenance and repair as well as empty drayage services are outsourced to third party service providers as these services are not within our area of expertise and would not contribute significantly to our Group’s revenue considering the cost and technical personnel to be employed.

We intend to expand our container depot services by setting up new container depots in Port Klang (Pulau Indah), Kota Kinabalu, Kuching and Bintulu. See Section 7.15.2 of this Prospectus for further information.

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7.4 PRINCIPAL MARKETS BY BUSINESS SEGMENTS

The breakdown of our revenue by principal business segments for the financial years/period under review is as follows:

Principal business segment


RM’000 % RM’000 % RM’000 % RM’000 % RM’000 %

Container liner shipping

Freight income -domestic 390,010 72.5 369,269 72.4 352,513 68.5 98,252 72.1 109,497 65.1

Freight income -regional 111,098 20.7 101,664 19.9 109,757 21.3 27,074 19.9 41,809 24.8

Subtotal 501,108 93.2 470,933 92.3 462,270 89.8 125,326 92.0 151,306 89.9Charter hire income 2,596 0.5 4,313 0.8 18,602 3.6 2,458 1.8 7,582 4.5Other shipping related income(1) 6,761 1.3 5,642 1.1 5,513 1.1 1,372 1.0 1,901 1.1

Container depotDepot related income 27,294 5.1 28,873 5.7 28,156 5.5 7,025 5.2 7,523 4.5

Total 537,759 100.0 509,761 100.0 514,541 100.0 136,181 100.0 168,312 100.0

Note:

(1) Mainly comprising revenue recognised from shipping agency fee.

The principal market of our container liner shipping and container depot businesses is Malaysia. The charter hire income (which forms part of our container liner shipping business and represents 0.5%, 0.8%, 3.6% and 4.5% of our Group’s revenue for the FYE 31 December 2018, 31 December 2019, 31 December 2020 and FPE 31 March 2021, respectively) were derived from outside of Malaysia.

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7.5 OPERATIONAL PROCESSES AND TECHNOLOGY USED

7.5.1 Operational process for container liner shipping business

(a) Pre-shipping

Upon receipt of enquiry from our potential customers, our sales team will issue quotation stating the shipping charges as well as our sailing schedule. Once our customers agree on the quotation, our customers will proceed to place booking via e-mail or our e-Booking platform, stating the selected service route. See Section 7.5.3 of this Prospectus for further details of our e-Booking platform. Our customer service team will check for container space availability for the respective service route. Thereafter, the booking is confirmed once booking confirmation is sent to our customers via e-mail.

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We provide container liner shipping services to our customers comprising shippers, consignees and freight forwarders for the shipment of goods. We also provide dedicated feeder services to certain customers. Once the bookings from these customers are confirmed, we will notify these customers to pick up our empty containers from the specified container depot or deliver our empty containers to our customers. Thereafter, our customers will fill up the containers with their goods at their premises and the laden containers will be transported to the port of loading. Our customers can also use third party containers for the stuffing of their goods.

As a feeder operator providing feeder services to the Main Line Operators, our customers are the Main Line Operators who tranship their containers at the major hub ports such as Port Klang, Port of Tanjung Pelepas and Port of Singapore for onward connections to their ultimate ports of destination through our vessels.

Once we received the containers at the port of loading, these containers will obtain the necessary customs clearance and will be loaded onto the vessels.

(b) Shipping

Once all of the containers have been loaded onto the vessels, the vessels then set sail to the designated ports according to the pre-determined shipping service routes and schedule. Notification of Arrival (“NOA”) is despatched by the shipping agents at the respective destinations to inform consignees on the estimated time of arrival of the vessels at destination. Our customers can also track the locations of the vessels and obtain the estimated time of arrival through our e-Tracking system.

(c) Post-shipping

As the vessels arrive and berth at the port of discharge, the containers will be discharged from the vessels and stored at the port’s container yard. Upon obtaining customs clearance and payment of all related charges, the containers will be released to the respective consignees when the necessary document including the delivery order is presented to the port operator.

7.5.2 Vessel maintenance

Our container vessels are either managed in-house by our wholly-owned subsidiary, Nautica Ship Management or outsourced to a third party vessel management company, NSB Niederelbe Schiffahrtsgesellschaft mbH Co. KG (“NSB Niederelbe”). Nautica Ship Management manages both our newly built vessels and vessels purchased from secondary market whereas NSB Niederelbe manages only some of our newly built vessels.

Nautica Ship Management provides the following support to ensure that our fleet of vessels remain in good running condition and meet all operational requirements:

technical management, includes maintenance, dry docking arrangements, repairs of the vessels in order to comply with the regulatory and classification society standards;

marine management services, which include audit process to assess the compliance of the vessels with the regulatory and classification society standards as well as navigation and safety arrangements;

crew management, includes sourcing of crew members from external manning agenciesand planning of crew rotation. See Section 7.18 of this Prospectus for further details of our arrangement with external manning agencies;

procurement services, includes sourcing and purchasing of spare parts and equipment of the vessels, consumable, lubricating oil; and

in respect of acquisition of vessels, to undertake vessel pre-purchase inspections as well as to register new vessels with the relevant regulatory authorities and classification societies.

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7.5.2.1 Regular maintenance and repair

We employ an experienced and qualified technical team to supervise the maintenance and repair works of the vessels. Regular maintenance and repair works are usually carried out in port and at sea based on our scheduled maintenance programme by the crews on board of our vessels. The crew on board of our vessels will then report to our technical team on any issues arising from the vessel operations. Our technical team oversees, coordinates and manages all technical and crew related matters of our vessels to ensure smooth operation of our vessels. In addition, we monitor the inventory level of spare parts and replenish them as and when necessary to ensure that we will have sufficient spare parts on board for the regular maintenance and repair works.

7.5.2.2 Regulatory inspections

In addition to regular maintenance and repair works, each vessel is surveyed and inspected by the classification society surveyor from the IACS in accordance with the applicable rules of the relevant classification societies (“Rules”) in which the vessels are classed. The types of inspections include annual survey, ad-hoc inspection, periodic survey, special survey and intermediate survey. An annual survey is to be carried out yearly and ad-hoc inspection is to be done following an accident. The annual survey can be carried out when our vessels call at ports whilst the scope and extent of the ad-hoc inspection procedures are dependent on the vessel’s condition at the time of inspection. All of our vessels are classed by reputable international classification societies such as Lloyd’s Register, RINA Services S.p.A., Nippon Kaiji Kyokai and DNV GL. We monitor the classification status of the vessels on an ongoing basis as part of our ship management procedure.

(a) Dry docking

We are required to dry-dock each of our vessels twice every five years for one intermediate survey and one special survey. During these dry-dockings, our vessels are surveyed and inspected by the classification society surveyor, hence these vessels will be out of operation. The intermediate inspection which is held between the second and third year entails survey, maintenance and repair works, while special inspection entails a major inspection and prior to such inspection, repairing or replacing the vessel components or equipment may be required to comply with the requirements of the classification societies. Special inspection is a mandatory requirement for class renewal based on a five-year cycle from the date of delivery of the vessels.

The average number of days required for intermediate inspection is between five and seven days while special inspection can take up to 14 days, depending on the age of the vessels.

We incurred RM15.4 million, RM16.7 million, RM8.6 million and RM4.1 million in dry-docking costs for the FYEs 31 December 2018, 31 December 2019, 31 December 2020 and FPE 31 March 2021, respectively, which were capitalised as a separate component of the vessel costs.

(b) Under water inspection in lieu of dry docking (“UWILD”)

If the vessels are below 15 years old, intermediate survey can be undertaken via UWILD. UWILD is an alternative to dry docking wherein the submerged part of the vessel hull is inspected while afloat in operation, using a remotely-operated submersible with CCTV camera and/or using divers with CCTV camera. We can opt for UWILD for the intermediate survey of our existing vessels and vessels to be acquired in the future which are below 15 years old.

7.5.3 Technology used

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Container liner shipping business

We employ a shipping software (“iKapal’s Shipping System”) which was solely developed by a third party vendor, NM SOVY Technology Sdn Bhd, to support and facilitate the daily operations of our container liner shipping business. We hold the intellectual property rights for iKapal’s Shipping System. See Section 7.21 of this Prospectus for further details of the intellectual property rights held by our Group.

(VGM: Verified Gross Mass)

iKapal’s Shipping System is designed with multiple modules, each with specific functions and features to facilitate our container liner shipping business operations, including, among others:

processing of bookings and transactions; management of shipping rates; management of containers; management of vessel operations; and customer service and documentation.

All the modules are integrated to form a solution which streamlines and simplifies the coordination of our business processes. iKapal’s Shipping System can be accessed by all our branch offices and shipping agents in overseas to efficiently manage the daily operations of our container liner shipping business. Further, we have also subscribed to a third party e-Manifest portal, an intermediary system that connects us and our network of shipping agents with the Malaysian Customs Department’s system. It speeds up the submission of manifest data for customs clearance and automates the updates of clearance results received in the database of our iKapal’s Shipping System.


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7.5.2.1 Regular maintenance and repair

We employ an experienced and qualified technical team to supervise the maintenance and repair works of the vessels. Regular maintenance and repair works are usually carried out in port and at sea based on our scheduled maintenance programme by the crews on board of our vessels. The crew on board of our vessels will then report to our technical team on any issues arising from the vessel operations. Our technical team oversees, coordinates and manages all technical and crew related matters of our vessels to ensure smooth operation of our vessels. In addition, we monitor the inventory level of spare parts and replenish them as and when necessary to ensure that we will have sufficient spare parts on board for the regular maintenance and repair works.

7.5.2.2 Regulatory inspections

In addition to regular maintenance and repair works, each vessel is surveyed and inspected by the classification society surveyor from the IACS in accordance with the applicable rules of the relevant classification societies (“Rules”) in which the vessels are classed. The types of inspections include annual survey, ad-hoc inspection, periodic survey, special survey and intermediate survey. An annual survey is to be carried out yearly and ad-hoc inspection is to be done following an accident. The annual survey can be carried out when our vessels call at ports whilst the scope and extent of the ad-hoc inspection procedures are dependent on the vessel’s condition at the time of inspection. All of our vessels are classed by reputable international classification societies such as Lloyd’s Register, RINA Services S.p.A., Nippon Kaiji Kyokai and DNV GL. We monitor the classification status of the vessels on an ongoing basis as part of our ship management procedure.

(a) Dry docking

We are required to dry-dock each of our vessels twice every five years for one intermediate survey and one special survey. During these dry-dockings, our vessels are surveyed and inspected by the classification society surveyor, hence these vessels will be out of operation. The intermediate inspection which is held between the second and third year entails survey, maintenance and repair works, while special inspection entails a major inspection and prior to such inspection, repairing or replacing the vessel components or equipment may be required to comply with the requirements of the classification societies. Special inspection is a mandatory requirement for class renewal based on a five-year cycle from the date of delivery of the vessels.

The average number of days required for intermediate inspection is between five and seven days while special inspection can take up to 14 days, depending on the age of the vessels.

We incurred RM15.4 million, RM16.7 million, RM8.6 million and RM4.1 million in dry-docking costs for the FYEs 31 December 2018, 31 December 2019, 31 December 2020 and FPE 31 March 2021, respectively, which were capitalised as a separate component of the vessel costs.

(b) Under water inspection in lieu of dry docking (“UWILD”)

If the vessels are below 15 years old, intermediate survey can be undertaken via UWILD. UWILD is an alternative to dry docking wherein the submerged part of the vessel hull is inspected while afloat in operation, using a remotely-operated submersible with CCTV camera and/or using divers with CCTV camera. We can opt for UWILD for the intermediate survey of our existing vessels and vessels to be acquired in the future which are below 15 years old.

7.5.3 Technology used


28

Container liner shipping business

We employ a shipping software (“iKapal’s Shipping System”) which was solely developed by a third party vendor, NM SOVY Technology Sdn Bhd, to support and facilitate the daily operations of our container liner shipping business. We hold the intellectual property rights for iKapal’s Shipping System. See Section 7.21 of this Prospectus for further details of the intellectual property rights held by our Group.

(VGM: Verified Gross Mass)

iKapal’s Shipping System is designed with multiple modules, each with specific functions and features to facilitate our container liner shipping business operations, including, among others:

processing of bookings and transactions; management of shipping rates; management of containers; management of vessel operations; and customer service and documentation.

All the modules are integrated to form a solution which streamlines and simplifies the coordination of our business processes. iKapal’s Shipping System can be accessed by all our branch offices and shipping agents in overseas to efficiently manage the daily operations of our container liner shipping business. Further, we have also subscribed to a third party e-Manifest portal, an intermediary system that connects us and our network of shipping agents with the Malaysian Customs Department’s system. It speeds up the submission of manifest data for customs clearance and automates the updates of clearance results received in the database of our iKapal’s Shipping System.

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In addition, our customers are able to perform various functions conveniently under the iKapal’s Shipping System through our online portal accessible from our corporate website which serves as a direct contact point to customers, including:

e-Booking : Allows our customers to place bookings for our container liner shipping services. Under the e-Booking platform, our customers are required to specify the shipment details such as the type of containers, international commercial terms, place of receipt, port of loading, place of final destination, port of discharge, estimated shipment date and cargo description.

e-Tracking : Allows our customers to track the location of their container or shipment on a real-time basis. Under our e-Tracking system, our customers are able to trace the location of their cargo or shipment using the respective bill of lading number, booking number or container number.

e-Shipping Instructions

: Allows our customers to fill in and update information in relation to their shipping instruction such as shippers’ name and address, consignees’ name and address and container details for the auto-generation of bill of lading to our customers.

VGM : Allows our customers to submit the gross mass of their cargo in a container for the purposes of declaration and verification by our Group.

Container depot business

We employ a depot management system (“SOVY-Depot System”) developed by a third party vendor, NM SOVY Technology Sdn Bhd, to facilitate the daily operations of our container depots. One of the key features of the SOVY-Depot System is the automation of business processes, whereby it helps to facilitate the transmissions of information between multiplefunction units of our container depot operations as well as the transmissions of information with our customers who integrate their container management system with SOVY-Depot System.

For instance, the conditions of containers will be transmitted and recorded in SOVY-Depot System upon inspections and the notifications of container repairs along with the estimated cost of repair will be sent to the container owners automatically. The container owners will then decide if they want to proceed with the repair. Further, container owners can access to the real-time status on the movement of their containers (i.e. gate-in and gate-out) from/to our depot through their container management system which is integrated to SOVY-Depot System, for them to conveniently track the location of their containers. In addition, invoices and summary of charges are sent to our customers upon completion of tasks.

Some of the key functions of the SOVY-Depot System are as follows:

Key function Description

Haulier notification and booking appointment

- SOVY-Depot System can be integrated with our customer’s container management system to automatically feed real-time information on container movement status from SOVY-Depot System directly into our customer’s container management system. This allows our customers to conveniently track the location of their containers.


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Key function Description

- SOVY-Depot System is also integrated with a third party booking platform, namely CargoMove, which is used by our customers to book time slots for pick-up and drop off of containers. This integration allows us to automate the receival, processing and tracking of our customers’ bookings as manual entering of booking information from CargoMove into SOVY-Depot System is not required. Thus, shorten processing time and minimise human errors which consequently improve the efficiency of our container depot operations.

Depot monitoring

- An internal system that allows us to monitor the scheduled pickup and drop off of the containers by hauliers, which helps us to plan the traffic within the depots and to prepare the required equipment such as forklifts and stackers used to lift the containers.

- It also helps in our operational planning and improves the efficiency of containers handling at our depots.

Depot container handling

- Each of the forklifts and stackers used in our depots are equipped with a forklift mounted terminal, a tablet mounted on the forklift which allows forklift drivers to have real-time visibility of containers in queue to carry out container handling tasks.

- This reduces the flow of manual instructions between the forklift drivers and planning team, hence simplifying the workflow of containers handling at our depots.

Paperless gate-in and gate-out process

- Cameras are installed at the entry and exit gates of each of our container depots to facilitate the inspection of the conditions of containers. At the entry gates, inspections are conducted to identify containers that require repairs. At the exit gates, inspections are conducted to ensure the containers leaving our container depots are in good conditions.

- The photos taken by the cameras and the results of inspections are transmitted and recorded in the SOVY-Depot System automatically.

- This eliminates manual transmissions of information and records from gate operators and inspectors to the systems, and reduces the risk of human errors during information transmissions.


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7.6 TYPES, SOURCES AND AVAILABILITY OF INPUTS

The main inputs that we purchased and charges that we incurred were from our container linershipping operations, which primarily comprised of terminal handling charges, bunker fuel andequipment costs, and they collectively accounted for 59.9%, 56.5%%, 52.4% and 54.8% of our total direct costs for the FYE 31 December 2018, 31 December 2019, 31 December 2020 andFPE 31 March 2021, respectively. See Section 12.2.5(ii) of this Prospectus for further details on our direct costs.

Terminal handling charges are charges paid to the ports and other relevant parties for the activities and services undertaken at the ports which we sail to, including the lift-on/lift-off andstevedoring services for containers loaded to and/or discharged from our vessels, detention charges, wharf handling charges for containers and lift-on/lift-off and storage of containers at container yard. These services are generally provided by port operators. During the financial years/period under review, we did not face major price fluctuations in terminal handling charges.

Bunker fuel is fuel used in our container vessels and tugboats. We refuel our container vessels in Port Klang and Port of Singapore. The cost of bunker fuel fluctuates according to the prevailing global oil prices. Global oil prices are affected by various factors beyond our control such as changes in global demand and supply conditions, geopolitical events affecting major oil producing countries, government policies and the level of global economic activities. Nevertheless, we factor in a bunker adjustment factor in our freight rate quoted to our customers, in part as recovery costs to us for the fluctuation of bunker fuel cost and hence, we are able to pass on any increase in bunker fuel cost as a result of price fluctuation to our customers. During the financial years/period under review, we did not face any difficulties in sourcing suppliers for bunker fuel.

Equipment costs are costs relating to containers, including leasing costs, container repairs, and storage costs as well as haulage charges for handling containers. As we own a majority of containers as detailed in Section 7.3.2(iii) of this Prospectus for our container liner shipping operations, we are less susceptible to price fluctuations of container leasing costs. During the financial years/period under review, we did not face any major fluctuations in our equipment costs.


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7.7 MATERIAL PROPERTIES AND EQUIPMENT

7.7.1 Material real properties of our Group

Details of the material properties owned by our Group or leased/tenanted by our Group are set out in Annexure A of this Prospectus.

7.7.2 Material equipment owned by our Group

A summary of the material equipment owned and used by us as at 31 March 2021 are as follows:

EquipmentNumber of units

Average life span (years) (1)

Average age

(years) (2)

Audited NBV as at

31 March 2021(RM ’000)

Container liner shipping and vessel chartering

Container vessels 11 25 16 372,197Containers 10,764 10 5 43,726Removable vehicle racking systems 173 5 2 530

Container depotForklifts and stackers 24 10 5 10,748

427,201

Notes:

(1) Average lifespan of the equipment is computed based on the average lifespan of five, 10 and 25 yearsrespectively for each type of equipment, which is consistent with the computation of depreciation for equipment based on our Group’s accounting policy.

(2) Average age of the equipment is computed since the year of built or year of purchase and up to 31 March 2021.

Subsequent to the FPE 31 March 2021 and up to the LPD, we took delivery of one additional container vessel, purchased one additional forklift and three additional stackers as well as disposed one container.

See Sections 7.3.1 and 7.3.2(iii) of this Prospectus for further details on the container vessels as well as the description of the types of containers owned by us, respectively.


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7.8 OPERATING CAPACITY AND UTILISATION RATES

7.8.1 Container liner shipping operations

We seek to maximise our financial results from our container liner shipping operations by maximising utilisation rate of available container slot space on container vessels operated by our Group. The utilisation rate of our container liner shipping operations is measured by the proportion of actual lifting (i.e. actual number of laden containers carried) of container vessels operated by our Group against the available capacity of container vessels operated by our Group.

Trade imbalances are common in the container liner shipping industry where cargo inflows and outflows of ports along the voyage may not necessarily be in a correspondingly equivalent volume. Hence, we are often required to reposition empty containers from ports with predominantly inbound cargo (“demand ports”) to ports with predominantly outbound cargo (“supply ports”) in a round voyage of our service routes. Our journeys in a round voyage of our service routes can be generally classified as follows:

(i) Head Haul journey, which refers to the main journey where we transport laden containers from supply ports to demand ports, e.g. from ports in Peninsular Malaysia and Singapore to ports in East Malaysia and Brunei;

(ii) Back Haul journey, which refers to the return journey of the voyage e.g. from ports in East Malaysia and Brunei to ports in Peninsular Malaysia and Singapore. Our container vessels are mostly occupied with empty containers for Back Haul journeys due to the need to reposition empty containers to supply ports and typically less cargo movement from East Malaysia and Brunei to Peninsular Malaysia and Singapore; and

(iii) Intra-way Haul journey, which refers to the journey in between Head Haul and Back Haul journeys, e.g. from a port in East Malaysia to another port in East Malaysia. We will call on ports between East Malaysia or Peninsular Malaysia along the round voyage of our service routes as and when we have laden or empty containers to discharge or pick up.

The diagram below illustrates an example of types of journeys as mentioned above:


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As illustrated above, our Head Haul journey starts from Port Klang (“Port A”) or Johor Port (“Port B”) to Kuching Port (“Port C”) or Bintulu Port (“Port D”) to transport laden containers for our customers. During our Head Haul journey, our container vessels may make several stops at ports in which the containers may be lifted off the container vessels and/or new laden containers can be lifted onto our container vessels (in this case, Port B and Port C). The trips between Port A and Port B as well as trips between Port C and Port D will be regarded as Intra-way Haul journey.Subsequently, we will transport all the empty containers from the supply port (Port C or Port D)back to the demand port (Port A or Port B) and this return trip is referred to as Back Haul journey.

Inherent to the abovementioned trade imbalances and cargo patterns, our freight income is contributed mainly from revenue generated by the Head Haul and Back Haul journeys of the round voyage. Therefore, the utilisation rate of our container liner shipping operations is represented with the utilisation rate for Head Haul and Back Haul journeys. Intra-way Haul journeys are excluded from our utilisation rate consideration and are separately classified as additional revenue generated on the Intra-way Haul journey of the round voyage.

Table below sets out the utilisation rate of our container liner shipping operations for the financial years/period under review:


Head Haul journeys

Available capacity (TEU)(1) 210,488 212,887 202,403 66,398 58,494

Actual lifting (TEU)(2) 150,758 141,306 151,198 45,113 49,395

Utilisation rate (%)(3) 71.6 66.4 74.7 67.9 84.4

Back Haul journeys



Utilisation rate (%)(3)(4) 24.3 24.6 29.2 35.2 25.5

Notes:

(1) Being the aggregate of the actual space available on container vessels operated by our Group, measured at a loading capacity of 14 tonnes per TEU for the financial years/period indicated.

(2) Actual number of laden containers carried by container vessels operated by our Group and/or our partner vessels for the financial years/period indicated for the abovementioned journey.

(3) Computed based on the actual lifting made by our group over the total available capacity.



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The table above excludes the operations carried out by our subsidiary, Sea Navigator which provide dedicated feeder services through tugs and barges operated by our Group to our customers' own terminals at ports such as Port of Perawang, Tebing Tinggi Port, Port of Buatan, Port of Lubuk Gaung and Port of Futong to major hub ports such as Port Klang and Port of Tanjung Pelepas. The total volume of containers transported by the tugs and barges operated by our Group for the financial years/period under review are as follows:


Actual lifting (TEU) (1) 97,698 95,450 106,618 25,613 19,631

Note:

(1) Actual number of laden containers carried by tugs and barges operated by our Group for the financial years/period indicated.

7.8.2 Container depot operations

Table below sets out the utilisation rate for our container depot operations for the financial years/period under review:


Handling capacity (unit) (1) 633,890 652,374 913,700 220,900 223,300

Actual lifting (unit) (2) 473,204 463,274 510,169 121,188 144,372

Utilisation rate (%) 74.7 71.0 55.8 54.9 64.7

Notes:

(1) Computed based on maximum number of containers that can be lifted in a day, multiplied by number of actual working days for the financial years/period indicated.

(2) Actual number of containers lifted in our container depots for the financial years/period indicated.


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7.9 OUR CUSTOMERS

As a container liner operator, our customers are shippers and consignees such as manufacturers, traders (including importers and exporters) and freight forwarders who act on behalf of shippers or consignees as their forwarding agent.

As a feeder operator, our customers are the Main Line Operators and certain customers for our dedicated feeder services.

For our container depot operations, our customers are container hauliers, third party containerliner shipping companies and shipping agencies, container leasing companies as well as box operators.

Our Group serves a diversified portfolio of customers where we handle cargo for our customers from various industries among others, food and beverage products, basic materials, consumer basic products, automotive related products, industrial related products as well as plastic and rubber products.

The revenue contribution from our container liner shipping operations by type of goods shipped by us based on the manifests and bill of lading of the containers for the financial years/period under review is as follows:


Type of goods 2018 2019 2020 2020 2021

RM’000 % RM’000 % RM’000 % RM’000 % RM’000 %

Food and beverage (1) 132,912 28.4 124,041 28.4 123,889 28.8 31,830 27.1 39,270 27.7

Basic materials (2) 99,135 21.2 94,739 21.7 92,734 21.6 27,162 23.1 28,899 20.4

Consumer basic products (3)

75,062 16.1 64,596 14.8 68,151 15.9 16,149 13.7 22,509 15.8

Automotive related (4) 54,379 11.6 51,742 11.8 54,913 12.8 19,319 16.4 15,978 11.3

General and consolidated cargo (5)

48,764 10.4 46,599 10.7 42,617 9.9 11,449 9.7 17,218 12.1

Industrial related (6) 29,859 6.4 34,677 7.9 28,982 6.7 6,906 5.9 11,069 7.8

Plastic and rubber products (7)

27,124 5.8 20,772 4.8 18,651 4.3 4,806 4.1 7,068 5.0

Total (8) 467,235 100.0 437,166 100.0 429,938 100.0 117,621 100.0 142,011 100.0

Notes:

(1) Comprising prepared food and beverage products.

(2) Comprising raw material products including, among others, chemicals, minerals, alloys, building and construction materials, wood products as well as oil and gas products.

(3) Comprising consumer products among others, household products, pharmaceuticals and toiletries (including cosmetics), textiles, yarns and other related materials.

(4) Comprising our containerised shipping of automotive vehicles as well as transportation and automotive equipment including automotive parts.

(5) Comprising various general goods from third party shippers that are not sensitive/harmful goods. Consolidated cargo comprising packaged general goods from multiple third party shippers into one container.

(6) Comprising industrial electrical and electronic products, machineries and equipment, and telecommunication related products and materials.

(7) Includes, among others, packaging materials, containers and gloves.

(8) Total revenue from freight income, excluding slot sale income, Auto Logistics and other freight income.


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The revenue contribution from our container depot operations by type of customers for the financial years/period under review is as follows:

Type of customers


2018 2019 2020 2020 2021

RM’000 % RM’000 % RM’000 % RM’000 % RM’000 %

Container hauliers 11,422 41.8 12,207 42.3 13,536 48.1 3,088 44.0 3,936 52.3

Third party container liner shipping companies andshipping agencies

14,867 54.5 13,472 46.7 11,812 42.0 3,038 43.2 3,382 45.0

Container leasing companies

926 3.4 3,136 10.9 2,750 9.8 889 12.7 53 0.7

Box operators 79 0.3 58 0.2 57 0.2 10 0.1 152 2.0

Total 27,294 100.0 28,873 100.0 28,156 100.0 7,025 100.0 7,523 100.0

7.10 MAJOR CUSTOMERS

Our top five major customers by revenue for the financial years/period under review are as follows:

FYE 31 December 2018

Major customerRevenue (RM’000)

% of our Group’s revenue

Type of services provided

Type ofcustomer

Approximate length of relationship as at 31 March 2021

Evergreen Malaysia(1)

32,890 6.1 Container liner shipping and shipping agency services

Main Line Operator

10 years

MSC 21,985 4.1 Container liner shipping via slot exchange / slot sales

Domestic Operator

8 years

Pilot Logistics Services Sdn Bhd

17,171 3.2 Container liner shipping

Freight forwarder

9 years

FM Multimodal Services Sdn Bhd

15,009 2.8 Container linershipping

Freight forwarder

10 years

Greenpen Freight Services Sdn Bhd

14,765 2.7 Container linershipping

Freight forwarder

10 years

For the FYE 31 December 2018, our top five major customers collectively contributed RM101.8million or 18.9% of our Group’s revenue.


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Major customerRevenue (RM’000)



Type ofcustomer

Approximate length of

relationship as at 31

March 2021



Main Line Operator

10 years


Domestic Operator

8 years



Freight forwarder

9 years



Freight forwarder

10 years

Greenpen FreightServices Sdn Bhd


Freight forwarder

10 years



Major customersRevenue (RM’000)



Type ofcustomer




Main Line Operator

10 years


Domestic Operator

8 years



Freight forwarder

10 years

Greenpen Freight Services Sdn Bhd


Freight forwarder

10 years



Freight forwarder

9 years



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FPE 31 March 2021

Major customersRevenue (RM’000)



Type of customer




Main Line Operator

10 years


Domestic Operator

8 years



Freight forwarder

10 years

RCL Feeder Pte Ltd 4,223 2.5 Vessel charter hire Container liner shipping company

Less than 1 year

Priority Synergy Sdn Bhd


Freight forwarder

10 years

Note:

(1) Evergreen Malaysia is the local agent of Evergreen Group of Companies, a Main Line Operator.

For the FPE 31 March 2021, our top five major customers collectively contributed RM27.1million or 16.1% of our Group’s revenue.

Our Group is not dependent on any customer as each of our major customers contributes less than 10% of our Group’s revenue for the financial years/period under review.

Save for Evergreen Malaysia which we have a shipping agency arrangement with, we do not have any long term contracts or agreements with our other major customers.


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7.11 MAJOR SUPPLIERS

Our top five major suppliers by purchases for the financial years/period under review are as follows:


Major supplierPurchases (RM’000)

% of our Group’s

purchases Type of purchases


Victory Supply Sdn Bhd 57,385 15.0 Bunker fuel 3 years

Westports Malaysia Sdn Bhd

49,803 13.0 Terminal handling and marine charges

10 years

Sabah Ports Sdn Bhd 32,532 8.5 Terminal handling and marine charges

9 years

Lembaga Pelabuhan Kuching


9 years

Fultonn Marine Sdn Bhd 14,716 3.8 Bunker fuel 2 years

For the FYE 31 December 2018, our top five major suppliers collectively contributed RM171.5million or 44.8% of our Group’s purchases.



% of our Group’s


Approximate length of relationship as at 31 March2021

Westports Malaysia Sdn Bhd 50,447 13.5 Terminal handling and marine charges

10 years

GP Global APAC Pte Ltd 36,336 9.7 Bunker fuel 2 years


9 years

Zengo Corporation Sdn Bhd 22,845 6.1 Bunker fuel 10 years

Lembaga Pelabuhan Kuching 13,143 3.5 Terminal handling and marine charges

9 years



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% of our Group’s


Approximate length of relationship as at 31 March2021


10 years


9 years

Ombak Suria Sdn Bhd 23,667 6.6 Bunker fuel Less than 1year

GP Global APAC Pte Ltd 15,977 4.5 Bunker fuel 2 years

Lembaga Pelabuhan Kuching 13,614 3.8 Terminal handling and marine charges

9 years


FPE 31 March 2021


% of our Group’s



Ombak Suria Sdn Bhd 19,709 18.2 Bunker fuel Less than 1 year


10 years


9 years

Lembaga Pelabuhan Kuching


9 years

Penang Port Sdn Bhd 3,603 3.3 Terminal handling and marine charges

10 years

For the FPE 31 March 2021, our top five major suppliers collectively contributed RM53.0 million or 49.0% of our Group’s purchases.


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Purchases from bunker fuel providers and port operators were used to support our businesses in container liner shipping where we purchase bunker fuel for the operations of our vessels and port services (i.e. terminal handling and marine charges) such as pilotage, berthing and lift-on/lift-off of containers.

Our Group is not dependent on any supplier due to the following factors:

(i) certain services provided by our suppliers such as the provision of bunker fuel are widely available in the market and the rate of bunker fuel offered by the bunker fuel suppliers are based on the market price which fluctuates according to the prevailing global oil prices; and

(ii) our container shipping operations serve multiple ports across Peninsular Malaysia and East Malaysia as well as certain ports in Singapore, Thailand, Brunei, Indonesia and India. Accordingly, our Group is not dependent on the continued operations of any single port including Westports Malaysia Sdn Bhd, Sabah Ports Sdn Bhd, Lembaga Pelabuhan Kuching and Penang Port Sdn Bhd which are our major suppliers. However, any disruptions occurring at the ports such as port congestion, stoppages and expansion works of the container terminals at the respective ports could have a material adverse effect on the business operations and financial condition of our Group. See Section 9.2.3of this Prospectus for further details on the risk in relation to the potential disruptions occurring at the ports.


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7.12 MARKETING AND BUSINESS DEVELOPMENT ACTIVITIES

We actively engage in the following sales and marketing strategies:

(i) Wide network of offices in Malaysia and network of shipping agents

We have physical presence in both Peninsular Malaysia and East Malaysia, where our offices are in close proximity to most of the ports covered by our Group. We also have shipping agents in Penang, Labuan and other countries which our container liner shipping services cover namely Singapore, Thailand, Brunei, Indonesia, India and Myanmar. This spread of offices in multiple states are our sales and marketing arms, as well as operational offices, and serve as the primary contact points with our customers. Our network of shipping agents assist us in facilitating, among others, operational arrangement of vessels at ports such as berthing, unberthing, loading and unloading of containers and pilotage; arrangement of cargo movement such as receiving and releasing containers; and/or issuance of original bills of lading.

(ii) Customer-oriented sales and marketing personnel

Our sales and marketing personnel are responsible for understanding customers’ needs, preparing price quotations, participating in price negotiations, confirming sales and establishing and maintaining relationships with our customers. They are equipped with the necessary knowledge in container liner shipping and container depot business in order to attract sales by understanding customers’ needs and proposing suitable shipping solutions to customers.

The experience, knowledge, industry network and strong understanding in the shipping industry carried by our sales and marketing personnel enables us to identify and engage potential customers directly to secure new sales. These potential customers are alsoidentified through referrals from our business associates as well as from our industry network.

(iii) Corporate website as source of information to our services

Our corporate website, www.mttsl.com.my, is a means of introducing our Group’s services to our potential customers and provides immediate basic information on our Group. The current widespread use of the internet as a source of information enables us to cross geographical boundaries and facilitates access from any part of the world, enhancing our potential market reach and exposure.

(iv) Online portal as a direct contact point to customers

We have an online portal under iKapal’s Shipping System that can be accessed through our corporate website. It serves as an online interface that allows customers to check our sailing schedule, place bookings for our container liner shipping services, track the location of their cargo or shipment on a real-time basis, and fill in and update their shipping instructions.

Our online portal serves as a direct contact point and allows our customers to perform the various functions at their convenience, thus enhancing our customer reach and exposure. See Section 7.5.3 of this Prospectus for further details of our online portal under iKapal’s Shipping System.


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7.13 RESEARCH AND DEVELOPMENT

We do not undertake, and have not undertaken, any research and development in connection with our business operations.

7.14 COMPETITIVE STRENGTHS

7.14.1 We own our fleet of vessels, ensuring greater control over our container liner shipping operations and enabling us to capture demand from the charter market

As at the LPD, our Group owns 12 container vessels and operates nine vessels for our container liner shipping business. Our fleet of vessels is the backbone of our shipping business. By owning these vessels to support our shipping business, it allows us to have a greater control over our operations as we can have the certainty of having sufficient fleet of container vessels which are suitable for the ports water depth along our services routes at all times. Having our own fleet of container vessels also allow us to expand our service routes and increase our frequency of sailingsto certain ports when there is an increase in demand for our container shipping operations.

Further, our own fleet of container vessels also enables us to capture demand from the charter market as our container vessels can be chartered out to other container vessel operators. In view of the recent strong charter demand for containers vessels with capacity between 1,000 TEUs and 2,999 TEUs as detailed in the IMR Report, our Group is also well positioned to capitalise on thisstrong charter demand. Depending on prevailing market demand and conditions, our own fleet of container vessels thus provide us the opportunity and flexibility to optimise the utilisation and revenue generation of our container vessels from both our container liner shipping business and vessel chartering business.

Our Group believes that having our own fleet of vessels is one of the significant elements driving the success of our container liner shipping business and vessel chartering business, as it allows us to have a greater control and flexibility over our container shipping and vessel chartering operations. This provides a strong foundation for the continuing growth and sustainability of our business.

7.14.2 We provide weekly fixed-day shipping services and comprehensive port coverage across Peninsular Malaysia and East Malaysia

Our Group offers weekly fixed-day shipping services between Peninsular Malaysia and East Malaysia, while some of these service routes also cover overseas ports around the Southeast Asia region such as Singapore, Thailand and Brunei. The days of departure and arrival for our service routes are fixed according to the respective weekly fixed-day sailing schedule. See Section 7.3.2(ii)of this Prospectus for further details of our comprehensive port coverage.

Our weekly fixed-day shipping services between Peninsular Malaysia and East Malaysia provide certainty to our customers on the exact days of departure and arrival of their goods at each port, which enables our customers to effectively manage their logistics and inventory cycles in maintaining an optimal level of inventory, particularly for manufacturing companies by taking our shipping schedules into consideration.

In addition, our comprehensive coverage of ports across Peninsular Malaysia and East Malaysia facilitates the shipment of goods to many states/locations in Malaysia, giving us a competitive edge among our customers who have goods to be distributed across various locations in Malaysia. Further, it has also positioned us as a strong feeder operator in Malaysia which complements the global shipping companies that berth at major hub ports including Port Klang, Port of Tanjung Pelepas and Port of Singapore, where these global shipping companies also require the goods carried on their vessels to be further distributed and shipped to different states in Malaysia.


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Our weekly fixed-day shipping services and comprehensive port coverage support trade activities between Peninsular Malaysia and East Malaysia. We believe that our weekly fixed-day shipping services and comprehensive port coverage across Peninsular Malaysia and East Malaysia will continue to help our customers in managing their business in terms of logistics and inventory management as well as distribution of goods, thus ensuring demand for our shipping services. This will in turn contribute to the growth of our shipping business in Malaysia as well as continue to enhance our standing among the global shipping companies and major ports in Malaysia.

7.14.3 We are a leading player in container liner shipping between Peninsular Malaysia and East Malaysia with a 37.2% market share by total container throughput between PeninsularMalaysia and East Malaysia in 2020

We are one of the major container liner shipping companies in Malaysia for the shipping of containerised cargo between Peninsular Malaysia and East Malaysia as demonstrated by our market share of 37.2%, according to the IMR Report, which is based on the total container throughput between Peninsular Malaysia to East Malaysia in 2020. Our success in becoming a major shipping company in Malaysia is largely attributed to our weekly fixed-day shipping services that provide our customers with certainty and assurance in managing their logistics and inventory.

As recognition of our business achievements, we have received various awards for our container liner shipping business over the years. We were awarded the “Top Customer Award (Shipping Agent)” by Sabah Ports Sdn Bhd for three consecutive years from 2012 to 2014 and the “Outstanding Performance Award (Shipping Company)” by Malaysian Shipowners’ Association in 2017. These awards are a testament to our growth in the shipping industry as we have successfully grown into a well-established container liner shipping group and cemented our position as a major player supporting trade between Peninsular Malaysia and East Malaysia.

Moving forward, our leading position and reputation in the container liner shipping industry will provide confidence to our customers in terms of our capabilities in the provision of container linershipping services and the quality of our services, which will in turn facilitate the growth and expansion of our business.

7.14.4 We have established long-term business relationships with our suppliers and customers

The growth and expansion of our Group in the shipping industry is supported by our established business relationships with our customers and suppliers. We have developed our network of suppliers and customers for the past 11 years since the commencement of our business in 2010. We have close working relationships with our suppliers including port operators and bunker fuel suppliers as well as our customers which mainly comprise shippers, consignees, freight forwarders and the Main Line Operators.

One of our most significant business relationships is our partnership with Evergreen Malaysia, which we have worked with for the past 11 years. Our relationship with Evergreen Malaysia started in 2010 when we became its feeder operator in Malaysia. Subsequently in 2011, we were appointed as its shipping agent to provide shipping agency services in relation to container liner shipping services provided by the Evergreen Group of Companies in Sabah and Sarawak. See Section 7.3.2(i)(c) of this Prospectus for further details of our role as a shipping agent to Evergreen Malaysia. Having a strong relationship with an established Main Line Operator has given us the credentials that may help us to expand our customer base and contribute to the on-going growth and expansion of our business.

Our established and long standing business relationships with our customers and suppliers will provide us a platform for our future growth and expansion, allowing our Group to continue strengthening our market position in the shipping industry in Malaysia.


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7.14.5 We have digitalised our business operations for greater operational efficiency

Our Group understands the importance of adopting the latest relevant digital-related technologies into our business operations in order to maintain and/or improve our operational efficiency. We employ a proprietary information technology (“IT”) system (i.e. shipping software namely iKapal’s Shipping System) solely developed by a third party vendor, to support the day-to-day operationsfor our container liner shipping business. We also employ a third party software, the SOVY-Depot System, to coordinate the daily operations of our container depot business.

The iKapal’s Shipping System and SOVY-Depot System are designed with modules and functions that streamline, automate and simplify the coordination of our businesses, thus improving the efficiency of our business and operational process. Additionally, both the iKapal’s Shipping Systemand SOVY-Depot System also simplify the communications between our Group and our customers. Under iKapal’s Shipping System, there is a portal that acts as an online interface which allows our customers to perform various functions such as, booking container space on our vessels, tracking their shipments as well as filling in and updating their shipment details. The online portal enables our customers to perform the abovementioned functions at their convenience and reduces manual communications and paperwork needed. Further, SOVY-Depot System can be integrated with our customer’s container management system to automatically feed real-time information on container movement status from SOVY-Depot System directly into our customer’s container management system. See Section 7.5.3 of this Prospectus for further details of iKapal’s Shipping System and the SOVY-Depot System.

The IT systems that we employ have improved the operational efficiency of our business by simplifying communications between departments, and between our Group and our customers; as well as minimising human errors through elimination of manual processes. Further, by digitalising our business, we have also captured meaningful data related to our operational performance, and we are able to analyse this data to further improve our performance and enhance our customers’ experience. As such, we will continue to leverage on technology for the future growth of our Group’s business. See Section 7.15.4 of this Prospectus for further details on our future plan toenhance our IT infrastructure.

7.14.6 We have an experienced and long serving Key Senior Management team with substantial industry experience

We have a group of Key Senior Management team with vast experience in the shipping and logistics industry as well as in-depth knowledge in our business across a broad spectrum of business activities, including operations, sales and marketing, and finance.

Our Group was founded by our Executive Chairman, Dato’ Seri Ong, who has 41 years of experience in the shipping and shipping support business. Dato’ Seri Ong has since led our Group together with our Managing Director, Ooi Lean Hin, who has 40 years of experience in the shipping industry.


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Our Key Senior Management is as follows:

Name DesignationYears with relevant

working experience (1)Years with our Group

Dato’ Seri Ong Executive Chairman 41 11Ooi Lean Hin Managing Director 40 11Chan Huan Hin Director of Administration 32 11Clarice Ong Yee Sian Director of Corporate Affairs 7 7Lee Kong Siong Director of Operations 31 11Lee Hock Saing Director of Marketing 36 11Yap Bee Yong Chief Finance Officer 33 4Ronnie Tan Kean Sing General Manager

(Commercial) 27 19

Chua Song How General Manager (Operations) 25 19

Note:

(1) The years with relevant experience reflect the experience relevant to their respective work scope, or relevant to shipping, shipping-support and/or logistics businesses, whichever comes earlier, up to the LPD.

Our Key Senior Management team has substantial experience in their relevant fields for an average of 30 years and has been with us for an average of 12 years, demonstrating their in-depthunderstanding and knowledge to our Group’s business operations as well as their commitment to our Group. Our Key Senior Management team has played a vital role in promoting our growth and business expansion, and will continue to contribute to our growth in the future. See Sections 5.2.3 and 5.3.3 of this Prospectus for the profiles of our Executive Directors and Key Senior Management, respectively.


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7.15 STRATEGIES AND FUTURE PLANS

7.15.1 We intend to continue expanding our container liner shipping business in Malaysia and overseas, as well as our vessel chartering business by expanding our fleet of container vessels Our success in the container liner shipping and vessel chartering businesses are attributed to, among others, owning our own fleet of container vessels, ability in providing weekly fixed-day shipping services and having a team of experienced Key Senior Management. As part of our long term business growth, we intend to acquire additional container vessels to expand our container liner shipping business in Malaysia and overseas, as well as our vessel chartering business. We expect to receive four additional container vessels, MTT Sandakan (1,800 TEUs), MTT Sarikei (415 TEUs), MTT Singapore (653 TEUs) and MTT Rajang (415 TEUs) between 3Q 2021 and 1Q 2022, and we have taken delivery of MTT Sapangar (1,800 TEUs) and MTT Sibu (415 TEUs) in July 2021. Upon delivery, we intend to operate these container vessels for our container liner shipping business or our vessel chartering business, depending on prevailing market demand and conditions. To further expand our fleet of container vessels, we also intend to purchase additional new and/or second-hand container vessels with nominal capacity between 800 TEUs and 2,500 TEUs, to support the future growth of our container liner shipping business, as well as our vessel chartering business. With additional container vessels, we will be able to increase our port callings in existing service routes and expand our port coverage to new service routes, both within Malaysia as well as overseas. We may initially collaborate with existing operators covering these service routes through slot exchange arrangements while growing our market presence in these new areas. Over time, we aim to deploy our own container vessels to these new areas which will be supported by our expanded fleet of container vessels. Further, we will be able to capitalise on strong charter demand for container vessels of between 1,000 TEUs and 2,999 TEUs. According to the IMR, the total capacity of chartered container vessels of between 1,000 TEUs and 2,999 TEUs grew from 2.1 million TEUs as at 1 December 2018 to 2.2 million TEUs as at 1 June 2021. Further, container vessels of this capacity range had the highest number of chartered vessels where it accounted for 1,200 units out of a total 3,034 units chartered (39.6%), indicating recent strong charter demand for container vessels within this capacity range. The recent strong charter demand for container vessels of between 1,000 TEUs and 2,999 TEUs is also reflected in the increase in daily charter rates of between USD8,300 per day and USD15,500.0 per day (as at December 2020) to between USD18,000 per day and USD35,000 per day (as at June 2021). We secured our most recent charter contract at USD29,750 per day in July 2021 for MTT Sapangar, which will be chartered out for 3 years. We intend to use RM[●] million from the proceeds from our Public Issue to fund or partially fund the purchase of these additional container vessels and we expect to complete the purchase within 36 months upon our Listing. As the purchase of these container vessels is subject to availability of container vessels in the market in terms of price, nominal capacity and specifications that meet the requirements of our Group’s expansion, our Group is unable to determine the exact purchase timeline and the type, quantity and usage of these container vessels at this time. Upon delivery, we may operate the container vessels for our container liner shipping business, or for our vessel chartering business, depending on prevailing market demand and conditions. The purchase of the additional container vessels is expected to provide positive impact to the revenue derived from our container liner shipping and/or vessel chartering businesses. Further, premised on the strong charter demand for container vessels, our Group believes that this is a timely and strategic move that will allow our Group to capitalise on this market opportunity to further improve the financial performance of our Group.

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We also review the performance of our service routes regularly, in terms of the deployment and utilisation of our container vessels for each service route, and may modify, add or remove service routes from time to time if required. Our Group is also able to provide container liner services or dedicated feeder services upon request if they are commercially viable to our Group.

7.15.2 We intend to expand our container depot and containerised automotive shipping business by setting up new container depots in Port Klang (Pulau Indah), Kota Kinabalu, Kuching and Bintulu Our Group operates four container depots located in Port Klang (Westports), Port Klang (Bandar Sultan Sulaiman), Penang and Pasir Gudang, all of which are located in Peninsular Malaysia, where we provide container storage and container-related services to external customers, i.e. container hauliers, third party container liner shipping companies and shipping agencies, container leasing companies as well as box operators, to temporarily store empty containers. As our container liner shipping business continues to grow, we plan to also expand our container depot business, where we intend to set up another container depot in Port Klang (Pulau Indah) and three new container depots in East Malaysia, namely in Kota Kinabalu, Kuching and Bintulu. The new container depots in East Malaysia will expand our container depot coverage and strengthen our presence where the new container depots will support our container liner shipping services in East Malaysia as well as generate additional income from external customers. For the proposed new container depot in Kota Kinabalu, our Group has acquired a piece of land measuring 17.1 acres in 2018 and this container depot will be used to provide container storage and container-related services as well as to be used as our auto logistics loading and unloading facility. As at the LPD, the proposed container depot is under construction and is estimated to be ready for operations by September 2021. In 2020, we also acquired several pieces of adjoining land in Pulau Indah with a total land area of approximately 20.6 acres to set up the proposed new container depot in Port Klang. The proposed new container depot in Port Klang (Pulau Indah) will be used to provide container storage and container-related services as well as to expand our containerised automotive shipping business. In addition, there will be a designated area in the new container depot that will be used to park the vehicles before the vehicles are driven and lashed to the vehicle racking system in the containers. Land preparation activities are currently on-going on the land and thereafter, the set-up of surrounding basic infrastructure such as access roads, streetlights and electricity lines will be completed by the developer of the land. We expect to receive vacant possession of the land by 4Q 2022. All the costs related to these land acquisitions as well as the set-up cost of the container depots have been funded via internally generated funds and bank borrowings. As at the LPD, our Group is also in the midst of identifying suitable land in Kuching and Bintulu with land area of approximately between 10 and 12 acres each to set up the proposed new container depots where the total cost is estimated to be RM75.0 million including land acquisition cost and constructions cost. We intend to use RM[●] million of the proceeds from our Public Issue to partially fund the land acquisition and the set-up costs while the balance of RM[●] million will be funded through bank borrowings. We expect to commence the land acquisition within 24 months upon our Listing and complete the construction activities within 36 months upon our Listing. The new container depot in Kota Kinabalu is expected to increase our storage and handling capacity for empty containers by 16.3% to 28,500 units in total and 12.9% to 3,500 units in total respectively. However, we are unable to determine the storage and handling capacity for container depots in Port Klang (Pulau Indah), Kuching and Bintulu at this time as we have yet to begin the construction in these container depots. With the additional capacity, we expect to increase our customer base and consequently grow our revenue from this business segment.

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7.15.3 We intend to purchase additional containers to support our growing container liner shipping business As at the LPD, we have a total of 15,935 containers where we own 10,763 containers (of which 2,684 containers were under finance leases and recognised as our assets) and we lease 5,172 containers. Our containers are for supporting our container liner shipping operations where we provide containers to shippers for shipment of their cargo. We intend to purchase additional 4,000 containers comprising standard dry cargo containers, refrigerated containers and special containers for oversize cargo in 20-ft and/or 40-ft. These additional containers will support the growth and expansion of our container liner shipping business with the purchase of additional container vessels and possibly adding new service routes as set out in Section 7.15.1 of this Prospectus. The total cost for the purchase of containers is estimated to be approximately RM49.3 million in total where we intend to use RM[●] million of the proceeds from our Public Issue to partially fund the purchase of the containers while the balance of RM[●] million will be funded through bank borrowings and/or internally generated funds. Subject to the prevailing market prices of the containers, we expect to complete the purchase of the containers within 36 months upon our Listing. The additional containers are expected to increase the number of our own containers from 10,763 containers as at the LPD to 14,763 containers.

7.15.4 We intend to enhance our IT infrastructure to further improve our operational efficiency As at the LPD, our Group employs iKapal’s Shipping System to support the day-to-day operations for our container liner shipping business. We also employ the SOVY-Depot System to coordinate the daily operations of our container depot business. See Section 7.5.3 of this Prospectus for further details of our iKapal’s Shipping System and the SOVY-Depot System. As we recognise the importance of adopting latest relevant digital-related technologies into our business operations to maintain and/or improve our operational efficiency, we intend to further enhance our IT infrastructure through the following: • Enhance the functions and upgrade the interface of our online portal under iKapal’s Shipping

System As at the LPD, our customers are allowed to perform various functions such as booking container space on our vessels, tracking their shipments as well as filling in and updating their shipment details via our online portal under iKapal’s Shipping System. Moving forward, we intend to enhance our online portal to provide more comprehensive functions to our customers and further automate our operational processes. These additional functions include access to sailing schedules and freight rates, making payments electronically to complete the booking online, download invoices and statements of account and printing of e-bill of lading. To enable these additional functions, further integration between our IT systems, business intelligence systems and iKapal’s Shipping System will be required. This integration will allow us to collect more comprehensive data on our operations (e.g. shipment statistics, and container and shipment tracking reports) to have more insights on our operational process which will enable us to make data-driven decisions and formulate relevant strategies for continuous improvement. We also intend to upgrade the interface of our online portal and develop a mobile application to provide mobile-friendly access to iKapal’s Shipping System, which will enhance our customers’ user experience and provide convenience in transacting with our Group.

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As at the LPD, we are in the midst of appointing NM SOVY Technology Sdn Bhd and another third party vendor to commence the abovementioned enhancement and upgrade of our online portal. The abovementioned enhancement and upgrade of online portal are expected to be carried out concurrently with the enhancement of other IT infrastructure, which are both expected to be completed within 12 months from our Listing. Following the completion of the abovementioned enhancement and upgrade of our online portal, subsequent system updates/upgrades and modifications may be required. We intend to use RM[●] million of the proceeds from our Public Issue within 36 months from our Listing for the abovementioned enhancement and upgrade of online portal as well as any further system updates/upgrades and modifications, if required.

• Enhance automation functions of SOVY-Depot System

We also intend to enhance the functions of the SOVY-Depot System to increase automation of our operational processes by enhancing mobile applications with text recognition technology to facilitate tracking and safety monitoring of containers, as well as the development of dashboards and business intelligence system, among others. We also intend to add a costing module to allow us to have access to detailed analysis on our cost of materials, labour and overhead costs. Coupled with the integration to our business intelligence system, these enhancements will enable us to make data-driven decisions and formulate relevant strategies for continuous improvement. As at the LPD, we are in the midst of appointing NM SOVY Technology Sdn Bhd to commence the enhancement works. The abovementioned enhancement of this software is expected to be carried out concurrently with the enhancement of other IT infrastructure, which is expected to be completed within 12 months from our Listing. Following the completion of the abovementioned enhancement, subsequent system updates/upgrades and modifications may be required. We intend to use RM[●] million of the proceeds from our Public Issue within 36 months from our Listing for the abovementioned enhancement and any further system updates/upgrades and modifications, if required.

• Implementation of a ship management system to centralise the management of our container vessels

As at the LPD, each of our container vessel’s crew management, procurement and maintenance are managed separately. As we expand our fleet of container vessels, we intend to implement a ship management system to centralise the management of our container vessels operations under one system. This ship management system will be a cloud-based software solution that will enable crew management, procurement, technical management, inventory and spare parts management, documentation, safety monitoring, risk assessment as well as maintenance tracking and planning. We intend to purchase an off-the-shelf ship management system software solution from a third party vendor. As at the LPD, we are in the midst of evaluating the features and negotiating with our identified vendors for the purchase of the ship management system. The implementation of this system will be executed in three phases where: phase 1 comprises the purchase and implementation of crew management and

procurement modules; phase 2 comprises technical management, and inventory and spare parts

management modules; and phase 3 comprises documentation, safety, risk assessment as well as maintenance

tracking and planning modules. Phase 1, phase 2 and phase 3 are expected to be completed within 12 to 36 months from our Listing and they are expected to be carried out concurrently with the enhancement of our other IT infrastructure. We intend to use RM[●] of the proceeds from our Public Issue for the implementation of this ship management system.

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In order to support these IT infrastructure enhancements, we intend to carry out the following upgrade in network infrastructure which we intend to use RM[●] million of the proceeds from our Public Issue: • Implementation of a document management system paired with workflow automation features

As at the LPD, our documents such as suppliers’ invoices, shipping documents, office documents and financial accounting records are in hardcopy. We intend to purchase and implement a document management system paired with workflow automation features to digitalise our documents which will allow us to automate the storing, management and tracking of our documents in digital format. When the documents are in digital format, it eases recording, tracking and sharing of information, and enhances collaboration among various departments within our Group which is expected to improve the efficiency of our business processes. We intend to purchase an off-the-shelf document management system software solution from a third party vendor. As at the LPD, we are in the midst of evaluating the features and negotiating with identified vendors for the purchase of the document management system. The implementation of this system is expected to be carried out concurrently with the enhancement of our other IT infrastructure and is expected to be completed within 12 months from our Listing.

• Improve internet connectivity of our container vessels

As at the LPD, the internet access of our container vessels on the open sea is provided via satellite connection. We intend to implement 4th generation long-term evolution (“4G LTE”) connectivity for most of our container vessels to increase connectivity speed when the container vessels are less than 50 nautical miles from the shore. A stronger and stable internet connectivity will secure the connection of our container vessels to our ship management system. As at the LPD, we are in the midst of evaluating the features and negotiating with identified vendors for the purchase of 4G LTE connectivity solution. This improvement is expected to be carried out concurrently with the enhancement of our other IT infrastructure and is expected to be completed within 36 months from our Listing.

• Upgrade of our existing IT network infrastructure including various hardware and software

In view of our ongoing business expansion, we also intend to upgrade our existing IT network infrastructure including various hardware and software to improve our operational efficiency and to ensure our hardware and software are compatible to the new software and systems to be implemented. As at the LPD, we are in the midst of appointing third party vendors to commence the upgrading works for our IT network infrastructure. This upgrade is expected to be carried out concurrently with the enhancement of our other IT infrastructure. It is expected to be completed within 12 months from our Listing.

The total investment for the enhancement of our IT infrastructure is estimated to be approximately RM12.0 million in total where we intend to use RM[●] million of the proceeds from our Public Issue to partially fund the cost of this initiative, while the balance of RM[●] million will be funded through bank borrowings and/or internally generated funds.

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7.15.5 We may selectively pursue acquisitions and investments in companies as part of our growth strategy

As part of our future plan and growth strategy, we may also selectively pursue acquisitions and investments in other companies. We may seek acquisitions of companies that complement and have direct cost and capability synergies with our container liner shipping and container depot operations as well as businesses with significant growth potential, enabling us to expand our operations and achieve value adding integration for our existing segments and customers. We will be selective about company acquisitions, first assessing if the proposed target business presents a clear value proposition. In light of the above strategy, we are exploring investment and acquisition opportunities in companies with technologies or skills set that are complementary and are expected to add value to our existing business. As at the LPD, we have not identified any target business and/or company to be acquired.

7.16 SEASONALITY

Our business is subject to certain seasonal factors such as festive periods. We typically experience an increase in the number of containers shipped one to three months before these festive periods such as Hari Raya, Chinese New Year, Gawai Dayak, Harvest Festival and Christmas.

For example, in the FYE 31 December 2018, the number of containers shipped saw a substantial increase in March 2018 before the Harvest Festival in end May 2018 and Gawai Dayak in earlyJune 2018 as well as another substantial increase in May 2018 before Hari Raya in June 2018.There was also a substantial increase in November 2018 before Christmas in December 2018 andChinese New Year in early February 2019. The increase in containers shipped are mainly contributed by consumer products shipped from Peninsular Malaysia to East Malaysia.

However, in the FYE 31 December 2020 and FPE 31 March 2021, we did not experience anyseasonality effect ahead of these festive periods as the number of containers shipped in the FYE 31 December 2020 and FPE 31 March 2021 was affected by the COVID-19 pandemic as further explained in Section 7.17 of this Prospectus.


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7.17 INTERRUPTIONS TO OUR BUSINESS AND OPERATIONS

7.17.1 Impact of the COVID-19 pandemic on our operations

As our business is deemed as essential services under the transportation sector, our operations are not subject to any mandatory closure or halt in operations pursuant to the imposition of movement restrictions (i.e. various stages of MCO including MCO 1.0, CMCO, RMCO, MCO 2.0, National Recovery Plan and EMCO) by the government of Malaysia. Further, all our branch offices in Malaysia and our shipping agent offices in Malaysia and overseas countries are allowed to operate, subject to standard operating procedures (“SOP”) set out by the respective governments, which include limited capacity in office, reduced workforce capacity and additional safety measures in place. Notwithstanding that some employees (i.e. office staff) have been instructed to work from home, our operations have not been affected as it can be carried out by our employees at home as usual.

However, our business and operations were impacted by and subject to external factors such as fluctuation in demand for container liner shipping services, port congestion and shortage of containers, among others, as a result of the COVID-19 pandemic, the details of the impact ofthe COVID-19 pandemic to each of our business segment are as follows:

(i) Container liner shipping business

As a result of the COVID-19 pandemic and the imposition of movement restrictions, there were some fluctuations in the demand for our container liner shipping services as represented by our monthly lifting. The total lifting in our container liner shipping business from January 2020 to March 2021 is shown as follows:

In February 2020 and March 2020, we experienced higher liftings due to the outbreak of the COVID-19 pandemic in China which resulted in many companies in Malaysia foreseeing potential disruptions to the global supply chain and thereby increasing their inventories beforehand, which contributed to the increase in our total lifting. The COVID-19 situation in China in early 2020 also led to disruptions to some direct sailings of international container liner shipping companies from ports in China to ports in East Malaysia. As a result, companies and businesses in East Malaysia were forced to source from other countries where the sea freight connectivity between these countries and Malaysia are generally through Port Klang. This increased the demand for our container liner shipping services from Port Klang to East Malaysia in February 2020 and March 2020 before the impact of the MCO 1.0 materialised in April 2020.

In April 2020, our Group saw the impact of the imposition of MCO 1.0 where our total lifting decreased by 40.1%. This was attributed to the disruptions to the global supply chain and mandatory temporary halt on many business operations and economic activities, including manufacturing activities, which led to a lower production output and reduced procurement of materials, causing lower demand for container liner shipping services.


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The decrease in demand for our container liner shipping services in April 2020 had resulted in many of our container vessels deployed on our service routes were loaded with minimal containers. As such, together with MSC, we embarked on a rationalisation plan from May 2020 to June 2020, to adjust our service routes, number of port calls and container vessels deployed according to the prevailing demand for container liner shipping services.

Under the rationalisation plan, in May 2020 and June 2020, we reduced up to five port calls per week; up to two operated container vessels deployed; and reduced up to one partnered container vessel under our slot exchange arrangement with MSC. Notwithstanding the overall reduction in the number of port calls during the rationalisation period, our Group did not cancel berthings to any port covered under our service routes.

Notwithstanding the decline in our total lifting in April 2020, the overall demand for our container liner shipping services had gradually recovered since May 2020 following the imposition of CMCO beginning 4 May 2020 where more business activities resumed. As the demand for our container liner shipping services recovered, we also gradually increased our number of port calls and deployed additional container vessel(s) whileclosely monitoring market conditions along with the estimated demand for our container liner shipping services and the utilisation of our container vessels.

However, there were declines in our total lifting in October 2020 and November 2020 mainly due to the resurgence in COVID-19 cases in Malaysia that led to the imposition of another CMCO, causing some slowdown in trade activities and delays from shippers in shipping their goods. In December 2020, owing to a clearance of shipment backlogs from our customers as a result of the slowdown and delays in October 2020 and November 2020, coupled with the increase in consumer spending during the Christmas period, our total lifting increased by 23.0%.

Notwithstanding the fluctuations in demand for our container liner shipping services as impacted by the COVID-19 pandemic, our total lifting in the FYE 31 December 2020 was higher than FYE 31 December 2019 by 9.2%. However, our revenue from freight income in the FYE 31 December 2020 saw a decrease of 1.8% as compared to the FYE 31 December 2019 mainly due to, among others, a decrease in average freight rates. Asdetailed in Section 12.2.2(ii) of this Prospectus, fluctuation in freight rates is one of the significant factors affecting our financial condition and results of operations.

During MCO 2.0, the demand for our container liner shipping services was not negatively impacted as factories were allowed to operate.

Owing to the nature of our industry where the demand for our container liner shipping services is largely dependent on regional and domestic trade activities which are, in turn, subject to global trade activities and global economic conditions, we constantly review andmake adjustments to our service routes and port calls in each service route according to the market dynamics.

We also experienced delays in shipment as a result of port congestion arising from the COVID-19 pandemic where there were circumstances of delayed berthings of our container vessels at certain ports such as Port Klang, Labuan Port and Port of Singapore. Nevertheless, as the duration of delayed berthings were within three days, our business operations were not materially impacted by these port congestions. While there were delays in some of our shipments, our Group is not liable for any losses or damages caused by the delays as covered under terms of carriage in the bill of lading.

The COVID-19 pandemic has also resulted in the global container shipping industry facing an industry-wide shortage of empty containers due to expanded container turnaround time from land, port congestions at major ports as well as increase in shipping demand following the recovery of trade activities. As a result, the availability of our containers remains tight. However, as at the LPD, our Group did not face major container shortage issues for our container liner shipping operations.


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We also did not face any major disruptions in the supply of bunker fuel or encounter any reduction in workforce for our container liner shipping operations.

(ii) Vessel chartering business According to the IMR Report, the COVID-19 pandemic has caused an unprecedented shortage of containers as well as port congestion, which has resulted in the disruption in vessel scheduling and prolonged container vessel turnaround time, thus reducing the availability of shipping capacity. As the global economy gradually reopened following the easing of lockdown measures in various countries, container shipping operators rushed to secure more shipping capacity to capitalise on the recovery in shipping demand arising from increasing trade activities. Container shipping operators may have, therefore resorted to chartering additional container vessels to compensate for the lack of shipping capacity, leading to a surge in demand for container vessel chartering services, as reflected in the increase in the total chartered capacity for container vessels of 1,000 TEUs to 2,999 TEUs from 2.1 million TEUs as at 1 December 2019 to 2.2 million TEUs as at 1 June 2021, an increase of approximately 120,000 TEUs. The recent strong charter demand for container vessels of between 1,000 TEUs and 2,999 TEUs is also reflected in the spike in daily charter rates as at December 2020 of between USD8,300 per day and USD15,500 per day and between USD18,000 per day and USD35,000 per day as at June 2021. Leveraging on the increase in demand for vessel chartering, in the FYE 31 December 2020, we increased the number of container vessels chartered out to third party container liner shipping companies as we were able to secure high daily charter rates. As a result of the increase in number of vessels chartered and charter hire rates, our revenue from charter hire income registered an increase of 331.3% from the FYE 31 December 2019 to the FYE 31 December 2020.

(iii) Container depot business

Despite the imposition of movement restrictions by the government of Malaysia, all our container depots have been allowed to operate as usual as our container depot business is deemed as essential services under the transportation sector. As such, our container depot business did not face any interruptions in operations. The average container lifting per day of our container depot business from January 2020 to March 2021 is shown as follows:


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As a result of the imposition of MCO 1.0, there was a decrease in container handling in our container depots in April 2020 as there was lesser demand for empty containers from our customers due to the temporary halt on many business operations and economic activities. Following the imposition of CMCO beginning 4 May 2020, we witnessed a recovery in handling activities following the recovery in demand for empty containers for trade activities. Subsequently, there was a decline in our container handling in October 2020 mainly due to the imposition of a further CMCO leading to slowdown in trade activities.

Notwithstanding that container handling activities at our container depots registered an increase in overall in the FYE 31 December 2020, our depot related income generated from our container depot business for the FYE 31 December 2020 was slightly affected with a decrease of 2.5% compared to the FYE 31 December 2019. This was due to the decrease in container storage activities as a result of the container shortage issue.

As at the LPD, our Group did not face any material variation to the material contracts that we have entered into arising from the COVID-19 pandemic.

7.17.2 Impact of the COVID-19 pandemic on our cash flows, liquidity, financial position and financial performance

As a result of the COVID-19 pandemic, in the FYE 31 December 2020, our Group experienced periodic fluctuations in the demand for our container liner shipping services and decreased storage of containers in our container depots, which impacted our revenue from our container liner shipping business segment and container depot business segment, respectively. Nevertheless, our Group’s revenue for the FYE 31 December 2020 registered a growth which was mainly contributed by the increase in revenue from our vessel chartering business.

Further, while there were delays in some of our shipments, our Group is not liable for any losses or damages caused by the delays as covered under terms of carriage in the bill of lading. We did not face any major difficulties in the collection of our trade receivables arising from business interruptions faced by our customers.

We did not receive any claw backs or reduction in the banking facilities limit granted to us by our lenders. In addition, we do not expect any material impairment to our assets or receivables.

Based on the above, there are no material impact to our cash flows, liquidity, financial position and financial performance.

7.17.3 Impact of the COVID-19 pandemic on our business and earning prospects

According to the IMR, the container shipping industry generally moves in tandem with the economic and trade activities. Therefore, the temporary disruptions by COVID-19 pandemic on the economic and trade activities both in Malaysia and in countries around the world may affect the container shipping industry in Malaysia. Nevertheless, as the Government has sped up the administration of vaccine and aim to reach vaccination rate of 400,000 a day in August in order to achieve 80% herd immunity by September, and when the infected cases gradually subside and remain minimal, movement and business operating restrictions are expected to be uplifted which will allow economic and trade activities to resume and gradually recover back to pre-COVID level.

Based on the above, our Group believes that in the near term, our container liner shipping business will be supported by gradual recovering consumer spending as well as recovering business and production activities following the reopening of business and economic activities when a bigger population is immunised after vaccination. Further, while there was decrease in the demand for our container liner shipping services in the Q2 2021, this is mitigated by the increasing demand for our vessel chartering business. With our fleet of owned container vessels, our Group is able to manage and adjust the usage of our container vessels (i.e. either use them for container liner shipping business or vessel chartering business) in response to the prevailing market situation and demand.


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In the long term, our container liner shipping business will be supported by the growth in international and domestic trade activities as well as recovery in Malaysia’s external trade activities once the impact of the COVID-19 pandemic subsides. The recovery of the container shipping industry is also expected to drive the recovery and growth of our container depot business as our container depots serve as a support facility to the overall container shipping industry.

According to the IMR, the global container vessel chartering industry is currently experiencing a strong charter demand as demonstrated by the spike in daily charter rates as at December 2020 of between USD8,300 per day and USD15,500 per day and between USD12,500 per day and USD33,000 per day as at June 2021 for container vessels of between 1,000 TEUs and 2,999 TEUs. However, this surge in demand for vessel chartering is expected to ease gradually when global port congestion subsides, and shipping operations revert to pre-COVID-19 conditions. Nevertheless, moving forward, the global container vessel chartering industry is expected to be driven by the growth in the global container shipping industry. An increase in demand for container shipping services will drive the demand for container vessel chartering to support any long term and short term shipping capacity demand.

As such, our Group believes that our vessel chartering business will benefit from the growth in the global container shipping industry.

7.17.4 Strategy and steps taken to address the impact of the COVID-19 pandemic

To ensure business continuity and to minimise the risk of infection, we have imposed a work from home policy for certain employees since the imposition of MCO 1.0. As at the LPD, all of our employees are working from home except for certain employees in the operations, maintenance and repair, and driver (forklift) departments. Our workforce capacity in our container depots is also being adjusted from time to time to ensure compliance with the SOPs stipulated by the Government of Malaysia.

Further, in response to the COVID-19 pandemic, our Group has established a COVID-19pandemic preparedness plan which outlines infection control measures to be adhered by all our employees and visitors to our offices. The infection control measures include, among others:

(i) wearing of face masks in work places;

(ii) taking and recording of body temperature on a daily basis before entering work places;

(iii) sanitising hands before entering work places and, all employees and visitors are encouraged to sanitise and wash their hands with soap and water frequently throughout the day;

(iv) sanitising all common areas of work places regularly or at least twice a day;

(v) practicing 1 metre physical distancing at work places;

(vi) installing physical barriers (e.g. clear plastic sneeze guards) at work places and pantry;

(vii) avoiding sharing of personal belongings such as laptops, stationaries, prayer mats and utensils; and

(viii) avoiding unnecessary face-to-face meetings, where possible.

In the FYE 31 December 2020, FPE 31 March 2021 and up to the LPD, our Group incurred a total of RM64,834, RM7,143 and RM8,354 respectively for the implementation of these infection control measures.


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Apart from these infection control measures, the crew members (including our in-house crew members and third party crew members) for container vessels operated by our Group at any ports in Malaysia, are subject to SOPs outlined by Marine Department Malaysia, in accordance with the general guidelines set by the Government of Malaysia. Before signing on to board a vessel, crew members are required to undergo COVID-19 tests and/or quarantine at designated quarantine centres determined by the Government of Malaysia. Crew members who are tested positive for COVID-19 are not allowed to board a vessel. Further, according to the guidelines set by Marine Department Malaysia, these crew members are not allowed to disembark at any ports during berthing to avoid potential spreading of the virus and/or being infected by the virus. For crew members who are signing off from a vessel, they are required to undergo COVID-19 tests and/or quarantine at home or at designated quarantine centres determined by the Government of Malaysia.

All costs associated with the adherence of the SOPs related to the crew members, including COVID-19 tests, quarantine process, logistics and follow-up treatments are borne by our Group. In the FYE 31 December 2020, FPE 31 March 2021 and up to the LPD, our Group incurred a total of RM1.00 million, RM333,854 and RM216,882, respectively for the adherence of these SOPs.

Business contingency plan

Our Group has also put in place a business contingency plan in the event of any infected cases of our employees, which is summarised as follows:

(i) COVID-19 rapid response team

We have set up a COVID-19 rapid response team which comprises representatives across departments to centrally coordinate, plan and execute actions required for our business operations arising from COVID-19 incidents related to our employees. The set-up of our COVID-19 rapid response team allows our Group to effectively manage and mitigate risks arising from any COVID-19 infections within our Group through implementation of the necessary counter measures and preventive actions in our business operations.

(ii) Emergency plan for COVID-19 incidents

We have also developed an emergency plan for all our branch offices and container depots in preparation for any infected cases in these locations. The emergency plan outlines emergency procedures and instructions of closures for the affected locations, ensuring our employees are well informed of the required actions to effectively manage and minimise the negative impact of the COVID-19 incidents to our business operations.

(iii) COVID-19 incident recovery plan

Upon proper sanitisation and prior to resuming our business operations in the affected locations, we will also gather information required to determine the impact of the COVID-19 incidents as well as actions required to resume our business operations.

(iv) Operations back-up plan

Our employees are divided into two teams based on our business operations to minimise contact with each other. In the event that any of our employees are infected, the particular team of the infected employee(s) will be quarantined and we may utilise employees from other team to overcome any manpower shortages.


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7.17.5 COVID-19 incidents related to our employees

As at the LPD, our Group has reported 17 confirmed cases for COVID-19, including employees from our container depots in Port Klang (Bandar Sultan Sulaiman) and Port Klang (Westports), our branch offices in Port Klang and Kota Kinabalu as well as our headquarters.

Upon confirmation of these positive cases, our Group took the necessary steps according to the guidelines released by the Government of Malaysia, to minimise the risk of cross infection and to ensure safety of our employees and work places. Among the steps taken include contact tracing to identify employees who have come in contact with the confirmed cases, arranging for COVID-19 tests, instructing home quarantine for all close contacts, and closure of the respective work places for disinfection, among others.

Out of the 17 confirmed COVID-19 cases, 11 cases were employees from our container depot in Port Klang (Bandar Sultan Sulaiman), who tested positive on 28 May 2021 and were placed on quarantine for approximately 2 weeks. Subsequent to the confirmation of these positive cases, our container depot in Port Klang (Bandar Sultan Sulaiman) was closed for sanitisation until 29 May 2021. Further, due to the reduced workforce, the operational hours of our container depot in Port Klang (Bandar Sultan Sulaiman) were reduced to a single shift until 7 June 2021. To avoid major interruptions to our container depot operations, during the period of reduced operating hours of our container depot in Port Klang (Bandar Sultan Sulaiman), some containers that were intended to be handled by our container depot in Port Klang (Bandar Sultan Sulaiman) were redirected to our container depot in Port Klang (Westports).

Save for the minor interruptions to our business operations that caused by the 11 COVID-19confirmed cases in our container depot in Port Klang (Bandar Sultan Sulaiman), the remaining 6 COVID-19 confirmed cases did not cause any major interruptions to our business operations as attributed to our business contingency plans in place as well as the collective support and cooperation from all our employees.

In the FYE 31 December 2020, FPE 31 March 2021 and up to the LPD, our Group incurred a total of RM7,500, RM19,957 and RM50,704, respectively for costs related to the confirmed cases such as COVID-19 tests undertaken by our employees and disinfections carried out at our work places.


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7.17.6 Impact of port congestion on our operations

Apart from the impact arising from the COVID-19 pandemic, our container liner shipping operations were also impacted by port congestion and equipment breakdown in Kuching Port.In end March 2021, a computer outage occurred in Kuching Port due to ingression of water into electrical conduits at the port had caused interruptions to the port’s operation and leading to port congestion. Our voyage to Kuching Port was affected by the port congestion due to longer waiting time for berthing. As a result, it led to delays in shipments and disruptions/delayed berthing to the subsequent ports within the same voyage.

Despite the port congestion situation at Kuching Port, our Group did not face major impact in our service to other ports in East Malaysia as we isolated our services to Kuching Port from services to other ports in East Malaysia, thereby restricting the disruption to the services to Kuching Port. Further, to minimise the negative financial impact that resulted from the port congestion in Kuching Port to our operations, we imposed port congestion surcharge on our customers. Subsequently, the port congestion in Kuching Port was resolved in early June 2021.

Save for these incidents due to the COVID-19 pandemic and port congestion, we did not experience any material interruptions in our business activities which had a significant effect on our operations, during the past 12 months preceding the LPD.


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7.18 EMPLOYEES

As at 31 March 2021, our Group employed a total workforce of 611 employees, of which 387are permanent employees and 224 are contract employees.

The following sets out the functional areas and geographical location of our employees as at 31 March 2021:

Designation / DepartmentPermanent employee Contract employee

TotalLocal Foreign Local Foreign

Executive Directors 4 - - - 4Key Senior Management 5 - - - 5Management 33 - 1 - 34Corporate services (1) 48 - - - 48Sales and marketing 31 - - - 31Customer service 81 - 1 - 82Operations 79 - - 7 86Logistics 33 - - - 33Maintenance and repair 49 - - 11 60Information technology 2 - - - 2Drivers (forklift) 22 - - 5 27Crew members - - 33 166 199

Total 387 - 35 189 611

Note:

(1) Corporate services department includes employees under corporate affairs, administration, finance, human resources and compliance functions.

Geographical locationPermanent employee Contract employee

TotalLocal Foreign Local Foreign

Selangor 191 - 2 9 202Johor 41 - - 14 55Penang 29 - - - 29Sarawak 81 - - - 81Sabah 45 - - - 45On board (crew members) - - 33 166 199

Total 387 - 35 189 611

As at 31 March 2021, local employees accounted for approximately 69.1% of our total workforce while the remaining 30.9% are foreign employees from China, the Philippines, Myanmar, Indonesia, Bangladesh, Pakistan and India. All of our foreign employees have valid working permits and/or documentations. Our foreign employees are primarily crew members or are involved in our Group’s depot operations.

We source crew members from external manning agencies in overseas according to our requirements for our container liner shipping business. We are not dependent on these external manning agencies as we can easily source for alternative service providers in respect of the services provided by them. As at 31 March 2021, we have a total 166 crew members sourced from external manning agencies serving on vessels we operate for an average agreed service period of six to nine months.

Except for our local crew members who belong to National Union of Seafarers of Peninsular Malaysia, none of our other employees belong to any labour union.


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During the FYEs 31 December 2018, 31 December 2019, 31 December 2020, FPE 31 March 2021 and up to the LPD, there was no major industrial dispute involving our employees. During the same period, we did not face any labour shortage that led to any disruption to our business operations.

7.19 GOVERNING LAWS AND REGULATIONS Our business is regulated by specific laws of Malaysia and Hong Kong. See Annexure C of this Prospectus for an overview of the material regulatory requirements governing our Group which are material to our business operation.

7.20 MAJOR LICENCES, PERMITS AND APPROVALS We have various licenses and permits for our operations in Malaysia. See Annexure B for details of our major licenses, permits and approvals. Save as disclosed in Annexure B of this Prospectus, our Group is not dependent on any major licenses, permits registration and other intellectual property rights for our business operations.

7.21 INTELLECTUAL PROPERTY RIGHTS As at the LPD and save as disclosed below, our Group does not have any other brand names, trademarks, patents, license agreements and intellectual property rights.

7.21.1 Copyright

As at the LPD, the Group had submitted a copyright voluntary notification for the following software to the Intellectual Property Corporation of Malaysia: Title of work

Registered owner / Notification no. / Registration

date

Application type

iKapal’s Shipping System

MTT Shipping Sdn Bhd/ CRLY00016000/ 13 September 2019

Copyright voluntary notification

7.21.2 Trademark

As at the LPD, our Group had registered the following trademark with the Intellectual Property Corporation of Malaysia: Trademark

Registration no. / Place of

registration Status Validity

period

Class/Description

of trademark

TM2019039171/ Malaysia

Registered 24 October 2019 – 24 October 2029

Class 39: Freight (shipping of goods); all included in class 39


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As at the LPD, we are also in the midst of applying for trademark registration for our Company’scorporate logo. The application for the registration of the trademark with the Intellectual Property Corporation of Malaysia was submitted on 28 September 2020 and as at the LPD, the trademark is currently under substantive examination, the details of which are as follows:

TrademarkRegistration no. /

Place of registration

Status Validity period Class/Descriptio

n of trademark

TM2020021974/

Malaysia

Application for this trademark is “Under Substantive Examination”

Notavailable

Class 39: Transport; packaging and storage of goods; travel arrangement

As at the LPD, as our Company does not have any business activities, the corporate logo is currently not in use.

7.22 INSURANCE

As at the LPD, our Group has the following insurance policies in place:

(i) Marine hull and machinery insurance for all our vessels for the hull and material and machinery outfit against any damage, loss and/or destruction caused by fire, explosion, vandalism, sabotage, violent theft, piracy, malicious mischief, natural disasters (earthquake, volcanic eruption, lighting), collision, and/or war risks.

(ii) Protection and indemnity insurance for all our vessels which covers cargo liabilities, liabilities in respect of seafarers, liabilities in respect of persons other than seafarers or passengers, pollution arising from among others, bunker oil, wreck removal liabilities and loss of or damage to properties.

(iii) Mortgagee interest insurance for four vessels, namely MTT Tanjung Manis, MTT Saisunee, MTT Senari and MTT Semporna, at the request of the mortgagee/financier of the vessels to supplement the marine hull and machinery insurance for the purpose of indemnifying the mortgagee/financier in the event of loss or damage suffered by the shipowners which are not claimable under the marine hull and machinery insurance.

(iv) All-risks insurance for our laptops, liquid crystal display projectors and accessories.

(v) Fire insurance for all our furniture, fitting, renovation, air conditioner and all electrical/electronic equipment, office equipment, buildings, all property pertaining to our trade or held by us in trust or on commission and containers in relation to any damage caused by fire and explosions.

(vi) Burglary insurance for all movable and immovable properties including but not limited to furniture, fittings, fixtures, office equipment, computer/software, containers, furniture and all property pertaining to our trade or held by us in trust or on commission.

(vii) Equipment insurance for our forklifts, stackers and trucks in relation to any damage to the equipment caused by but not limited to theft.

(viii) Public liability insurance for any bodily injury or illness suffered by any person or loss of or damage to property happening in connection with the business and occurring within the premises and territorial limit whether due to fault, negligence or by any defect in the buildings, works or machinery.


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(ix) Plate glass insurance for all glass doors and windows including all other plate glass, tempered glass, embossment, lettering or ornamental work of any kind of belonging to our trade and business.

(x) Money insurance for loss of our money in transit, including cash sales to and from banks, other financial institutions and the like in respect of wages and money in our premises in locked drawers, cash registers, cabinets and/or safes during and after office hours.

(xi) Motor vehicle insurance for our motor vehicles in relation to any damage to our motor vehicles as the result of an accident.

(xii) Group health insurance in relation to expenses of hospitalisation, surgical and ambulatory expenses incurred by our employees.

(xiii) Group term life insurance in relation to compensation to our employees in the event of death, total and permanent disability and terminal illness.

(xiv) Personal accident insurance in relation to compensation to our employees in the event of injuries, disability or death caused by an accident.

(xv) Foreign worker hospitalisation and surgical insurance in relation to any expenses incurred for the medical, hospitalisation and consultation fee of the foreign workers employed by our Group.

The insurance policies that we currently hold are customary in the industry in which we operate in and we will review our insurance coverage periodically.

7.23 MATERIAL DEPENDENCY ON COMMERCIAL CONTRACTS, AGREEMENTS OR OTHER ARRANGEMENTS

As at the LPD, there are no contracts, agreement and other arrangements or other matters which have been entered into by or issued to us or which we are materially dependent and is material to our Group’s business and profitability.


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7.24 ENVIRONMENTAL, SOCIAL AND GOVERNANCE

Our Group is committed to act responsibly in our business operations, not only to our business stakeholders but also in supporting our employees and community. We strive to provide our customers with visibility and transparency, cultivate a diverse work environment for our employees and contribute positively to the communities in which we operate.

We are also conscious that our operations in the shipping industry is exposed to risks relating to health, safety and environment, corruption, emissions and hazards to marine wildlife, we have established principles, policies and processes to mitigate risks in our daily operations. Under the supervision of our Board, our Key Senior Management team is committed tosafeguard the operations of our businesses.

7.24.1 SOCIAL

We place strong emphasis on development, engagement and wellbeing of our employees. Weencourage our employees to consistently improve and upgrade their skillset and knowledge. Employees are also encouraged to share their knowledge within and beyond department in our Group. Our crew members and employees responsible for ship management operations are also regularly trained to ensure they are equipped with the necessary knowledge of our safety and environmental protection policy.

We prioritise employee retention in our Group through various employee engagementinitiatives. For example, in 2015, we established a sports club for our employees. For the financial years/period under review, we organised a series of sports and recreational activities through the sports club, which has allowed us to enhance our employee engagement as well as to improve internal communication among employees across all our offices in Malaysia.

We also endeavour to create pleasant environment for our employees. For example, the galleys of eight of our container vessels operated by our Group have undergone the sertu samakprocess carried out by a contractor approved by Jabatan Kemajuan Islam Malaysia (JAKIM) to ensure the galleys in our container vessels are Muslim-friendly.

We have also launched several corporate social responsibility campaigns for the financial years/period under review. For example, in 2020, we collaborated with National Autism Society of Malaysia (“NASOM”) to create awareness of autism through a campaign themed“Understand, Accept and Respect”, whereby we have printed calendar with message on autism characteristics and distributed them to our customers. We have also initiated a fund-raising campaign to collect donation for NASOM. Since the outbreak of the COVID-19 pandemic and up to the LPD, we have also made donations of medical equipment to various hospitals in Malaysia for a total contribution of RM91,275.

7.24.2 ENVIRONMENTAL

The IMO has ruled that from 1 January 2020, all vessels, operating outside designated emission control areas (i.e. the Baltic Sea area, the North Sea area, the North American area (covering designated coastal areas off the United States and Canada) and the United States Caribbean Sea area (waters around Puerto Rico and the United States Virgin Islands), are required to use fuel oil with lower sulphur content of no more than 0.5% (mass by mass) as opposed to the current limit of 3.5% (“IMO 2020”). Operators who intend to continue using high sulphur bunker fuel are required to fit their vessels with sulphur-cleaning devices known as scrubbers. Ship owners can also opt for other sources of cleaner fuel such as liquefied natural gas (“LNG”).


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In a move to comply to the sulphur content limit of IMO 2020 and as part of our commitment to reduce maritime pollution, protect marine ecosystem and to mitigate negative impact of our operations to global climate change, we have purchased four new container vessels fitted with scrubbers that are able to remove particulate matter and harmful components from the combustion in engine in these container vessels. For the existing eight container vessels in our fleet, we have also changed the consumption of HFO to very low sulphur fuel oil for these vessels, ensuring minimal emissions of green-house gasses and compliance to the sulphur content limit of IMO 2020. As at the LPD, all our container vessels are IMO 2020 compliant.

7.24.3 GOVERNANCE

We are committed to uphold the highest standards of corporate governance and ethical conduct in accordance with the principles and practices of corporate governance as set out in the MCCG. A high standard of corporate governance is a fundamental part of our Group in discharging our responsibilities to protect and enhance shareholders’ value and financial performance of our Group, with high corporate accountability, transparency and integrity.

Our corporate governance overview statement provides an outline of the corporate governance practices of our Group in accordance with the three principles stipulated in the MCCG, which covers board leadership and effectiveness, effective audit and risk management and integrity in corporate reporting and establishing meaningful relationship with our stakeholders. As at the LPD, our Group has yet to adopt the recommendation under MCCG to have a Board comprising at least 30% women directors. In this regard, our Group endeavours to comply with the recommendation within six months from the completion of the Listing. See Section 5.2.1 for further information.


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8. INDUSTRY OVERVIEW

29 July 2021Date:

The Board of Directors

MTT SHIPPING AND LOGISTICS BERHADUnit 13A-1, Level 13A, Tower 8UOA Business ParkNo. 1, Jalan Pengaturcara U1/51ASeksyen U140150 Shah AlamSelangor Darul Ehsan

Dear Sirs/Madams,

Independent Market Research Report on the Container Shipping Industry in Malaysia, the Container Shipping Industry in Singapore, Thailand, Brunei, Indonesia, India and Myanmar, the Dry Bulk Shipping Industry in Malaysia and Global Container Vessel Chartering Industry (“IMR Report”)

This IMR Report has been prepared by SMITH ZANDER INTERNATIONAL SDN BHD (“SMITH ZANDER”) for inclusion in the draft Prospectus in conjunction with the proposed listing of MTT Shipping and Logistics Berhad on the Main Market of Bursa Malaysia Securities Berhad.

The objective of this IMR Report is to provide an independent view of the industries and market(s) in which MTT Shipping and Logistics Berhad and its subsidiaries (“MTTSL Group” or “Group”) operate and to offer a clear understanding of the industry and market dynamics. MTTSL Group is principally involved in the provision of container shipping services and container vessel chartering services. The Group’s provision of container shipping services is primarily focused on service routes between Peninsular Malaysia and East Malaysia. The Group also operates as a regional container shipping operator covering ports outside Malaysia, namely Singapore, Thailand, Brunei, Indonesia, India and Myanmar, collectively referred to as “theCountries Involved”. The Group’s container shipping business is also supported by container depot services.Further, the Group is also involved in the provision of dry bulk shipping services in Malaysia.

The scope of work for this IMR Report will thus address the following areas:(i) The container shipping industry in Malaysia;(ii) The container shipping industry in the Countries Involved;(iii) The dry bulk shipping industry in Malaysia and(iv) The global container vessel chartering industry.

The research process for this study has been undertaken through secondary or desktop research, as well as detailed primary research when required, which involves discussing the status of the industry with leading industry participants and industry experts. Quantitative market information could be sourced from interviews by way of primary research and therefore, the information is subject to fluctuations due to possible changes in business, industry and economic conditions.

SMITH ZANDER has prepared this IMR Report in an independent and objective manner and has taken adequate care to ensure the accuracy and completeness of the report. We believe that this IMR Report presents a balanced view of the industry within the limitations of, among others, secondary statistics and primary research, and does not purport to be exhaustive. Our research has been conducted with an “overall industry” perspective and may not necessarily reflect the performance of individual companies in this IMR Report. SMITH ZANDER shall not be held responsible for the decisions and/or actions of the readers of this report. This report should also not be considered as a recommendation to buy or not to buy the shares of any company or companies mentioned in this report.

For and on behalf of SMITH ZANDER:

______________________DENNIS TAN MANAGING PARTNER

29 July 2021

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8. INDUSTRY OVERVIEW (Cont’d)

COPYRIGHT NOTICE

No part of this IMR Report may be given, lent, resold, or disclosed to non-customers or any other parties, in any format, either for commercial or non-commercial reasons, without express consent from SMITH ZANDER. Further, no part of this IMR Report may be extracted, reproduced, altered, abridged, adapted, modified, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, for purposes other than the proposed listing of MTTSL Group on the Main Market of Bursa Malaysia Securities Berhad, without express consent from SMITH ZANDER.

Any part of this IMR Report used in third party publications, where the publication is based on the content, in whole or in part, of this IMR Report, or where the content of this IMR Report is combined with any other material, must be cited and sourced to SMITH ZANDER.

The research for this IMR Report was completed on 7 July 2021.

For further information, please contact:

SMITH ZANDER INTERNATIONAL SDN BHD15-01, Level 15, Menara MBMR1, Jalan Syed Putra58000 Kuala LumpurMalaysiaTel: + 603 2732 7537

www.smith-zander.com

© 2021, All rights reserved, SMITH ZANDER INTERNATIONAL SDN BHD

About SMITH ZANDER INTERNATIONAL SDN BHD

SMITH ZANDER is a professional independent market research company based in Kuala Lumpur, Malaysia, offering market research, industry intelligence and strategy consulting solutions. SMITH ZANDER is involved in the preparation of independent market research reports for capital market exercises, including initial public offerings, reverse takeovers, mergers and acquisitions, and other fund-raising and corporate exercises.

Profile of the signing partner, Dennis Tan Tze Wen

Dennis Tan is the Managing Partner of SMITH ZANDER. Dennis Tan has over 23 years of experience in market research and strategy consulting, including over 18 years in independent market research and due diligence studies for capital markets throughout the Asia Pacific region. Dennis Tan has a Bachelor of Science (major in Computer Science and minor in Business Administration) from Memorial University of Newfoundland, Canada.

COPYRIGHT NOTICE

No part of this IMR Report may be given, lent, resold, or disclosed to non-customers or any other parties, in any format, either for commercial or non-commercial reasons, without express consent from SMITH ZANDER. Further, no part of this IMR Report may be extracted, reproduced, altered, abridged, adapted, modified, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, for purposes other than the proposed listing of MTTSL Group on the Main Market of Bursa Malaysia Securities Berhad, without express consent from SMITH ZANDER.

Any part of this IMR Report used in third party publications, where the publication is based on the content, in whole or in part, of this IMR Report, or where the content of this IMR Report is combined with any other material, must be cited and sourced to SMITH ZANDER.

The research for this IMR Report was completed on 7 July 2021.

For further information, please contact:

SMITH ZANDER INTERNATIONAL SDN BHD15-01, Level 15, Menara MBMR1, Jalan Syed Putra58000 Kuala LumpurMalaysiaTel: + 603 2732 7537

www.smith-zander.com

© 2021, All rights reserved, SMITH ZANDER INTERNATIONAL SDN BHD

About SMITH ZANDER INTERNATIONAL SDN BHD

SMITH ZANDER is a professional independent market research company based in Kuala Lumpur, Malaysia, offering market research, industry intelligence and strategy consulting solutions. SMITH ZANDER is involved in the preparation of independent market research reports for capital market exercises, including initial public offerings, reverse takeovers, mergers and acquisitions, and other fund-raising and corporate exercises.

Profile of the signing partner, Dennis Tan Tze Wen

Dennis Tan is the Managing Partner of SMITH ZANDER. Dennis Tan has over 23 years of experience in market research and strategy consulting, including over 18 years in independent market research and due diligence studies for capital markets throughout the Asia Pacific region. Dennis Tan has a Bachelor of Science (major in Computer Science and minor in Business Administration) from Memorial University of Newfoundland, Canada.

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1 INTRODUCTION TO THE CONTAINER SHIPPING INDUSTRYContainer shipping is a type of sea freight which involves the transportation of containerised goods by means of ocean vessels (i.e. container vessels, tugs and barges), that sail on scheduled routes from and to their designated ports for loading and/or discharge of shipping containers. Container shipping facilitates port to port transportation of goods in sealed and locked fixed-size containers, usually meant for mass transportation of goods. Container shipping services are provided to customers such as manufacturers, exporters, importers and traders as well as freight forwarders who act on behalf of the consignees as their forwarding agent,

A container shipping operator may provide mainline services and/or feeder services to its customers:

(i) Mainline services• Mainline services refer to the provision of container shipping services whereby containers are loaded and

discharged at ports of call along the service route of a mainline vessel operator. The port of call may be the ultimate port of origin and/or destination of the container; or it may be a transshipment port where the ultimate port of origin and/or destination of the containers is a port not covered by the mainline vessel operator.

• Mainline services are usually long-haul transportation services between major ports and ports with no restrictionsor limitations (e.g. water level and infrastructure) for large container vessels to sail to and berth. Global mainline services cover ports globally, regional mainline services cover ports within a specific region and domestic mainline services cover ports within a specific country.

• Generally, mainline container vessels are relatively larger than feeder container vessels, hence are suited for deep water and long distance voyages.

(ii) Feeder services• Feeder services refer to the provision of container shipping services to support mainline services when the port

of loading and/or discharge of the mainline vessel operator is not the ultimate port of origin and/or destination of the containers.

• Feeder services are usually short-haul transportation services between a transshipment port and domestic and/orregional ports not covered by a mainline vessel operator, in which these ports may have shallow waters and/or may lack the necessary infrastructure to handle large container vessels. It may also be a commercial decision by mainline vessel operators not to cover these ports.

• Feeder services are provided to mainline vessel operators.

Container depot service as an extended service related to the container shipping industryIn the container shipping industry, a container depot is an integral part of the global supply chain as it is used as a temporary storage area for empty containers after goods have been unloaded and the empty containers are then held in the container depot until their use for the next shipment. Container depots are generally located within ports or inclose proximity to ports and may offer other services such as container cleaning, container maintenance and repair as well as container inspection services. In Malaysia, container depot services are provided by container depot operators and container shipping operators.

Impact of the coronavirus disease 2019 (“COVID-19”) pandemic Since early 2020, the outbreak of COVID-19 has impacted many countries around the world. To curb the spread of the COVID-19 pandemic, many countries have closed their country borders as well as imposed nationwide lockdowns and/or operating restrictions/prohibitions in certain economic sectors. China, as the world’s largest export market, was one of the first few countries to enter lockdown in early 2020. Even after China’s lockdown was gradually eased aroundthe 2nd quarter of 2020, global trade activities and port operations in 2020 remained affected as other major importers, such as United States and countries in Europe (e.g. Germany and United Kingdom), were recording high number of new infected cases and thereby causing continued disruptions to sea freight operations.

The pandemic has also caused unprecedented vessel delays and congestion at major global ports due to longer container turnaround time because of reduced manpower, additional safety measures in place to curb the spread of the COVID-19 pandemic and congestion in warehouse capacity, amongst others. Vessel delays and port congestion have led to a shortage in vessel capacity as vessels are stuck at ports longer than usual. As a result, some container shipping operators have been forced to blank sail1 to speed up the completion of their voyage to maximise the utilisation of their vessel capacity, or to cancel some voyages to balance vessel capacity supply against the lower demand for container shipping services during the lockdown period. The container shipping industry has also been facing shortages of empty containers due to global port congestion where empty containers have been left uncollected in ports during the period of lower demand in 2020. This situation has been made worse when there have been further delays in collection and unloading of laden containers due to reduced manpower in ports, and concurrently shipping companies rush to secure containers to capture the surge in export cargo from China resulting from backlog export orders since the 2nd half of 2020. Despite the roll out of COVID-19 vaccines globally since end of 2020, the global container shipping industry is still adjusting to the abovementioned supply chain challenges to support the gradual improvement in trade

1 Blank sailing is when an ocean vessel does not call at one or more of its scheduled stops.

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activities. The impact of the COVID-19 pandemic to the container shipping industry including container vessel chartering is further elaborated in the sections below.

2 THE CONTAINER SHIPPING INDUSTRY IN MALAYSIA2.1 INDUSTRY PERFORMANCE AND SIZE Performance, Size and Growth of the Container Shipping Industry in MalaysiaThe performance of the container shipping industry in Malaysia is measured in terms of total container throughput. The size of the container shipping industry in Malaysia grew from 24.94 million twenty-foot equivalent units (“MTEUs”) in 2018 to 26.68 MTEUs in 2020 at a compound annual growth rate (“CAGR”) of3.43%.

Despite headwinds of the COVID-19 pandemic which have affected many businesses and sectors in Malaysia as well as around the world, the container shipping industry in Malaysia showed positive growth in 2020,mainly due to increased transshipment activities in Malaysian ports.

Total container throughput (Malaysia), 2018-2020

Sources: Ministry of Transport Malaysia (“MOT”), SMITH ZANDER analysis

Performance, Size and Growth of the Container Shipping Industry in East Malaysia Port Klang and Port of Tanjung Pelepas (“PTP”) are the main port hubs in Malaysia and collectively, they contributed to 98.81%2 of the country’s total container throughput for transshipment of 17.61 MTEUs handled in 2020. These ports serve as the connecting points between other Malaysian ports and global ports as it supports transshipment services between mainline container vessels servicing the global and regional routes, and feeder vessels servicing the domestic routes. With Port Klang and PTP being the country’s main transshipment ports, trade activities in East Malaysia are commonly serviced by feeder vessels to/from Port Klang or PTP rather than mainline vessels that service international or regional routes.

Total container throughput handled in East Malaysia declined from 1.06 MTEUs in 2018 to 1.03 MTEUs in 2020, at a negative CAGR of 1.43%. A slower performance in 2020 was due to lower external trade, which was affected by disruptions in global supply chains amid the COVID-19 pandemic. Nonetheless, the container shipping industry in East Malaysia is expected to recover when the negative impact from the COVID-19 pandemic subsides and is expected to be supported by the growth in total trade activities in East Malaysia in the long term as described in Chapter 2.2 – Industry Demand Drivers and Restraints/Challenges.

Total container throughput (East Malaysia), 2018-2020

Note:• Figures may include the handling of international inbound and outbound

containers as well as containers handled within East Malaysia.Sources: MOT, SMITH ZANDER analysis

Total container throughput between Peninsular Malaysia and East Malaysia (including Muara, Brunei) declined from 0.49 MTEU in 2018 to 0.43 MTEU in 2020 at anegative CAGR of 6.32%. A slower performance in 2020 may be due to lower trade activities between Peninsular Malaysia and East Malaysia (including Muara, Brunei)amid the COVID-19 pandemic. However, container shipping activities between Peninsular Malaysia and East Malaysia is expected to recover once the COVID-19 pandemic subsides and is expected to be supported by the growth in trade activities between Peninsular Malaysia and East Malaysia in the long term as detailed in Chapter 2.2 – Industry Demand Drivers and Restraints/Challenges.

Total container throughput between Peninsular Malaysia and East Malaysia (including Muara, Brunei), 2018- 2020

Notes:• Figures exclude container handled within Peninsular Malaysia and within

East Malaysia.• Container throughput between Peninsular Malaysia and Muara, Brunei is

included as MTTSL Group offers domestic service route with port calls at Muara, Brunei.

Sources: Major ports in Peninsular Malaysia, SMITH ZANDER analysis

2 Sources: MOT, SMITH ZANDER analysis.

24.94 26.42 26.68

10.00

15.00

20.00

25.00

30.00

2018 2019 2020

Tota

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1.06 1.06 1.03

0.80

0.90

1.00

1.10

2018 2019 2020

Tota

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0.49 0.500.43

0.00

0.20

0.40

0.60

2018 2019 2020

Tota

l con

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ut

(MTE

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The continuous efforts and initiatives by the Government of Malaysia (“the Government”) are pivotal in supporting the growth of the container shipping industry in Malaysia and such efforts include the following Government-driven initiatives to spur the overall shipping industry in Malaysia: • Introduction of the Malaysia Shipping Master Plan (2017-2022) to promote competitiveness and to build resilience in

the shipping industry by promoting employment of Malaysian vessels, promoting employment of Malaysian seafarers and maritime human resources, facilitating access to capital and financing, enhancing Malaysia’s attractiveness to shipping businesses, and promoting innovation in and sustainable growth of maritime ancillary services; and

• Extension of the Maritime Development and Logistics Scheme until 31 December 2023 under Malaysia’s Budget 2021 which is aimed at providing financial assistance to existing and new companies who are dealing with, or are involved in, maritime related activities and services including aerospace and logistic activities.

2.2 INDUSTRY DEMAND DRIVERS AND RESTRAINTS/ CHALLENGESIndustry Demand Drivers► Dependence on sea transportation to facilitate trade activities presents demand for container shipping

servicesThe container shipping industry plays an important role in supporting trade activities as it facilitates the transportation of goods across international borders as well as domestically. Global trade is highly dependent on sea transportation,whereby more than 80.00%3 of the world’s trade is transported by sea. According to the International Maritime Organization (“IMO”), sea transportation is, by far, considered the most efficient and cost-effective method of international transportation for most goods.

Being a nation surrounded by sea, Malaysia’s dependence on seaborne trade activities is prevalent. Building on this, Malaysia has developed Port Klang and PTP into globally recognised container ports. Based on latest available information, in 2020, Port Klang was ranked 13th among the top 25 ports in the world, with a total container throughput of 13.24 MTEUs while PTP was ranked 16th, with a total container throughput of 9.85 MTEUs.4 Moreover, Port Klang and PTP have grown to be the main port hubs of Malaysia whereby these ports collectively handled 98.81% of the country’s total container throughput for transshipment of 17.61 MTEUs in 2020, signifying their importance as a container transshipment port for global, regional and domestic mainline service providers as well as feeder service providers.

Domestic trade activities between Peninsular Malaysia and East Malaysia are also highly dependent on sea transportation to transport goods imported to East Malaysia through Port Klang or PTP, or sourced from Peninsular Malaysia, for East Malaysia’s economic, industrialisation and infrastructure development activities. With container vessels servicing the domestic routes contributing to 77.55% of total container vessels calling in East Malaysia in 2020,it signifies East Malaysia’s reliance on domestic shipping services.

In addition, the COVID-19 pandemic has led to the closure of many international borders and air travel restrictions. Thegrounding of passenger aircraft and reduction in flight schedules have resulted in a significant reduction in air freightcapacity, causing certain volumes of cargo transportation to shift from air transportation to sea transportation.

► Growth in international and domestic trade activities drive the demand for shipping servicesThe shipping industry is pivotal in supporting growth in international and domestic trade activities as shipping services are required for the movement of goods by sea. Global international trade, measured by total import and export value, grew at a CAGR of 3.45% from USD35.37 trillion (RM152.12 trillion)5 in 2017 to USD37.85 trillion (RM156.80 trillion)6

in 2019.7 However, global international trade declined by 7.93%, from USD37.85 trillion (RM156.80 trillion) in 2019 to USD34.85 trillion (RM146.43 trillion)8 in 2020 in view of a slowdown in the global economy and major supply chain disruptions caused by the COVID-19 pandemic. Prior to the COVID-19 pandemic, international maritime trade expanded in terms of trade volume loaded, at a CAGR of 1.67%, from 10.72 billion tons in 2017 to 11.08 billion tons in 2019, which was in line with the growth in international trade activities. World containerised trade grew at a CAGR of 2.40% from 144.85 MTEUs in 2017 to 151.89 MTEUs in 2019.9 The United Nations Conference on Trade and Development (“UNCTAD”) estimates that international maritime trade declined by 4.10% and world containerised trade declined by 5.68% in 2020.

Malaysia’s total external trade decreased from RM1.88 trillion in 2018 to RM1.78 trillion in 2020 at a negative CAGR of 2.70%.10 Despite the COVID-19 pandemic, total container throughput in Malaysia in MTEU terms continued to experience growth, increasing from 24.94 MTEUs in 2018 to 26.68 MTEUs in 2020 at a CAGR of 3.43%, indicating the continuous growth in demand for container shipping services, which specifically in 2020, was due to increase in

3 Source: IMO.4 Sources: Alphaliner, MOT.5 Exchange rate from USD to RM in 2017 was converted based on average annual exchange rates in 2017 extracted from published information from Bank Negara Malaysia at USD1 = RM4.3008.6 Exchange rate from USD to RM in 2019 was converted based on average annual exchange rates in 2019 extracted from published information from Bank Negara Malaysia at USD1 = RM4.1427.7 Sources: International Trade Centre, SMITH ZANDER analysis. Latest available figures as at 7 July 2021.8 Exchange rate from USD to RM in 2020 was converted based on average annual exchange rates in 2020 extracted from published information from Bank Negara Malaysia at USD1 = RM4.2016.9 Sources: UNCTAD - Review of Maritime Transport 2020, SMITH ZANDER analysis.10 Sources: Department of Statistics Malaysia (“DOSM”), SMITH ZANDER analysis.

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transshipment activities which may have resulted from the growth in e-commerce activities and the shift from air transportation to sea transportation due to a reduction in air freight capacity due to the grounding of passenger aircraft and significant reduction in flights in view of the COVID-19 pandemic.

In East Malaysia, total trade in Sabah declined at a negative CAGR of 4.48% from RM87.12 billion in 2018 to RM79.49billion in 2020; whereas total trade in Sarawak declined at a negative CAGR of 9.92% from RM144.58 billion in 2018to RM117.32 billion in 2020.11 Trade activities between Peninsular Malaysia and East Malaysia declined at a negative CAGR of 7.15% from RM66.11 billion in 2018 to RM56.99 billion in 2020.12 In view of the disruptions to global supply chains due to the COVID-19 pandemic which led to lower total trade volumes in East Malaysia in 2020, total container throughput in East Malaysia declined from 1.06 MTEUs in 2018 to 1.03 MTEUs in 2020 at a negative CAGR of 1.43%.Nonetheless, the demand for shipping services in East Malaysia is expected to improve with the recovery in Malaysia’s external trade activities once the impact of the COVID-19 pandemic subsides.

► Growth in the economy, particularly in East Malaysia, leads to greater demand for domestic container shipping services

A thriving economy, measured in terms of gross domestic product (“GDP”) growth, generally translates to increasedtrade activity. An increase in trade activities in turn leads to higher demand for container shipping services for both domestic and international trade.

In Malaysia, real GDP declined from RM1.36 trillion in 2018 to RM1.34 trillion in 2020 at a negative CAGR of 0.74%.Further, the GDP in 2020 shrank by 5.63% as compared to 2019. The decline in real GDP in 2020 was due to an economic slowdown, affected by the measures implemented by the Government to curb the spread of COVID-19 since early 2020. However, Malaysia’s real GDP grew by 4.41% from RM1.36 trillion in 2018 to RM1.42 trillion in 2019,indicating healthy economic growth prior to the COVID-19 pandemic. Further, in view of a slowdown in Malaysia’s economy in 2020, real GDP of the transportation and storage services sector also declined from RM50.21 billion in 2018 to RM41.90 billion in 2020 at a negative CAGR of 8.65%, which was largely attributed to the restrictions in international travel. Notwithstanding the slowdown in the overall economy, the manufacturing sector grew from RM304.84 billion in 2018 to RM307.92 billion in 2020 at a CAGR of 0.50%.12

In East Malaysia, Sabah’s real GDP grew from RM83.79 billion in 2017 to RM85.44 billion in 2019 at a CAGR of 0.98%;whereby real GDP for transportation and storage services sector grew from RM6.40 billion in 2017 to RM7.16 billion in 201913 at a CAGR of 5.77%; and real GDP for the manufacturing sector grew from RM6.36 billion in 2017 to RM6.47billion in 2019 at a CAGR of 0.86%. On the other hand, Sarawak’s real GDP grew from RM130.17 billion in 2017 to RM136.28 billion in 2019 at a CAGR of 2.32%; with real GDP for transportation and storage services sector growingfrom RM9.81 billion in 2017 to RM11.03 billion in 201913 at a CAGR of 6.04%; and real GDP for the manufacturing sector growing from RM34.81 billion in 2017 to RM36.62 billion in 2019 at a CAGR of 2.57%.14

In June 2021, the World Bank revised its forecast for Malaysia’s GDP growth in 2021 from 6.00% to 4.50% in view of the surge in COVID-19 cases in 2021, which has resulted in prolonged lockdowns and operating restrictions/prohibitions in many economic sectors. While daily new infected cases remain high, the Government has sped up the administration of COVID-19 vaccines and aim to reach a vaccination rate of 400,000 a day in August in order to achieve 80% herd immunity by September.15 When infected cases gradually subside and remain under control,movement and business operating restrictions are expected to be uplifted which will allow economic activities to resume and gradually recover to pre-COVID levels. Improved economic conditions is expected to boost demand for container shipping services to support growth in external and domestic trade as a result of growth in businesses and improvement in consumer purchasing power.

► Inflow of investments into East Malaysia as well as infrastructure growth to drive demand for domestic container shipping services

Inflow of investments, particularly in the manufacturing sector, into East Malaysia is expected to drive demand for domestic container shipping services when raw materials are imported to East Malaysia through transshipment via ports in Peninsular Malaysia, or sourced from Peninsular Malaysia; and when manufactured goods are exported fromEast Malaysia to Peninsular Malaysia or to other countries.

In 2020, Sabah recorded a total of 15 approved manufacturing projects worth RM11.95 billion, while Sarawak recorded a total of 24 approved manufacturing projects worth RM15.73 billion.16 Further, infrastructure growth is another factor in driving demand for domestic container shipping services when raw materials need to be imported into East Malaysia or sourced from Peninsular Malaysia for East Malaysia’s construction activities. Under Malaysia’s Budget 2021, Sabah and Sarawak were allocated development expenditures amounting to RM5.10 billion and RM4.50 billion respectively,in which these funds will be utilised for building and upgrading water, electricity and road infrastructure as well as health and education facilities. Further, the Government also proposed to allocate funds for several infrastructure projects such as the Infrastructure Project in the Samalaju Industrial Area in Sarawak, continuation of the Sapangar Bay

11 Figures include foreign trades and trades within Malaysia but exclude trades within the state itself.12 Sources: DOSM, SMITH ZANDER analysis.13 Inclusive of the real GDP for utilities, and information and communication.14 Sources: DOSM, SMITH ZANDER analysis. Latest available figures as at 7 July 2021.15 Source: Malaysia to boost COVID-19 vaccination rate to 400k a day by August, New Straits Times, 20 June 2021.16 Source: Malaysian Investment Development Authority.

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Container Port Expansion Project in Sabah, as well as the construction of the Pan Borneo Highway Sabah from Serusop to Pituru.

Industry Restraints/ Challenges► Changes in regulatory policies may have adverse impact on the container shipping industryChanges in regulatory policies, whether domestically or internationally, may adversely affect the container shipping industry. An example of a recent change in the domestic regulatory policy which may have affected the container shipping industry was the partial liberalisation of the cabotage policy. The cabotage policy was introduced in Malaysia in 1980 with the Merchant Shipping Ordinance 1952 (“MSO 1952”) amended and the Domestic Shipping Licencing Board established. Under Section 65KA of the MSO 1952, it states that no ship other than a registered Malaysian ship may engage in domestic shipping. Under Section 65A of the MSO 1952, domestic shipping refers to the use of a ship to provide services, other than fishing, in Malaysian waters or the exclusive economic zone17; or for the shipment of goods or carriage of passengers from any port or place in Malaysia to another port or place in Malaysia, or from any port or place in Malaysia to any place in the exclusive economic zone or vice versa. The use of registered foreign shipsfor domestic shipping can only be considered if a registered Malaysian ship is unable to meet the demands of certain sectors subject to the terms and conditions set by the MOT. Additionally, under Section 65L of the MSO 1952, it states that no ship shall engage in domestic shipping without a licence save for certain vessels that are exempted from applying for a Domestic Shipping License. This policy restricts foreign vessels without a Domestic Shipping Licensefrom conducting domestic shipping activities in Malaysia, with the intention to develop Malaysian ownership, to promote the domestic shipping industry and to minimise Malaysia’s dependence on foreign vessels as well as the outflow of foreign exchange in the form of freight payments18. Foreign vessels are allowed to call at multiple Malaysian ports, i.e. sailing on domestic routes, for discharge of goods only as this does not fall under the definition of domestic shipping.

Since the implementation of the cabotage policy, the Government has made several announcements for partial liberalisation of the policy and the latest announcement was made effective 1 June 201719, whereby allowances are given to foreign vessels to conduct domestic shipping activities between any one port in Peninsular Malaysia to/fromany one port in East Malaysia; ports within Sabah; and ports within Sarawak. Such a move to partially liberalise the cabotage policy has allowed foreign vessels to ship domestically between the permitted regions, without having to apply for domestic shipping licenses. However, the cabotage policy remains applicable for inter-state shipping activities within Peninsular Malaysia, inter-state shipping activities within East Malaysia and shipping activities between any one port in Labuan to/from any one port in Sabah or Sarawak. This may negatively affect the domestic shipping industrywith increased competition for domestic industry players as they risk losing revenue to foreign players.

Further, the IMO, through the IMO 2020 Global Sulphur Cap, has mandated the use of low-sulphur fuel globally to reduce sulphur oxide emissions by ocean vessels. The IMO has capped sulphur content in bunker fuels at 0.50% mass by mass used on ocean vessels operating outside designated emission control areas effective from January 2020, down from the previously allowed sulphur content of 3.50%. This shift towards using low-sulphur bunker fuel may result in higher operational cost as such fuel is relatively more expensive than traditional higher-sulphur bunker fuel, and vessel operators may be adversely affected if they are unable to pass the cost to their customers.

► Reliance on bunker fuel to operate container vessels leads to exposure to the volatility of global oil pricesContainer shipping uses ocean vessels for the transportation of containerised goods and ocean vessels rely mainly on bunker fuel to propel the vessel. Bunker fuel is also known as heavy oil or marine fuel, and is used for the generation of power or is burned in a furnace or boiler for the generation of heat for use on ocean vessels. The consumption of bunker fuel is dependent on the size and cruising speed of the ocean vessel whereby consumption increases with the size and cruising speed of the ocean vessel.

The dependency on bunker fuel subjects the container shipping industry to the volatility in global crude oil prices as a result of supply and demand. Any increase in crude oil prices will cause an increase in bunker fuel prices, and this will subsequently increase the operational cost for vessel operators. Nevertheless, any substantial increase in bunker fuel prices may be passed on to customers by vessel operators and thus, minimising the impact of volatile global crude oil prices to vessel operators.

► Exposure to maritime piracy and armed robberyMaritime piracy and armed robbery involve the plundering, hijacking or detention of ocean vessels by pirates as they sail on the ocean. According to the ICC International Maritime Bureau (“IMB”)’s Piracy and Armed Robbery Against Ships Report for 1 January 2020 to 31 December 2020, 195 incidents of maritime piracy and armed robbery were recorded worldwide in 2020, increasing from 162 incidents in 2019.

In Malaysia, maritime piracy and armed robbery activities off the waters of Sabah and Straits of Malacca remain a concern for ocean vessels operating along these routes. According to the IMB, the number of incidents of maritimepiracy and armed robbery in the Straits of Malacca has dropped significantly due to increased patrols by the relevant

17 Exclusive economic zone refers to the exclusive economic zone of Malaysia, as proclaimed by the Yang Di-Pertuan Agong vide P.U.(A) 115/80, being an area beyond and adjacent to the territorial sea of Malaysia and extending to a distance of 200 nautical miles from the baselines from which the breadth of the territorial sea is measured and where the limits of the exclusive economic zone area are modified and altered in accordance with the provisions of any written law relating to the exclusive economic zone, the exclusive economic zone shall mean the exclusive zone as so modified and altered. (Source: MSO 1952)18 Source: Ministry of International Trade and Industry.19 Source: MOT.

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authorities since July 2005. However, ocean vessels are advised to continue to undertake strict anti-piracy or robbery watches when sailing along the Straits of Malacca.

According to the IMB, a total of 4 incidents of maritime piracy and armed robbery within Malaysian waters were recorded in 2020. Maritime piracy and armed robbery in Malaysia are often more targeted at tugs and barges and fishing boats due to the lower speed of sailing and ease of access as compared to larger vessels. The consequences of such piracy attacks include, amongst others, loss of cargo as well as jeopardising the physical safety and mental well-being of the affected crew members.

► Port congestion resulting in delays and increased cost of operationsPort congestion is a situation where ocean vessels have to queue outside a port and wait for berthing to load or unload goods from the vessels. Such situations may result from bad weather, equipment breakdown, port worker strikes, shortages in port labour and/or sudden spikes in container volumes.

Port congestion results in a back log in shipping activities which adversely affects the shipping industry as it would result in higher cost of operations, delayed schedules and loss of voyage. For example, the COVID-19 pandemic has caused disruptions in the global supply chain where reduced workforce and additional standard operating proceduresin place have caused port congestions in several major ports around the world. Between late 2020 and early 2021, Port Klang experienced port congestion due to an increase in ocean vessels overcrowding at the port after delays in preceding ports. This resulted in further delays in schedules due to an increase in waiting time to berth at the port.However, the relevant port authorities implemented several measures such as collaborating with shipping companies as well as feeder vessels to expedite the release of export and transshipment containers as well as prioritising vessels unloading containers to ease the congestion. With the increase in global trade and container and cargo throughput,vessel operators may risk facing increasing port congestion issues if port authorities do not take adequate measureson time to address such problems, thus negatively affecting the industry players.

2.3 COMPETITIVE LANDSCAPE OF THE CONTAINER SHIPPING INDUSTRY IN MALAYSIA

OverviewThe domestic container shipping industry in Malaysia is regulated whereby only vessels issued with the Domestic Shipping License or vessels being exempted from obtaining the Domestic Shipping License are allowed to provide domestic shipping services in Malaysia. With the partial liberalisation of the cabotage policy, foreign vessels can now engage in domestic shipping services between the permitted regions in Malaysia, without having to obtain a Domestic Shipping License. As such, container shipping operators in Malaysia, such as MTTSL Group, are in competition with both Malaysian vessels as well as foreign vessels who cover the same ports along similar service routes.

Container shipping operators may own and operate their own container vessels, and/or charter and operate third party container vessels, and/or engage in slot exchange arrangements or slot purchase arrangements with other container shipping operators that provide domestic container shipping services.

Slot exchange arrangement refers to the exchange of container space on one another’s vessels and the amount of space that each party receives may vary from port to port depending on the arrangement agreed upon, or may refer to the purchase of container space from third party container shipping operators at an agreed price.

This section of the IMR Report will focus on the competitive landscape of the container shipping industry based on container shipping operators who are involved in the provision of container shipping services between Peninsular Malaysia and East Malaysia, as MTTSL Group is principally involved in the provision of container shipping services, focusing on service routes between Peninsular Malaysia and East Malaysia.

Key Industry Players The following list of industry players are identified as MTTSL Group’s key competitors, on the basis that these industry players are: • Container shipping operators who are primarily involved in the provision of domestic container shipping services

between Peninsular Malaysia and East Malaysia based on publicly available information on the service routes they offer; and

• whereby such services may be provided through the operation of own vessels, operation of chartered vessels and/or through slot exchange or slot purchase arrangements.

The following sets out the key industry players based in Malaysia. In cases where industry players are involved in the provision of other services, segmental revenue is provided to demonstrate the revenue derived from the provision of shipping services.

Company Business activities Latest available financial year

Total revenuea

(million)

Segmental revenue (million)

Harbour-Link Group Berhad

Container shipping services, ship management,integrated logistics services, stevedoring, shipping agency services, and marine services. Other activities not related to the shipping

30 June 2020 RM 617.25 RM 193.18b

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Total revenuea

(million)

Segmental revenue (million)

industry include property development, heavy lifting and haulage, and engineering and construction services

Shin Yang Shipping Corporation Berhad

Container and cargo shipping services, shipbuilding and ship repairing, shipping agencyservices, as well as fabrication of metal structures

30 June 2020 RM 596.50 RM 338.67b

MTTSL Group Container shipping services, container vessel chartering services, dry bulk shipping servicesand container depot services; and appointed shipping agent for Evergreen Group of Companies in East Malaysia

31 December 2020

RM 514.54 RM 352.51c

Malaysia Shipping Corporation Sdn Bhd

Container shipping services, shipping agency services and related services

31 December 2019

RM 184.62 RM 96.72b

AML Shipping Sdn Bhd

Container shipping services, integrated logistics services and shipping agency services

30 June 2020 RM 81.57 RM 78.02b

Notes:a Companies may be involved in other businesses besides the provision of container shipping services and as such, total revenue

may include revenue from other business segments.b Segmental revenue comprises revenue from the provision of shipping services. As the company may be involved in the provision

of other shipping services besides container shipping, the segmental revenue may include revenue from the provision of container shipping services and/or other shipping services, including the provision of shipping services within and outside Malaysia,provision of cargo shipping services and/or slot fees earned.

c Segmental revenue comprises revenue from the provision of domestic container shipping services.• The key identified container shipping industry players include all industry players that were identified by SMITH ZANDER based

on sources available, such as the internet, published documents and industry directories. However, there may be companies thathave no online and/or published media presence, or are operating with minimal public advertisement, and hence SMITH ZANDER is unable to state conclusively that the list of industry players is exhaustive.

Sources: MTTSL Group, Companies Commission of Malaysia, Company Annual Report, SMITH ZANDER analysis

The following sets out key industry players based outside Malaysia but is involved in the provision of domestic shipping services between Peninsular Malaysia and East Malaysia.


Total revenuea

(million)CMA CGM Asia Shipping Pte. Ltd.(subsidiary of CMA CGM S.A.)

Container shipping services 31 December 2019 USD 6,982.56(RM28,926.65b)

Sealand Maersk Asia Pte. Ltd.(subsidiary of A.P. Moller – Maersk A/S)

Container shipping services 31 December 2020 USD 1,706.18(RM7,168.69b)

Advance Container Lines (Pte) Ltd Feeder services 31 December 2020 USD 157.24(RM 660.66b)

Notes:a Companies may be involved in other businesses besides the provision of container shipping services and as such, total revenue

may include revenue from other business segments. Segmental revenue is not publicly available.b Revenue derived for the financial year comprises revenue generated from services within Malaysia and outside Malaysia.

Exchange rate from USD to RM in 2019 was converted based on average annual exchange rates in 2019 extracted from published information from Bank Negara Malaysia at USD1=RM4.1427. Exchange rate from USD to RM in 2020 was converted based on average annual exchange rates in 2020 extracted from published information from Bank Negara Malaysia at USD1=RM4.2016.

• The key identified container shipping industry players include all industry players that were identified by SMITH ZANDER basedon sources available, such as the internet, published documents and industry directories. However, there may be companies thathave no online and/or published media presence, or are operating with minimal public advertisement, and hence SMITH ZANDER is unable to state conclusively that the list of industry players is exhaustive.

Sources: Accounting and Corporate Regulatory Authority, SMITH ZANDER analysisMarket ShareIn relation to provision of domestic shipping services between Peninsular Malaysia and East MalaysiaIn 2020, total container throughput between Peninsular Malaysia and East Malaysia (including Muara, Brunei) was recorded at 0.43 MTEU. Total container throughput of MTTSL Group between Peninsular Malaysia and East Malaysia (including Muara, Brunei) in 2020 was recorded at 0.16 MTEU and thereby, MTTSL Group captured a market share of37.21% in terms of container throughput between Peninsular Malaysia and East Malaysia (including Muara, Brunei).

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In relation to fleet capacityIn terms of global ranking, MTTSL Group was ranked 62nd in Alphaliner Top 100 container shipping operatorsworldwide, based on total twenty-foot equivalent unit (“TEU”) of fleet capacity for both owned and chartered vessels,as at 7 July 2021. Based on the ranking in Alphaliner Top 100 container shipping operators worldwide, MTTSL Group was the highest ranked Malaysian-based container shipping operator as at 7 July 2021.

3 THE CONTAINER SHIPPING INDUSTRY IN THE COUNTRIES INVOLVED

Performance, Size and Growth of the Container Shipping Industry in the Countries InvolvedAs MTTSL Group’s regional container shipping operations primarily cover ports in Singapore, Thailand, Brunei, Indonesia, India and Myanmar, this section covers the container shipping industry in the Countries Involved.

In Singapore, Thailand, Brunei, Indonesia and India, the container throughput in these countries experienced growth from 2017 to 2019 with CAGRs ranging from 4.04% to 46.76%. However, Myanmar experienced a decline in container throughput from 2017 to 2019, registering a negative CAGR of 3.39%. Nonetheless, Myanmar experienced an increase of 7.69% in 2019 as compared to 2018.

Container throughput in the Countries Involved

Country Container throughput (MTEU) CAGR (2017 – 2019)

CAGR (2017 – 2020)2017 2018 2019 2020

Singapore 33.67 36.60 37.20 36.87 5.11% 3.07%Thailand 9.94 10.24 10.76 N/A 4.04% -Brunei 0.13 0.43 0.28 N/A 46.76% -Indonesia 12.83 14.06 14.76 N/A 7.26% -India 15.43 16.95 17.05 N/A 5.12% -Myanmar 1.20 1.04 1.12 N/A -3.39% -

Notes:• N/A – Information is not publicly available.• Latest available information as at 7 July 2021.

Sources: Maritime and Port Authority of Singapore, UNCTAD, SMITH ZANDER analysis

In view of the COVID-19 pandemic, the Countries Involved are expected to have been impacted by disruptions in global supply chains and slowdown in global trade resulting from lockdowns and movement restriction measures implemented globally to curb the spread of COVID-19. As such, container throughput in the Countries Involved are expected to have experienced declines in 2020.

Nonetheless, moving forward, the container shipping industries in the Countries Involved are expected to continue to grow as the global economy recovers once the COVID-19 pandemic subsides.

4 THE DRY BULK SHIPPING INDUSTRY IN MALAYSIADry bulk shipping is a type of sea freight which involves the transportation of dry bulk commodities or solid raw materials by means of ocean vessels, primarily bulk carriers. There are two categories of dry bulk commodities, namely major bulks and minor bulks. Major bulks include coal, grains and iron ores whereas minor bulks include cargoes such as steel products, forest products, cement and fertilisers. Dry bulk shipping services are provided to customers such as producers of raw materials, manufacturers, exporters, importers and traders as well as freight forwarders who act on behalf of the consignees as their forwarding agent.

The performance of the dry bulk shipping industry in Malaysia is measured in terms of total cargo throughput for dry bulk. The size of the dry bulk shipping industry in Malaysia declined from 38.40 million freight weight tonnes (“FWT”) in 2018 to 37.96 million FWT in 2020 at a negative CAGR of 0.57%. A slower performance in 2020 was mainly due to a decline in local trade affected by disruptions in supply chain which resulted from the implementation of lockdown and movement restrictions by the Government to curb the spread of the COVID-19 pandemic. Nevertheless, the dry bulk shipping industry in Malaysia is expected to recover when the negative impact from the COVID-19 pandemic subsides.

Total cargo throughput for dry bulk (Malaysia), 2018 – 2020

Sources: MOT, SMITH ZANDER analysis

29.40 30.63 32.559.00 7.78 5.4138.40 38.41 37.96

0.00

20.00

40.00

60.00

2018 2019 2020

Car

go th

roug

hput

(mill

ion

FWT)

Foreign trade Local trade Total

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5 GLOBAL CONTAINER VESSEL CHARTERING INDUSTRYOverviewContainer vessel chartering is a type of service rendered by container vessel owners who charter out the use of their container vessels to charterers, namely container shipping operators, for domestic, regional or international voyage depending on the suitability of the vessel. Some container shipping operators who own container vessels may charter out their vessels to other container shipping operators as an alternative source of income and to optimise the return on investments on the container vessels when these vessels are not utilised for their own container shipping business. Generally, there are three types of vessel chartering arrangements:• Time charter - the vessel is chartered for a pre-determined period of time, and the vessel owner remains

responsible for the management of vessel and the supply of crew members to the charterer while the charterer decides on the sailing routes of the vessel within the chartering period. The operating costs incurred for the vessel such as ship management and maintenance costs as well as crew costs are borne by the vessel owner, whereas the fuel costs and port dues of the vessel are borne by the charterer;

• Voyage charter - the vessel is chartered for a one-way voyage between specific ports, and the vessel owner remains responsible for the management of vessel and the supply of crew members to the charterer. The operatingcosts incurred for the vessel which include fuel costs, port dues, ship management and maintenance costs and crew costs are fully borne by the vessel owners; and

• Bareboat charter - the vessel is chartered for a pre-determined period of time. The charterer will decide the sailing route for the vessel and is also responsible for the management of the vessel including the hiring of crew members. The operating cost incurred for the vessel which include fuel costs, port dues, ship management and maintenance costs and crew costs are fully borne by the charterer.

Performance, Size and Growth of the Global Container Vessel Chartering IndustryThe range of capacity of MTTSL Group’s fleet of container vessels for chartering (existing and future planned purchases) are between 1,000 TEUs and 2,999 TEUs, hence this section focuses on chartering information for container vessels within this capacity.

Based on latest available information, globally, 58.62% of container vessels between 1,000 TEUs and 2,999 TEUswere chartered by vessel owners to third parties, as at 1 June 2021. The total capacity of chartered container vessels of between 1,000 TEUs and 2,999 TEUs grew from 2.05 MTEUs as at 1 December 2018 to 2.21 MTEUs as at 1 June 2021. Further, container vessels of this capacity range had the highest number of chartered vessels where it accounted for 1,200 units out of a total 3,034 units chartered (39.55%), indicating recent strong charter demand for container vessels within this capacity range.

Container vessel fleet breakdown (As at 1.6.2021)TEU All vessel Chartered

Units MTEUs Units MTEUs TEU%

10,000 -24,000

632 9.27 340 4.70 50.70%

3,000-9,999

1,801 10.70 1,016 5.99 55.98%

1,000-2,999

2,064 3.77 1,200 2.21 58.62%

Less than 1,000

943 0.63 478 0.34 53.97%

Total 5,440 24.37 3,034 13.24 54.33%Note:• Figures may not add up due to rounding.

Sources: Alphaliner, SMITH ZANDER analysis

Chartered vessel (1,000 TEUs to 2,999 TEUs)

Note:• Figure is as of the first day of the respective months.

Sources: Alphaliner, SMITH ZANDER analysisThe recent strong charter demand for container vessels of between 1,000 TEUs and 2,999 TEUs is also reflected in the increase in daily charter rates of between USD8,300 per day and USD15,500 per day (as at December 2020) tobetween USD18,000 per day and USD35,000 per day (as at June 2021).

Charter rates (USD/day)TEU Dec 2018 Dec 2019 Dec 2020 Jun 2021

1,000 -2,999

6,300 -9,500

6,200 -10,000

8,300 -15,500

18,000 -35,000

Sources: Alphaliner, SMITH ZANDER analysis

As depicted in Chapter 1 - Impact of the COVID-19 pandemic, the COVID-19 pandemic has caused an unprecedented shortage of containers as well as port congestion. The delay in port operations and berth delays have led to container vessels overcrowding at ports which has resulted in the disruption in vessel scheduling and prolongedcontainer vessel turnaround time, thus reducing the availability of shipping capacity. As the global economy gradually reopened following the easing of lockdown measures in various countries, container shipping operators rushed to secure more shipping capacity to capitalise on the recovery in shipping demand arising from increasing trade activities. Container shipping operators may have, therefore, resorted to chartering additional container vessels to compensate for the lack of shipping capacity, leading to a surge in demand for container vessel chartering services, as reflected in

2.05 2.09

2.19 2.21 58.24% 58.38% 59.67% 58.62%

40.00%

45.00%

50.00%

55.00%

60.00%

1.90

2.00

2.10

2.20

2.30

Dec-18 Dec-19 Dec-20 Jun-21TEU of chartered vessels (MTEUs)% chartered vessel over total vessel TEU

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the increase in total chartered capacity for container vessels of 1,000 TEUs to 2,999 TEUs from 2.09 MTEUs as at 1December 2019 to 2.21 MTEUs as at 1 June 2021, an increase of approximately 120,000 TEUs. However, this surgein demand for vessel chartering is expected to ease gradually when global port congestion subsides, and shipping operations revert to pre-COVID-19 conditions.

Nevertheless, moving forward, the global container vessel chartering industry is expected to be driven by the growth in the global container shipping industry. An increase in demand for container shipping services will drive the demand for container vessel chartering to support any long term shipping capacity demand.

Competitive OverviewThere are primarily two types of container vessel chartering service providers, namely container vessel chartering companies and container shipping operators. Container vessel chartering companies are involved solely in the vessel chartering business and do not provide shipping services (i.e. do not operate container vessels). Container shippingoperators may also offer their unused fleet of container vessels for chartering, which they may call back upon the expiryof the charter contracts for their own operations when they require additional shipping capacity or when the charter market is slow.

Container vessels can be chartered out to any operator around the world subject to the suitability of the container vessels to sail at routes determined by the operators as well as country-specific vessel regulations, if any. Container vessel chartering service providers generally compete in terms of charter hire rates, size, age as well as the condition of the container vessels. The charter hire rates for container vessels are primarily guided by the supply and demand conditions of container shipping capacity available in the market which vary from time to time. Any decrease in demand for container shipping capacity will cause a decrease in demand for container vessel chartering services and reducecharter hire rates, which may affect the growth and profitability of the container vessel chartering service providers.

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9. RISK FACTORS

197

Before investing in our Shares, you should pay particular attention to the fact that we and to a large extent, our business and operations are subject to the regulatory, industry and businessrisks. Our operations are also subject to a number of factors, many of which are outside our control. Before making an investment decision, you should carefully consider, along with the other matters in this Prospectus, the risks and investment considerations set out below.

9.1 RISKS RELATING TO OUR BUSINESS

9.1.1 We may not be able to renew or maintain our major licences, permits and approvals to operate our business operations due to reasons beyond our control

We require various major licences, permits and approvals including Domestic Shipping Licences and shipping agent approval(s) for our business operations. These licences, permits and approvals are subject to periodic renewal. See Annexure B of this Prospectus for further details of our major licences, permits and approvalsincluding the respective issuing authorities, expiration dates and status of compliance.

We are required to obtain a Domestic Shipping Licence from the Domestic Shipping Licensing Board for each of our vessels that perform domestic shipping services operating to and from ports within Peninsular Malaysia, from any port in Sabah to another port in Sarawak (and vice versa) and from any port in Labuan to another port in Sabah or Sarawak (and vice versa). We will not be able to obtain port clearance from the officer of customs or such other authority authorised to issue port clearanceto sail or berth our vessels at the relevant ports if we engage in domestic shipping without a Domestic Shipping Licence. With effect from 1 June 2017, vessels providing transport of cargo services operating from any port in Peninsular Malaysia to any port in Sabah, Sarawak or Labuan (and vice versa), from any port in Sabah to another port in Sabah or from any port in Sarawak to another port in Sarawak are exempted from having to obtain a Domestic Shipping Licence. If we operate our vessels orchartered vessels without the requisite Domestic Shipping Licences or in contravention of the applicable exemption, on conviction, we may be liable to a fine not exceeding RM10,000 or to imprisonment not exceeding one year or both. Our vessels could also be detained by the port officer or officer of customs who has reasonable cause to suspect that our vessels are operated without the requisite Domestic Shipping Licences. All vessels owned by us which carry out domestic shipping activities have their respective valid Domestic Shipping Licence. The Domestic Shipping Licences granted to us are subject to periodic renewal.

We also require the approval from the Director General of Customs and Excise to act as a shipping agent for the entry or clearance of any vessel at the ports in Malaysia. Our shipping agent approval is valid for five years from the date of issuance andexpires on 31 December 2021.

There can be no assurance that we will not be subject to suspension, revocation or termination of our major licences, permits or approvals in the event of non-compliance with any terms or conditions thereof, or pursuant to any regulatory action, despite our best efforts to adhere to the regulatory requirements. While we have not in the past encountered any difficulties in renewing or obtaining our major licences, permits andapprovals for our business operations, there can be no assurance that we will be able to renew such licences, permits and approvals in a timely manner or at all in the future. We also cannot assure that there will not be variation, modification or imposition of additional conditions attached to the licences, permits and approvals which may materially and adversely affect our business, financial condition, results of operationsand prospects. Any failure to renew or maintain our major licences, permits and approvals in the future could materially and adversely affect our business, financial condition, results of operations and prospects.

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9. RISK FACTORS (Cont’d)

198

9.1.2 Failure in IT systems could adversely affect our business operations

We are dependent on various IT systems provided and/or maintained by third party service providers such as iKapal’s Shipping System and the SOVY-Depot System, to ensure efficient, effective and responsive business operations. These systems integrate various business processes in our container liner shipping operations such as booking, management of shipping rates, management of containers and finance for us to control and monitor our shipments, port costs, container management costsand ship running costs, see Section 7.5.3 of this Prospectus for further details of our IT systems.

The IT systems may be subject to damages or interruptions in operation due to, among others, blackouts, unauthorised access, natural disasters (including floodsand storms), breaches of security in the form of computer viruses, hacking and fraud which could materially and adversely affect our business operations. Failure of third party service providers to provide services and any disruption to our computer systems and IT systems may compromise our business operations as well as causetransaction errors, loss of data or downtime. While we have not encountered any major failures in our current IT systems which had materially impacted our business, financial condition and results of operations in the past, there can be no assurance that we will not face any breakdown of or disruption to any of our IT systems in the future.

Further, there can be no assurance that we are able to continuously enhance our IT systems to meet our customers’ needs or that the technology developed or used by other industry players will not render our services less competitive or attractive. As a result, our business, financial condition, results of operations and prospects may be adversely affected.

9.1.3 We may be materially and adversely affected by the COVID-19 pandemic and other pandemics

The emergence of the COVID-19 pandemic has become one of the biggest disruptors in the global economy. The COVID-19 pandemic has resulted in, among others, travel and transportation restrictions, prolonged closures of work places, businesses and lockdowns in certain countries.

The outbreak of COVID-19 has also imposed additional restrictions and obligations on our operations at our offices and on our vessels as we are required to comply with social distancing measures and strict hygiene requirements to contain the COVID-19outbreak since the implementation of the MCO on 18 March 2020. See Section 7.17.4of this Prospectus for further details on the measures we have implemented to protect the health and safety of our employees including crew members. Although we have not been required to close or temporarily halt our operations as our business was deemed to be essential since the MCO on 18 March 2020, we may be required to do so in the future in the event that any of our employees become infected by COVID-19.

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As at the LPD, our Group has reported 17 confirmed cases for COVID-19, including employees from our container depots, branch offices as well as our headquarters.None of them is a crew member. Out of the 17 confirmed COVID-19 cases, 11 cases were employees from our container depot in Port Klang (Bandar Sultan Sulaiman), who tested positive on 28 May 2021 and were placed under quarantine for approximately 2 weeks. Subsequent to the confirmation of these positive cases, our container depot in Port Klang (Bandar Sultan Sulaiman) was closed for sanitisation until 29 May 2021. Further, due to the reduced workforce, the operational hours of our container depot in Port Klang (Bandar Sultan Sulaiman) were reduced to a single shift until 7 June 2021. During the period of reduced operating hours of our container depot in Port Klang (Bandar Sultan Sulaiman), some containers were redirected to our container depot in Port Klang (Westports). In the FYE 31 December 2020, FPE 31 March 2021 and up to the LPD, our Group incurred a total of RM7,500, RM19,957 and RM50,704, respectively for costs related to the confirmed cases such as COVID-19 tests undertaken by our employees and disinfections carried out at our workplaces.See Section 7.17.5 of this Prospectus for further details of COVID-19 incidents related to our employees.

There can be no assurance that our employees will not be infected in the future. Insuch an event, we are required to place these employees under quarantine and may be required to close our offices. Crew members who tested positive for COVID-19 are not allowed to board a vessel. Further, according to the guidelines set by Marine Department Malaysia, crew members are not allowed to disembark at any ports during berthing to avoid potential spreading of the virus and/or being infected by the virus. For crew members who are signing on to board a vessel and signing off from a vessel, they are required to undergo COVID-19 tests and/or quarantine at home or at designated quarantine centres determined by the Government. All costs associated with the adherence of the SOPs related to the crew members, including COVID-19tests, quarantine process, logistics and follow-up treatments are borne by our Group. In the FYE 31 December 2020, FPE 31 March 2021 and up to the LPD, our Group incurred a total of RM1.0 million, RM0.3 million and RM0.2 million, respectively for the adherence of these SOPs.

Such disruption may affect our ability to adequately staff our operations and eventually the delivery of the cargos for our customers. Failure to meet our customers' expectations could damage our reputation and expose us to legal claims and may, as a result, lead to loss of business and materially and adversely affect our business, financial condition, results of operations and prospects.

As the COVID-19 pandemic is ongoing as at the LPD, there can be no assurance that we will not experience more severe disruptions in the future in the event that more stringent quarantine measures are imposed or if the COVID-19 pandemic becomes more severe or protracted. It is difficult to predict how long such conditions will exist and the extent to which we may be affected by such conditions.

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9.1.4 Maintenance and repair of our vessels require substantial expenditure

We operate in a capital intensive industry where we incur significant expenditure to maintain the operating condition of our vessels. Our maintenance and repair related expenditure includes the cost of maintenance, repairs, surveys and dry docking. Our expenses for maintenance and repair of our vessels accounted for 3.3%, 4.4%, 4.9% and 3.6% of our Group’s total direct costs for the FYEs 31 December 2018, 31 December 2019, 31 December 2020 and FPE 31 March 2021. In addition, approximately RM15.4 million, RM16.7 million and RM8.6 million and RM4.1 million of dry docking expenses were capitalised as capital expenditure for the FYEs 31 December 2018, 31 December 2019, 31 December 2020 and FPE 31 March 2021,respectively.

We dry-dock our vessels on a periodic basis for planned inspections, maintenance and repair as well as renewal of class certificates. Dry docking is a major undertaking which can only be done at a dockyard and covers all areas of maintenance that cannot be carried out when the ship is in operation. Dry docking includes maintenance ofhull, deck, cargo holds, navigation and communication equipment and all other equipment on board. The procedures undertaken comprising cleaning, blasting, painting and repairs. In addition to dry docking which is periodical, we also have a planned maintenance schedule which is a day-to-day maintenance programme for all of our ships while they are in operation. This planned maintenance is to ensure the smooth running of our vessels until their next dry docking. Our planned maintenance costs include main engine spares, freshwater and deck paints.

Each of our vessels is subject to planned surveys comprising an annual survey, an intermediate survey and special survey. Special survey is carried out once every fiveyears and intermediate survey is carried out one time within this five-year period.These surveys are conducted in conjunction with the vessels dry docking, by an independent professional and affect the vessels class renewal certification.

Furthermore, our vessels may also need to be docked in the event of breakdown and collision. Rectification of the affected vessels may require us to incur significant costs and may result in such vessels being out of service over a period of time which could cause disruption to our business operations. In October 2018, one of the engines of MTT Tanjung Manis caught fire which resulted in MTT Tanjung Manis having to cease operation for approximately 48 days. The engine failure of MTT Tanjung Manis resulted in us incurring repair related expenses of RM5.8 million for the FYE 31 December 2018. Although our expenses incurred for the incident were fully covered by our insurance policies, there can be no assurance that we will not experience similar incidents in the future where such incidents may adversely affect our business, financial condition, results of operations and prospects.

Our maintenance and repair related expenditure may increase as a result of a variety of factors, including increases in the cost of labour, materials and spare parts, increases in the size of our fleet, changes in regulations and currency fluctuations.There can be no assurance that we will at all times have sufficient capital resources, including, among others, cash on hand, cash flow from operations and borrowings, to maintain and repair our vessels.

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9.1.5 We operate in a highly regulated industry which is governed by both domestic and international laws

The container liner shipping industry is highly regulated and our operations are subject to various international conventions, treaties and national and local laws and regulations in force. See Annexure C of this Prospectus for further details of the material laws and regulations which are relevant to our business operations. These conventions, treaties, laws and regulations which govern areas such as maritime operations, environmental protection, the release and management of hazardous materials and human health and safety are subject to changes at any time. Any introduction of new conventions, treaties, laws and regulations applicable to us may result in us having to incur additional operating expenditure to ensure compliance, which could materially and adversely affect our business and results of operations.

For instance, environmental regulations often impose strict liability for remediation of spills and releases of oil and hazardous substances. The provision of our container liner shipping services sometimes involves the transportation of hazardous materials such as industrial chemicals, paint and batteries. As such, there is a risk of spillage and contamination which may be hazardous to the environment. In addition, oil spillages may arise as a consequence of a collision of our vessels. While we implement strict safety measures and procedures in relation to the handling of hazardous materials, there can be no assurance that accidents will not occur during the transportation of hazardous materials. The discharge of pollutants into the air or water may give rise to liabilities to governmental authorities and third parties and may require us to incur costs to remedy such discharge.

Further, environmental regulations are evolving which will result in stricter standards and enforcement, larger fines and liability and potentially increase our capital expenditure and operating costs materially. For instance, the IMO has ruled that beginning 1 January 2020, all vessels operating outside designated emission control areas (i.e. the Baltic Sea area, the North Sea area, the North American area (covering designated coastal areas off the United States and Canada) and the United States Caribbean Sea area (waters around Puerto Rico and the United States Virgin Islands), are required to use fuel oil with lower sulphur content of no more than 0.5% (mass by mass) as opposed to the previous limit of 3.5% (“IMO 2020”). Operators who intend to continue using high sulphur content bunker fuel are required to fit their vessels with sulphur-cleaning devices known as scrubbers. Ship owners can also opt for other sources of cleaner fuel such as liquefied natural gas (LNG).

In addition, we are required to comply with the Energy Efficiency Existing Ship Index (EEXI) requirement introduced by the IMO, by the first annual survey of our vessels on or after 1 January 2023, which aims to reduce carbon intensity. We may have to retrofit the engine power limit of our vessels to reduce their engine power and speed,or alternatively retrofit our vessels with energy-efficient technology to minimise carbon emissions. As we are currently assessing the ability of our vessels to comply with the EEXI requirement, we have not determined the exact cost to be incurred in complying with the EEXI requirement at this juncture.

While we are committed to complying with the applicable regulations, there can be no assurance that we will be able to comply with such regulations in the future. If such an event occurs which result in us having to pay high fines and/or penalties, our reputation, financial condition and results of operations would be materially and adversely affected.

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9.1.6 We are exposed to risks arising from foreign exchange fluctuations

Our revenue streams are predominantly denominated in RM. We also have revenue denominated in USD generated from routes outside of Malaysia and from our charter hire operations. A portion of our direct costs, expenses, capital expenditures and borrowings is denominated in foreign currencies, primarily USD. Bunker fuel cost, vessel charter-in costs, salary of crew members, vessel maintenance costs as well as purchase of vessels and containers are denominated in USD and SGD.

For the FPE 31 March 2021, we incurred 23.2% and 96.1% of our total direct costsand capital expenditure, respectively, in currencies other than RM. In addition, as at 31 March 2021, 25.7% of our total borrowings and lease liabilities are denominated in USD. When USD strengthens against RM, our costs will increase. Therefore, our financial results are impacted by foreign currency fluctuations, in particular movements of USD against RM, which may affect our Group’s financial position.

Save for the foreign currency accounts that we maintain to set-off some of our purchases in foreign currencies with some of our earnings in foreign currencies, we currently do not hedge our foreign currency exposure using any derivative instruments. Any significant volatility in foreign currencies which is unfavourable to us may affect our results of operations. We may consider using certain derivative instruments in the future in order to minimise the risk from foreign exchange fluctuations. Any future use of derivative instruments would nevertheless involve certain risks which could negatively affect our financial condition and results of operations.

9.1.7 We are exposed to interest rate fluctuations

We operate in a capital intensive industry which requires high levels of funding. We have and will continue to have a significant amount of borrowings as we rely on bank borrowings to finance the purchases of our vessels and containers. Our cost of financing as at 31 March 2021 ranges from 2.0% to 4.7% per annum. Changes in economic conditions could result in higher interest rates and eventually also increased our finance costs, which in turn may affect our business and profitability. Any significant fluctuations in interest may affect our profitability.

Our gearing ratio was 0.4, 0.7 and 0.8 and 0.9 for the FYEs 31 December 2018, 31December 2019, 31 December 2020 and FPE 31 March 2021, respectively. There can be no assurance that our gearing level will remain the same in the future and our business, financial condition and results of operations would not be affected if there are any fluctuations in interest rates for our borrowings.

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9.1.8 Our growth and success depend on our Executive Directors and Key Senior Management

Our growth and success depend on, to a significant extent, the abilities, skills, experience and expertise of our Executive Directors and Key Senior Management.

Our Group is led by our Executive Directors who are assisted by a team of Key Senior Management who have extensive knowledge and experience in the container liner shipping industry. Most of our Executive Directors and Key Senior Management have over 10 years of experience in the container liner shipping industry. See Sections 5.2.3 and 5.3.3 of this Prospectus for the profiles of our Executive Directors and Key Senior Management.

We also believe that our success is dependent upon the continued service of our Executive Directors and Key Senior Management. The loss of any of our Executive Directors and Key Senior Management without suitable and timely replacement, or the inability to attract, hire and retain suitable candidates for Key Senior Management positions may adversely affect our continued ability to compete with other industry players and implement our business strategies, which could have a material adverse effect on our business, financial condition, results of operations and prospects.

9.1.9 We may not be able to attract and retain our experienced and skilled workforce

Our container liner shipping operations require highly experienced and skilledpersonnel with requisite hands-on experience to undertake tasks which are crucial to our operations such as container inventory management, voyage planning, fleet management and terminal operation.

The employment market for experienced and skilled personnel in the industry in which we operate is very competitive. The loss of the services of one or more of these experienced personnel, without adequate replacements or the inability to attract new experienced personnel at a reasonable cost, would have a material adverse effect onour business, financial condition, results of operations and prospects. In addition, competition for experienced personnel could compel us to pay higher wages to attract or retain key personnel, which could increase our labour costs.

While we recognise the importance of motivating and retaining our existing experienced and skilled workforce by offering them a competitive remuneration package, there can be no assurance that we will be able to retain a sufficient number of them for our operations. Although we have not experienced any major shortage of experienced and skilled workforce that has materially disrupted our business in the past, there can be no assurance that we will not face shortage in experienced and skilled workers in the future and the hiring process of new personnel can be time-consuming. A shortage of experienced and skilled workers which is not expeditiously addressed may adversely affect our business and results of operations.

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9.1.10 Our insurance coverage may not be adequate to cover all risks and losses associated with our business operations

While we maintain insurance policies against, among others, risk of damage to or loss of our owned and chartered vessels, cargoes, offices and equipment, public liabilityand burglary and risk of personal accidents and compensation in respect of our employees which are in line with the general business practices in the industry, weare still exposed to the risks and losses associated with our business and operations that our insurance coverage may not adequately cover.

For instance, we maintain hull and machinery insurance and protection and indemnity insurance for all of our existing vessels, which includes pollution risk insurance, natural disaster and perils of the sea insurance, crew insurance, piracy, war risk insurance and legal assistance and defence insurance. Our vessels and their cargoes are at risk of being damaged or lost because of events or risks, such as force majeure,marine disaster including oil spills, mechanical failures, crew negligence, collision, war, terrorism, piracy and any other events. Any of these events may result in personal injury or death, damage to or loss of property, environmental damage, delays in delivery of cargo, regulatory fines and higher insurance premiums. There can be no assurance that all losses arising from these events are adequately covered by our insurance policies.

If we were to suffer a loss that is not insured or is not adequately covered by insurance, our business, financial condition, results of operations and prospects could be materially and adversely affected.

There may also be certain risks which cannot be reasonably or capable of being insured against, such as risk of damage to our vessels resulting from nuclear war and/or cyber-attacks.

Our insurance policies may contain deductibles, limitations and exclusions which may increase our costs in the event of a claim. We may also be subject to additional calls, or premium payments, in amounts based not only on our own claim records but also claims records of all other members of the protection and indemnity association through which we received indemnity insurance coverage.

9.1.11 We may be affected by any change in the current taxation regulation

Prior to YA 2012, Section 54A(1) of the Income Tax Act 1967 specifically stated that “where a person who is resident for the basis year for a year of assessment carrieson the business of - (a) transporting passengers or cargo by sea on a Malaysian ship; or (b) letting out on charter a Malaysian ship owned by him on a voyage or time chartered basis, the statutory income for that year of assessment from that business shall be exempt from tax.” (“100% Tax Exemption”). A Malaysian ship means a sea-going ship registered under the Merchant Shipping Ordinance 1952, other than a ferry, barge, tug-boat, supply vessel, crew boat, lighter, dredger, fishing boat or other similar vessel.

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The Income Tax Act 1967 was amended in 2012 to reduce the quantum of the said income tax exemption from 100% to 70% with effect from the YA 2012 (“70% Tax Exemption”). However, this was not implemented as the 100% Tax Exemption was subsequently extended from the YA 2012 to the YA 2020 pursuant to three subsequent exemption orders gazette, namely the Income Tax (Exemption) (No. 2) Order 2012 [P.U. (A) 167/2012], the Income Tax (Exemption) Order 2018 [P.U. (A) 38/2018] and the Income Tax (Exemption) (No. 2) 2018 [P.U. (A) 48/2018], respectively.

The Ministry of Finance had via its letter dated 10 July 2020 informed the Ministry of Transport that it had approved the extension of the 100% Tax Exemption until the YA2023 subject to certain conditions, namely (i) each Malaysian shipowner to comply with the minimum requirements to be prescribed by the Ministry of Transport in terms of annual operating expenditure and number of full-time employees; and (ii) the Ministry of Transport to develop a framework and implement the imposition of annual tonnage fee/tax to Malaysian shipowners by 1 January 2022. Accordingly, we will not be eligible for the 100% Tax Exemption from the YA 2022 to the YA 2023 in the event that the Ministry of Transport does not implement the aforesaid annual tonnage fee/tax by 1 January 2022.

As at the LPD, the extension of the 100% Tax Exemption until the YA 2023 has not come into effect but we continue to be eligible for the 100% Tax Exemption on our statutory income derived from Malaysian ships.

The further extension on the 100% Tax Exemption after the YA 2023 would be subject to gazette of the relevant tax laws. If there are no further gazetted tax laws to extend the100% Tax Exemption and the Ministry of Transport implements the annual tonnage fee/tax by 1 January 2022, we will continue to be eligible for the 100% Tax Exemption on our statutory income derived from Malaysian ships until the YA 2023 but from the YA 2024 onwards, we will be eligible for the 70% Tax Exemption on our statutory income derived from Malaysian ships.

With only the 70% Tax Exemption, 30% of our statutory income derived from Malaysian ships would be subject to the prevailing statutory tax rate of 24% and for illustrative purposes only, as a consequence, the effective tax rate of our Group would increase from approximately 9% to 13% for the FYE 31 December 2020. The effective tax rate of our Group for the FYE 31 December 2021 will also increase as compared to our effective tax rate for the FYE 31 December 2020.

As our Group will be eligible for the 70% Tax Exemption pursuant to Section 54(A)(1) of the Income Tax Act 1967 where the increase in the effective tax rate of our Group would not materially impact the profitability of the MTT Shipping group of companies (“MTT Shipping Group”), and accordingly, the reduction from the 100% Tax Exemption to the 70% Tax Exemption will not have a material adverse effect to the profitability of ourGroup. The MTT Shipping Group has also continued to grow its business resulting in much improved results for the FPE 31 March 2021.

There can also be no assurance that the tax exemption under the Income Tax Act 1967would continue to be available to Malaysian shipowners for an indefinite period of time or will continue on the same terms. Any adverse change to the tax treatment will adversely affect our results of operations.

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9.1.12 We face the risk of arrest and detention of vessels

Our vessels are our primary assets to ensure delivery of goods for our customers. Our vessels may be arrested and detained in certain events involving such vessels, which include, but not limited to the following events:

(i) a claim in respect of a mortgage or charge on our vessels or any share therein;

(ii) a claim for damage done to/by our vessels, for instance where our vessels collide with and cause damage to other vessels or properties;

(iii) a claim for loss of life or personal injury sustained in consequence of any defects in our vessels or in our apparel or equipment;

(iv) a claim for loss of or damage to goods carried in our vessels;

(v) a claim arising from any agreement relating to the carriage of goods in our vessels or to the use or charter hire of our vessel; or

(vi) any claim by a master or a member of the crew of our vessels for wages (including any sum allotted out of wages or adjudged by a superintendent to be due by way of wages).

Further, actions may also be taken against any of our chartered vessels if they are within the same legal ownership as the vessel which is subject to the claim.

We have not encountered any arrest or detention of our vessels in the past. Any arrest or detention of vessels may cause damage to our reputation and disruption to our operations, which could materially and adversely affect our business, financial condition, results of operation and prospects. There can be no assurance that the above event or other events beyond our control that may cause our vessels to be arrested or detained, will not occur in the future.

9.1.13 The interests of our Promoters who control our Group may not be aligned with the interests of our other shareholders

Our Promoters will hold a controlling interest in our enlarged issued share capital upon Listing. As a result, our Promoters will be able to, in the foreseeable future, have effective control over the business direction and management of our Company including the election of directors, the timing and payment of dividends as well as having voting control and as such, will likely influence the outcome of certain matters requiring the vote of our shareholders, unless he and persons connected with him are required to abstain from voting either by requirement of law and/or by the relevant guidelines or regulations. Therefore, there is a risk of whether the interests of our Promoters will be aligned with those of our other shareholders.

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9.2 RISKS RELATING TO OUR INDUSTRY

9.2.1 We face competition in our businesses

We compete with other container liner shipping industry players in terms of service route offerings, capacity, service, pricing, frequency of delivery and ability to deliver on timely manner, among others. In particular, we compete with industry players who operate along similar service routes while covering the same ports.

We are subject to price competition and freight rates are usually a key factor for our customers in determining which shipping company to engage. Freight rates are affected by a variety of factors including the demand for and supply of cargo space,market conditions and bunker fuel prices, many of which are beyond our control.Some of our competitors may be able to offer lower freight rates. Any increased competition may result in reduction in our prices and profit margins as well as loss of our market share which may materially affect our result of operations. There can be no assurance that we will be able to continue to compete successfully in the future and if we fail to do so, our business, financial condition, results of operations and prospects would be materially and adversely affected.

Further, as we generally do not enter into long-term or exclusive supply or service agreements with our customers, our customers could potentially switch to the services of our competitors on all or some trades. Our competitors may choose to establish services on the same routes as ours and attempt to undercut our freight rates on those routes. This may result in us losing our customers and materially and adversely affect our result of operations and financial performance.

9.2.2 We are subject to changes in government, economies, fiscal and monetarypolicies and regulations applicable to container liner shipping industry

Our business may from time to time be subject to changes in applicable government,economic, fiscal and monetary policies and regulations. For example, the cabotage policy was implemented in Malaysia in 1980 to protect domestic shipping companies and to promote the domestic shipping industry. This policy does not allow for non-Malaysian vessels to conduct domestic shipping activities in Malaysia, unless exempted. However, cabotage policy went through several partial liberalisations. Pursuant to the partial liberalisation of the cabotage policy, with effect from 1 June 2017, both Malaysian and non-Malaysian vessels may provide transport of cargo services from any one port in Peninsular Malaysia to any one port in Sabah, Sarawak or Labuan (and vice versa), from any port in Sabah to another port in Sabah, or from any port in Sarawak to another port in Sarawak, without having to obtain a Domestic Shipping Licence. See Section 2.2 of the IMR Report as set out in Section 8 of this Prospectus for further details of the cabotage policy.

Competition would likely increase if more foreign players enter the market. Such increased competition may materially and adversely affect our business, financial condition, results of operations and prospects. In addition, government intervention and significant changes in policies in Malaysia including inflation, wage and price controls, capital controls, interest rates controls and limitations on imports or exports, may materially and adversely affect our business, financial condition, results of operations and prospects. Economic slowdowns may also have a material adverse effect on domestic economic conditions and investment sentiments. Such developments could lead to reduction in demand for our services and materially and adversely affect our business, financial condition, results of operations and prospects.

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9.2.3 Our business operations may be affected by disruptions to operations at portswhich are under our coverage

Our container liner shipping operations are reliant on the continued operations of the ports which are under our coverage. Further, we operate weekly fixed-day shipping services which is an important element and distinguishing factor to our container liner shipping business. As at the LPD, we offer comprehensive port coverage across Peninsular Malaysia and East Malaysia, as well as ports in Brunei, Singapore, Thailand and Indonesia, details of which are set out in Section 7.3.2(ii) of this Prospectus.

The container terminals at the respective ports may undergo expansion, upgrading and maintenance works from time to time. This may cause disruptions to our operations at the ports.

Further, we may also suffer operational disruptions from port congestion or stoppagesas a result of certain disruptive events at the ports such as breakdown of port equipment, accidents, fire, port worker strikes, shortages in port labour, terrorist attacks, natural disasters/adverse weather conditions such as storms and haze, orother forms of unrest, all of which are beyond our control.

The disruptive event occurred may affect the marine tug boat services, pilotage services and crane services operating at the ports or result in closure of the ports or their facilities, and consequently affect our operations at such ports. It may also cause damages or losses to our vessels, containers as well as the cargo owned by our customers. Any such disruptions may result in delayed schedules and increased our cost of operations which eventually may materially and adversely affect our operations and financial performance.

We experienced port congestion as a result of the Covid-19 pandemic where ourcontainer vessels have to wait longer time for available berthing window at certain ports. Such situation may be largely due to reduced labour capacity at many ports in complying with the governments’ SOP and spike of containers volume as the economy gradually reopened. See Section 7.17.1 of this Prospectus and Section 2.2of the IMR Report as set out in Section 8 of this Prospectus for further details of such incident. There can no assurance that any disruptions occurred at the ports which are under our coverage in the future, will not adversely affect our business, financial condition and results of operations.

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9.2.4 We are exposed to risk of fluctuation in bunker fuel prices

One of the main input costs for our container liner shipping services is bunker fuel, including HFO, very low sulphur fuel oil and marine gas oil, which are used to propel our vessels.

The cost of bunker fuel accounts for a substantial part of our operating cost. The table below sets out the breakdown of bunker fuel costs incurred by us for the financial years/period:

FYE 31 DecemberFPE 31 March

2018 2019 2020 2021

Bunker fuel costs/RM(’000)

93,409 88,367 76,401 22,429

Total direct costs/RM(’000)

409,506 408,950 414,880 122,975

% of our Group’s total direct costs

22.8 21.6 18.4 18.2

Average cost of marine fuel oil per MT/ RM

1,699 1,668 1,660 1,715

Average cost of marine gas oil per MT

2,742 2,690 2,147 2,253

The cost of bunker fuel which is denominated in USD fluctuates according to the prevailing global oil prices. Global oil prices are affected by various factors beyond our control such as changes in global demand and supply conditions, geopolitical events affecting major oil producing countries, government policies and the level of global economic activities. Any changes in these factors may cause material increases in the global oil prices and this may lead to an increase in our Group’s direct costs. If we are unable to partially pass on increases in bunker fuel costs to our customers, we will bear the incremental costs and this may have a material impact on our results of operations.

While we have generally been able to partially pass on cost increases to our customers through bunker adjustment factor, there can be no assurance that we can continue to do so in the future. If we are unable to partially pass on cost increases to our customers and are unsuccessful in managing our exposure to the bunker fuel price fluctuations, our financial condition, result of operations and prospects could be materially and adversely affected.

9.2.5 We are subject to fluctuations of charter hire rates for container vessels

As at the LPD, we charter out three of our container vessels to other container liner shipping companies. We will be chartering out additional four vessels in July 2021.As part of our future plans and strategies, we plan to, among others, expand ourcontainer vessel fleet for our vessel chartering business by purchasing additionalcontainer vessels using part of the proceeds raised from our Public Issue. See Section 4.6 of this Prospectus for further details of the use of proceeds to be raised from our Public Issue. Charter hire market rates fluctuate according to the supply and demand for vessel chartering services, the design or specifications of the vessels,geographical locations and changes in economic conditions and regulatory requirements. Our success in increasing the revenue contribution from our vessel chartering business segment depends on our ability to secure employment for our vessels at profitable charter rates.

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If we charter out our container vessels at a time when demand for container vessels is low, we may have to accept a reduced and potentially unprofitable rates or we may not be able to charter out our vessels at all. If the charter hire rates are not at desirable levels and we are to continue to incur crew costs, insurance and maintenance costs for our vessels, our business, financial condition, results of operations and prospects could be materially and adversely affected.

9.2.6 Terrorist or pirate attacks or cargo hijacking may increase the costs of our operations

Our container vessels including our tugs and barges face the risk of terrorist or pirate attacks during a voyage as we sail along the waters of Sabah, Sarawak, Straits of Malacca, waters of Thailand, Singapore and Indonesia. Terrorist or pirate attacksand/or cargo hijacking during our voyage and/or at the ports where we voyage to, may materially and adversely affect our shipping operations. The potential impact includes the loss of cargo and loss of profit from payment of ransom, detention against our vessels, as well as jeopardising the safety of the affected crew members. Any future terrorist or pirate attacks or cargo hijacking may increase the premiums payable for such insurance coverage and expenses for tightened security measures. In such circumstances, our business, financial condition, results of operations and prospect may be materially and adversely affected.

9.3 RISKS RELATING TO OUR SHARES AND OUR LISTING

9.3.1 There may be a delay in or termination of our Listing

The occurrence of certain events may, including the following, may cause a delay in or termination of our Listing:

(i) the Joint Managing Underwriters or the Joint Underwriters exercising their rights under the Retail Underwriting Agreement, or the Global Coordinator or the Joint Bookrunners exercising their rights pursuant to the Placement Agreement to discharge themselves from their obligations under such agreements;

(ii) we are unable to meet the minimum public shareholding spread requirement under the Listing Requirements, i.e. at least 25.0% of the total number of our Shares for which Listing is sought must be held by a minimum number of 1,000 public shareholders holding not less than 100 Shares each at the point of our Listing; or

(iii) the revocation of approvals from the relevant authorities for our Listing for whatever reason.

Where prior to the issuance and allotment or transfer of our IPO Shares:

(i) the SC issues a stop order under Section 245(1) of the CMSA, the applications shall be deemed to be withdrawn and cancelled and we and the Selling Shareholders shall repay all monies paid in respect of the applications for our IPO Shares within 14 days of the stop order, failing which we shall be liable to return such monies with interest at the rate of 10.0% per annum or at such other rate as may be specified by the SC pursuant to Section 245(7)(a) of the CMSA; or

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(ii) our Listing is aborted other than pursuant to a stop order by the SC under Section 245(1) of the CMSA, investors will not receive any IPO Shares, all monies paid in respect of all applications for our IPO Shares will be refunded free of interest.

Where subsequent to the issuance and allotment or transfer of our IPO Shares and the proceeds from our Public Issue form part of our share capital:

(i) the SC issues a stop order under Section 245(1) of the CMSA, any issue of our IPO Shares shall be deemed to be void and all monies received from the applicants shall be forthwith repaid and if any such money is not repaid within 14 days of the date of service of the stop order, we shall be liable to return such monies with interest at the rate of 10.0% per annum or at such other rate as may be specified by the SC pursuant to Section 245(7)(b) of the CMSA; or

(ii) our Listing is aborted other than pursuant to a stop order by the SC, a return of monies to our shareholders could only be achieved by way of a cancellation of share capital as provided under the Act and its related rules. Such cancellation can be implemented by the sanction of our shareholders by special resolution in a general meeting and supported by either (a) consent by our creditors (unless dispensation with such consent has been granted by the High Court of Malaya) and the confirmation of the High Court of Malaya, in which case there can be no assurance that such monies can be returned within a short period of time or at all under such circumstances, or (b) a solvency statement from the directors.

9.3.2 An active and liquid market for our Shares may not develop

There can be no assurance as to the liquidity of the market that may develop for our Shares, the ability of holders to sell our Shares or the prices at which holders would be able to sell our Shares. Neither we nor our Promoters have an obligation to make a market for our Shares or, if such a market does develop, to sustain it. In addition, there can be no assurance that the trading price of our Shares will reflect our operations and financial condition, our growth prospects or the growth prospects of the industries in which we operate.

9.3.3 We may not be able to pay dividends

Our ability to declare dividends to our shareholders will depend on, among others, our future financial performance, distributable reserves and cash flows. This, in turn, is dependent on our operating results, capital requirements and on our ability to implement our future plans, demand for and selling prices of our products, general economic conditions, and other factors specific to our industry, many of which are beyond our control. As such, there can be no assurance that we will be able to pay dividends to our shareholders.

The receipt of dividends from our subsidiaries may also be affected by the passing of new laws, adoption of new regulations and other events outside our control, and our subsidiaries may not continue to meet the applicable legal and regulatory requirements for the payment of dividends in the future. In addition, changes in accounting standards may also affect the ability of our subsidiaries, and consequently, our ability to pay dividends.

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Dividend payments are not guaranteed and our Board may decide, at its sole and absolute discretion, at any time and for any reason, not to pay dividends. If we do not pay dividends, or pay dividends at levels lower than that anticipated by investors, the market price of our Shares may be negatively affected and the value of any investment in our Shares may be reduced.

For a description of our dividend policy, see Section 12.5 of this Prospectus.

9.3.4 Our Share price and trading volume may be volatile

The market price of our Shares may fluctuate as a result of, among others, the following factors, some of which are beyond our control:

(i) differences between our actual financial and operating results and those expected by investors and analysts;

(ii) changes in securities analysts’ recommendations, perceptions or estimates of our financial performance;

(iii) changes in market valuations of listed shares in general or shares of companies comparable to ours;

(iv) changes in conditions affecting the industry, the general political and economic conditions or stock market sentiments or other events or factors;

(v) fluctuations in stock market prices and trading volumes;

(vi) involvement in litigation;

(vii) changes in government policy, legislation or regulation; and

(viii) general operational and business risks.

In addition, many of risks described elsewhere in this Section could materially and adversely affect the market price of our Shares. Accordingly, there can be no assurance that our Shares will not trade at prices lower than the Institutional Price or the Final Retail Price. There can be no assurance that the trading price of our Shares will reflect our operations and financial condition, our prospects, the prospects of the industry we operate in.

Over the past few years, the Malaysian, regional and global equity markets have experienced significant price and volume volatility that has affected the share prices of many companies. Share prices of many companies have experienced wide fluctuations that are often unrelated to the operating performance of these companies, including fluctuations as a result of developments in other emerging markets. Therecan be no assurance that the price and trading of our Shares will not be subject to fluctuations.

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9.3.5 Forward-looking statements in this Prospectus may not be accurate

This Prospectus contains forward-looking statements. All statements, other than statements of historical facts, included in this Prospectus, including, without limitation, those regarding our financial position, business strategies, prospects, plans and objectives of our Group for future operations are forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. Such factors include, among others, general economic and business conditions, competition, the impact of new laws and regulations affecting our industries and government initiatives. Forward-looking statements can be identified by the use of forward-looking terminology such as the words “may”, “will”, “would”, “could”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “aim”, “plan”, “forecast” or similar expressions and include all statements that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements of our Group, or industry results, to be materially different from any future results, performance, achievements or industry results expressed or implied by such forward-looking statements.

In light of these uncertainties, the inclusion of such forward-looking statements in this Prospectus should not be regarded as a representation or warranty by us or our advisers that such plans and objectives will be achieved.

228


10. RELATED PARTY TRANSACTIONS

10.1 RELATED PARTY TRANSACTIONS

Under the Listing Requirements, a “related party transaction” is a transaction entered into by a listed issuer or its subsidiaries that involves the interest, direct or interest, of a related party. A “related party” of a listed issuer is:

(i) a director, having the meaning given in Section 2(1) of the CMSA and includes any person who is or was within the preceding six months of the date on which the terms of the transaction were agreed upon, a director of the listed issuer, its subsidiaries or holding company or a chief executive of the listed issuer, its subsidiaries or holding company; or

(ii) a major shareholder and includes any person who is or was within the preceding six months of the date on which the terms of the transaction were agreed upon, a major shareholder of the listed issuer or its subsidiaries or holding company, having an interest or interests in one or more voting shares in a corporation and the number or aggregate number of those shares is:

(a) 10.0% or more of the total number of voting shares in the corporation; or

(b) 5.0% or more of the total number of voting shares in the corporation where such person is the largest shareholder of the corporation; or

(iii) a person connected with such director or major shareholder.

229

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istra

tion

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10.

REL

ATED

PA

RTY

TR

AN

SAC

TIO

N (C

ont’d

)

230

The

tabl

e be

low

set

s ou

t the

list

of t

he re

late

d pa

rties

who

tran

sact

ed w

ith o

ur G

roup

dur

ing

the

past

thre

eFY

E 31

Dec

embe

r 201

8, F

YE

31 D

ecem

ber

2019

, FYE

31

Dec

embe

r 202

0, F

PE 3

1 M

arch

202

1an

d up

to th

e LP

D:

No.

Rel

ated

par

tyPr

inci

pal a

ctiv

ities

Nat

ure

of re

latio

nshi

p

1.D

ato’

Ser

i Ong

-D

ato’

Ser

i Ong

is o

ur D

irect

or a

nd m

ajor

sha

reho

lder

.

2.Ev

ergr

een

Mal

aysi

aSh

ippi

ng a

gent

ser

vice

s

Ever

gree

n M

alay

sia

is a

who

lly-o

wne

d su

bsid

iary

of P

eony

Inve

stm

ent S

.A.

Pe

ony

Inve

stm

ent S

.A. i

s a

maj

or s

hare

hold

er o

f our

sub

sidi

ary,

nam

ely

ICSD

.

3.G

reen

pen

Frei

ght

Serv

ices

Sdn

Bhd

(“G

reen

pen

Frei

ght

Serv

ices

”)

Forw

ardi

ng

agen

t, w

areh

ousi

ng a

nd r

elat

ed

serv

ices

D

ato’

Ser

i Ong

isou

r D

irect

or a

nd m

ajor

sha

reho

lder

. He

is a

lso

a di

rect

or a

nd m

ajor

sh

areh

olde

r of G

reen

pen

Frei

ght S

ervi

ces.

O

CTS

B is

our

maj

or s

hare

hold

er. O

CTS

B is

als

o a

subs

tant

ial s

hare

hold

er o

f Gre

enpe

n Fr

eigh

t Ser

vice

s.

O

ng G

uat E

e is

our

maj

or s

hare

hold

er. S

he is

als

o a

subs

tant

ial s

hare

hold

er o

f Gre

enpe

n Fr

eigh

t Ser

vice

s vi

a he

r equ

ity in

tere

st in

OC

TSB

.

4.G

reen

pen

Prop

ertie

s Sd

n Bh

d (“G

reen

pen

Prop

ertie

s”)

Prop

erty

inve

stm

ent

D

ato’

Ser

i Ong

is o

ur D

irect

or a

nd m

ajor

sha

reho

lder

. He

is a

lso

a di

rect

or a

nd m

ajor

sh

areh

olde

r of G

reen

pen

Pro

perti

es.

O

CTS

B is

our

maj

or s

hare

hold

er.

OC

TSB

is a

lso

a m

ajor

sha

reho

lder

of

Gre

enpe

n Pr

oper

ties.

O

ng G

uat E

e is

our

maj

or s

hare

hold

er. S

he is

als

o a

maj

or s

hare

hold

er o

f Gre

enpe

n Pr

oper

ties

via

her e

quity

inte

rest

in O

CTS

B.

Ooi

Lea

n H

in is

our

Dire

ctor

and

maj

or s

hare

hold

er. H

e is

als

o a

dire

ctor

of G

reen

pen

Prop

ertie

s.

Peon

y In

vest

men

t S.A

. is

a m

ajor

sha

reho

lder

of o

ur s

ubsi

diar

y, n

amel

y IC

SD. I

t is

also

a m

ajor

sha

reho

lder

of G

reen

pen

Prop

ertie

s.

230

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istra

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10.

REL

ATED

PA

RTY

TR

AN

SAC

TIO

N (C

ont’d

)

No.

Rel

ated

par

tyPr

inci

pal a

ctiv

ities

Nat

ure

of re

latio

nshi

p

5.M

TTC

Stev

edor

ing

serv

ices

, lig

hter

op

erat

ions

, sh

ippi

ng

agen

t se

rvic

es

and

letti

ng o

f pro

perti

es

M

TTC

is o

ur m

ajor

sha

reho

lder

.

D

ato’

Ser

i Ong

is o

ur D

irect

or a

nd m

ajor

sha

reho

lder

. He

isal

so a

dire

ctor

and

maj

or

shar

ehol

der o

f MTT

C.

O

oi L

ean

Hin

is o

ur D

irect

or a

nd m

ajor

sha

reho

lder

. He

is a

lso

a di

rect

or o

f MTT

C.

C

laric

e O

ng is

our

Dire

ctor

. She

is a

lso

a di

rect

or o

f MTT

C.

O

CTS

B is

our

maj

or s

hare

hold

er. I

t is

also

a m

ajor

sha

reho

lder

of M

TTC

.

O

ng G

uat E

e is

our

maj

or s

hare

hold

er. S

he is

als

o a

maj

or s

hare

hold

er o

f MTT

C v

ia h

er

equi

ty in

tere

st in

OC

TSB.

6.O

ng C

hun

Tee

-O

ng C

hun

Tee

is a

son

of D

ato’

Ser

i Ong

, our

Dire

ctor

and

maj

or s

hare

hold

er a

nd a

bro

ther

of

Cla

rice

Ong

, our

Dire

ctor

.

7.O

oi L

ean

Hin

-O

oi L

ean

Hin

is o

ur D

irect

or a

nd m

ajor

sha

reho

lder

.

8.Pa

c D

e Pa

c Se

rvic

es

(Por

t Kla

ng) S

dn B

hd

(“Pac

De

Pac”

)

War

ehou

sing

and

sto

rage

se

rvic

es

Dat

o’ S

eri O

ng is

our

Dire

ctor

and

maj

or s

hare

hold

er. H

e is

als

o a

dire

ctor

and

maj

or

shar

ehol

der o

f Pac

De

Pac

via

his

equi

ty in

tere

st in

Prio

rity

Syne

rgy

Sdn

Bhd

(“Pr

iorit

y Sy

nerg

y”)o

f whi

ch P

riorit

y S

yner

gy is

a m

ajor

sha

reho

lder

of P

ac D

e Pa

c.

O

oi L

ean

Hin

is o

ur D

irect

or a

nd m

ajor

sha

reho

lder

. H

e is

a d

irect

or a

nd s

ubst

antia

l sh

areh

olde

r of P

ac D

e Pa

c.

C

han

Hua

n H

in is

our

Dire

ctor

. He

is a

dire

ctor

and

maj

or s

hare

hold

er o

f Pac

De

Pac

via

hi

s eq

uity

inte

rest

in P

riorit

y S

yner

gy.

Le

e H

ock

Sain

g is

our m

ajor

shar

ehol

der.

He

is a

lso

a sh

areh

olde

rof P

ac D

e Pa

c.

231

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10.

REL

ATED

PAR

TY T

RAN

SAC

TIO

N (Cont’d

)

232

No.

R

elat

ed p

arty

Pr

inci

pal a

ctiv

ities

N

atur

e of

rela

tions

hip

9.

Perc

eptiv

e Lo

gist

ics

Hau

lage

, di

strib

utio

n an

d tra

nspo

rtatio

n se

rvic

es

Pe

rcep

tive

Logi

stic

s is

an

indi

rect

ass

ocia

ted

com

pany

of o

ur C

ompa

ny.

Dat

o’ S

eri O

ng is

our

Dire

ctor

and

maj

or s

hare

hold

er. H

e is

als

o a

dire

ctor

and

maj

or

shar

ehol

der

of P

erce

ptiv

e Lo

gist

ics

via

his

equi

ty i

nter

est

in P

riorit

y H

aula

ge &

D

istri

butio

n Sd

n Bh

d (“P

riorit

y H

aula

ge”),

of

whi

ch P

riorit

y H

aula

ge i

s a

maj

or

shar

ehol

der o

f Per

cept

ive

Logi

stic

s, th

roug

h O

CTS

B.

O

oi L

ean

Hin

is o

ur D

irect

or a

nd m

ajor

sha

reho

lder

. He

is a

lso

a di

rect

or a

nd s

ubst

antia

l sh

areh

olde

r of P

erce

ptiv

e Lo

gist

ics.

O

CTS

B is

our

maj

or s

hare

hold

er. I

t is

also

a m

ajor

sha

reho

lder

of P

erce

ptiv

e Lo

gist

ics

via

its e

quity

inte

rest

in P

riorit

y H

aula

ge.

O

ng G

uat E

e is

our

maj

or s

hare

hold

er. S

he is

als

o a

maj

or s

hare

hold

er o

f Per

cept

ive

Logi

stic

s vi

a he

r equ

ity in

tere

st in

Prio

rity

Hau

lage

thro

ugh

OC

TSB.

10

. Pe

rcep

tive

Logi

stic

s Pr

oper

ties

Sdn

Bhd

(“Per

cept

ive

Logi

stic

s Pr

oper

ties”

)

Prop

erty

inve

stm

ent

Pe

rcep

tive

Logi

stic

s Pr

oper

ties

is a

who

lly-o

wne

d su

bsid

iary

of

Ever

gree

n M

alay

sia,

w

hich

in tu

rn is

a w

holly

-ow

ned

subs

idia

ry o

f Peo

ny In

vest

men

t S.A

.

Peon

y In

vest

men

t S.A

. is

a m

ajor

sha

reho

lder

of o

ur s

ubsi

diar

y, n

amel

y IC

SD.

11.

Pers

ila S

dn B

hd

(“Per

sila

”) H

aula

ge a

nd d

istri

butio

n se

rvic

es

Pe

rsila

is a

who

lly-o

wne

d su

bsid

iary

of P

erce

ptiv

e Lo

gist

ics,

whi

ch in

turn

is a

n in

dire

ct

a sso

ciat

ed c

ompa

ny o

f our

Com

pany

.

Dat

o’ S

eri O

ng is

our

Dire

ctor

and

maj

or s

hare

hold

er. H

e is

als

o a

dire

ctor

and

maj

or

shar

ehol

der o

f Per

sila

via

his

equ

ity in

tere

st in

Per

cept

ive

Logi

stic

s.

O

oi L

ean

Hin

is o

ur D

irect

or a

nd m

ajor

sha

reho

lder

. He

is a

lso

a di

rect

or o

f Per

sila

.

OC

TSB

is o

ur m

ajor

sha

reho

lder

. It i

s al

so a

maj

or s

hare

hold

er o

f Per

sila

via

its

equi

ty

inte

rest

in P

erce

ptiv

e Lo

gist

ics

thro

ugh

Prio

rity

Hau

lage

.

Ong

Gua

t Ee

is o

ur m

ajor

sha

reho

lder

. She

is a

lso

a m

ajor

sha

reho

lder

of P

ersi

la v

ia h

er

equi

ty in

tere

st in

Per

cept

ive

Logi

stic

s.

232

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istra

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019

(131

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10.

REL

ATED

PA

RTY

TR

AN

SAC

TIO

N (C

ont’d

)

No.

Rel

ated

par

tyPr

inci

pal a

ctiv

ities

Nat

ure

of re

latio

nshi

p

12.

Prio

rity

Car

go S

dn B

hd

(“Prio

rity

Car

go”)

Frei

ght

forw

ardi

ng

and

rela

ted

serv

ices

D

ato’

Ser

i Ong

is o

ur D

irect

or a

nd m

ajor

sha

reho

lder

. He

is a

lso

a di

rect

or a

nd m

ajor

sh

areh

olde

r of P

riorit

y C

argo

via

his

equ

ity in

tere

st in

MTT

C a

nd O

CTS

B.

O

oi L

ean

Hin

is o

ur D

irect

or a

nd m

ajor

sha

reho

lder

. He

is a

lso

a di

rect

or o

f Prio

rity

Car

go.

C

laric

e O

ng is

our

Dire

ctor

. She

is a

lso

a di

rect

or o

f Prio

rity

Car

go.

M

TTC

is o

ur m

ajor

sha

reho

lder

. It i

s al

so a

maj

or s

hare

hold

er o

f Prio

rity

Car

go.

O

CTS

B is

our

maj

or s

hare

hold

er. I

t is

also

a m

ajor

sha

reho

lder

of P

riorit

y C

argo

.

O

ng G

uat E

e is

our

maj

or s

hare

hold

er. S

he is

als

o a

maj

or s

hare

hold

er o

f Prio

rity

Car

go

via

her e

quity

inte

rest

in O

CTS

B.

13.

Prio

rity

Syn

ergy

Fr

eigh

t fo

rwar

ding

an

d re

late

d se

rvic

es

Dat

o’ S

eri O

ng is

our

Dire

ctor

and

maj

or s

hare

hold

er. H

e is

als

o a

dire

ctor

and

maj

or

shar

ehol

der o

f Prio

rity

Syn

ergy

.

O

oi L

ean

Hin

is o

ur D

irect

or a

nd m

ajor

sha

reho

lder

. He

is a

lso

a m

ajor

sha

reho

lder

of

Prio

rity

Syn

ergy

.

C

han

Hua

n H

in is

our

Dire

ctor

.He

is a

lso

a di

rect

or a

nd m

ajor

sha

reho

lder

of P

riorit

y S

yner

gy.

C

laric

e O

ng is

our

Dire

ctor

. She

is a

lso

a di

rect

or o

f Prio

rity

Syn

ergy

.

M

TTC

is o

ur m

ajor

sha

reho

lder

. It i

s al

so a

maj

or s

hare

hold

er o

f Prio

rity

Syn

ergy

via

its

equi

ty in

tere

st in

Prio

rity

Car

go,o

f whi

ch P

riorit

y C

argo

is a

maj

or s

hare

hold

er o

f Prio

rity

Syn

ergy

.

O

CTS

B is

our

maj

or s

hare

hold

er. I

t is

also

a m

ajor

sha

reho

lder

of P

riorit

y S

yner

gy v

ia

its e

quity

inte

rest

in P

riorit

y C

argo

.

O

ng G

uat

Ee

is o

ur m

ajor

sha

reho

lder

. S

he i

sal

so a

maj

or s

hare

hold

er o

f P

riorit

y S

yner

gy v

ia h

er e

quity

inte

rest

in O

CTS

B.

233

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istra

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No.

201

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10.

REL

ATED

PA

RTY

TR

AN

SAC

TIO

N (C

ont’d

)

No.

Rel

ated

par

tyPr

inci

pal a

ctiv

ities

Nat

ure

of re

latio

nshi

p

14.

Rou

nd-th

e-W

orld

Lo

gist

ics

Cor

p Sd

n B

hd

(“Rou

nd-th

e-W

orld

”)

Forw

ardi

ng

agen

t an

d re

late

d se

rvic

es

Dat

o’ S

eri O

ng is

our

Dire

ctor

and

maj

or s

hare

hold

er. H

e is

als

o a

dire

ctor

and

maj

or

shar

ehol

der o

f Rou

nd-th

e-W

orld

.

O

oi L

ean

Hin

is o

ur D

irect

or a

nd m

ajor

sha

reho

lder

. He

is a

lso

a di

rect

or o

f Rou

nd-th

e-W

orld

.

O

CTS

B is

our

maj

or s

hare

hold

er. I

t is

also

a m

ajor

sha

reho

lder

of R

ound

-the-

Wor

ld.

O

ng G

uat E

e is

our

maj

or s

hare

hold

er. S

he is

als

o a

maj

or s

hare

hold

er o

f Rou

nd-th

e-W

orld

via

her

equ

ity in

tere

st in

OC

TSB

.

15.

Tham

Yee

Lan

-Th

am Y

ee L

an is

the

spou

se o

f Ooi

Lea

n H

in, o

ur D

irect

or a

nd m

ajor

sha

reho

lder

.

234

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

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egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

10.

REL

ATED

PA

RTY

TR

AN

SAC

TIO

N (C

ont’d

)

10.1

.1M

ater

ial r

elat

ed p

arty

tran

sact

ions

Save

as

disc

lose

d be

low

and

the

Acqu

isiti

ons

set o

ut in

Sec

tion

6.2

of th

is P

rosp

ectu

s, th

ere

are

no o

ther

mat

eria

l rel

ated

par

ty tr

ansa

ctio

ns

ente

red

into

by

our

Gro

up w

hich

invo

lves

the

inte

rest

, dire

ct o

r in

dire

ct, o

f our

Dire

ctor

s, m

ajor

sha

reho

lder

s an

d/or

per

sons

con

nect

ed w

ith

them

for t

hepa

st th

ree

FYE

31 D

ecem

ber 2

018,

31

Dec

embe

r 201

9, F

YE 3

1 D

ecem

ber 2

020,

FP

E 31

Mar

ch20

21an

d up

to th

e LP

D:

(i)M

ater

ial r

elat

ed p

arty

tran

sact

ions

that

are

one

off

and

non-

recu

rren

t

Save

for t

he A

cqui

sitio

ns, p

rior t

o ou

r IPO

, we

have

und

erta

ken

the

follo

win

g m

ater

ial n

on-r

ecur

rent

rela

ted

party

tran

sact

ions

:

FYE

31 D

ecem

ber

FPE

Bet

wee

n 1

Apr

il 20

21 u

p to

the

LPD

No.

Nat

ure

of tr

ansa

ctio

nTr

ansa

ctin

g pa

rtie

s20

1820

1920

2031

Mar

ch20

21

(RM

’000

)(R

M’0

00)

(RM

’000

)(R

M’0

00)

(RM

’000

)

1.Ac

quis

ition

of o

rdin

ary

shar

es in

LP

Mul

ti Te

rmin

al b

y M

TT S

hipp

ing

of:

(a)

1,50

0,00

0 or

dina

ry

shar

es

in

LP

Mul

ti Te

rmin

al, r

epre

sent

ing

30.0

0%

equi

ty in

tere

st in

LP M

ulti

Term

inal

, fro

m O

oi L

ean

Hin

on

28 M

arch

201

9 vi

a ca

sh c

onsi

dera

tion.

MTT

Shi

ppin

g (b

uyer

) and

Ooi

Lea

n H

in (s

elle

r)

-1,

485

Rep

rese

nts

0.5%

of o

ur

Gro

up’s

NA

--

-

(b)

1,00

0,00

0 or

dina

ry

shar

es

in

LP

Mul

ti Te

rmin

al, r

epre

sent

ing

20.0

0%

equi

ty in

tere

st in

LP

Mul

ti Te

rmin

al,

from

Tha

m Y

ee L

an o

n 16

May

201

8 vi

a ca

sh c

onsi

dera

tion.

MTT

Shi

ppin

g (b

uyer

) and

Tha

m

Yee

Lan

(sel

ler)

1,00

0

Rep

rese

nts

0.4%

of o

ur

Gro

up’s

NA

--

--

(c)

1,05

0,00

0 or

dina

ry

shar

es

in

LP

Mul

ti Te

rmin

al,

repr

esen

ting

21%

eq

uity

inte

rest

in L

P M

ulti

Term

inal

on

16

May

201

8 fro

m O

ng C

hun

Tee

via

cash

con

side

ratio

n.

MTT

Shi

ppin

g (b

uyer

) and

Ong

C

hun

Tee

(sel

ler)

1,05

0

Rep

rese

nts

0.4%

of o

ur

Gro

up’s

NA

--

-

235

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

10.

REL

ATED

PA

RTY

TR

AN

SAC

TIO

N (C

ont’d

)

FYE

31 D

ecem

ber

FPE

Bet

wee

n 1

Apr

il 20

21 u

p to

the

LPD

No.

Nat

ure

of tr

ansa

ctio

nTr

ansa

ctin

g pa

rtie

s20

1820

1920

2031

Mar

ch20

21

(RM

’000

)(R

M’0

00)

(RM

’000

)(R

M’0

00)

(RM

’000

)

(d)

950,

000

ordi

nary

sha

res

in L

P M

ulti

Term

inal

, re

pres

entin

g 19

% e

quity

in

tere

st in

LP

Mul

ti Te

rmin

al o

n 16

Au

gust

201

9, f

rom

Ong

Chu

n Te

e

via

cash

con

side

ratio

n.

MTT

Shi

ppin

g (b

uyer

) and

Ong

C

hun

Tee

(sel

ler)

-95

0

Rep

rese

nts

0.3%

of o

ur

Gro

up’s

NA

--

-

2.Ac

quis

ition

of

ordi

nary

sha

res

in M

TT

Rea

lty H

oldi

ngs

by M

TT S

hipp

ing

of:

(a)

one

ordi

nary

sha

re i

n M

TT R

ealty

H

oldi

ngs,

re

pres

entin

g le

ss

than

0.

001%

equ

ity in

tere

st in

MTT

Rea

lty

Hol

ding

s, fr

om O

oi L

ean

Hin

on

10

Dec

embe

r 20

18

via

cash

co

nsid

erat

ion.

MTT

Shi

ppin

g (b

uyer

) and

Ooi

Lea

n H

in (s

elle

r)

RM

1.00

--

--

(b)

2,44

9,99

9 or

dina

ry s

hare

s in

MTT

R

ealty

H

oldi

ngs,

re

pres

entin

g ap

prox

imat

ely

49.0

% e

quity

inte

rest

in

MTT

Rea

lty H

oldi

ngs,

from

Dat

o’

Seri

Ong

on

10 D

ecem

ber

2018

via

ca

sh c

onsi

dera

tion.

MTT

Shi

ppin

g (b

uyer

) and

Dat

o’

Seri

Ong

(sel

ler)

(1) 2

,450

Rep

rese

nts

0.9%

of o

ur

Gro

up’s

NA

--

-

3.Ac

quis

ition

by

M

TT

Ship

ping

of

on

e or

dina

ry

shar

e in

M

TT

Ship

ping

Pe

raw

ang,

th

en

repr

esen

ting

100%

eq

uity

in

tere

st

in

MTT

Sh

ippi

ng

Pera

wan

g, f

rom

Ooi

Lea

n H

in

on 2

4 O

ctob

er 2

018

via

cash

con

side

ratio

n.

MTT

Shi

ppin

g (b

uyer

) and

Ooi

Lea

n H

in (s

elle

r)

RM

1.00

--

--

236

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

10.

REL

ATED

PA

RTY

TR

AN

SAC

TIO

N (C

ont’d

)

FYE

31 D

ecem

ber

FPE

Bet

wee

n 1

Apr

il 20

21 u

p to

the

LPD

No.

Nat

ure

of tr

ansa

ctio

nTr

ansa

ctin

g pa

rtie

s20

1820

1920

2031

Mar

ch20

21

(RM

’000

)(R

M’0

00)

(RM

’000

)(R

M’0

00)

(RM

’000

)

4.Pu

rcha

se o

f a

parc

el o

f in

dust

rial

land

an

d bu

ildin

g by

IC

SD f

rom

Per

cept

ive

Logi

stic

s Pr

oper

ties.

Ref

er to

Not

e (2

) for

the

salie

nt te

rms

of

the

sale

and

pur

chas

e ag

reem

ent f

or th

e af

ores

aid

trans

actio

n.

ICSD

(buy

er) a

nd

Perc

eptiv

e Lo

gist

ics

Prop

ertie

s(s

elle

r)

31,8

00

Rep

rese

nts

11.3

% o

f our

G

roup

’s N

A

--

--

5.Pu

rcha

se o

f liq

uid

tank

cont

aine

rsw

hich

ar

e us

ed fo

r our

dep

ot o

pera

tions

by

our

Gro

up fr

om P

erce

ptiv

e Lo

gist

ics.

Our

Gro

up (b

uyer

) an

d Pe

rcep

tive

Logi

stic

s (s

elle

r)

--

(3) 2

3

Neg

ligib

le

cont

ribut

ion

to o

ur

Gro

up’s

NA

--

6.Pu

rcha

se o

f offi

ce c

abin

by

MTT

Sh

ippi

ng fr

om G

reen

pen

Frei

ght

Serv

ices

MTT

Shi

ppin

g (b

uyer

) and

G

reen

pen

Frei

ght

Serv

ices

(sel

ler)

--

12

Neg

ligib

le

cont

ribut

ion

to o

ur

Gro

up’s

NA

--

237

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

10.

REL

ATED

PA

RTY

TR

AN

SAC

TIO

N (C

ont’d

)

Not

es:

(1)

App

roxi

mat

ely

RM

2,37

7,00

0 w

as p

aid

in F

YE

31

Dec

embe

r 201

9.

(2)

Sal

e an

d pu

rcha

se a

gree

men

t dat

ed 2

5 Ju

ly 2

018

betw

een

Perc

eptiv

e Lo

gist

ics

Pro

perti

es a

nd IC

SD

for t

he p

urch

ase

ofa

parc

el o

f ind

ustri

al

land

and

bui

ldin

g kn

own

as L

ot 4

-A a

nd L

ot 4

-B, L

ingk

aran

Sulta

n M

oham

ed 2

, Kaw

asan

Per

indu

stria

n B

anda

r Sul

tan

Sule

iman

, 420

00 P

ort

Kla

ng, S

elan

gor b

y IC

SD

from

Per

cept

ive

Logi

stic

s P

rope

rties

for a

tota

l pur

chas

e co

nsid

erat

ion

of R

M31

,800

,000

in c

ash

(“A

cqui

sitio

n of

Po

rt K

lang

Yar

d”).

As

at th

e LP

D, t

he A

cqui

sitio

n of

Por

t Kla

ng Y

ard

has

been

com

plet

ed.

(3)

App

roxi

mat

ely

RM

13,0

00 w

as p

aid

in F

PE

31

Mar

ch 2

021.

(ii)

Mat

eria

l rel

ated

par

ty tr

ansa

ctio

ns th

at a

re re

curr

ent i

n na

ture

FYE

31 D

ecem

ber

FPE

Bet

wee

n 1

Apr

il 20

21 u

p to

the

LPD

No.

Nat

ure

of tr

ansa

ctio

nTr

ansa

ctin

g pa

rtie

s20

1820

1920

2031

Mar

ch 2

021

(RM

’000

)(R

M’0

00)

(RM

’000

)(R

M’0

00)

(RM

’000

)

1.Pr

ovis

ion

of fr

eigh

t ser

vice

s by

MTT

Shi

ppin

g to

:

(a)

Gre

enpe

n Fr

eigh

t Se

rvic

es

MTT

Shi

ppin

g (s

uppl

ier)

and

G

reen

pen

Frei

ght

Serv

ices

(cus

tom

er)

14,6

98

Rep

rese

nts

2.7%

of o

ur

Gro

up’s

reve

nue

12,9

78

Rep

rese

nts

2.5%

of o

ur

Gro

up’s

reve

nue

14,8

76

Rep

rese

nts

2.9%

of o

ur

Gro

up’s

reve

nue

3,43

0

Rep

rese

nts

2.0%

of o

ur

Gro

up’s

reve

nue

3,14

4

Rep

rese

nts

1.9%

of o

ur

Gro

up’s

reve

nue

(b)

Prio

rity

Car

go

MTT

Shi

ppin

g (s

uppl

ier)

and

Prio

rity

Car

go (c

usto

mer

)

9

Neg

ligib

le

cont

ribut

ion

to

our G

roup

’s

reve

nue

5

Neg

ligib

le

cont

ribut

ion

to

our G

roup

’s

reve

nue

10

Neg

ligib

le

cont

ribut

ion

to

our G

roup

’s

reve

nue

50

Neg

ligib

le to

co

ntrib

utio

n to

ou

r Gro

up’s

re

venu

e

21

Neg

ligib

le to

co

ntrib

utio

n to

ou

r Gro

up’s

re

venu

e

238

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

10.

REL

ATED

PA

RTY

TR

AN

SAC

TIO

N (C

ont’d

)

FYE

31 D

ecem

ber

FPE

Bet

wee

n 1

Apr

il 20

21 u

p to

the

LPD

No.

Nat

ure

of tr

ansa

ctio

nTr

ansa

ctin

g pa

rtie

s20

1820

1920

2031

Mar

ch 2

021

(RM

’000

)(R

M’0

00)

(RM

’000

)(R

M’0

00)

(RM

’000

)

(c)

Prio

rity

Syn

ergy

M

TT S

hipp

ing

(sup

plie

r) a

nd P

riorit

y S

yner

gy (c

usto

mer

)

13,2

46

Rep

rese

nts

2.5%

of o

ur

Gro

up’s

reve

nue

11,1

42

Rep

rese

nts

2.2%

of o

ur

Gro

up’s

reve

nue

11,1

57

Rep

rese

nts

2.2%

of o

ur

Gro

up’s

reve

nue

4,08

2

Rep

rese

nts

2.4%

of o

ur

Gro

up’s

reve

nue

6,20

0

Rep

rese

nts

3.7%

of o

ur

Gro

up’s

reve

nue

(d)

Rou

nd-th

e-W

orld

M

TT S

hipp

ing

(sup

plie

r) a

nd R

ound

-th

e-W

orld

(cus

tom

er)

2,97

3

Rep

rese

nts

0.6%

of o

ur

Gro

up’s

reve

nue

2,42

3

Rep

rese

nts

0.5%

of o

ur

Gro

up’s

reve

nue

2,45

0

Rep

rese

nts

0.5%

of o

ur

Gro

up’s

reve

nue

834

Rep

rese

nts

0.5%

of o

ur

Gro

up’s

reve

nue

1,05

2

Rep

rese

nts

0.6%

of o

ur

Gro

up’s

reve

nue

2.Pr

ovis

ion

of c

onta

iner

dep

ot

serv

ices

by

our G

roup

to:

(a)

Pac

De

Pac

MTT

Shi

ppin

g Lo

gist

ics

Cen

tre

(sup

plie

r) a

nd P

ac D

e Pa

c(c

usto

mer

)

--

16

Neg

ligib

le

cont

ribut

ion

to

our G

roup

’s

reve

nue

8

Neg

ligib

le

cont

ribut

ion

to

our G

roup

’s

reve

nue

7

Neg

ligib

le

cont

ribut

ion

to

our G

roup

’s

reve

nue

(b)

Perc

eptiv

e Lo

gist

ics

Our

Gro

up (s

uppl

iers

) an

d Pe

rcep

tive

Logi

stic

s (c

usto

mer

)

357

Rep

rese

nts

0.1%

of o

ur

Gro

up’s

reve

nue

343

Rep

rese

nts

0.1%

of o

ur

Gro

up’s

reve

nue

443

Rep

rese

nts

0.1%

of o

ur

Gro

up’s

reve

nue

125

Con

tribu

ted

0.1%

of o

ur

Gro

up’s

reve

nue

124

Rep

rese

nts

0.1%

of o

ur

Gro

up’s

reve

nue

239

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

10.

REL

ATED

PA

RTY

TR

AN

SAC

TIO

N (C

ont’d

)

240

FYE

31 D

ecem

ber

FPE

Bet

wee

n 1

Apr

il 20

21 u

p to

the

LPD

No.

Nat

ure

of tr

ansa

ctio

nTr

ansa

ctin

g pa

rtie

s20

1820

1920

2031

Mar

ch 2

021

(RM

’000

)(R

M’0

00)

(RM

’000

)(R

M’0

00)

(RM

’000

)

(c)

Ever

gree

n M

alay

sia

ICSD

(sup

plie

r) a

nd

Ever

gree

n M

alay

sia

(cus

tom

er)

8,10

6

Rep

rese

nts

1.5%

of o

ur

Gro

up’s

reve

nue

7,55

3

Rep

rese

nts

1.5%

of o

ur

Gro

up’s

reve

nue

5,40

0

Rep

rese

nts

1.0%

of o

ur

Gro

up’s

reve

nue

1,46

7

Rep

rese

nts

0.9%

of o

ur

Gro

up’s

reve

nue

1,41

7

Rep

rese

nts

0.8%

of o

ur

Gro

up’s

reve

nue

(d)

Pers

ila

ICSD

(sup

plie

r) a

nd

Pers

ila (c

usto

mer

)-

-42

Rep

rese

nts

0.01

% o

f our

G

roup

’s re

venu

e

17

Rep

rese

nts

0.01

% o

f our

G

roup

’s re

venu

e

17

Rep

rese

nts

0.01

% o

f our

G

roup

’s re

venu

e

3.Pu

rcha

se o

f log

istic

s se

rvic

es (f

rom

por

t to

cust

omer

pre

mis

es o

r vic

e ve

rsa)

by

MTT

Shi

ppin

g fro

m:

(a)

Gre

enpe

n Fr

eigh

t Se

rvic

es

MTT

Shi

ppin

g (c

usto

mer

) and

G

reen

pen

Frei

ght

Serv

ices

(sup

plie

r)

1,20

2

Rep

rese

nts

0.3%

of o

ur

Gro

up’s

dire

ct

cost

s

1,38

6

Rep

rese

nts

0.3%

of o

ur

Gro

up’s

dire

ct

cost

s

1,22

6

Rep

rese

nts

0.3%

of o

ur

Gro

up’s

dire

ct

cost

s

310

Rep

rese

nts

0.3%

of o

ur

Gro

up’s

dire

ct

cost

s

283

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

dire

ct

cost

s

(b)

Prio

rity

Syn

ergy

M

TT S

hipp

ing

(cus

tom

er) a

nd P

riorit

y S

yner

gy (s

uppl

ier)

3,42

9

Rep

rese

nts

0.8%

of o

ur

Gro

up’s

dire

ct

cost

s

3,14

8

Rep

rese

nts

0.8%

of o

ur

Gro

up’s

dire

ct

cost

s

2,63

3

Rep

rese

nts

0.6%

of o

ur

Gro

up’s

dire

ct

cost

s

1,27

0

Rep

rese

nts

1.0%

of o

ur

Gro

up’s

dire

ct

cost

s

624

Rep

rese

nts

0.5%

of o

ur

Gro

up’s

dire

ct

cost

s

240

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

10.

REL

ATED

PA

RTY

TR

AN

SAC

TIO

N (C

ont’d

)

FYE

31 D

ecem

ber

FPE

Bet

wee

n 1

Apr

il 20

21 u

p to

the

LPD

No.

Nat

ure

of tr

ansa

ctio

nTr

ansa

ctin

g pa

rtie

s20

1820

1920

2031

Mar

ch 2

021

(RM

’000

)(R

M’0

00)

(RM

’000

)(R

M’0

00)

(RM

’000

)

4.Pu

rcha

se o

f hau

lage

se

rvic

es (f

rom

por

t to

depo

t) by

our

Gro

up fr

om:

(a)

Perc

eptiv

e Lo

gist

ics

Our

Gro

up (c

usto

mer

) an

d Pe

rcep

tive

Logi

stic

s (s

uppl

ier)

953

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

dire

ct

cost

s

813

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

dire

ct

cost

s

1,13

7

Rep

rese

nts

0.3%

of o

ur

Gro

up’s

dire

ct

cost

s

390

Rep

rese

nts

0.3%

of o

ur

Gro

up’s

dire

ct

cost

s

263

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

dire

ct

cost

s

(b)

Pers

ila

MTT

Shi

ppin

g (c

usto

mer

) and

Per

sila

(s

uppl

ier)

392

Rep

rese

nts

0.1%

of o

ur

Gro

up’s

dire

ct

cost

s

533

Rep

rese

nts

0.1%

of o

ur

Gro

up’s

dire

ct

cost

s

360

Rep

rese

nts

0.1%

of o

ur

Gro

up’s

dire

ct

cost

s

119

Rep

rese

nts

0.1%

of o

ur

Gro

up’s

dire

ct

cost

s

57

Neg

ligib

le

cont

ribut

ion

to

our G

roup

’s

dire

ct c

osts

5.Pu

rcha

se

of

stev

edor

age

serv

ices

by

MTT

Shi

ppin

g fro

m M

TTC

MTT

Shi

ppin

g (c

usto

mer

) and

MTT

C

(sup

plie

r)

860

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

dire

ct

cost

s

763

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

dire

ct

cost

s

782

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

dire

ct

cost

s

354

Rep

rese

nts

0.3%

of o

ur

Gro

up’s

dire

ct

cost

s

237

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

dire

ct

cost

s

241

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

10.

REL

ATED

PA

RTY

TR

AN

SAC

TIO

N (C

ont’d

)

FYE

31 D

ecem

ber

FPE

Bet

wee

n 1

Apr

il 20

21 u

p to

the

LPD

No.

Nat

ure

of tr

ansa

ctio

nTr

ansa

ctin

g pa

rtie

s20

1820

1920

2031

Mar

ch 2

021

(RM

’000

)(R

M’0

00)

(RM

’000

)(R

M’0

00)

(RM

’000

)

6.Pu

rcha

seof

ag

ency

se

rvic

es b

y M

TT S

hipp

ing

from

G

reen

pen

Frei

ght

Serv

ices

w

here

G

reen

pen

Frei

ght S

ervi

ces

acts

as

the

repr

esen

tativ

e ag

ent o

f MTT

Sh

ippi

ng

in

Pen

ang

and

Kuan

tan

Gre

enpe

n Fr

eigh

t Se

rvic

es (a

gent

) to

MTT

Shi

ppin

g (p

rinci

pal)

1,41

6

Rep

rese

nts

0.3%

of o

ur

Gro

up’s

dire

ct

cost

s

1,33

5

Rep

rese

nts

0.3%

of o

ur

Gro

up’s

dire

ct

cost

s

1,56

2

Rep

rese

nts

0.4%

of o

ur

Gro

up’s

dire

ct

cost

s

554

Rep

rese

nts

0.5%

of o

ur

Gro

up’s

dire

ct

cost

s

561

Rep

rese

nts

0.5%

of o

ur

Gro

up’s

dire

ct

cost

s

7.R

enta

l pa

yabl

e by

M

TT

Ship

ping

to P

riorit

y S

yner

gy

for a

n of

fice

prem

ise

in P

ort

Klan

g

Ref

er t

o N

ote

(1)

for

the

salie

nt te

rms

of th

e te

nanc

y ag

reem

ent

betw

een

MTT

Sh

ippi

ng

and

Prio

rity

Syn

ergy

MTT

Shi

ppin

g (te

nant

) an

dPr

iorit

y S

yner

gy

(land

lord

)

66

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

ad

min

istra

tive

expe

nses

66

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

ad

min

istra

tive

expe

nses

66

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

ad

min

istra

tive

expe

nses

17

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

ad

min

istra

tive

expe

nses

17

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

ad

min

istra

tive

expe

nses

8.R

enta

l pa

yabl

e by

M

TT

Ship

ping

to

G

reen

pen

Prop

ertie

s fo

r an

of

fice

prem

ise

in J

ohor

Ref

er t

o N

ote

(2)

for

the

salie

nt te

rms

of th

e te

nanc

y ag

reem

ent

betw

een

MTT

Sh

ippi

ng

and

Gre

enpe

n Pr

oper

ties

MTT

Shi

ppin

g (te

nant

)an

d G

reen

pen

Prop

ertie

s (la

ndlo

rd)

60

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

ad

min

istra

tive

expe

nses

60

Rep

rese

nts

0.1%

of o

ur

Gro

up’s

ad

min

istra

tive

expe

nses

60

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

ad

min

istra

tive

expe

nses

15

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

ad

min

istra

tive

expe

nses

15

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

ad

min

istra

tive

expe

nses

242

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

10.

REL

ATED

PA

RTY

TR

AN

SAC

TIO

N (C

ont’d

)

FYE

31 D

ecem

ber

FPE

Bet

wee

n 1

Apr

il 20

21 u

p to

the

LPD

No.

Nat

ure

of tr

ansa

ctio

nTr

ansa

ctin

g pa

rtie

s20

1820

1920

2031

Mar

ch 2

021

(RM

’000

)(R

M’0

00)

(RM

’000

)(R

M’0

00)

(RM

’000

)

9.R

enta

l pay

able

and

util

ities

ch

arge

s by

IC

SD

to

Pe

rcep

tive

Logi

stic

s fo

r re

ntin

g of

de

pot

in

Pas

ir G

udan

g

Ref

er t

o N

ote

(3)

for

the

salie

nt te

rms

of th

e te

nanc

y ag

reem

ent

betw

een

ICS

D

and

Perc

eptiv

e Lo

gist

ics

ICSD

(ten

ant)

and

Perc

eptiv

e Lo

gist

ics

(land

lord

)

487

Rep

rese

nts

0.1%

of o

ur

Gro

up’s

dire

ct

cost

s

426

Rep

rese

nts

0.1%

of o

ur

Gro

up’s

dire

ct

cost

s

575

Rep

rese

nts

0.1%

of o

ur

Gro

up’s

dire

ct

cost

s

272

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

dire

ct

cost

s

273

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

dire

ct

cost

s

10.

Ren

tal p

ayab

le a

nd u

tiliti

es

char

ges

by

Per

cept

ive

Logi

stic

s to

ICS

D fo

r ren

ting

of d

epot

in P

ort K

lang

Ref

er t

o N

ote

(4)

for

the

salie

nt te

rms

of th

e te

nanc

y ag

reem

ent

betw

een

Perc

eptiv

e Lo

gist

ics

and

ICSD

ICSD

(land

lord

) and

Pe

rcep

tive

Logi

stic

s (te

nant

)

16

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

oth

er

oper

atin

g in

com

e

519

Rep

rese

nts

8.4%

of o

ur

Gro

up’s

oth

er

oper

atin

g in

com

e

450

Rep

rese

nts

6.6%

of o

ur

Gro

up’s

oth

er

oper

atin

g in

com

e

171

Rep

rese

nts

14.9

% o

f our

G

roup

’s o

ther

op

erat

ing

inco

me

173

Rep

rese

nts

15.1

% o

f our

G

roup

’s o

ther

op

erat

ing

inco

me

11.

Ren

tal p

ayab

le b

y IC

SD t

o Pe

rcep

tive

Logi

stic

s Pr

oper

ties

for

rent

ing

of

depo

t in

Por

t Kla

ng

Ref

er t

o N

ote

(5)

for

the

salie

nt te

rms

of th

e te

nanc

y ag

reem

ent

betw

een

ICS

D

and

Per

cept

ive

Logi

stic

s Pr

oper

ties

ICSD

(ten

ant)

and

Perc

eptiv

e Lo

gist

ics

Prop

ertie

s (la

ndlo

rd)

739

Rep

rese

nts

0.2%

of o

ur

Gro

up’s

dire

ct

cost

s

--

--

243

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

10.

REL

ATED

PA

RTY

TR

AN

SAC

TIO

N (C

ont’d

)

Not

es:

(1)

Tena

ncy

agre

emen

t dat

ed 1

Jan

uary

201

1 be

twee

n P

riorit

y S

yner

gy (l

andl

ord)

and

MTT

Shi

ppin

g (te

nant

) for

the

rent

of t

he p

rem

ise

know

n as

No.

16,

Jal

an

Sun

gai A

ur/K

S 4

, 420

00 P

ort K

lang

, Sel

ango

r D

arul

Ehs

an, b

y M

TT S

hipp

ing

for

a te

nanc

y pe

riod

of th

ree

year

s, c

omm

enci

ng fr

om 1

Jan

uary

201

1 an

d ex

pirin

g on

31

Dec

embe

r 20

14 a

t a

mon

thly

ren

tal

of R

M5,

500.

The

ten

ancy

was

sub

sequ

ently

ext

ende

d th

roug

h th

e ex

ecut

ion

of t

enan

cy e

xten

sion

ag

reem

ents

by

both

par

ties

date

d 1

Janu

ary

2015

, 1 J

anua

ry 2

018,

1 J

anua

ry 2

020

and

1 Ja

nuar

y 20

21. P

ursu

ant t

o th

e la

test

tena

ncy

exte

nsio

n ag

reem

ent

date

d 1

Janu

ary

2021

, the

tena

ncy

perio

d is

exte

nded

to 3

1 D

ecem

ber 2

021

at a

mon

thly

rent

al o

f RM

5,50

0, w

ith a

ll th

e te

rms,

con

ditio

ns a

nd p

rovi

sion

s of

th

e te

nanc

y ag

reem

ent d

ated

1 J

anua

ry 2

011

inco

rpor

ated

ther

ein.

(2)

Tena

ncy

agre

emen

t dat

ed 1

Jan

uary

201

8 be

twee

n G

reen

pen

Pro

perti

es (l

andl

ord)

and

MTT

Shi

ppin

g (te

nant

) for

the

rent

of t

he p

rem

ise

know

n as

Gro

und

&1s

t Flo

or, N

o. 1

0, J

alan

Per

mas

10/

9, B

anda

r B

aru

Per

mas

Jaya

, 817

50 M

asai

, Joh

or B

ahru

, Joh

or D

arul

Tak

zim

, by

MTT

Shi

ppin

g fo

r a te

nanc

y pe

riod

of

thre

e ye

ars,

com

men

cing

from

1 J

anua

ry 2

018

and

expi

red

on 3

1 D

ecem

ber 2

020

at a

mon

thly

rent

al o

f RM

5,00

0. T

he p

artie

ssu

bseq

uent

lyex

ecut

ed a

new

te

nanc

y ag

reem

ent d

ated

1 J

anua

ry 2

021

for t

he re

nt o

f the

sam

e pr

emis

e by

MTT

Shi

ppin

g, fo

r a te

nanc

y pe

riod

of o

ne y

ear,

com

men

cing

from

1Ja

nuar

y 20

21 a

nd e

xpiri

ng o

n 31

Dec

embe

r 202

1, a

t a m

onth

ly re

ntal

of R

M5,

000.

(3)

Per

cept

ive

Logi

stic

s (la

ndlo

rd) g

rant

edIC

SD

(tena

nt) a

rent

of a

n ap

prox

imat

ely

366,

290

squa

re fe

et in

are

a on

par

t oft

he la

nd k

now

n as

PLO

699

, Zon

e 12

, Ja

lan

Kel

uli 8

, Kaw

asan

Per

indu

stria

n P

asir

Gud

ang,

817

00 P

asir

Gud

ang,

Joh

or D

arul

Tak

zim

by IC

SD

for a

tena

ncy

perio

d of

one

yea

r, co

mm

enci

ng fr

om 1

Ja

nuar

y 20

18 to

31

Dec

embe

r 20

18 a

t a m

onth

ly re

ntal

of R

M34

,848

.The

par

ties

have

subs

eque

ntly

ent

ered

into

ala

nd r

enta

lagr

eem

ent d

ated

1 J

anua

ry

2019

to re

cord

suc

hte

nanc

y ar

rang

emen

t in

writ

ing

and

exte

nded

the

rent

of s

uch

dem

ised

pre

mis

es fo

r ano

ther

tena

ncy

perio

d of

one

yea

r,co

mm

enci

ng fr

om

1 Ja

nuar

y 20

19 to

31

Dec

embe

r 201

9 at

a m

onth

ly re

ntal

of R

M34

,848

. Fol

low

ing

the

expi

ry o

f the

tena

ncy

perio

d of

31

Dec

embe

r 201

9, IC

SD

con

tinue

d w

ith

the

tena

ncy

arra

ngem

ent i

n re

spec

t of s

uch

dem

ised

pre

mis

es o

n m

onth

ly b

asis

at a

mon

thly

rent

al o

f RM

34,8

48fro

m 1

Jan

uary

202

0 to

31

Dec

embe

r202

0.IC

SD

has

rent

ed a

n ad

ditio

nal l

and

area

ofa

ppro

xim

atel

y59

,718

squ

are

feet

on p

art o

f the

sam

e la

ndat

an a

dditi

onal

mon

thly

ren

tal o

f RM

14,9

30 fr

om 1

Ja

nuar

y 20

20 to

31

Oct

ober

202

0. F

rom

1 N

ovem

ber 2

020

to 3

1 D

ecem

ber

2020

, IC

SD

has

rent

ed a

n ad

ditio

nal l

and

area

of a

ppro

xim

atel

y 14

,850

squ

are

feet

at a

n ad

ditio

nal m

onth

ly re

ntal

ofR

M3,

713.

The

parti

es h

ave

subs

eque

ntly

ent

ered

into

ala

nd re

ntal

agr

eem

ent d

ated

1 J

anua

ry 2

021

to e

xten

d th

e re

ntal

of a

n ap

prox

imat

ely

363,

290

squa

re fe

et in

are

a on

par

t of t

he s

ame

land

for

ano

ther

tena

ncy

perio

d of

one

yea

r,co

mm

enci

ng fr

om 1

Jan

uary

202

1 to

31

Dec

embe

r 20

21,a

t a r

evis

ed m

onth

ly r

enta

l of

RM

90,8

22.

(4)

Land

rent

al a

gree

men

t dat

ed 1

Jan

uary

201

9 be

twee

n IC

SD

(lan

dlor

d) a

nd P

erce

ptiv

e Lo

gist

ics

(tena

nt) f

or th

e re

nt o

f an

appr

oxim

atel

y 5.

31 a

cres

in a

rea

on

part

of th

e la

ndkn

own

as L

ot 4

-B, L

ingk

aran

Sul

tan

Moh

amed

2, K

awas

an P

erin

dust

rian

Ban

dar S

ulta

n S

ulei

man

, 420

00 P

ort K

lang

, Sel

ango

r Dar

ul E

hsan

, by

ICS

D fo

r a

tena

ncy

perio

d of

thre

e ye

ars,

com

men

cing

from

1 J

anua

ry 2

019

and

expi

ring

on 3

1 D

ecem

ber

2021

, at a

mon

thly

ren

tal o

f RM

36,0

00. T

he

afor

emen

tione

d te

nanc

yag

reem

entw

as s

ubse

quen

tly a

men

ded

via

the

exec

utio

n of

a le

tter d

ated

1 O

ctob

er 2

019

to a

revi

sed

mon

thly

rent

al o

f RM

29,0

00,

toge

ther

with

a re

duce

d re

nt a

rea

of 3

.47

acre

s, e

ffect

ive

from

1 O

ctob

er 2

019

to 3

0 S

epte

mbe

r 202

0.Fo

llow

ing

the

expi

ry o

f the

tena

ncy

on30

Sep

tem

ber

2020

, Per

cept

ive

Logi

stic

s co

ntin

ued

with

the

tena

ncy

arra

ngem

ent i

n re

spec

t of a

revi

sed

rent

area

of a

ppro

xim

atel

y 4.

44 a

cres

at a

mon

thly

rent

al o

f RM

29,0

00

until

31

Dec

embe

r 202

0.

The

parti

es h

ave

subs

eque

ntly

term

inat

ed th

e af

ore-

men

tione

d te

nanc

y ag

reem

ent d

ated

1 J

anua

ry 2

019

and

ente

red

into

a la

nd re

ntal

agr

eem

ent d

ated

1

Janu

ary

2021

to re

cord

the

rent

of a

revi

sed

rent

are

a of

3.6

acr

es o

n pa

rt of

the

sam

e la

nd fo

r a te

nanc

y pe

riod

of o

ne y

ear,

com

men

cing

from

1 J

anua

ry 2

021

to31

Dec

embe

r 202

1, a

t a m

onth

ly re

ntal

of R

M49

,000

.

244

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

10.

REL

ATED

PA

RTY

TR

AN

SAC

TIO

N (C

ont’d

)

(5)

Prio

r to

the

com

plet

ion

of th

e A

cqui

sitio

n of

Por

t Kla

ng Y

ard,

ICS

D (

tena

nt)

rent

ed L

ot 4

-A, L

ingk

aran

Sul

tan

Moh

amed

2, K

awas

an P

erin

dust

rian

Band

ar

Sul

tan

Sule

iman

, 420

00 P

ort K

lang

, Sel

ango

r Dar

ul E

hsan

from

Per

cept

ive

Logi

stic

s P

rope

rties

(lan

dlor

d)on

a m

onth

ly b

asis

at a

mon

thly

rent

al o

f RM

64,0

00fro

m 1

Janu

ary

2018

to 3

0 N

ovem

ber2

018

and

an a

ppor

tione

d re

ntal

of R

M35

,096

.77

from

1 D

ecem

ber 2

018

to 1

7D

ecem

ber 2

018

resp

ectiv

ely.

Our

Dire

ctor

s co

nfirm

that

all

the

abov

e re

late

d pa

rty tr

ansa

ctio

ns w

ere

carri

ed o

ut o

n ar

m’s

leng

th b

asis

as th

e re

spec

tive

cons

ider

atio

ns w

ere

fixed

at

the

prev

ailin

g m

arke

t rat

e an

don

nor

mal

com

mer

cial

term

s w

hich

are

not

mor

e fa

vour

able

to th

e re

late

d pa

rties

than

thos

e ge

nera

lly a

vaila

ble

to

third

par

ties

and

are

not d

etrim

enta

l to

our n

on-in

tere

sted

shar

ehol

ders

.

Our

Dire

ctor

s al

so c

onfir

m th

at th

ere

are

no o

ther

mat

eria

l rel

ated

par

ty tr

ansa

ctio

ns th

at h

ave

been

ente

red

by o

ur G

roup

that

invo

lves

the

inte

rest

, di

rect

or i

ndire

ct, o

f our

Dire

ctor

s, m

ajor

sha

reho

lder

s an

d/or

per

sons

con

nect

ed to

them

but

not

yet

affe

cted

up

to th

e da

teof

this

Pro

spec

tus.

Afte

r our

Lis

ting,

we

will

be re

quire

d to

see

k ou

r sha

reho

lder

s’ a

ppro

val e

ach

time

we

ente

r int

o a

mat

eria

l rel

ated

par

ty tr

ansa

ctio

nin

acc

orda

nce

with

th

e Li

stin

g R

equi

rem

ents

. How

ever

, if s

uch

rela

ted

party

tran

sact

ions

can

be

deem

ed a

s re

curr

ent r

elat

ed p

arty

tran

sact

ions

,we

may

see

k a

gene

ral

man

date

from

our

sha

reho

lder

s to

ent

er in

to th

ese

trans

actio

ns w

ithou

t hav

ing

to s

eek

sepa

rate

sha

reho

lder

s’ a

ppro

val e

ach

time

we

wis

h to

ent

er in

to

such

recu

rren

t rel

ated

par

ty tr

ansa

ctio

ns d

urin

g th

e va

lidity

per

iod

of th

e m

anda

te.

In a

dditi

on, t

o sa

fegu

ard

the

inte

rest

of o

ur G

roup

and

our m

inor

ity s

hare

hold

ers,

and

to m

itiga

te a

ny p

oten

tial c

onfli

ct o

f int

eres

t situ

atio

n, o

urAu

dit

and

Ris

k C

omm

ittee

will,

am

ong

othe

rs, s

uper

vise

and

mon

itor a

ny re

curr

ent r

elat

ed p

arty

tran

sact

ion

and

the

term

s th

ereo

f and

repo

rt to

our

Boa

rd

for

furth

er a

ctio

n. W

here

nec

essa

ry,

our

Boar

d w

ould

mak

e ap

prop

riate

dis

clos

ure

in o

ur a

nnua

l rep

ort

with

reg

ard

to a

ny r

ecur

rent

rel

ated

par

ty

trans

actio

n en

tere

d in

to b

y us

.

245


10. RELATED PARTY TRANSACTION (Cont’d)

10.1.2 Transactions entered into that are unusual in their nature or conditions

There are no transactions that are unusual in their nature or conditions, involving goods, services, tangible or intangible assets, to which our Group was a party for the past three FYE 31 December 2018, FYE 31 December 2019, FYE 31 December 2020, FPE 31 March 2021and up to the LPD.

10.1.3 Material outstanding loans and financial assistance (including guarantees of any kind) made to or for the benefit of related parties

Our Group has not granted any loans or financial assistance (including guarantees of any kind) to or for the benefit of our related parties in respect of the past three FYE 31 December 2018, FYE 31 December 2019, FYE 31 December 2020, FPE 31 March 2021 and up to the LPD.

10.2 MONITORING AND OVERSIGHT OF RELATED PARTY TRANSACTIONS

10.2.1 Audit Committee review

The Audit Committee reviews related party transactions and conflicts of interest situations that may arise within our Company or Group. The Audit Committee reviews the procedures set by our Company to monitor related party transactions to ensure the integrity of these transactions, procedures or course of conducts. In reviewing the related party transactions, the following, among other things, will be considered:

(a) the rationale and the cost/benefit to our Company is first considered;

(b) where possible, comparative quotes will be taken into consideration;

(c) that the transactions are based on normal commercial terms and not more favourable to the related parties than those generally available to third parties dealing on an arm’s length basis; and

(d) that the transactions are not detrimental to our Company’s non-interested shareholders.

All reviews by the Audit Committee are reported to our Board for its further action.

10.2.2 Our Group’s policy on related party transactions

Related party transactions by their very nature, involve conflict of interest between our Group and the related parties with whom our Group has entered into such transactions. Some of the officers and the Directors of our Group are also officers, directors and in some cases, shareholders of the related parties of our Group, as disclosed in this Prospectus and, with respect to these related party transactions, may individually and in aggregate have conflicts of interest. It is the policy of our Group that all related party transactions are carried out on normal commercial terms which are not more favourable to the related parties than those generally available to the public dealing at arm’s length with our Group and are not detrimental to our non-interested shareholders.

In addition, we plan to adopt a comprehensive corporate governance framework that meets best practice principles to mitigate any potential conflict of interest situation and intend for the framework to be guided by the Listing Requirements and MCCG upon our Listing. The procedures which may form part of the framework including, among other things, the following:

(i) our Board shall ensure that majority of our Board’s members are independent directors and will undertake an annual assessment of our independent directors;

246


10. RELATED PARTY TRANSACTION (Cont’d)

(ii) our Directors will be required to immediately make full disclosure of any direct or indirect interest that they may have in any business enterprise that is engaged in or proposed to be engaged in a transaction with our Group, whether or not they believe it is a material transaction. Upon such disclosure, the interested Director shall be required to abstain from deliberation and voting on any resolution related to the related party transaction; and

(iii) all existing or potential related party transactions would have to be disclosed by the interested party for management reporting. Our management will propose the transactions to the Audit Committee for evaluation and assessment who would in turn, make a recommendation to our Board.

247

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

11.

CO

NFL

ICT

OF

INTE

RES

T

235

11.1

INTE

RES

T IN

EN

TITI

ESC

AR

RYI

NG

ON

A S

IMIL

AR

TR

ADE

AS

OU

R G

RO

UP

OR

WH

ICH

AR

E O

UR

CU

STO

MER

S O

R S

UPP

LIER

S

11.1

.1In

volv

emen

t of o

ur D

irect

ors

and

subs

tant

ial s

hare

hold

ers

in e

ntiti

es w

hich

car

ry o

n a

sim

ilar t

rade

as

our G

roup

Save

as

disc

lose

d be

low

, as

at th

e LP

D, o

urD

irect

ors

and

subs

tant

ial s

hare

hold

ers

do n

ot h

ave

any

inte

rest

, dire

ct o

r ind

irect

, in

any

entit

ies

whi

ch a

re c

arry

ing

on a

sim

ilar t

rade

as

ourG

roup

:

No.

Nam

e of

co

mpa

ny

Dire

ctor

s an

d/or

su

bsta

ntia

l sh

areh

olde

rsN

atur

ePr

inci

pal a

ctiv

ities

Nat

ure

of in

tere

st

1.Se

a Li

on

Ship

ping

Pte

Lt

d (“S

ea L

ion

Ship

ping

”)

Subs

tant

ial

shar

ehol

der

GD

PL

Sea

Lion

Shi

ppin

g pr

ovid

es f

eede

r se

rvic

es b

etw

een

Port

of S

inga

pore

an

d Po

rt of

Pon

tiana

k in

Indo

nesi

a

Prov

isio

n of

sh

ippi

ng

and

rela

ted

serv

ices

GD

PL

is

our

subs

tant

ial

shar

ehol

der.

Gra

eme

Iain

Br

own

is

the

ultim

ate

bene

ficia

l ow

ner

of

GD

PL.

He

is a

lso

the

sole

sh

areh

olde

r an

d a

dire

ctor

of

Sea

Lion

Shi

ppin

g.

2.G

reen

pen

Frei

ght

Serv

ices

Dire

ctor

an

d su

bsta

ntia

l sh

areh

olde

rD

ato’

Ser

i Ong

Subs

tant

ial

shar

ehol

ders

OC

TSB

and

Ong

G

uat E

e

Gre

enpe

n Fr

eigh

t S

ervi

ces

hold

sa

ship

ping

age

nt li

cenc

e is

sued

by

the

Roy

al

Mal

aysi

an

Cus

tom

s D

epar

tmen

t un

der

Sect

ion

90 o

f th

e C

usto

ms

Act 1

967

(“Sh

ippi

ng A

gent

Li

cenc

e”)

Forw

ardi

ng

agen

t, w

areh

ousi

ng

and

rela

ted

serv

ices

As d

escr

ibed

in S

ectio

n 10

.1

of th

is P

rosp

ectu

s.

248

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

11.

CO

NFL

ICTS

OF

INTE

RES

T (C

ont’d

)

236

No.

Nam

e of

co

mpa

ny

Dire

ctor

s an

d/or

su

bsta

ntia

l sh

areh

olde

rsN

atur

ePr

inci

pal a

ctiv

ities

Nat

ure

of in

tere

st

3.M

TTC

Dire

ctor

s an

d su

bsta

ntia

l sh

areh

olde

rsD

ato’

Se

ri O

ng

and

Ooi

Lea

n H

in

Dire

ctor

Cla

rice

Ong

Subs

tant

ial

shar

ehol

ders

OC

TSB

and

Ong

G

uat E

e

MTT

C

hold

s a

Ship

ping

Ag

ent

Lice

nce.

Stev

edor

es,

ship

ping

ag

ents

, le

tting

of p

rope

rties

As d

escr

ibed

in S

ectio

n 10

.1

of th

is P

rosp

ectu

s.

Not

with

stan

ding

the

abov

e, o

urBo

ard

isof

the

view

that

the

inte

rest

s of

our

Dire

ctor

s an

d su

bsta

ntia

l sha

reho

lder

s in

oth

er e

ntiti

es w

hich

are

ca

rryi

ng o

n a

sim

ilar t

rade

as

our G

roup

do

not g

ive

rise

to a

con

flict

of i

nter

est s

ituat

ion

due

to th

e fo

llow

ing:

(1)

Sea

Lion

Shi

ppin

g

(i)Th

e bu

sine

ss a

nd o

pera

tions

of S

ea L

ion

Shi

ppin

g ar

e no

t in

dire

ct c

ompe

titio

n w

ith th

e bu

sine

ss a

nd o

pera

tions

of o

urG

roup

gi

ven

that

:

(a)

The

scal

e of

ope

ratio

ns o

f Sea

Lio

n S

hipp

ing

in s

hipp

ing

busi

ness

is s

igni

fican

tly s

mal

ler t

han

ourG

roup

and

the

serv

ice

rout

e pr

ovid

ed b

y Se

a Li

on S

hipp

ing

is o

nly

betw

een

Port

of S

inga

pore

and

Por

t of P

ontia

nak

in In

done

sia,

and

our

Gro

up h

as n

o im

med

iate

pla

ns to

offe

r sim

ilar s

hipp

ing

serv

ice

to it

s cu

stom

ers

due

to th

e re

lativ

e la

ck o

f com

mer

cial

sy

nerg

y w

ith it

s cu

rren

t ope

ratio

ns;

(b

)O

n 30

July

202

1, S

ea L

ion

Ship

ping

com

men

ced

char

terin

g of

MTT

Sib

u, o

ur n

ew v

esse

l whi

ch h

as a

nom

inal

cap

acity

of

415

TEU

.The

cha

rtere

d ve

ssel

issm

alle

r in

siz

e as

com

pare

d to

mos

t of o

ur c

onta

iner

ves

sels

.Oth

er th

an M

TT

Sibu

, Sea

Lio

n S

hipp

ing

pres

ently

doe

s no

t ow

n or

cha

rter

any

tugs

and

bar

ges

or v

esse

ls. S

ea L

ion

Ship

ping

will

co

ntin

ue to

be

a fe

eder

ope

rato

r and

it h

as c

onfir

med

that

it o

nly

oper

ates

out

of S

inga

pore

Por

t; an

d

249

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

11.

CO

NFL

ICTS

OF

INTE

RES

T (C

ont’d

)

237

(c)

Sea

Lion

Shi

ppin

g is

MTT

Ship

ping

’s re

pres

enta

tive

ship

ping

age

nt in

Sin

gapo

re. P

ursu

ant t

o an

age

ncy

agre

emen

t da

ted

1 Ja

nuar

y 20

19 e

nter

ed in

to b

etw

een

MTT

Shi

ppin

g an

d Se

a Li

on S

hipp

ing,

Sea

Lio

n Sh

ippi

ng s

hall

act i

n th

e be

st in

tere

st o

f MTT

Shi

ppin

g an

d pr

ovid

e, a

mon

gsto

ther

s, th

e fo

llow

ing

serv

ices

to M

TT S

hipp

ing:

Po

rt ag

ency

: fac

ilitat

ing,

am

ong

othe

rs, o

pera

tiona

l arra

ngem

ent o

f MTT

Shi

ppin

g’s

vess

els

at P

ort o

f Sin

gapo

re

such

as

berth

ing,

unb

erth

ing,

load

ing

and

unlo

adin

g of

con

tain

ers

and

pilo

tage

; arr

ange

men

t of c

argo

mov

emen

t su

ch a

s re

ceiv

ing

and

rele

asin

g co

ntai

ners

; and

/or i

ssua

nce

of o

rigin

al b

ills o

f lad

ing;

and

C

omm

erci

al a

genc

y: li

aisi

ng w

ith th

e cu

stom

ers

for M

TT S

hipp

ing,

rais

ing

of in

voic

es a

nd fo

llow

ing

up o

n pa

ymen

ts

from

thes

e cu

stom

ers.

M

TT S

hipp

ing

also

ent

ered

into

sim

ilar

agen

cy a

gree

men

ts w

ith it

s sh

ippi

ng a

gent

sin

Pen

ang,

Kua

ntan

, Vie

tnam

, Lab

uan,

Th

aila

nd,

Brun

ei,

Indo

nesi

a an

d In

dia

as e

stab

lishi

ng s

hipp

ing

agen

t ne

twor

k is

one

of

the

mar

ketin

g st

rate

gies

of

MTT

Sh

ippi

ng. N

one

of th

e sh

ippi

ng a

gent

s of

MTT

Shi

ppin

g ar

e co

nsid

ered

as

com

petin

g w

ith o

urG

roup

as

this

is a

n an

cilla

ry

serv

ice

to th

e co

ntai

ner s

hipp

ing

busi

ness

of o

urG

roup

; and

(ii)

GD

PL d

oes

not h

ave

any

boar

d re

pres

enta

tion

on th

e bo

ard

of d

irect

ors

of M

TT S

hipp

ing

and

it w

ill no

t hav

e an

y re

pres

enta

tion

onou

rBo

ard.

As

such

, GD

PL d

oes

not h

ave,

and

will

not

have

, an

y in

fluen

ce o

ver

the

day-

to-d

ay o

pera

tions

or

busi

ness

di

rect

ion

or p

olic

ies

of o

urG

roup

.

(2)

MTT

C a

nd G

reen

pen

Frei

ght S

ervi

ces

(i)

Alic

ense

d sh

ippi

ng a

gent

is a

n ag

ent w

ho d

eals

with

the

nece

ssar

y tra

nsac

tions

rela

ting

to a

ves

sel a

t the

por

t tha

t the

ves

sel

berth

s, w

hich

incl

ude,

am

ong

othe

rs, c

lear

ing

the

vess

el in

and

/or o

ut o

f the

por

t and

com

plet

ion

of a

ll rel

evan

t ves

sel c

lear

ance

do

cum

enta

tion.

MTT

Shi

ppin

g al

so h

olds

the

Lice

nce

whi

ch it

prim

arily

use

s fo

r its

ow

n ve

ssel

s’ c

lear

ance

at p

orts

. Ita

lso

acts

as

the

sole

shi

ppin

g ag

ent t

o Ev

ergr

een

Mal

aysi

a in

Sab

ah a

nd S

araw

ak p

ursu

ant t

o a

cont

ract

ent

ered

into

with

Eve

rgre

en

Mal

aysi

a in

201

1.

How

ever

, bei

ng a

shi

ppin

g ag

ent i

s no

t a c

ore

busi

ness

of o

ur G

roup

. Our

Gro

up h

as n

ot a

lloca

ted

and

does

not

inte

nd to

al

loca

te r

esou

rces

, man

agem

ent’s

tim

e an

d ex

perti

se to

exp

and

and

offe

r its

shi

ppin

g ag

ent

serv

ices

to o

ther

third

par

ties

beyo

nd E

verg

reen

Mal

aysi

a;

250

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

11.

CO

NFL

ICTS

OF

INTE

RES

T (C

ont’d

)

238

(ii)

MTT

C a

nd G

reen

pen

Frei

ght

Serv

ices

are

not

com

petin

g w

ith o

urG

roup

in te

rms

of p

rovi

ding

shi

ppin

g ag

ent

serv

ices

to

Ever

gree

n M

alay

sia

and

its p

rinci

pals

(na

mel

y, E

verg

reen

Inte

rnat

iona

l S.A

., Ev

ergr

een

Mar

ine

Cor

p. (

Taiw

an)

Ltd,

and

its

subs

idia

ries

as w

ell a

s si

ster

com

pani

es (c

olle

ctiv

ely,

the

“Eve

rgre

en G

roup

”)) in

Sar

awak

and

Sab

ah; a

nd

(iii)

the

ship

ping

age

nt b

usin

ess

does

not

con

tribu

te s

igni

fican

tlyto

our

Gro

up’s

rev

enue

. Th

e sh

ippi

ng a

gent

bus

ines

s on

ly

repr

esen

ts a

ppro

xim

atel

y 1.

1% o

f our

Gro

up’s

reve

nue

fort

heFY

E 31

Dec

embe

r 202

0an

d FP

E 30

Mar

ch 2

021.

11.1

.2In

volv

emen

t of o

ur D

irect

ors

and

subs

tant

ial s

hare

hold

ers

in e

ntiti

es w

hich

are

our

cus

tom

ers

or s

uppl

iers

Save

as

disc

lose

d in

Sec

tion

10.1

.1(ii

) of t

his

Pros

pect

us,a

s at

the

LPD

, our

Dire

ctor

s an

d su

bsta

ntia

l sha

reho

lder

s do

not

hav

e an

y in

tere

st,

dire

ct o

r dire

ct, i

n an

y en

titie

s w

hich

are

our c

usto

mer

s an

d/or

sup

plie

rs.

Our

Boa

rd is

of

the

view

tha

t th

e in

tere

sts

of o

ur D

irect

ors

and

subs

tant

ial s

hare

hold

ers

in o

ther

ent

ities

whi

ch a

re o

ur c

usto

mer

s an

d/or

su

pplie

rs (

colle

ctiv

ely

to b

e re

ferre

d as

the

“Rel

ated

Cus

tom

ers”

and

/or

the

“Rel

ated

Sup

plie

rs”)

do n

ot g

ive

rise

to a

con

flict

of i

nter

est

situ

atio

n du

e to

the

follo

win

g:

(i)al

l sal

es a

nd p

urch

ases

with

the

Rel

ated

Cus

tom

ers

and

Rel

ated

Sup

plie

rsar

e tra

nsac

ted

on a

n ar

m’s

leng

th b

asis

and

on

norm

al

com

mer

cial

term

s w

hich

are

not

mor

e fa

vour

able

to th

em th

an th

ose

gene

rally

ava

ilabl

e to

third

par

ties;

(ii)

our

Gro

up is

not

dep

ende

nt o

n an

y of

the

Rel

ated

Cus

tom

ers.

For

the

FYE

31 D

ecem

ber

2018

, FYE

31

Dec

embe

r 20

19,F

YE 3

1 D

ecem

ber

2020

and

FPE

31 M

arch

202

1, to

tal s

ales

toth

e R

elat

ed C

usto

mer

sre

pres

ents

less

than

6.0

% o

f our

Gro

up’s

rev

enue

, de

tails

of w

hich

are

set

out

as

follo

ws:

FYE

31 D

ecem

ber 2

018

FYE

31 D

ecem

ber 2

019

FYE

31 D

ecem

ber 2

020

FPE

31 M

arch

202

1

Prov

isio

n of

fre

ight

se

rvic

es

by

MTT

Sh

ippi

ng (s

uppl

ier)

to:

1.G

reen

pen

Frei

ght

Serv

ices

(c

usto

mer

)2.

Prio

rity

Car

go (c

usto

mer

)3.

Prio

rity

Syn

ergy

(cus

tom

er)

4.R

ound

-the-

Wor

ld (c

usto

mer

)

RM

30.9

milli

on

Rep

rese

nts

5.8%

of

ourG

roup

’s

reve

nue

RM

26.5

milli

on

Rep

rese

nts

5.2%

of

ourG

roup

’s

reve

nue

RM

28.5

milli

on

Rep

rese

nts

5.5%

of

ourG

roup

’s

reve

nue

RM

8.4

milli

on

Rep

rese

nts

5.0%

of

ourG

roup

’s

reve

nue

251

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

11.

CO

NFL

ICTS

OF

INTE

RES

T (C

ont’d

)

239

FYE

31 D

ecem

ber 2

018

FYE

31 D

ecem

ber 2

019

FYE

31 D

ecem

ber 2

020

FPE

31 M

arch

202

1

Prov

isio

n of

dep

ot s

ervi

ces

by o

urG

roup

(s

uppl

ier)

to:

1.Pa

c D

ec P

ac (c

usto

mer

)2.

Perc

eptiv

e Lo

gist

ics

(cus

tom

er)

3.Pe

rsila

(cus

tom

er)

RM

0.4

milli

on

Rep

rese

nts

0.1%

of

ourG

roup

’s

reve

nue

RM

0.3

milli

on

Rep

rese

nts

0.1%

of

ourG

roup

’s

reve

nue

RM

0.5

milli

on

Rep

rese

nts

0.1%

of

ourG

roup

’s

reve

nue

RM

0.2

milli

on

Rep

rese

nts

0.1%

of

ourG

roup

’s

reve

nue

Prov

isio

n of

man

agem

ent

serv

ices

by

Sea

Lion

Con

tain

er L

ine

(sup

plie

r) to

Sea

Li

on S

hipp

ing

RM

0.01

3 m

illion

Neg

ligib

le

cont

ribut

ion

to o

ur

Gro

up’s

reve

nue

RM

0.3

milli

on

Rep

rese

nts

0.1%

of

ourG

roup

’s

reve

nue

RM

0.2

milli

on

Rep

rese

nts

less

th

an 0

.1%

of o

ur

Gro

up’s

reve

nue

-

Tota

lR

M31

.3 m

illio

n

Rep

rese

nts

5.8%

of

our

Gro

up’s

reve

nue

RM

27.2

mill

ion

Rep

rese

nts

5.3%

of

our

Gro

up’s

re

venu

e

RM

29.2

mill

ion

Rep

rese

nts

5.7%

of

our

Gro

up’s

re

venu

e

RM

8.5

mill

ion

Rep

rese

nts

5.1%

of

our

Gro

up’s

re

venu

e

(iii)

our

Gro

up is

not

dep

ende

nt o

n an

y of

the

Rel

ated

Sup

plie

rs.

For

the

FYE

31 D

ecem

ber

2018

, FY

E 31

Dec

embe

r 20

19,

FYE

31

Dec

embe

r 202

0 an

d FP

E 31

Mar

ch 2

021,

tota

l pur

chas

es fr

om th

e R

elat

ed S

uppl

iers

repr

esen

ts le

ss th

an 3

.0%

of o

urG

roup

’s d

irect

co

sts,

det

ails

of w

hich

are

set

out

as

follo

ws:

FYE

31D

ecem

ber 2

018

FYE

31 D

ecem

ber 2

019

FYE

31 D

ecem

ber 2

020

FPE

31 M

arch

202

1

Purc

hase

of l

ogis

tics

serv

ices

(fro

m p

ort

to c

usto

mer

pre

mis

es o

r vic

e ve

rsa)

by

our G

roup

(cus

tom

er) f

rom

:

1.G

reen

pen

Frei

ght S

ervi

ces

(sup

plie

r)2.

Prio

rity

Syn

ergy

(sup

plie

r)

RM

4.6

milli

on

Rep

rese

nts

to 1

.1%

of o

urG

roup

’s

dire

ct c

osts

RM

4.5

milli

on

Rep

rese

nts

1.1%

of

ourG

roup

’s d

irect

co

sts

RM

3.9

milli

on

Rep

rese

nts

0.9%

of

ourG

roup

’s d

irect

co

sts

RM

1.6

milli

on

Rep

rese

nts

1.3%

of

ourG

roup

’s d

irect

co

sts

252

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

11.

CO

NFL

ICTS

OF

INTE

RES

T (C

ont’d

)

240

FYE

31D

ecem

ber 2

018

FYE

31 D

ecem

ber 2

019

FYE

31 D

ecem

ber 2

020

FPE

31 M

arch

202

1

Purc

hase

of h

aula

ge s

ervi

ces

(from

por

t to

dep

ot o

r vic

e ve

rsa)

by

MTT

Shi

ppin

g (c

usto

mer

) fro

m:

1.Pe

rcep

tive

Logi

stic

s (s

uppl

ier)

2.Pe

rsila

(sup

plie

r)

RM

1.3

milli

on

Rep

rese

nts

0.3%

of

ourG

roup

’s d

irect

co

sts

RM

1.3

milli

on

Rep

rese

nts

0.3%

of

ourG

roup

’s d

irect

co

sts

RM

1.5

milli

on

Rep

rese

nts

0.4%

of

ourG

roup

’s d

irect

co

sts

RM

0.5

milli

on

Rep

rese

nts

0.4%

of

ourG

roup

’s d

irect

co

sts

Purc

hase

of

st

eved

orag

e se

rvic

es

by

MTT

Shi

ppin

g (c

usto

mer

) fro

m M

TTC

(s

uppl

ier)

RM

0.9

milli

on

Rep

rese

nts

0.2%

of

ourG

roup

’s d

irect

co

sts

RM

0.8

milli

on

Rep

rese

nts

0.2%

of

ourG

roup

’s d

irect

co

sts

RM

0.8

milli

on

Rep

rese

nts

0.2%

of

ourG

roup

’s d

irect

co

sts

RM

0.4

milli

on

Rep

rese

nts

0.3%

of

ourG

roup

’s d

irect

co

sts

Prov

isio

n of

ag

ency

se

rvic

es

by

Gre

enpe

n Fr

eigh

t Se

rvic

es (

agen

t) to

M

TT

Ship

ping

(p

rinci

pal)

whe

re

Gre

enpe

n Fr

eigh

t Se

rvic

es a

cts

as t

he

repr

esen

tativ

e ag

ent o

f MTT

Shi

ppin

g in

Pe

nang

and

Kua

ntan

RM

1.4

milli

on

Rep

rese

nts

0.3%

of

ourG

roup

’s d

irect

co

sts

RM

1.3

milli

on

Rep

rese

nts

0.3%

of

ourG

roup

’s d

irect

co

sts

RM

1.6

milli

on

Rep

rese

nts

0.4%

of

ourG

roup

’s d

irect

co

sts

RM

0.6

milli

on

Rep

rese

nts

0.5%

of

ourG

roup

’s d

irect

co

sts

Prov

isio

n of

age

ncy

serv

ices

by

Sea

Lion

Sh

ippi

ng

(age

nt)

to

MTT

Sh

ippi

ng

(prin

cipa

l) w

here

Sea

Lio

n Sh

ippi

ng a

cts

as

the

repr

esen

tativ

e ag

ent

of

MTT

Sh

ippi

ng in

Sin

gapo

re

-R

M0.

6 m

illion

Rep

rese

nts

0.1%

of

ourG

roup

’s d

irect

co

sts

RM

0.6

milli

on

Rep

rese

nts

0.1%

of

ourG

roup

’s d

irect

co

sts

RM

0.2

milli

on

Rep

rese

nts

0.1%

of

ourG

roup

’s d

irect

co

sts

Tota

l R

M8.

3m

illio

n

Rep

rese

nts

2.0%

of

ourG

roup

’s

dire

ct c

osts

RM

8.6

mill

ion

Rep

rese

nts

2.1%

ofou

rGro

up’s

di

rect

cos

ts

RM

8.3

mill

ion

Rep

rese

nts

2.0%

ofou

rGro

up’s

di

rect

cos

ts

RM

3.2

mill

ion

Rep

rese

nts

2.6%

of

ourG

roup

’s

dire

ct c

osts

253

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

11.

CO

NFL

ICTS

OF

INTE

RES

T (C

ont’d

)

241

(iv)

our

Exec

utiv

e D

irect

ors,

bei

ng D

ato’

Ser

i Ong

, Ooi

Lea

n H

in, C

han

Hua

n H

in a

nd C

laric

e O

ng, a

re n

ot in

volv

ed in

the

day-

to-d

ay

oper

atio

ns o

f the

Rel

ated

Cus

tom

ers

and/

or th

e R

elat

ed S

uppl

iers

(col

lect

ivel

y, th

e“R

elat

ed E

ntiti

es”)

as th

e R

elat

edEn

titie

s ar

e m

anag

ed b

y th

e re

spec

tive

man

agem

ent o

f the

Rel

ated

Ent

ities

. Our

Exe

cutiv

e D

irect

ors

only

atte

nd m

eetin

gs o

f the

resp

ectiv

e bo

ards

of

dire

ctor

s of

the

Rel

ated

Ent

itles

to d

isch

arge

thei

r prin

cipa

l rol

e an

d du

ty a

s a

non-

exec

utiv

e di

rect

or a

sw

ell a

s pr

ovid

ead

vice

from

go

vern

ance

and

indu

stria

l exp

erie

nce

pers

pect

ives

.

As s

et o

ut in

Sec

tion

10.2

.1 o

f thi

s Pr

ospe

ctus

, our

Audi

t Com

mitt

ee w

ill re

view

suc

hco

nflic

t of i

nter

est t

hat m

ay a

rise

with

in o

ur C

ompa

ny o

r our

Gro

up

incl

udin

gsu

ch tr

ansa

ctio

n, p

roce

dure

or c

ours

e th

at ra

ises

que

stio

ns o

n m

anag

emen

t int

egrit

y. O

ur A

udit

Com

mitt

ee w

ill al

so e

nsur

e th

at a

ny s

uch

trans

actio

ns a

re c

arrie

d ou

t on

term

s th

at a

re n

ot d

etrim

enta

l to

our G

roup

.

Not

with

stan

ding

, the

inte

rest

s th

at a

re h

eld

by o

ur D

irect

ors

and

subs

tant

ial s

hare

hold

ers

and

the

inte

rest

s th

at m

ay b

e he

ld b

y ou

r D

irect

ors

and

subs

tant

ial s

hare

hold

ers

in th

e fu

ture

in o

ther

bus

ines

ses

or c

orpo

ratio

ns w

hich

are

car

ryin

g on

a s

imila

r tra

de a

s ou

r Gro

up a

nd/o

r our

cus

tom

ers

or

supp

liers

may

giv

e ris

e to

a c

onfli

ct o

f int

eres

t situ

atio

n w

ith o

ur b

usin

ess.

Alth

ough

suc

h in

tere

sts

may

giv

e ris

e to

a c

onfli

ct o

f int

eres

t situ

atio

n, o

ur

Dire

ctor

s an

d su

bsta

ntia

l sha

reho

lder

s an

d pe

rson

s co

nnec

ted

to th

em s

hall

abst

ain

from

del

iber

atin

g an

d vo

ting

on th

e re

solu

tions

rela

ting

to th

ese

mat

ters

or t

rans

actio

ns th

at re

quire

the

appr

oval

of o

ur s

hare

hold

ers

in re

spec

t of t

heir

dire

ct o

r ind

irect

inte

rest

s. S

uch

trans

actio

ns w

ill be

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Registration No. 201901004019 (1313346-A) 11. CONFLICTS OF INTEREST (Cont’d)

242

11.2 DECLARATION BY ADVISERS ON CONFLICTS OF INTEREST

11.2.1 Maybank IB

Maybank IB and its related and associated companies (collectively, the “Maybank Group”) form a diversified financial group and are engaged in a wide range of investment and commercial banking, brokerage, securities trading, assets and funds management and credit transaction services businesses. The Maybank Group has engaged and may in the future, engage in transactions with and perform services for our Company and/or our affiliates, in addition to the roles set out in this Prospectus. In addition, in the ordinary course of business, any member of the Maybank Group may at any time offer or provide its services to or engage in any transaction (on its own account or otherwise) with any member of our Group, our shareholders and/or our affiliates and/or any other entity or person, hold long or short positions in securities issued by our Company and/or our affiliates, and may trade or otherwise effect transactions for its own account or the account of its customers in debt or equity securities or senior loans of any member of our Group and/or our affiliates. This is a result of the businesses of the Maybank Group generally acting independently of each other, and accordingly, there may be situations where parts of the Maybank Group and/or its customers now have or in the future, may have interest or take actions that may conflict with the interest of our Group. Nonetheless, the Maybank Group is required to comply with applicable laws and regulations issued by the relevant authorities governing its advisory business, which require, among others, segregation between dealing and advisory activities and Chinese wall between different business divisions.

As at the LPD, our Group does not have any credit facility with the Maybank Group.

Maybank IB confirms that there is no conflict of interest situation in its capacity as Principal Adviser, Global Coordinator, Joint Bookrunner, Joint Managing Underwriter and Joint Underwriter for our IPO.

11.2.2 Affin Hwang IB

Affin Hwang IB confirms that there is no conflict of interest situation in its capacity as Joint Bookrunner, Joint Managing Underwriter and Joint Underwriter for our IPO.

11.2.3 KPMG PLT

KPMG PLT confirms that there is no conflict of interest situation in its capacity as the auditors and reporting accountants in relation to our IPO.

11.2.4 Mah-Kamariyah & Philip Koh

Mah-Kamariyah & Philip Koh confirms that there is no conflict of interest situation in its capacity as the legal adviser to our Company in relation to our IPO.

11.2.5 Kadir, Andri & Partners

Kadir, Andri & Partners confirms that there is no conflict of interest situation in its capacity as the legal adviser to the Joint Underwriters in relation to our IPO.

11.2.6 Smith Zander

Smith Zander confirms that there is no conflict of interest situation in its capacity as the Independent Market Researcher in relation to our IPO.


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12. FINANCIAL INFORMATION

256

12.1 HISTORICAL COMBINED FINANCIAL INFORMATION

Our Company was incorporated on 31 January 2019. The formation of our Group was undertaken through the Acquisitions as detailed in Section 6.2 of this Prospectus. The historical combined financial statements of our Group for the FYE 31 December 2018, FYE 31 December 2019, FYE 31 December 2020 and FPE 31 March 2021 (“Combined Financial Statements”) have been prepared based on the financial statements of MTTSL, MTT Shipping (and its group of companies) and ICSD, under the common control of Dato’ Seri Ong, Ooi Lean Hin, Chan Huan Hin, Lee Hock Saing and Lee Kong Siong for each of the financial years/period under review.

The Combined Financial Statements for the FYE 31 December 2018, FYE 31 December 2019 and FYE 31 December 2020 and FPE 31 March 2021 were prepared in a manner as if the entities under common control were operating as a single economic entity at the beginning of the earliest comparative period presented or, if later, at the date that common control was established. See Note 1 of the Accountants’ Report in Section 13 of this Prospectus for further details on the basis of preparation of the Combined Financial Statements.

The Combined Financial Statements have been prepared in accordance with MFRS and IFRS. Our Subsidiaries’ historical financial statements have been prepared in accordance with MFRS and/or IFRS, save for the following:

(i) audited financial statements of Kapal Solutions for the FYE 31 December 2018 to FYE 31 December 2020 have been prepared in accordance with Malaysian Private Entities Reporting Standard (MPERS); and

(ii) audited financial statements of Sea Navigator for the FYE 31 December 2018 to FYE 31 December 2020 have been prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS).

The historical combined financial information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Section 12.2 of this Prospectus and the Accountants’ Report in Section 13 of this Prospectus.

12.1.1 Selected historical combined financial information

The following selected historical combined financial information for the FYE 31 December 2018, FYE 31 December 2019 and FYE 31 December 2020 and FPE 31 March 2020 and FPE 31 March 2021 have been extracted from the Accountants’ Report included in Section 13 of this Prospectus.


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12. FINANCIAL INFORMATION (Cont’d)

257

Selected combined statement of profit and loss information


Audited Unaudited Audited2018 2019 2020 2020 2021

RM’000 RM’000 RM’000 RM’000 RM’000

Revenue 537,759 509,761 514,541 136,181 168,312Direct costs (409,506) (408,950) (414,880) (113,818) (122,975)Gross profit 128,253 100,811 99,661 22,363 45,337Other operating income 8,009 6,269 6,847 3,604 1,145Administration expenses (36,188) (41,178) (35,962) (8,458) (8,235)Other operating expenses (559) (367) (1,332) (823) (3,114)Results from operating activities 99,515 65,535 69,214 16,686 35,133Finance costs (5,187) (7,590) (12,077) (3,072) (2,526)Share of results of equity-

accounted associates316 271 (501) (354) (129)

PBT 94,644 58,216 56,636 13,260 32,478

Tax expense (6,225) (2,018) (5,146) (485) (340)

Profit for the financial year 88,419 56,198 51,490 12,775 32,138Profit for the financial year attributable to:- Owners of the Company 84,154 51,877 47,176 11,728 31,708- Non-controlling interests 4,265 4,321 4,314 1,047 430

88,419 56,198 51,490 12,775 32,138

Selected combined statements of financial position information

As at 31 DecemberAs at 31 March

Audited Audited

2018 2019 2020 2021RM’000 RM’000 RM’000 RM’000

Non-current assets 289,921 476,083 578,806 662,772Current assets 191,632 171,655 195,713 218,452

Total assets 481,553 647,738 774,519 881,224

Invested equity 12,589 12,589 12,589 12,589Retained earnings 269,390 316,835 361,850 393,558Translation reserve (338) (388) (555) (318)Equity attributable to owners of the Company 281,641 329,036 373,884 405,829

Non-controlling interests 16,187 13,668 14,815 12,877

Total equity 297,828 342,704 388,699 418,706

Non-current liabilities 74,093 187,634 265,363 306,638Current liabilities 109,632 117,400 120,457 155,880

Total liabilities 183,725 305,034 385,820 462,518


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258

Other selected financial informationFYE 31 December FPE 31 March

2018 2019 2020 2020 2021Depreciation (RM’000)(1) 30,362 44,491 50,659 12,544 12,335EBITDA (RM’000)(2) 128,356 109,574 118,750 28,723 47,243Gross profit margin (%)(3) 23.8 19.8 19.4 16.4 26.9EBITDA margin (%)(4) 23.9 21.5 23.1 21.1 28.1PBT margin (%)(5) 17.6 11.4 11.0 9.7 19.3PAT margin (%)(6) 16.4 11.0 10.0 9.4 19.1Basic and diluted EPS (sen)(7) 8.4 5.2 4.7 1.2 3.2

Notes:

(1) Includes depreciation of property, plant and equipment and right-of-use assets.

(2) EBITDA is calculated as follows:


RM’000 RM’000 RM’000 RM’000 RM’000

PBT 94,644 58,216 56,636 13,260 32,478Less: interest income (1,837) (723) (622) (153) (96)Add: Finance costs 5,187 7,590 12,077 3,072 2,526Depreciation 30,362 44,491 50,659 12,544 12,335

EBITDA 128,356 109,574 118,750 28,723 47,243

(3) Computed based on gross profit for the financial years/period divided by revenue for the financial years/period.

(4) Computed based on EBITDA for the financial years/period divided by revenue for the financial years/period.

(5) Computed based on PBT for the financial years/period divided by revenue for the financial years/period.

(6) Computed based on profit for the financial years/period divided by revenue for the financial years/period.

(7) Basic and diluted EPS is computed based on profit for the financial years/period attributable to owners of our Company divided by our enlarged issued share capital of 1.0 billion Shares upon Listing. There are no dilutive instruments as at the end of the current and previous financial years / period.


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259

12.2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with the Accountants’ Report as set out in Section 13 of this Prospectus.

12.2.1 Overview

We are principally involved in the provision of container shipping services with a fleet of container vessels owned by our Group and we primarily focus on service routes between Peninsular Malaysia and East Malaysia with some regional coverage into Thailand, Singapore, Brunei, Indonesia, Myanmar and India Subcontinent. We are also involved in container depot operations based in Peninsular Malaysia and vessel chartering business where we charter out our owned container vessels to third party container liner operators.

See Section 7 of this Prospectus for further information on our business.

12.2.2 Significant factors affecting our financial condition and results of operations

A number of factors affect our financial condition and results of operations, including the significant factors set out below that have affected our results during the FYE 31 December 2018, FYE 31 December 2019 and FYE 31 December 2020 and FPE 31 March 2021, which we expect will continue to affect our results in the future:

(i) Utilisation of our vessel space

We seek to maximise our financial results from our container liner shipping operations by maximising utilisation rate of available container slot space on container vessels operated by our Group. The utilisation rate of our container liner shipping operations is measured by the proportion of actual lifting (i.e. actual number of laden containers carried)of container vessels operated by our Group against the available capacity of container vessels operated by our Group. See Section 7.8 of this Prospectus for further details on our capacity utilisation rate.

The table below sets out the utilisation rate for our Head Haul and Back Haul (as defined in Section 7.8 of this Prospectus) for the financial years/period under review:


Head Haul journeys




Back Haul journeys






259

12.2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with the Accountants’ Report as set out in Section 13 of this Prospectus.

12.2.1 Overview

We are principally involved in the provision of container shipping services with a fleet of container vessels owned by our Group and we primarily focus on service routes between Peninsular Malaysia and East Malaysia with some regional coverage into Thailand, Singapore, Brunei, Indonesia, Myanmar and India Subcontinent. We are also involved in container depot operations based in Peninsular Malaysia and vessel chartering business where we charter out our owned container vessels to third party container liner operators.

See Section 7 of this Prospectus for further information on our business.

12.2.2 Significant factors affecting our financial condition and results of operations

A number of factors affect our financial condition and results of operations, including the significant factors set out below that have affected our results during the FYE 31 December 2018, FYE 31 December 2019 and FYE 31 December 2020 and FPE 31 March 2021, which we expect will continue to affect our results in the future:

(i) Utilisation of our vessel space

We seek to maximise our financial results from our container liner shipping operations by maximising utilisation rate of available container slot space on container vessels operated by our Group. The utilisation rate of our container liner shipping operations is measured by the proportion of actual lifting (i.e. actual number of laden containers carried)of container vessels operated by our Group against the available capacity of container vessels operated by our Group. See Section 7.8 of this Prospectus for further details on our capacity utilisation rate.

The table below sets out the utilisation rate for our Head Haul and Back Haul (as defined in Section 7.8 of this Prospectus) for the financial years/period under review:


Head Haul journeys




Back Haul journeys





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Notes:

(1) Being the aggregate of the actual space available on container vessels operated by our Group, measured at a loading capacity of 14 tonnes per TEU for the financial years/period indicated.

(2) Actual number of laden containers carried by container vessels operated by our Group and/or our partner vessels for the financial years/period indicated for the abovementioned journey.

(3) Computed based on the actual lifting made by our group over the total available capacity.


The key factors affecting our vessel utilisation rate are set out in the tablebelow:

Key factor DetailsSeasonality Generally, the demand for our container shipping

services increases one to three months prior to festive seasons such as Hari Raya Aidilifitri and Aidiladha, Chinese New Year, Gawai Dayak, harvest festival and Christmas. We are constantly monitoring the balance of cargo/containers to our slot space and availability of berthing space at the port. Depending on the need, we can also charter in other third party vessels to meet the demand from our container shipping operations.

Type of cargo The cargo carried by our Group can be categorised into three weight categories which are low, mediumand heavy cargo groups. Certain routes, such as to Sandakan and Tawau generally comprise heavier cargo such as fertilisers and this may result in a lower utilisation rates as the vessels deployed have reached maximum loadable capacity by weightinstead of the maximum slot space available on the vessels.

Whilst a percentage of our costs varies with the number of containers carried by our Group, some costs such as vessel running expenses, bunker expenses and some of the port related expenses are fixed(assuming that the number of sailings made by our Group is maintained).It is in the Group’s best interest to maximise the utilisation space on the vessels as this would enable us to achieve a lower per unit cost per container. The list below outline some of the focus areas within ourGroup:

Key strategy DetailsVessel deployment

Our operations and marketing team work together in relation to the planning of vessel deployment per route which is based on the market demand as well as the individual port limitations, including limitations on depth of draft and port terminal infrastructure.


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Key strategy DetailsSlot exchange We have a slot exchange arrangement with our

service alliance partner, namely MSC as further described in Section 7.3.1 of this Prospectus. Via this arrangement, both our Group and MSC will be able to rationalise our fleet deployment which will provide better and more comprehensive port coverage, andhigher sailing frequency which will enable us to achieve a lower slot cost.

Planning and restructuring of service routes

The operating conditions for East Malaysian ports quite often poses challenges such as port congestion and equipment breakdown which may cause serious operational disruptions to the carriers. We are constantly monitoring these operational conditions and will restructure our service deployment planning proactively to manage and mitigate the potential adverse impact to our operations.

Effective space and capacity management

This is one of our focus areas in managing bookings from our customers in line with the utilisation of available space on our service routes.

(ii) Fluctuation in freight rates

The international container shipping industry is a highly transparent and competitive market whereby information on freight rates, vesselacquisitions and sales are published in various trade magazines, for example, the Alphaliner. Market freight rates are a function of the supply and demand in the market, with supply being influenced by the availabilityof vessels as well as containers for shipping operations. There are many factors which may affect the supply of vessels including new building programs, average fleet age, scrapping of vessels as well as port congestions which may adversely affect the availability of the vessel. The supply of containers on the other hand, may be affected by any major trade imbalances, movement of cargo worldwide, port congestions and landside bottlenecks which invariably affects the normal turnaround speed of the container equipment. Demand for containerised cargo maybe made for finished consumer goods or intermediate goods. Trade volumes are also affected by seasonality trends, particularly duringfestivities.

In addition, our freight rates are partially influenced by the fluctuation in the bunker fuel costs as we have a bunker adjustment factor as one of the components in our freight rate that fluctuates up and down according to bunker prices.


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262

The table below sets out the average freight rates that we charged our customers per TEU container for the financial years/period indicated:

Average freight rates(1)


RM RM RM RM RM

Freight Services to Exporters/Importers

West Malaysian ports to East Malaysian ports 2,835 2,899 2,740 3,029 2,888

East Malaysian ports to West Malaysian ports 1,159 1,185 1,263 1,425 1,224

Regional(2) 2,087 2,008 2,168 2,186 2,780

Exporter Dedicated Feeder(3) 312 363 354 386 356

Freight Services to Main Line Operators and others (4)

729 722 693 721 717

Average freight rate(5) 1,397 1,378 1,241 1,158 1,587

Notes:

(1) The average freight rates represent the total freight rate charged to our external customers per standard TEU container divided by the total transport volumes for each of the segments indicated.

(2) Freight services which involved ports outside of Malaysia, namely Brunei, Indonesia, Thailand, Singapore and India.

(3) Freight services in relation to the shipping routes/ports servicing specific customer per shipping route/port(“Exporter Dedicated Feeder”).

(4) Feeder services provided to Main Line Operators from/to the smaller ports that are not accessible by the Main Line Operators and freight services provided to other customers who organised and brought their own containers (instead of using containers of our Group) for shipping.

(5) Derived from the total revenue from freight income (excluding slot sale and Auto Logistics income)divided by the total transport volume.

(iii) Foreign currency fluctuations

Our results of operations and profit margins may be affected by the fluctuation in foreign currencies, in particular, USD against RM. Whilstthe bulk of our revenue is from the East-West Malaysia routes and denominated in RM, we also have revenue from routes outside of Malaysia such as Indonesia, Thailand, Singapore and Brunei, includingour revenue from our charter hire operations, as these are generally international in nature with no fixed routes set by our Group. These revenues are denominated in USD. Similarly, a portion of our direct costs, such as bunker fuel, vessel charter-in costs, crew costs and most of our vessel maintenance costs are denominated in USD and SGD.

It is the general practice of the shipping industry to transact in USD as shipping industry involves many international players or parties that transact with each other. The purchase and sale of our vessels and containers are also transacted in USD.


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263

Primarily, our major exposure to foreign currencies is to the USD although we have some exposure to regional currencies such as Singapore Dollar (SGD), Thai Baht (THB), Brunei Dollar (B$), Indonesian Rupiah (IDR) and Indian Rupee (INR) due to our trading scope. A weakening of RM against the USD would impact USD denominated revenues positively. The same currency movement would also adversely impact our USD/foreign currency costs such as port costs, dry-docking and other related vessel costs.

(iv) Fluctuation in bunker fuel costs

The cost of bunker fuel oil, HFO, very low sulphur fuel oil (“VLSFO”) and marine gas oil (“MGO”), is one of the major components of our direct costs for our container shipping operations. The table below sets out the bunker fuel costs incurred by our Group as a percentage of our total direct costs for the financial years/period indicated:


RM’000 RM’000 RM’000 RM’000 RM’000Bunker fuel costs 93,409 88,367 76,401 29,954 22,429Direct costs 409,506 408,950 414,880 113,818 122,975% of our direct costs 22.8 21.6 18.4 26.3 18.2

The cost of our bunker fuel fluctuates and is affected by various factors beyond our control such as changes in global demand and supply conditions, geopolitical events affecting major oil producing countries, government policies, fluctuation in foreign currencies and the level of global economic activities. Any changes in the conditions of any of the above factors may cause material changes in global oil prices, and this may adversely lead to a rise in our direct costs. The below table sets out our average bunker cost of marine fuel oil (comprising HFO (IFO 380)and VLSFO) and MGO, per MT which are the types of fuel we primarily consume for our container shipping operations for the financial years/period indicated below:


RM RM RM RM RMAverage cost of marine fuel oil per MT

1,699 1,668 1,660 2,464 1,715

Average cost of MGO per MT

2,742 2,690 2,147 2,751 2,253

As commonly practiced in the shipping industry, we factor in a bunker adjustment factor in our freight rate quoted to our customers, in part as recovery costs to us for the changes in bunker oil prices. The bunker adjustment factor is calculated after taking into consideration the running average of bunker oil price on a month to month basis and taking into consideration the current month’s average bunker fuel costs. Therefore, the bunker adjustment factor may be adjusted accordingly in line with the movement in the bunker fuel price (i.e. downwards/upwards in the event of a drop/increase in the bunker fuel prices).

See Section 9.2.4 of this Prospectus for further information on the factors affecting the fluctuation in bunker fuel prices.


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12.2.3 Significant accounting estimates and judgements

The critical judgments made in the process of applying the accounting policies that have the most significant effect on the amounts recognised in the financial statements and the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting year, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities currently or within the next reporting year are discussed below:

(i) Estimated useful lives and residual values of vessels

Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed, and if a component has a useful life that is different from the remainder of that asset, then that component is depreciated separately.

Depreciation of new vessels is calculated using the straight-line method to write off the cost, less estimated residual value over their estimated useful life of 25 years, whilst for used vessels purchased, depreciation is calculated using the straight-line method to write off the cost less estimated residual value over their remaining useful lives.

Our Group reviews the estimated useful lives and residual values of the vessels regularly in order to determine the amount of depreciation expense to be recorded for each financial year. Any changes in the economic useful lives and the residual values of the vessels could impact our financial results. The economic useful livesand residual values of the vessels are reviewed at each reporting date, with any changes in estimates accounted for prospectively. Our plant and equipment whichare under construction (capital work-in-progress) are not depreciated until the assets are ready for their intended use. For our other assets, depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of plant and equipment from the date that they are available for use, save for our freehold land, which is not depreciated.

(ii) Extension options and incremental borrowing rate in relation to leases

Our Group assesses at lease commencement by applying significant judgement whether it is reasonably certain to exercise the extension options. Our Group entities consider all facts and circumstances including our past practice and any cost that will be incurred to change the asset if an option to extend is not taken, to help us determine the lease term.

Our Group also applied judgement and assumptions in determining the incremental borrowing rate of the respective leases. Our Group entities first determine the closest available borrowing rates before using significant judgement to determine the adjustments required to reflect the term, security, value or economic environment of the respective leases.

The estimates and assumptions are periodically monitored to ensure they incorporate all relevant information available at the date when the financial statements are prepared. However, this does not prevent actual figures differing from estimates.


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12.2.4 New accounting pronouncement that has yet to be adopted in the preparation of the financial statements

The following are accounting standards, interpretations and amendments that have been issued by the Malaysian Accounting Standards Board but have not been adopted by our Group:

MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2022

(i) Amendments to MFRS 3, Business Combinations – Reference to the Conceptual Framework

(ii) Amendments to MFRS 9, Financial Instruments (Annual Improvements to MFRS Standards 2018−2020)

(iii) Amendments to Illustrative Examples accompanying MFRS 16, Leases (Annual Improvements to MFRS Standards 2018−2020)

(iv) Amendments to MFRS 116, Property, Plant and Equipment – Proceeds before Intended Use

(v) Amendments to MFRS 137, Provisions, Contingent Liabilities and Contingent Assets − Onerous Contracts − Cost of Fulfilling a Contract

MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2023

(i) Amendments to MFRS 101, Presentation of Financial Statements - Classification of Liabilities as Current or Non-current

(ii) Amendments to MFRS 108, Accounting Policies, Changes in AccountingEstimates and Errors – Definition of Accounting Estimates

(iii) Amendments to MFRS 112, Income Taxes – Deferred Tax related to Assets and Liabilities arising from a Single Transaction

MFRSs, interpretations and amendments effective for annual periods beginning on or after a date yet to be confirmed

(i) Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in Associates and Joint Ventures – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

Our Group plans to apply the abovementioned accounting standards, interpretations and amendments according to their respective effective annual period date. The initial application of the mentioned accounting standards, amendments and interpretations is not expected to have any material impact to the current period and prior period financial statements of our Group.


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12.2.5 Results of operations

The components of our combined results of operations are as follows:

(i) Revenue

Our Group’s revenue is derived from our two operating segments, namely container liner shipping operations and container depot services. The following table sets out our revenue by service type as a percentage of our total revenue for the financial years/period indicated:


Audited Audited Audited Unaudited AuditedRM’000 % RM’000 % RM’000 % RM’000 % RM’000 %

Container liner shippingFreight income -domestic

390,010 72.5 369,269 72.4 352,513 68.5 98,252 72.1 109,497 65.1

Freight income -Regional

111,098 20.7 101,664 19.9 109,757 21.3 27,074 19.9 41,809 24.8

Freight income subtotal

501,108 93.2 470,933 92.3 462,270 89.8 125,326 92.0 151,306 89.9

Charter hire income

2,596 0.5 4,313 0.8 18,602 3.6 2,458 1.8 7,582 4.5

Other shipping related income (1)

6,761 1.3 5,642 1.1 5,513 1.1 1,372 1.0 1,901 1.1

Container DepotDepot related income

27,294 5.1 28,873 5.7 28,156 5.5 7,025 5.2 7,523 4.5

Total 537,759 100.0 509,761 100.0 514,541 100.0 136,181 100.0 168,312 100.0

Note:

(1) Comprising mainly revenue from shipping agency fee.

Revenue from container shipping operations

Our revenue from container shipping operations comprises freight income and other shipping related income as detailed below:

(a) Revenue from freight income

Revenue from the container liner shipping business is generated from freight income for shipment of containerised cargo on-board the vessels.

Our freight income revenue from domestic services is derived from our container shipping services between ports within Malaysia and our freight income revenue from regional services is derived from our container shipping services both to and from regional ports such as Singapore, Brunei, Thailand, Indonesia and India.

We have in place our internal standardised tariff rate table by ports (e.g. from port A to port B) for trade (commonly referred to as carrier-owned containers (“COC”))and feeder (commonly referred to as shipper-owned containers (“SOC”)) volumes. Trade or COC bookings are bookings made by our customers to ship their goods from the port of origin to its port of destination using our containers. Feeder or SOC bookings are bookings made by the Mainline Operators or box operators toship their containers to and from a particular port, be it the origin, destination and the transhipment hub ports.



266



(i) Revenue





390,010 72.5 369,269 72.4 352,513 68.5 98,252 72.1 109,497 65.1


111,098 20.7 101,664 19.9 109,757 21.3 27,074 19.9 41,809 24.8


501,108 93.2 470,933 92.3 462,270 89.8 125,326 92.0 151,306 89.9

Charter hire income

2,596 0.5 4,313 0.8 18,602 3.6 2,458 1.8 7,582 4.5


6,761 1.3 5,642 1.1 5,513 1.1 1,372 1.0 1,901 1.1


27,294 5.1 28,873 5.7 28,156 5.5 7,025 5.2 7,523 4.5

Total 537,759 100.0 509,761 100.0 514,541 100.0 136,181 100.0 168,312 100.0

Note:










266



(i) Revenue





390,010 72.5 369,269 72.4 352,513 68.5 98,252 72.1 109,497 65.1


111,098 20.7 101,664 19.9 109,757 21.3 27,074 19.9 41,809 24.8


501,108 93.2 470,933 92.3 462,270 89.8 125,326 92.0 151,306 89.9

Charter hire income

2,596 0.5 4,313 0.8 18,602 3.6 2,458 1.8 7,582 4.5


6,761 1.3 5,642 1.1 5,513 1.1 1,372 1.0 1,901 1.1


27,294 5.1 28,873 5.7 28,156 5.5 7,025 5.2 7,523 4.5

Total 537,759 100.0 509,761 100.0 514,541 100.0 136,181 100.0 168,312 100.0

Note:









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The freight rates charged for COC bookings include additional costs for using our containers as well as terminal handling charges at load and discharge ports including factoring in trade and equipment imbalance cost for evacuating boxes back to the load origins. SOC or feeder rates are one way rates basis either onliner terms or free in-out terms or a combination of both (liner terms are referring to the rates that are inclusive of the terminal handling charges (as described in the tabled below). Free in-out terms, on the other hand, are referring to the rates that exclude the terminal handling charges).

The following table sets out the description of the components of our freight income:

Nature of revenue Description

Ocean freight charges

Freight charges from provision of container shipping services.

Bunker adjustment charges

Surcharge charged to our customers for any fluctuation in bunker fuel costs. These charges are generallycomputed on monthly basis and it depends on the market rate of bunker prices as further described in Section 12.2.2(iv) of this Prospectus.

Terminal handling charges

Amount charged to our customers to recover all landside charges relating to the movement of the container which includes terminal stevedorage, drayage costs and other ancillary charges

Documentation Fees/ Electronic Data Interchange (EDI) Fee

Amount charged to our customers on a per Bill of Lading or Delivery Order basis covering documentation and EDI costs.

Container Seal Fee Amount charged to customers per container for the provision of container security seal (including the security administration of the seal charges).

Congestion Surcharge

Amount charged to customers on a per TEU basis to partially recover additional idling costs for vessels due to port congestions whenever justified.

Demurrage/Detention Fees (DMDT)

Amount charged to customers on a per TEU per day basis for the detention of containers beyond the free time provided.

Our revenue from freight income also comprises the following:

(i) slot sale income which primarily derived from the slot sales arrangement with our shipping partner, MSC as well as additional slots provided to support their shipping activities; and

(ii) revenue derived from our containerised automotive shipping which we charge to our customers based on per car basis (to be referred to as “Auto Logistics” segment).


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The following table sets out our revenue from freight income by classification of our customers as a percentage of our total freight income for the financial years/period indicated:

FYE 31 December FPE 31 MarchAudited Unaudited Audited

2018 2019 2020 2020 2021Freight Income RM’000 % RM’000 % RM’000 % RM’000 % RM’000 %Freight services to Exporters/Importers(1)

West Malaysian ports to East Malaysian ports

286,459 57.2 265,897 56.5 250,992 54.3 64,148 51.2 80,585 53.3

East Malaysian ports to West Malaysian ports

22,064 4.4 22,609 4.8 17,725 3.8 5,455 4.4 5,220 3.5

Regional(2) 66,467 13.3 54,161 11.5 57,066 12.3 13,221 10.5 29,937 19.8

Exporter Dedicated Feeder(3)

30,456 6.1 35,436 7.5 46,602 10.1 18,505 14.8 6,983 4.6

Freight services to Main Line Operators and others(4)

61,789 12.3 59,063 12.5 57,552 12.4 16,291 13.0 19,286 12.7

Other freight income

Slot sale income(5) 23,060 4.6 22,184 4.7 17,255 3.7 4,506 3.6 6,967 4.6

Auto Logistics(6) 8,679 1.7 10,401 2.2 13,349 2.9 2,435 1.9 1,341 0.9

Others(7) 2,134 0.4 1,180 0.3 1,728 0.4 765 0.6 987 0.7

Total 501,108 100.0 470,933 100.0 462,270 100.0 125,326 100.0 151,306 100.0

Notes:

(1) Freight services provided to freight forwarders as well as direct shippers and consignees comprising manufacturers and traders.

(2) Freight services which involved ports outside of Malaysia namely Brunei, Indonesia, Thailand, Singapore and India.

(3) Freight services in relation to the shipping routes/ports servicing specific customer per shipping route/port.


(5) Slot sale income in relation to the slot sale arrangement with our shipping partner, MSC and slot sales to other third parties.

(6) Derived from containerised automotive shipping income.

(7) Comprises detention and demurrage charges, and other related freight charges.



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The following table sets out our revenue from freight income by classification of our customers as a percentage of our total freight income for the financial years/period indicated:


2018 2019 2020 2020 2021Freight Income RM’000 % RM’000 % RM’000 % RM’000 % RM’000 %Freight services to Exporters/Importers(1)


286,459 57.2 265,897 56.5 250,992 54.3 64,148 51.2 80,585 53.3


22,064 4.4 22,609 4.8 17,725 3.8 5,455 4.4 5,220 3.5

Regional(2) 66,467 13.3 54,161 11.5 57,066 12.3 13,221 10.5 29,937 19.8


30,456 6.1 35,436 7.5 46,602 10.1 18,505 14.8 6,983 4.6


61,789 12.3 59,063 12.5 57,552 12.4 16,291 13.0 19,286 12.7


Slot sale income(5) 23,060 4.6 22,184 4.7 17,255 3.7 4,506 3.6 6,967 4.6

Auto Logistics(6) 8,679 1.7 10,401 2.2 13,349 2.9 2,435 1.9 1,341 0.9

Others(7) 2,134 0.4 1,180 0.3 1,728 0.4 765 0.6 987 0.7

Total 501,108 100.0 470,933 100.0 462,270 100.0 125,326 100.0 151,306 100.0

Notes:


(2) Freight services which involved ports outside of Malaysia namely Brunei, Indonesia, Thailand, Singapore and India.







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(b) Revenue from charter hire income and other shipping related income

The following table sets out the breakdown of our revenue from other shipping related income by type of services we provided to our customers and the percentage such amount represents as a proportion of our total revenue for the financial years/period indicated:


2018 2019 2020 2020 2021RM’000 % RM’000 % RM’000 % RM’000 % RM’000 %

Charter hire income

2,596 0.5 4,313 0.8 18,602 3.6 2,458 1.8 7,582 4.5

Other shipping related income(1)

6,761 1.3 5,642 1.1 5,513 1.1 1,372 1.0 1,901 1.1

Total 9,357 1.8 9,955 1.9 24,115 4.7 3,830 2.8 9,483 5.6

Note:

(1) Comprises mainly shipping agency fees earned from our provision of shipping agency services to Evergreen Malaysia.

As a licensed shipping agent, the Group provides marketing services, as well as dealing with the necessary transactions relating to a vessel at the port that the vessel berths, which include, among others, clearing the vessel in and/or out of the port and completion of all relevant vessel clearance documentation. Charterhire income is charged on chartering of the vessels to third party container liner shipping companies. Charter hire income is charged on daily basis in USD.

Revenue from container depot operations

Our revenue from container depot operations is in relation to container storageand container related services provided by ICSD. The main contributors for our container depot operations revenue are depot gate charges, storage and LO/LO charges, maintenance and repair charges as well as pre-trip inspection charges.We outsourced the pre-trip inspection, maintenance and repair as well as empty drayage services which we provide to our customers to other companies for the years/period under review.


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(ii) Direct costs

The following table sets out the major components of our direct costs by operating segments as a percentage of our total direct costs for the financial years/periodindicated:

FYE 31 December FPE 31 March Audited Unaudited Audited

2018 2019 2020 2020 2021RM’000 % RM’000 % RM’000 % RM’000 % RM’000 %

Container shipping

Terminal handlingcharges

90,594 22.1 84,233 20.6 82,483 19.9 21,354 18.8 26,650 21.7

Bunker fuel 93,409 22.8 88,367 21.6 76,401 18.4 29,954 26.3 22,429 18.2

Equipment cost 61,419 15.0 58,542 14.3 58,517 14.1 16,059 14.1 18,373 14.9

Charter hire costs 40,256 9.8 25,788 6.3 15,455 3.7 3,828 3.4 3,797 3.1

Vessel costs 33,790 8.3 42,285 10.3 58,082 14.0 11,767 10.3 15,104 12.3

Door service 20,080 4.9 22,499 5.5 22,621 5.5 4,960 4.4 5,927 4.8

Marine charges 18,775 4.6 19,832 4.9 20,812 5.0 6,407 5.6 5,852 4.8

Depreciation 16,456 4.0 30,275 7.4 37,370 9.0 9,240 8.1 9,894 8.1

Other operating costs(1)

18,589 4.6 19,268 4.7 21,495 5.2 5,019 4.4 7,928 6.5

393,369 96.1 391,088 95.6 393,234 94.8 108,587 95.4 115,954 94.3

Container depot 16,137 3.9 17,863 4.4 21,646 5.2 5,231 4.6 7,022 5.7

Total 409,506 100.0 408,950 100.0 414,880 100.0 113,818 100.0 122,975 100.0

Note:

(1) Comprising feeder cost, shipping agency fees and other related shipping operating costs

Container shipping

Our Group’s direct costs in relation to our container shipping operations comprise the following:

Component of direct costs Description

Terminal handling charges

Port costs in relation loading and/or discharging of thecontainers from our vessels.

Bunker fuel Expenses incurred for purchase of bunker fuel for our vessels, mainly comprising HFO, VLSFO and MGO.

Equipment cost All costs relating to containers, including leasing costs, container repairs, and storage costs as well as haulage charges for handling containers.

Charter hire costs Vessel charter hire expenses paid to third party vessel owners for chartering of container vessels.


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Component of direct costs Description

Vessel costs Costs incurred to operate our owned vessels including our crew costs, vessel maintenance costs, insurance costs (in relation to our hull and machinery insurance), vessel survey fees, ship management fees.

Door service Costs incurred for services provided to deliver and collect the containers to/from the designated location which includes, among others, haulage charges, documentation fees, customs clearance as well as containers’ stuffing and unstuffing costs.

Marine charges Fees charged by the port operators for various port servicesincluding, among others, berthing fee, pilotage fee, tug hire charges, buoy and light dues, and dockage fees.

Depreciation Depreciation charges in relation to our vessels, containers,dry-docking and equipment.

Feeder cost Costs incurred to transport containers by land or sea to the ports not covered by our vessels such as, Miri Port and Sibu Port.

Shipping agency fees

Shipping agency fees paid to third party shipping agents to act as our shipping agent in ports where we do not have our own branch.

Other related shipping operating costs

Mainly comprising container handling charges, insurance costs (in relation to our protection and indemnity (P&I) insurance), transmission fees (electronic data interchange fees) and other handling costs.

Container depot

Our Group’s direct costs in relation to our container depot operations primarily comprise containers maintenance and repair charges, employment of yard staffs,rental of depot yard, upkeep of our yard and equipment, empty container haulage charges and depreciation charges in relation to our yard development costs and equipment such as our empty stackers and forklifts.

(iii) Other operating income

Other operating income primarily comprises gain on disposals of property, plant and equipment, insurance claim received, interest income, foreign exchange gain, rental income derived from the leasing of our containers and depot yard to third parties, and sale of scrap from our container depot operations.

(iv) Administration expenses

Administration expenses primarily comprise staff costs, depreciation in relation to our office and administration fixed assets, marketing expenses, professional feesand other administrative expenses incurred to operate our offices.

(v) Other operating expenses

Other expenses primarily comprise foreign exchange loss and impairment loss on our investments.


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(vi) Finance costs

Finance costs primarily comprise interest expenses incurred on our bank borrowings, bankers’ acceptances, hire purchase, lease liabilities, revolving credit and term loans.

(vii) Share of results of equity-accounted associates

We recognise our share of results of our associated company based on our effective shareholding in the company. For the financial years/period under review, our share of results of our associates is dependent on the results of operations of our associates. As at 31 March 2021, we have an associatedcompany, namely Perceptive Logistics which we currently hold 30% equity interest.

(viii) Tax expense

Income tax expense comprises current and deferred tax. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantially enacted by the end of reporting period, and any adjustment to tax payable in respect of previous financial years.

Deferred tax is recognised using the liability method, providing for temporary differences between carrying amounts of assets and liabilities in the statement of financial position and their tax bases. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantially enacted by the end of reporting period.

We incur minimal tax expenses as our profits derived from operation of Malaysian registered vessels are exempted from taxation. Our tax expenses are mainly incurred from our container depot operations and profits from our container shipping operation carried out by our chartered non-Malaysian registered vesselswhich are not tax exempted. See Section 9.1.11 of this Prospectus for further information on the tax exemption received by the Group.

The following tables set out our current tax expense and deferred tax expense for the financial years/period indicated:


2018 2019 2020 2020 2021RM’000 RM’000 RM’000 RM’000 RM’000

Current tax expense 5,531 2,794 3,793 430 360Deferred tax

benefit/(expense) 694 (776) 1,353 55 (20)Total tax expense 6,225 2,018 5,146 485 340

PBT 94,644 58,216 56,636 13,260 32,478

Effective tax rate (%)* 6.6 3.5 9.1 3.7 1.0

Note:

* Computed based on the total tax expense divided by PBT for the financial years/period indicated


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12.2.6 Review of performance for the FPE 31 March 2021 compared to the FPE 31 March2020

The following table presents selected information from our combined statements of profit or loss, the percentage such amounts represent as a proportion of total revenue and their percentage change for the financial periods indicated:

FPE 31 March

2020 2021

Unaudited Audited

RM’000% of

revenue RM’000% of

revenue%

changeRevenue 136,181 100.0 168,312 100.0 23.6

Direct cost (113,818) (83.6) (122,975) (73.1) 8.0

Gross profit 22,363 16.4 45,337 26.9 102.7

Other operating income 3,604 2.6 1,145 0.7 (68.2)

Administration expenses (8,458) (6.2) (8,235) (4.9) (2.6)

Other operating expenses (823) (0.6) (3,114) (1.9) 278.4

Result from operating activities 16,686 12.3 35,133 20.9 110.6

Finance costs (3,072) (2.3) (2,526) (1.5) (17.8)

Share of results of equity-accounted associate (354) (0.3) (129) (0.1) (63.6)

PBT 13,260 9.7 32,478 19.3 144.9

Tax expense (485) (0.4) (340) (0.2) (29.9)

Profit for the financial year 12,775 9.4 32,138 19.1 151.6

(i) Revenue

The following table sets out our revenue by operating segments and the percentage change for the financial periods indicated:

FPE 31 March2020 2021

Unaudited Audited %changeRM’000 % RM’000 %

Container liner shippingFreight income - domestic 98,252 72.1 109,497 65.1 11.4

Freight income - Regional 27,074 19.9 41,809 24.8 54.4

Freight income subtotal 125,326 92.0 151,306 89.9 20.7Charter hire income 2,458 1.8 7,582 4.5 208.5

Other shipping related income 1,372 1.0 1,901 1.1 38.6Container Depot

Depot related income 7,025 5.2 7,523 4.5 7.1

Total 136,181 100.0 168,312 100.0 23.6


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Our revenue increased by 23.6% from RM136.2 million in the FPE 31 March2020 to RM168.3 million in the FPE 31 March 2021.


The table below sets out the breakdown of our revenue from freight income and other shipping income by classification of our customers, respectively, and the percentage such amount represents as a proportion of our total revenue and their percentage change for the financial periods indicated:

FPE 31 March2020 2021

Unaudited Audited

RM’000% of


revenue%

change

Freight services to Exporters/Importers(1)

West Malaysian ports to East Malaysian ports 64,148 47.1 80,585 47.9 25.6

East Malaysian ports to West Malaysian ports 5,455 4.0 5,220 3.1 (4.3)

Regional(2) 13,221 9.7 29,937 17.8 126.4

Exporter Dedicated Feeder(3) 18,505 13.6 6,983 4.1 (62.3)


16,291 12.0 19,286 11.5 18.4

Other freight incomeSlot sale income(5) 4,506 3.3 6,967 4.1 54.6

Auto Logistics(6) 2,435 1.8 1,341 0.8 (44.9)

Others(7) 765 0.6 987 0.6 28.9

Total Freight Income 125,326 92.0 151,306 89.9 20.7Shipping agency fee 1,372 1.0 1,901 1.1 38.6

Charter hire income 2,458 1.8 7,582 4.5 208.5

Total 129,156 94.8 160,789 95.5 24.5

Notes:


(2) Freight services which involved ports outside of Malaysia namely Brunei, Indonesia, Thailand, Singaporeand India.







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Our revenue mainly comprises freight income, which accounted for approximately 92.0% and 89.9% of our total revenue for the FPE 31 March 2020and FPE 31 March 2021, respectively. The table below sets out the breakdown of our average freight rate and transport volumes by our shipping routes for the financial periods indicated:

Average freight rates(1) Transport volumeFPE 31 March FPE 31 March

2020 2021 2020 2021

RM RM%

change TEU TEU%

change

Freight services to Exporters/Importers


3,029 2,888 (4.6) 21,180 27,904 31.7


1,425 1,224 (14.1) 3,827 4,625 11.4

Regional(2) 2,186 2,780 27.2 6,047 10,767 78.1

Exporter Dedicated Feeder(3) 386 356 (7.8) 47,951 19,631 (59.1)


721 717 (0.6) 22,589 26,899 19.1

Average freight rate(5) / Total volume 1,158 1,587 37.1 101,594 89,466 (11.9)

Notes:

(1) The average freight rates represent the total freight rate charged to our external customers per standard TEU container divided by the total transport volumes for each of the shipping routes indicated.

(2) Freight services which involved ports outside of Malaysia, namely Brunei,Indonesia, Thailand, Singapore and India.



(5) Derived from the total revenue from freight income (excluding slot sale and Auto Logistics income) divided by the total transport volume.


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Our revenue from container shipping operations increased by 24.5% from RM129.2 million in the FPE 31 March 2020 to RM160.8 million in the FPE 31 March 2021. The increase was primarily due to the following:

(i) increase in our freight revenue from transporting containers from West Malaysian ports to East Malaysian ports operation by 25.6% from RM64.1million for the FPE 31 March 2020 to RM80.6 million for the FPE 31 March2021 driven by the increase in the volume of 31.7% from 21,180 TEUs forthe FPE 31 March 2020 to 27,904 TEUs for the FPE 31 March 2021, due to the increase in demand for our services for this route. However, the contribution from the increase in our volume was partially offset by the decrease in our average freight rate for this operation by 4.6% from RM3,029 per TEU for the FPE 31 March 2020 to RM2,888 per TEU for the FPE 31 March 2021;

(ii) increase in our freight revenue from transporting containers for our regional operations by 126.4% from RM13.2 million for the FPE 31 March 2020 to RM29.9 million for the FPE 31 March 2021 driven by the increase in demand from our Thailand operations due to the addition of Laem Chabang port to our regional operations on top of Bangkok port. The volume for our regional operations increased by 78.1% from 6,047 TEUs for the FPE 31 March 2020 to 10,767 TEUs for the FPE 31 March 2021 and our average freight rate for this operation also increased by 27.2% from RM2,186 per TEU for the FPE 31 March 2020 to RM2,780 per TEU for the FPE 31 March 2021;

(iii) increase in our charter hire income by 208.5% from RM2.5 million for the FPE 31 March 2020 to RM7.6 million for the FPE 31 March 2021 due to the increase in vessels available for our charter hire operations over the two comparative period. The total charter hire days for the FPE 31 March 2020 was 54 days for two vessels compared to the total charter hire days for the FPE 31 March 2021 of 166 days for three vessels;

(iv) however, the increase in our revenue described above was offset by the decrease in our revenue from transporting containers for our Exporter Dedicated Feeder operations by 62.3% from RM18.5 million for the FPE 31 March 2020 to RM7.0 million for the FPE 31 March 2021 as one of our main services under the Exporter Dedicated Feeder operations, the services provided to Petronas Chemicals Marketing (Labuan) Ltd and Aramco Chemicals Company were temporarily put on hold from June 2020due to an unforeseen accident which happened at Pengerang Integrated Petroleum Complex in 2020. In addition, the global shortage of containers had a severe disruption and impact on Sea Navigator’s operations as its key customers were facing challenges securing Main Line Operators’ container equipment support for their export bookings.


Our revenue from container depot operations increased by 7.1% from RM7.0million for the FPE 31 March 2020 to RM7.5 million for the FPE 31 March 2021primarily due to the increase in our depot gate charges in Port Klang and the increase in the overall volume of containers handled by our depot.

(ii) Direct costs

The following table sets out the major components of our direct costs by operating segments as the percentage of our total direct costs as well as the percentage change for the financial periods indicated:



276








(ii) Direct costs




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(ii) Direct costs



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FPE 31 MarchUnaudited Audited

2020 2021

RM’000% of direct

costs RM’000% of direct

costs % changeContainer shipping Terminal handlingcharges

21,354 18.8 26,650 21.7 24.8

Bunker fuel 29,954 26.3 22,429 18.2 (25.1)Equipment cost 16,059 14.1 18,373 14.9 14.4Charter hire costs 3,828 3.4 3,797 3.1 (0.8)Vessel cost 11,767 10.3 15,104 12.3 28.4Door service 4,960 4.4 5,927 4.8 19.5Marine charges 6,407 5.6 5,852 4.8 (8.7)Depreciation 9,240 8.1 9,894 8.1 7.1Other operating costs(1) 5,019 4.4 7,928 6.5 58.0Subtotal 108,587 95.4 115,954 94.3 6.8

Container depot 5,231 4.6 7,022 5.7 34.2

Total 113,818 100.0 122,975 100.0 8.0

Note:


Our direct costs increased by 8.0% from RM113.8 million for the FPE 31 March 2020 to RM123.0 million for the FPE 31 March 2021 due to the below factors:

(a) increase in our vessel cost by 28.4% from RM11.8million for the FPE 31 March 2020 to RM15.1 million for the FPE 31 March 2021 due to the expansion of our vessel fleet as we took delivery of MTT Samalaju, a 1,162 TEU vessel in February 2021; and

(b) increase in terminal handling charges by 24.8% from RM21.4 million for the FPE 31 March 2020 to RM26.7 million for the FPE 31 March 2021 due to the increase in the volume of containers shipped from and/or to East Malaysian ports.

The increase in our direct costs was partially offset by the following:

(i) decrease in our bunker cost by 25.1% from RM30.0 million in the FPE 31 March 2020 to RM22.4 million in the FPE 31 March 2021 due to the decrease in our average bunker cost per MT as below:

FPE 31 March

2020 2021RM RM

Average cost of marine fuel oil per MT 2,464 1,715Average cost of MGO per MT 2,751 2,253


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(iii) Gross profit

The following table sets out the analysis of our gross profit by operating segments and the percentage these gross profit represents as a proportion of our total gross profit for the FPE 31 March 2020 and FPE 31 March 2021:

FPE 31 MarchUnaudited Audited

2020 2021RM’000 % RM’000 % % change

GPContainer shipping 20,569 92.0 44,835 98.9 118.0Container depot 1,794 8.0 501 1.1 (72.1)

Total 22,363 100.0 45,337 100.0 102.7

% %

GP marginContainer shipping 15.9 27.9Container depot 25.5 6.7Overall GP margin 16.4 26.9

As a result of the foregoing, our total gross profit increased by 102.7% fromRM22.4 million for the FPE 31 March 2020 to RM45.3 million for the FPE 31 March 2021.

Our gross profit margin for container shipping operations increased from 15.9%for the FPE 31 March 2020 to 27.9% for the FPE 31 March 2021 primarily due to the increase in our average freight rate and volume from our regional operations (driven by our demand from our Thailand operations as mentioned in Section 12.2.6 (i) above). The increase in the volume from our domestic services and ourcharter hire income had also contributed positively to our gross profit margin.

Our gross profit for container depot operations decreased from RM1.8 million for the FPE 31 March 2020 to RM0.5 million for the FPE 31 March 2021 and the gross profit margin for container depot operations decreased from 25.5% in the FPE 31 March 2020 to 6.7% in the FPE 31 March 2021.

(iv) Other operating income

Our other operating income was lower by 68.2% from RM3.6 million for the FPE 31 March 2020 to RM1.1 million for the FPE 31 March 2021 due to the inclusion of a one-off insurance receipt in January 2020 for accidental damage to one of our vessels into our financial results for the FPE 31 March 2020.

(v) Administration expenses

Our administration expenses slightly decreased by 2.6% from RM8.5 million forthe FPE 31 March 2020 to RM8.2 million for the FPE 31 March 2021.


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279

(vi) Other operating expenses

Our other operating expenses increased by 278.4% from RM0.8 million for the FPE 31 March 2020 to RM3.1 million for the FPE 31 March 2021 primarily due to the increase in unrealised loss from translation of our borrowings that are denominated in foreign currencies as a result of depreciation of RM against the USD.

(vii) Finance costs

Our finance costs decreased by 17.8% from RM3.1 million for the FPE 31 March 2020 to RM2.5 million for the FPE 31 March 2021 which was primarily attributable due to lower interest rates for our new borrowings. The range of the interest rates for the FPE 31 March 2020 was between 3.25% to 4.86% whereas the range of interest rates for the FPE 31 March 2021 was between 1.99% to 4.70%.

(viii) Share of results of equity-accounted associate

Our share of results of equity-accounted associate was a loss of RM0.1 million for the FPE 31 March 2021, attributed by our investment in Perceptive Logistics Sdn. Bhd.

(ix) PBT

As a result of the foregoing, our PBT increased by 144.9% from RM13.3 million for the FPE 31 March 2020 to RM32.5 million for the FPE 31 March 2021, and our PBT margin increased substantially from 9.7% for the FPE 31 March 2020 to19.3% for the FPE 31 March 2021.

(x) Tax expense

As further described in Section 9.1.11 of this Prospectus, profits from operation of Malaysian registered vessels are exempted from taxation pursuant to Section 54A(1) of the Income Tax Act, 1967.

We incurred tax expenses of RM0.3 million for the FPE 31 March 2021 mainly due to our container depot operations and our profit derived from our taxable operations such as agency commission, door service as well as our interest income.

(xi) Profit for the financial year

As a result of the foregoing, our profit for the financial year increased by 151.6%from RM12.8 million for the FPE 31 March 2020 to RM32.1 million for the FPE 31 March 2021. Our PAT margin also increased substantially from 9.4% for the FPE 31 March 2020 to 19.1% for the FPE 31 March 2021.


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12.2.7 Review of performance for the FYE 31 December 2020 compared to the FYE 31 December 2019

The following table presents selected information from our combined statements of profit and loss, the percentage such amounts represent as a proportion of total revenue and their percentage change for the financial years indicated:

FYE 31 DecemberAudited

2019 2020

RM’000% of


revenue%

change

Revenue 509,761 100.0 514,541 100.0 0.9

Direct cost (408,950) (80.2) (414,880) (80.6) 1.5

Gross profit 100,811 19.8 99,661 19.4 (1.1)

Other operating income 6,269 1.2 6,847 1.3 9.2




Finance costs (7,590) (1.5) (12,077) (2.3) 59.1

Share of results of equity-accounted associate 271 0.1 (501) (0.1) (284.9)

PBT 58,216 11.4 56,636 11.0 (2.7)

Tax expense (2,018) (0.4) (5,146) (1.0) 155.0

Profit for the financial year 56,198 11.0 51,490 10.0 (8.4)

(i) Revenue

The following table sets out our revenue by operating segments and the percentage change for the financial years indicated:

FYE 31 December2019 2020

Audited Audited

RM’000 % RM’000 %%

change

Container liner shippingFreight income - domestic 369,269 72.4 352,513 68.5 (4.5)


Freight income subtotal 470,933 92.3 462,270 89.8 (1.8)


Other shipping related income 5,642 1.1 5,513 1.1 (2.3)

Container DepotDepot related income 28,873 5.7 28,156 5.5 (2.5)

Total 509,761 100.0 514,541 100.0 0.9

Our revenue increased marginally by 0.9% from RM509.8 million in the FYE 31December 2019 to RM514.5 million in the FYE 31 December 2020.



280




2019 2020

RM’000% of


revenue%

change

Revenue 509,761 100.0 514,541 100.0 0.9

Direct cost (408,950) (80.2) (414,880) (80.6) 1.5

Gross profit 100,811 19.8 99,661 19.4 (1.1)





Finance costs (7,590) (1.5) (12,077) (2.3) 59.1


PBT 58,216 11.4 56,636 11.0 (2.7)

Tax expense (2,018) (0.4) (5,146) (1.0) 155.0


(i) Revenue



Audited Audited

RM’000 % RM’000 %%

change







Total 509,761 100.0 514,541 100.0 0.9




280




2019 2020

RM’000% of


revenue%

change

Revenue 509,761 100.0 514,541 100.0 0.9

Direct cost (408,950) (80.2) (414,880) (80.6) 1.5

Gross profit 100,811 19.8 99,661 19.4 (1.1)





Finance costs (7,590) (1.5) (12,077) (2.3) 59.1


PBT 58,216 11.4 56,636 11.0 (2.7)

Tax expense (2,018) (0.4) (5,146) (1.0) 155.0


(i) Revenue



Audited Audited

RM’000 % RM’000 %%

change







Total 509,761 100.0 514,541 100.0 0.9



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281


The table below sets out the breakdown of our revenue from freight income and other shipping income by classification of our customers, respectively, and the percentage such amount represents as a proportion of our total revenue and their percentage change for the financial years indicated:


RM’000% of


revenue%

change

Freight services to Exporters/Importers(1)


265,897 52.2 250,992 48.8 (5.6)


22,609 4.4 17,725 3.4 (21.6)

Regional(2) 54,161 10.6 57,066 11.1 5.4

Exporter Dedicated Feeder(3) 35,436 7.0 46,602 9.1 31.5


59,063 11.6 57,552 11.2 (2.6)


Slot sale income(5) 22,184 4.4 17,255 3.4 (22.2)

Auto Logistics(6) 10,401 2.0 13,349 2.6 28.3

Others(7) 1,180 0.2 1,728 0.3 46.4

Total Freight Income 470,933 92.4 462,270 89.8 (1.8)

Shipping agency fee 5,642 1.1 5,513 1.1 (2.3)


9,955 2.0 24,115 4.7 142.2

Total 480,888 94.4 486,385 94.5 1.1

Notes:

(1) Freight services provided to shippers and consignees comprising manufacturers and traders.

(2) Freight services which involved ports outside of Malaysia, namely Brunei, Indonesia,Thailand, Singapore and India.




(6) Derived from containerised automative shipping income.

(7) Comprises detention and demurrage charges and other related freight charges.

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Our revenue mainly comprises freight income, which accounted for approximately 92.4% and 89.8% of our total revenue for the FYE 31 December 2019 and FYE 31 December 2020, respectively. The table below sets out the breakdown of our average freight rate and transport volumes by our shipping routes for the financial years indicated:

Average freight rates(1) Transport volumeFYE 31 December FYE 31 December

2019 2020 2019 2020

RM RM%

change TEU TEU%

change



2,899 2,740 (5.5) 91,723 91,618 (0.1)


1,185 1,263 6.6 19,077 14,033 (26.4)

Regional(2) 2,008 2,168 8.0 26,979 26,325 (2.4)


363 354 (2.5) 97,650 131,470 34.6


722 693 (4.1) 81,751 83,051 1.6

Average freight rate(5)

/ Total volume 1,378 1,241 (9.9) 317,180 346,497 9.2

Notes:






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Our revenue from container shipping operations increased by 1.1% from RM480.9 million for the FYE 31 December 2019 to RM486.4 million for the FYE 31 December 2020. The increase was primarily due to the following:

(i) increase in our freight revenue from transporting containers for our Exporter Dedicated Feeder operations by 31.5% from RM35.4 million forthe FYE 31 December 2019 to RM46.6 million for the FYE 31 December 2020, driven by the increase in the volume of 34.6% from 97,650 TEUs forthe FYE 31 December 2019 to 131,470 for the FYE 31 December 2020 due to the increased in our single voyage for our Pengerang – Port Klangservice as well as the additional routes added in our Indonesia service in May 2019. Our average freight rate for the operations decreased by 2.5%from RM363 per TEU for the FYE 31 December 2019 to RM354 per TEU for the FYE 31 December 2020;

(ii) revenue from our charter hire income increased by 331.3% from RM4.3million for the FYE 31 December 2019 to RM18.6 million for the FYE 31 December 2020 as our Group had undertaken route rationalisation in 2020, as well as the addition of two additional vessels to our fleet (MTT Pengerang in August 2019 and MTT Saisunee in September 2020) thereby freeing up vessels for the charter market;

(iii) revenue from our Auto Logistics operations increased by 28.3% from RM10.4 million for the FYE 31 December 2019 to RM13.3 million for the FYE 31 December 2020 due to increase in volume of vehicles shipped by our Group of 39.2% from 5,748 units of vehicle for the FYE 31 December2019 to 8,005 units of vehicle for the FYE 31 December 2020;

(iv) however, the increase was offset by the decrease in our freight income from our West Malaysian ports to East Malaysian ports operations by 5.6%from RM265.9 million for the FYE 31 December 2019 to RM251.0 million for the FYE 31 December 2020, in line with the decrease in our average freight rate by 5.5% from RM2,899 per TEU for the FYE 31 December 2019 to RM2,740 per TEU for the FYE 31 December 2020 due to the entry of new foreign shipping liner companies leveraging on the partial liberalisation of the cabotage policy. The other contributing factor was the shift in the volume of containers transported to Sabah in favour of Sarawak where the rate structure for both the ocean freight rates as well as land side recovery charges are lower for ports in Sarawak. The total transport volume for this route remained stable;

(v) decrease in our freight income from our East Malaysian ports to WestMalaysian ports operations by 21.6% from RM22.6 million for the FYE 31 December 2019 to RM17.7 million for the FYE 31 December 2020 due tothe decrease in our transport volume by 26.4% from 19,077 TEUs for the FYE 31 December 2019 to 14,033 TEUs for the FYE 31 December 2020 due to decrease in domestic volumes from East Malaysia to Peninsula Malaysia as exporters in East Malaysia ramped up their international export volume instead of domestic operations; and

(vi) our revenue from slot sale income decreased by 22.2% from RM22.2 million for the FYE 31 December 2019 to RM17.3 million for the FYE 31 December 2020 due to the reduction in the number of our sailings from an average of eight voyages a month to only four voyages a month in April 2020 to June 2020, affected by the MCO restrictions imposed by the government of Malaysia.

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Our revenue from container depot operations decreased marginally by 2.5% from RM28.9 million for the FYE 31 December 2019 to RM28.2 million for the FYE 31 December 2020.

(ii) Direct costs

The following table set out the major components of our direct costs by operating segments and the percentage these costs represent as a proportion of our totaldirect costs as well as the percentage change for the financial periods indicated:

FYE 31 December Audited

2019 2020

RM’000% of direct


costs % changeContainer shipping Terminal handling

charges84,233 20.6 82,483 19.9 (2.1)

Bunker fuel 88,367 21.6 76,401 18.4 (13.5)Equipment cost 58,542 14.3 58,517 14.1 0.0Charter hire 25,788 6.3 15,455 3.7 (40.1)Vessel cost 42,285 10.3 58,082 14.0 37.4Door service 22,499 5.5 22,621 5.5 0.5Marine charges 19,832 4.9 20,812 5.0 4.9Depreciation 30,275 7.4 37,370 9.0 23.4Other operating costs(1)

19,268 4.7 21,495 5.2 11.6

Subtotal 391,088 95.6 393,234 94.8 0.5

Container depot 17,863 4.4 21,646 5.2 21.2

Total 408,950 100.0 414,880 100.0 1.5

Note:


Our direct costs increased marginally by 1.5% from RM409.0 million for the FYE 31 December 2019 to RM414.9 million for the FYE 31 December 2020 due to the below factors:

(a) increase in our vessel cost by 37.4% from RM42.3 million for the FYE 31 December 2019 to RM58.1 million for the FYE 31 December 2020 due to the expansion of our vessel fleet with the acquisitions of MTT Pengerang,a 1,134 TEU vessel and MTT Saisunee, a 1,162 TEU vessel in August and September 2019 respectively and MTT Senari, a 1,162 TEU vessel in January 2020;

(b) increase in depreciation costs by 23.4% from RM30.3 million for the FYE 31 December 2019 to RM37.4 million for the FYE 31 December 2020 due to the addition of the new vessels mentioned above as well as the dry-docking costs for two of our vessels in 2020 for their routine maintenance;

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(c) increase in the costs associated with our container depot operations by 21.2% from RM17.9 million for the FYE 31 December 2019 to RM21.6 million for the FYE 31 December 2020 due to the commencement of our new depot operations in Westport in January 2020.

The increase in our direct costs was partially offset by the following:

(i) decrease in our bunker cost by 13.5% from RM88.4 million for the FYE 31 December 2019 to RM76.4 million for the FYE 31 December 2020 due to the reduced sailings in FYE 31 December 2020 as well as lower average bunker cost incurred for the FYE 31 December 2020. The average bunker cost for the FYE 31 December 2019 and FYE 31 December 2020 is as below:

FYE 31 December2019 2020RM RM

Average cost of marine fuel oil per MT 1,668 1,660

Average cost of MGO per MT 2,690 2,147

(ii) decrease in our charter hire cost by 40.1% from RM25.8 million for the FYE 31 December 2019 to RM15.5 million for the FYE 31 December 2020 due to our Group’s reduced reliance on third party vessels.

(iii) Gross profit

The following table sets out the analysis of our gross profit by operating segments and the percentage these gross profits represent as a proportion of our total gross profit for the FYE 31 December 2019 and FYE 31 December 2020:


2019 2020RM’000 % RM’000 % % change

GPContainer shipping 89,800 89.1 93,151 93.5 3.7Container depot 11,011 10.9 6,510 6.5 (40.9)

Total 100,811 100.0 99,661 100.0 (1.1)

% %


As a result of the foregoing, our gross profit roughly maintained at RM99.7 millionin the FYE 31 December 2020 (RM100.8 million for the FYE 31 December 2019).

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Our gross profit margin for container shipping operations increased from 18.7%in the FYE 31 December 2019 to 19.2% in the FYE 31 December 2020 primarily due to the increase in our charter hire income as well as the cost savings in relation to our bunker and other relevant shipping related costs due to the reduction in our sailings during the MCO period.

Our gross profit for container depot operations decreased from RM11.0 million for the FYE 31 December 2019 to RM6.5 million for the FYE 31 December 2020and the gross profit margin for container depot operations decreased from 38.1%in the FYE 31 December 2019 to 23.1% in the FYE 31 December 2020. The decrease was primarily due to the decrease in our revenue from depot operation which was adversely affected by the MCO restrictions announced by the government of Malaysia due to the COVID-19 pandemic.


Our other operating income increased by 9.2% from RM6.3 million for the FYE 31 December 2019 to RM6.8 million for the FYE 31 December 2020 primarily due to the increase in the insurance claim associated with an accidental damage to one of our vessels in 2020.


Our administration expenses decreased by 12.7% from RM41.2 million for the FYE 31 December 2019 to RM36.0 million for the FYE 31 December 2020primarily due to the decrease in our provision for staff bonuses in 2020 as well as the decrease in our expenditure in relation to travelling, accommodation and entertainment.


Our other operating expenses increased by 262.9% from RM0.4 million for the FYE 31 December 2019 to RM1.3 million for the FYE 31 December 2020primarily due to increase in realised loss on foreign exchange differences as a result of depreciation of MYR against the other foreign currencies we transacted in.

(vii) Finance costs

Our finance costs increased by 59.1% from RM7.6 million for the FYE 31 December 2019 to RM12.1 million for the FYE 31 December 2020. This was primarily attributable due to the increase in the Group’s total borrowings to finance the acquisitions of our new vessels namely MTT Pengerang and MTT Saisunee in August and September 2019, respectively and MTT Senari, a 935 TEU vessel in January 2020.


Our share of results of equity-accounted associate was loss of RM0.5 million forthe FYE 31 December 2020, attributed by our investment in Perceptive Logistics Sdn. Bhd.

(ix) PBT

As a result of the foregoing, our PBT decreased by 2.7% from RM58.2 million forthe FYE 31 December 2019 to RM56.6 million for the FYE 31 December 2020,and our PBT margin decreased marginally from 11.4% for the FYE 31 December 2019 to 11.0% for the FYE 31 December 2020.

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(x) Tax expense

As further described in Section 9.1.11 of this Prospectus, profits from operation of Malaysian registered vessels are exempted from taxation pursuant to Section 54A(1) of the Income Tax Act, 1967. We incurred tax expenses of RM5.1 million for the FYE 31 December 2020 mainly due to our container depot operations and profit derived from our container shipping operations using the chartered non-Malaysian registered vessels.


As a result of the foregoing, our profit for the financial year decreased by 8.4%from RM56.2 million for the FYE 31 December 2019 to RM51.5 million for the FYE 31 December 2020. Our PAT margin decreased from 11.0% for the FYE 31 December 2019 to 10.0% for the FYE 31 December 2020.

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The following table presents selected information from our combined statements of profit or loss, the percentage such amounts represent as a proportion of total revenue and their percentage change for the financial years indicated:


2018 2019

RM’000% of


revenue%

change

Revenue 537,759 100.0 509,761 100.0 (5.2)

Direct cost (409,506) (76.2) (408,950) (80.2) (0.1)

Gross profit 128,253 23.8 100,811 19.8 (21.4)

Other operating income 8,009 1.5 6,269 1.2 (21.7)

Administration expenses (36,188) (6.7) (41,178) (8.1) 13.8

Other operating expenses (559) (0.1) (367) (0.1) (34.3)

Result from operating activities 99,515 18.5 65,535 12.9 (34.1)

Finance costs (5,187) (1.0) (7,590) (1.5) 46.3

Share of results of equity-accounted associate 316 0.1 271 0.1 (14.2)

PBT 94,644 17.6 58,216 11.4 (38.5)

Tax expense (6,225) (1.2) (2,018) (0.4) (67.6)


(i) Revenue



Audited Audited %changeRM’000 % RM’000 %

Container liner shippingFreight income - Domestic 390,010 72.5 369,269 72.4 (5.3)

Freight income - Regional 111,098 20.7 101,664 19.9 (8.5)

Freight income subtotal 501,108 93.2 470,933 92.3 (6.0)Charter hire income 2,596 0.5 4,313 0.8 66.1

Other shipping related income 6,761 1.3 5,642 1.1 (16.6)Container Depot

Depot related income 27,294 5.1 28,873 5.7 5.8

Total 537,759 100.0 509,761 100.0 (5.2)

Our revenue decreased by 5.2% from RM537.8 million for the FYE 31 December 2018 to RM509.8 million for the FYE 31 December 2019.

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The table below sets out the breakdown of our revenue from freight income and other shipping income by classification of our customers, respectively, and the percentage such amount represents as a proportion of our total revenue and their percentage change for the financial years indicated:


RM’000% of


revenue%

change


West Malaysian ports to East Malaysian ports(1)

286,459 53.3 265,897 52.2 (7.2)


22,064 4.1 22,609 4.4 2.5

Regional(2) 66,467 12.4 54,161 10.6 (18.5)

Exporter Dedicated Feeder(3) 30,456 5.7 35,436 7.0 16.4


61,789 11.5 59,063 11.6 (4.4)


Slot sale income(5) 23,060 4.3 22,184 4.4 (3.8)

Auto Logistics(6) 8,679 1.6 10,401 2.0 19.8

Others(7) 2,134 0.4 1,180 0.2 (44.7)

Total freight income 501,108 93.2 470,933 92.4 (6.0)

Shipping agency fees 6,761 1.3 5,642 1.1 (16.5)


9,357 1.7 9,955 2.0 6.4

Total 510,465 94.9 480,888 94.4 (5.8)

Notes:

(1) Freight services provided to shippers and consignees comprising manufacturers and traders.

(2) Freight services which involved ports outside of Malaysia, namely Brunei, Indonesia,Thailand, Singapore and India.





(7) Comprises detention and demurrage charges and other related freight charges.

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Our revenue mainly comprises freight income, which accounted for approximately 94.9% and 94.4% of our total revenue for the FYE 31 December 2018 and FYE 31 December 2019, respectively. The table below sets out the breakdown of our average freight rate and transport volumes by our shipping routes for the financial years indicated:

Average freight rates(1) Transport volumeFYE 31 December FYE 31 December

2018 2019 2018 2019

RM RM%

change TEU TEU%

change



2,835 2,899 2.3 101,049 91,723 (9.2)


1,159 1,185 2.3 19,043 19,077 0.2

Regional(2) 2,087 2,008 (3.8) 31,854 26,979 (15.3)


312 363 16.3 97,698 97,650 (0.0)

Freight services to Main Line Operators and others (4)

729 722 (1.0) 84,711 81,751 (3.5)

Average freight rate(5) /Total volume

1,397 1,378 (1.4) 334,355 317,180 (5.1)

Notes:






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Our revenue from container shipping operations decreased by 5.8% from RM510.5 million for the FYE 31 December 2018 to RM480.9 million for the FYE 31 December 2019. The decrease was primarily due to the following:

(i) decrease in our freight income from our West Malaysian ports to East Malaysian ports operations by 7.2% from RM286.5 million for the FYE 31 December 2018 to RM265.9 million for the FYE 31 December 2019. Our transport volume decreased by 9.2% from 101,049 TEU for the FYE 31 December 2018 to 91,723 TEU for the FYE 31 December 2019 due to the significant increase in the economic activity for FYE 31 December 2018 in relation to the Goods and Services Tax holiday in the third quarter of 2018.The impact from decrease in total volume was partially offset by the increase of 2.3% in our average freight rate for this route from RM2,835per TEU for the FYE 31 December 2018 to RM2,899 per TEU for the FYE 31 December 2019;

(ii) decrease in our freight revenue from our regional operations by 18.5% from RM66.5 million for the FYE 31 December 2018 to RM54.2 million for the FYE 31 December 2019 due to a lower contribution from the Group’s Indonesia - Malaysia route operations. Our average freight rate decreasedby 3.8% from an average of RM2,087 per TEU for the FYE 31 December 2018 to RM2,008 per TEU for the FYE 31 December 2019 and ourtransport volume also decreased by 15.3% from 31,854 TEU to 26,979TEU due to;

(iii) decrease in our freight revenue from our freight services to Main Line Operators by 4.4% from RM61.8 million for the FYE 31 December 2018 to RM59.1 million for the FYE 31 December 2019 due to the decrease in volume of containers handled by our Group for this operation of 3.5% from 84,711 TEU for the FYE 31 December 2018 to 81,751 TEU for the FYE 31 December 2019;

(iv) the decrease in our freight revenue was partially offset by the increase in our revenue for our Exporter Dedicated Feeder operations by 16.4% from RM30.5 million for the FYE 31 December 2018 to RM35.4 million for the FYE 31 December 2019 as our Group managed to secure a new contract with a customer as well as the addition of a new service line by our Group to Port of Futong, Indonesia. Our average freight rate for this operations increased by 4.7% from an average of RM312 per TEU for the FYE 31 December 2018 to RM363 per TEU for the FYE 31 December 2019 and the transport volume remained stable at 97,650 TEU (97,698 TEU for the FYE 31 December 2019).


Our revenue from container depot operations increased by 5.8% from RM27.3million for the FYE 31 December 2018 to RM28.9 million for the FYE 31 December 2019 primarily attributable to the increase in our average depot gate charges for the FYE 31 December 2019.

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(ii) Direct costs

The following table set out the major components of our direct costs by business segments and the percentage these costs represent as a proportion of our total direct costs as well as the percentage change for the financial periods indicated:

FYE 31 December Audited

2018 2019

RM’000% of direct


costs % changeContainer shipping Terminal handlingcharges

90,594 22.1 84,233 20.6 (7.0)

Bunker fuel 93,409 22.8 88,367 21.6 (5.4)Equipment cost 61,419 15.0 58,542 14.3 (4.7)Charter hire 40,256 9.8 25,788 6.3 (35.9)Vessel cost 33,790 8.3 42,285 10.3 25.1Door service 20,080 4.9 22,499 5.5 12.0Marine charges 18,775 4.6 19,832 4.9 5.6

Depreciation 16,456 4.0 30,275 7.4 84.0Other operating costs(1)

18,589 4.6 19,268 4.7 3.7

Subtotal 393,369 96.1 391,088 95.6 (0.6)Container depot 16,137 3.9 17,863 4.4 10.7Total 409,506 100.0 408,950 100.0 (0.1)

Note:


Our direct costs decreased partially by 0.1% from RM409.5 million in the FYE 31 December 2018 to RM409.0 million in the FYE 31 December 2019 due to the following:

(a) decrease in our terminal handling charges by 7.0% from RM90.6 million for the FYE 31 December 2018 to RM84.2 million for the FYE 31 December 2019 due to the comparatively lower volumes of containers shipped by our Group;

(b) decrease in our bunker fuel cost by 5.4% from RM93.4 million for the FYE 31 December 2018 to RM88.4 million for the FYE 31 December 2019 primarily due to lower bunker consumption for the FYE 31 December 2019.Our total bunker consumption decreased from 51,578 MT for the FYE 31 December 2018 to 49,338 MT for the FYE 31 December 2019. Our average cost for bunker also decreased as detailed below:

FYE 31 December2018 2019RM RM

Average cost of marine fuel oil per MT 1,699 1,668

Average cost of MGO per MT 2,742 2,690

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(c) decrease in our charter hire cost by 35.9% from RM40.3 million for the FYE 31 December 2018 to RM25.8 million for the FYE 31 December 2019 as the group took delivery of two vessels 2019 hence reducing the Group’s reliance on third party vessel for its container shipping operations. The total charter hire days of third party vessels for FYE 31 December 2019 was 438 days, compared to 870 days for FYE 31 December 2018;

The decrease in our direct costs was partially offset by the following:

(i) increase in our vessel cost by 25.1% from RM33.8 million for the FYE 31 December 2018 to RM42.3 million for the FYE 31 December 2019 due to the expansion of the Group’s owned fleet size from six to seven vessels in FYE 31 December 2019; and

(ii) increase in depreciation of our vessels by 84.0% from RM16.5 million for the FYE 31 December 2018 to RM30.3 million for the FYE 31 December 2019 due to increase in fleet size as well as adjustment to deprecation costs to cater for latest residual value of vessels.

(iii) Gross profit

The following table sets out the analysis of our gross profit by operating segments and the percentage these gross profit represents as a proportion of our total gross profit for the FYE 31 December 2018 and FYE 31 December 2019:


2018 2019RM’000 % RM’000 % % change

GPContainer shipping 117,096 91.3 89,800 89.1 (23.3)Container depot 11,157 8.7 11,011 10.9 (1.3)

Total 128,253 100.0 100,811 100.0 (21.4)

% %


As a result of the foregoing, our gross profit decreased by 21.4% from RM128.3million for the FYE 31 December 2018 to RM100.8 million for the FYE 31 December 2019, primarily influenced by the decrease in our gross profit from container shipping operations.

Our gross profit margin for container shipping operations decreased from 22.9%for the FYE 31 December 2018 to 18.7% for the FYE 31 December 2019 primarily due to decrease in our average utilisation rate of our Main Journey from 71.6%for the FYE 31 December 2018 to 66.4% for the FYE 31 December 2019, in line with lower volume of containers shipped by our Group in the FYE 31 December 2019.

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Our gross profit for container depot operations maintained around RM11.1 million and RM11.0 million for the FYE 31 December 2018 and FYE 31 December 2019,respectively. The gross profit margin for container depot operations decreased slightly from 40.9% in the FYE 31 December 2018 to 38.1% in the FYE 31 December 2019.


Our other operating income decreased by 21.7% from RM8.0 million for the FYE 31 December 2018 to RM6.3 million for the FYE 31 December 2019 primarily due to the recognition of a gain in disposal for one of our vessel, MTT Kinabalu in 2018. However, the decrease in our other operating income was offset due to a payment received from an insurance claim associated with an accidental damage to one of our vessels in 2019.


Our administration expenses increased by 13.8% from RM36.2 million for the FYE 31 December 2018 to RM41.2 million for the FYE 31 December 2019 primarily due to the increase in our staffs related costs as our average number of staffs increased from an average of 257 staffs in the FYE 31 December 2018 to 270 staffs in the FYE 31 December 2019. Our Group also incurred additional costs in relation to stamp duty, legal fee and facility fee for the new drawdown of our financing facilities for the expansion of our vessel fleet.


Our other operating expenses decreased by 34.3% from RM0.6 million for the FYE 31 December 2018 to RM0.4 million for the FYE 31 December 2019 primarily due to decrease in loss on foreign exchange differences as a result of stabilisation of MYR against the other foreign currencies we transacted in.

(vii) Finance costs

Our finance costs increased by 46.3% from RM5.2 million for the FYE 31 December 2018 to RM7.6 million for the FYE 31 December 2019. This was primarily attributable to the increase in the Group’s total borrowings to finance the purchase of our vessels, namely MTT Saisunee, a 935 TEU vessel and MTT Pengerang, a 717 TEU vessel in 2019.


Our share of results of equity-accounted associate was a profit of RM0.3 million for the FYE 31 December 2019 was attributed by our investment in Perceptive Logistics Sdn. Bhd.

(ix) PBT

As a result of the foregoing, our PBT decreased by 38.5% from RM94.6 million for the FYE 31 December 2018 to RM58.2 million for the FYE 31 December 2019, and our PBT margin decreased from 17.6% for the FYE 31 December 2018 to 11.4% for the FYE 31 December 2019.

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(x) Tax expense

As further described in Section 9.1.11 of this Prospectus, profits from operation of Malaysian registered vessels are exempted from taxation pursuant to Section 54A(1) of the Income Tax Act, 1967.

We incurred tax expenses of RM2.0 million for the FYE 31 December 2019 mainly due to our container depot operations and profit derived from our container shipping operations using the chartered non-Malaysian registered vessels.


As a result of the foregoing, our profit for the financial year decreased by 36.4%from RM88.4 million for the FYE 31 December 2018 to RM56.2 million for the FYE 31 December 2019. Our PAT margin decreased from 16.4% for the FYE 31 December 2018 to 11.0% for the FYE 31 December 2019.

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12.2.9 Liquidity and capital resources

(i) Working capital

Our principal sources of liquidity are our cash and cash equivalents, cash generated from our operations and borrowings from financial institutions.

Following the Listing, we expect to use the IPO proceeds in the manner set out in Section 4.6 of this Prospectus. Many factors, including our results of operations and financial position and the conditions in the Malaysian and international financial markets (as our results of operations and profit margins may be affected by the fluctuation in foreign currencies, in particular USD against RM), could affect our ability to rely on these sources of funding.

As at 31 March 2021, we had cash and cash equivalents of RM57.4 million andwe also had trade facilities comprising bankers’ acceptances, revolving credit and term loans with a combined limit of RM487.2 million, of which RM381.9 millionwas drawn and RM105.3 million was available to be drawn.

As at 31 March 2021, our working capital, calculated as current assets minus current liabilities, was a net current asset of RM62.6 million.

Based on the above and taking into consideration our funding requirements for our committed capital expenditure and contractual obligations, expected cash flows from operations, cash and bank balances, bank borrowings and facilities, together with the estimated proceeds that we expect to receive from our IPO, our Board believes that we will have sufficient working capital for a period of 12 months from the date of this Prospectus.

(ii) Cash flows

The following table summarises a summary of our Group’s statements of cash flows for the financial years/period indicated:


Audited Unaudited Audited

2018 2019 2020 2020 2021

RM’000 RM’000 RM’000 RM’000 RM’000

Net cash generated from operating activities

118,305 89,595 93,846 10,611 32,293

Net cash used in investing activities (134,903) (220,205) (146,637) (87,612) (94,211)Net cash (used in)/generated from

financing activities(32,599) 116,749 74,122 81,076 57,423

Net (decrease)/increase in cash and cash equivalents during the financial year/period

(49,197) (13,861) 21,331 4,075 (4,495)

Cash and cash equivalents at beginning of the financial year/period

103,623 54,695 40,754 40,754 61,515

Effect of exchange translation differences 269 (80) (570) 683 400Cash and cash equivalents at end of the

financial year/period54,695 40,754 61,515 45,512 57,420

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Our Board is of the opinion that there are no legal, financial or economic restrictions on the ability of our Subsidiaries to transfer funds to our Company in the form of cash dividends, loans or advances to meet our cash obligations, subject to availability of distributable reserves and/or loans or advances and compliance with legal requirements and financial covenants.

Net cash generated from operating activities


For the FYE 31 December 2018, our net cash from operating activities was RM118.3 million. Our PBT was RM94.6 million, which was adjusted for non-cash and other items of RM29.5 million and further adjusted upwards for working capital changes of RM0.4 million which primarily comprised:

(a) a RM19.8 million increase in trade and other receivables due to the deposits paid by our Group for the purchase of our new containers as well as the increase in our trade receivables;

(b) a RM21.7 million increase in trade and other payables mainly due toaccrued dry-docking cost, amount owing to Dato’ Seri Ong for the transfer of ordinary shares in MTT Realty Holdings Sdn Bhd to MTT Shipping and accrued bonuses and EPF contribution for our staffs;

(c) a RM1.5 million increase in our inventories.

For the FYE 31 December 2018, we paid income tax and interest of RM2.0 million and RM5.0 million, respectively. We also received an income tax refund of RM0.7 million due to overpayment of tax estimates from prior years.


For the FYE 31 December 2019, our net cash from operating activities was RM89.6 million. Our PBT was RM58.2 million, which was adjusted for non-cash and other items of RM48.9 million and further adjusted downwards for working capital changes of RM6.2 million which primarily comprised:

(a) a RM10.3 million decrease in trade and other receivables as the deposit paid for the purchase of our new containers in 2019 was significantly lower than the deposit paid in 2018;

(b) a RM13.2 million decrease in trade and other payables due to a higher trade and other payables closing amount as at FYE 31 December 2018 which reflected the accruals on dry-docking costs incurred towards end of the financial year. The payments for the dry-docking expenses were made in the FYE 31 December 2019;


For the FYE 31 December 2019, we paid income tax and interest of RM4.1 million and RM7.5 million, respectively. We also received an income tax refund of RM0.3 million due to overpayment of tax estimates from prior years.

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For the FYE 31 December 2020, our net cash from operating activities was RM93.8 million. Our PBT was RM56.6 million, which was adjusted for non-cash and other items of RM60.7 million and further adjusted downwards for working capital changes of RM10.8 million which primarily comprised:

(a) a RM9.6 million increase in trade and other receivables due to the increase in our revenue towards end of the FYE 31 December 2020 as well as the increase in our other receivables in relation to the increase in our deposit paid for the purchase of our new containers;

(b) a RM2.0 million decrease in trade and other payables; and

(c) a RM0.8 million decrease in our inventories.

For the FYE 31 December 2020, we paid income tax and interest of RM5.0 million and RM12.0 million, respectively. We also received an income tax refund of RM4.4 million during the FYE 31 December 2019 due to overpayment of tax estimates from prior years.

FPE 31 March 2020

For the FPE 31 March 2020, our net cash from operating activities was RM10.6 million. Our PBT was RM13.3 million, which was adjusted for non-cash and other items of RM15.2 million and further adjusted downwards for working capital changes of RM18.5 million which primarily comprised:

(a) a RM26.0 million increase in trade and other receivables due to the increase in our trade receivables balance which were adversely affected by the Movement Control Order restrictions that started in March 2020which resulted in the delay of payments from our customers. Our deposits paid for the purchase of new containers also increased in comparison to the deposits paid in the FYE 31 December 2019;

(b) a RM5.3 million increase in trade and other payables; and

(c) a RM2.3 million decrease in our inventories.

For the FPE 31 March 2020, we received a net income tax refund of RM3.6 million and paid interest of RM3.0 million.

FPE 31 March 2021

For the FPE 31 March 2021, our net cash from operating activities was RM32.3million. Our PBT was RM32.5 million, which was adjusted for non-cash and other items of RM16.5 million and adjusted downwards for working capital changes of RM13.3 million which primarily comprised:

(a) a RM21.8 million increase in trade and other receivables due to the increase in our trade receivables, in line with the increase in our revenue.We have also made the deposit payments in relation to the acquisition of our new vessel, MTT Semporna;

(b) a RM12.1 million increase in trade and other payables due to expenses incurred at the end of the FPE 31 March 2021 which includes the bunker supply and quarterly insurance costs; and


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For the FPE 31 March 2021, we paid income tax and interest of RM1.3 million and RM2.2 million, respectively.

Net cash used in investing activities


Net cash used in investing activities was RM134.9 million for the FYE 31 December 2018, which primarily comprised:

(a) acquisitions of plant and equipment, and leasehold land of RM127.5 million comprising (1) acquisition of a container vessel, namely MTT Kuching Dua,(2) freehold land for our future business use, (3) deposit payments made for our vessels under construction, (4) dry-docking expenses which we capitalised as well as (5) additions of right-of-use assets in relation to the acquisition of a leasehold land for our container depot operations;

(b) investment in our associated company, Perceptive Logistics Sdn Bhd, where we acquired 30% of its issued share capital for RM14.6 million; and

(c) proceeds from disposal of our property, plant and equipment of RM9.3 million, being the proceeds from disposal of our vessel, namely MTT Kinabalu as well as disposal of our containers.


Net cash used in investing activities was RM220.2 million for the FYE 31December 2019, which primarily comprised:

(a) acquisitions of property, plant and equipment and leasehold land of RM215.0 million comprising mainly (1) the final payments made for the delivery of our two vessels, MTT Saisunee and MTT Pengerang, (2) progress payments made for our vessels that are under construction, (3) dry-docking costs, (4) acquisition of a leasehold land in Kota Kinabalu and (5) purchase of containers; and

(b) other investment comprising investment in redeemable secured loan stocks and acquisition of non-controlling interest in LP Multi Terminal Sdn Bhd.


Net cash used in investing activities was RM146.6 million for the FYE 31 December 2020, which primarily comprised:

(a) acquisitions of our property, plant and equipment and leasehold land of RM149.0 million comprising mainly (1) final payment made for the delivery of a vessel, MTT Senari, (2) progress payment made for our vessel under construction, (3) dry-docking costs and (4) purchase of containers and (5)the progress payment in relation to our new depot in Port Klang (Pulau Indah) as well as land development costs for our depot in Westports and leasehold land in Kota Kinabalu; and

(b) proceeds from disposal of our property, plant and equipment of RM2.6million.

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FPE 31 March 2020

Net cash used in investing activities was RM87.6 million for the FPE 31 March 2020, which primarily comprised:

(a) acquisitions of plant and equipment of RM88.0 million comprising mainly (1) final payment made for the delivery of a vessel, MTT Senari, (2) progress payment made for our vessel under construction, (3) dry-docking costs and (4) purchase of containers; and

(b) proceeds from the disposal of our property, plant and equipment of RM0.4 million.

FPE 31 March 2021

Net cash used in investing activities was RM94.2 million for the FPE 31 March 2021, which primarily comprised:

(a) acquisitions of plant and equipment of RM93.9 million comprising (1) final payment made for the delivery of a vessel, MTT Samalaju, (2) progress payment made for our Port Klang (Pulau Indah) land, dry-docking costs and purchase of containers; and

(b) interest paid and capitalised of RM0.4 million.

Net cash generated from/(used in) financing activities


Net cash used in financing activities was RM32.6 million for the FYE 31 December 2018, which primarily comprised:

(a) repayment of our term loans, lease liabilities and hire purchase of RM15.0 million, RM17.9 million and RM1.0 million, respectively; and

(b) payment of dividends of RM42.1 million to our shareholders.

These outflows were partially funded by proceeds received from our term loan of RM33.0 million and net drawdown of bankers’ acceptance of RM10.3 million.


Net cash generated from financing activities was RM116.7 million for the FYE 31December 2019, which primarily comprised:

(a) proceeds from our revolving credit and net drawdown of our bankers’ acceptance of RM10.0 million and RM5.6 million, respectively for our working capital purposes;

(b) proceeds from drawdown of our term loans of RM145.5 million to finance the acquisition of our new vessels, MTT Pengerang, MTT Saisunee and MTT Sapangar as well as the financing provided for Kota Kinabalu land,

(c) repayment of our term loan, hire purchase and lease liabilities of RM17.6million, RM1.5 million and RM16.6 million, respectively; and

(d) payment of dividends of RM8.5 million to our shareholders.

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Net cash generated from financing activities was RM74.1 million for the FYE 31 December 2020, which primarily comprised:

(a) proceeds from our net drawdown of our bankers’ acceptance of RM11.0million, respectively;

(b) proceeds from drawdown of our term loans of RM104.9 million to finance the acquisitions of our new vessels, MTT Senari and MTT Sandakan;

(c) repayment of our term loan, hire purchase, revolving credit and lease liabilities of RM18.8 million, RM1.7 million, RM5.0 million and RM11.0million, respectively; and


FPE 31 March 2020

Net cash generated from financing activities was RM81.1 million for the FPE 31 March 2020, which primarily comprised:

(a) proceeds from our net drawdown of our bankers’ acceptance of RM22.4 million for our working capital purposes;

(b) proceeds from drawdown of our term loans of RM70.0 million to finance the acquisition of our new vessel, MTT Senari;

(c) repayment of our term loan, lease liabilities and hire purchase of RM6.0million, RM2.9 million and RM0.5 million, respectively; and


FPE 31 March 2021

Net cash generated from financing activities was RM57.4 million for the FPE 31 March 2021, which primarily comprised:

(a) proceeds from net drawdown of our bankers’ acceptance and revolving credit of RM9.8 million and RM5.0 million, respectively for our working capital purposes;

(b) proceeds from drawdown of our term loans of RM53.8 million for the acquisition of our new vessel, MTT Samalaju;

(c) repayment of our term loan, lease liabilities and hire purchase of RM6.4 million, RM1.8 million and RM0.5 million, respectively; and


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(iii) Borrowings

As at 31 March 2021, we had total outstanding loans and borrowings of RM 381.9 million. The table below sets out our loans and borrowings as at 31 March 2021:

RM’000

Non-currentSecured term loans 293,842Hire purchase payables 3,225

297,067CurrentSecured:Term loan 36,255Hire purchase payables 1,966Bankers’ acceptance 36,652Revolving credit 10,000

84,873Total borrowings 381,940

The maturity profile of our financial liabilities (excluding trade and other payables, and lease liabilities) as at 31 March 2021 is set out below:

RM’000On demand or within one year 141,866More than 1 year and less than 2 years 100,325More than 2 years and less than 5 years 136,909More than 5 years 153,122Total 532,222

As at 31 March 2021, the carrying amount for our Group’s significant interest-bearing financial instruments and lease liabilities was RM192.7 million under fixed rate instruments and RM200.0 million under floating rate instruments. For more information on our financial instruments, see Note 23.6.2 to theAccountant's Reports in Section 13 of this Prospectus.

As at 31 March 2021, RM96.7 million of our term loans and RM4.1 million of our lease liabilities are borrowings denominated in USD. Under the terms of our major borrowings, we are generally required to use the proceeds from such borrowings for our working capital, capital expenditure and general corporate purposes.

The above facilities are secured by the pledge of vessels and land of our Group, lien on fixed deposits of certain subsidiaries of MTT Shipping, corporate guarantee by MTT Shipping and personal guarantees from certain Directors of our Group. As at the LPD, we have submitted the applications to various financial institutions for the discharge of the personal guarantees given by some of our Directors, premised on our successful Listing and to replace these with corporate guarantees by our Company to be given to such financial institutions for the banking facilities granted to our subsidiaries.

We have not defaulted on interest or profit rate payments or principal amounts on any of our borrowings for the FPE 31 March 2021 and up to the LPD. As at the LPD, we are not in breach of any terms and conditions or covenants associated with our borrowings which can materially affect our financial position and results or business operations, or the investments in our Shares.

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(iv) Key financial ratios

The following table sets out our key financial ratios for the financial years/periods indicated:


2018 2019 2020 2021Trade receivables turnover

(days)(1)61.2 61.1 63.0 52.7

Trade payables turnover (days)(2)

35.1 29.6 25.3 31.7

Inventory turnover (days)(3) 8.6 11.5 10.6 11.4

Current ratio (times)(4) 1.7 1.5 1.6 1.4

Gearing ratio (times)(5) 0.4 0.7 0.8 0.9

Notes:

(1) Computed as closing trade receivables as at 31 December/31 March of the respective financial year/period divided by revenue during the financial year/period, multiplied by the number of days in the financial year/period.

(2) Computed as closing trade payables as at 31 December/31 March of the respective financial year/period divided by purchases during the financial year/period, multiplied by the number of days in the financial year/period.

(3) Computed as closing inventory as at 31 December/31 March of the respective financial year/period divided by our total purchases amount during the financial year/period, multiplied by the number of days in the financial year/period.

(4) Computed based on current assets over current liabilities.

(5) Computed based on total borrowings (including lease liabilities) divided by total equity as at the end of the year.

(a) Trade receivables

The credit period that we typically extend to our customers is between 7 to90 days depending on the financial position and credit history of the customer and whether any guarantee is provided. Our average trade receivables turnover for the FYE 31 December 2018, 31 December 2019, 31 December 2020 and FPE 31 March 2021 has each remained within the normal credit terms that we extend to our customers.

Our trade receivables turnover period was between 61 to 63 days for the FYE 31 December 2018 to FYE 31 December 2020 and 52.7 days for the FPE 31 March 2021.

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The aging analysis for trade receivables as at 31 March 2021 and the trade receivables collected as at the LPD are as follows:

Current1-30days

31-60days

61-120days

More than 120

days Total(RM in millions, except percentages)

Trade receivables as at 31 March 2021

Trade receivables 61.6 25.6 7.4 5.9 3.5 104.0

Impairment - - - - 0.4 0.4

Trade receivables (net) 61.6 25.6 7.4 5.9 3.1 103.6

% of total trade receivables 59.5 24.7 7.1 5.7 3.0 100.0

As at the LPD:

Trade receivables collected 47.4 24.1 6.5 4.4 1.0 83.4

- % Trade receivables collected /Total of trade receivables (net)

45.8 23.3 6.3 4.2 1.0 80.5

- Trade receivables outstanding (net)

14.2 1.5 0.9 1.5 2.1 20.2

(b) Trade payables

The normal credit period given by our trade creditors generally are 30 to 60 days and our average trade payables turnover for the FYE 31 December 2018, FYE 31 December 2019 and FYE 31 December 2020 and FPE 31 March 2021 has remained within the normal credit period that our trade creditors extend to us.

The trade payables turnover for the FYE 31 December 2018 was higher at 35.1 days compared to 29.6 days for the FYE 31 December 2019 as it reflected accruals for dry-docking costs for our two vessels as at year end.

The aging analysis for trade payables as at 31 March 2021 and the trade payables settled as at the LPD are as follows:

Past Due

Current1-30days

31-60days

61-120days

More than 120

days TotalRM in millions, except percentages

Trade payables as at 31 March 2021

24.8 6.9 2.6 3.2 0.5 38.0

% of total trade payables 65.3 18.1 7.0 8.3 1.3 100.0

As at the LPD:

Trade payables settled 24.3 6.7 2.5 1.7 0.5 35.7

- % Trade payables settled /Total of trade payables (net)

63.9 17.6 6.6 4.5 1.3 93.9

- Trade payables outstanding (net)

0.5 0.2 0.1 1.5 - 2.3

(c) Inventory turnover

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Our inventory mainly comprises bunker fuel and lubricant oil that are used to operate our container vessels. Due to the nature of our business, we hold minimal inventory at any given time and it generally depends on the number of container vessels that we operate and its fuel and oil consumption. Below outline our inventories held for the financial year/period:


2018 2019 2020 2021RM’000 RM’000 RM’000 RM’000

Inventories 9,640 12,833 12,073 15,577

The inventory turnover period for the FYE 31 December 2018 was lowerat 8.6 days compared to 11.5 days for the FYE 31 December 2019 due to our purchases of VSLO bunker fuel near the year end of 2019 to comply with the IMO 2020 regulations.

(d) Current ratio

Our current ratio remained stable throughout the relevant financial years/period with the lowest being 1.4 times as at FPE 31 March 2021.

(e) Gearing ratio

Our gearing ratio has been increasing gradually in the past 3 financial years due to the increase in our borrowings to finance the addition of new vessels to our fleet.

(v) Capital expenditure

The following table sets out our capital expenditure for the financial years/periodindicated:

FYE 31 December FPE 31 March2021

1 April 2021 up to the

LPD2018 2019 2020

RM’000 RM’000 RM’000 RM’000 RM’000

Vessels 35,558 24,093 68,859 78,033 79,823Capital work in

progress24,751 120,159 57,557 6,786 12,423

Freehold land 16,461 - - - -Leasehold land 31,000 29,173 - - -Drydocking 15,384 16,743 8,606 4,121 5,220Containers 1,093 19,843 9,662 4,666 4Equipment and

machineries2,504 1,513 3,115 9 3,188

Others(1) 2,505 4,800 3,577 314 504Total 129,256 216,324 151,376 93,929 101,162

Note:

(1) Comprises capital expenditure in relation to office building, depot yard development cost, furniture and fittings, motor vehicles and renovation costs.



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The aging analysis for trade receivables as at 31 March 2021 and the trade receivables collected as at the LPD are as follows:

Current1-30days

31-60days

61-120days

More than 120

days Total(RM in millions, except percentages)

Trade receivables as at 31 March 2021

Trade receivables 61.6 25.6 7.4 5.9 3.5 104.0

Impairment - - - - 0.4 0.4

Trade receivables (net) 61.6 25.6 7.4 5.9 3.1 103.6

% of total trade receivables 59.5 24.7 7.1 5.7 3.0 100.0

As at the LPD:

Trade receivables collected 47.4 24.1 6.5 4.4 1.0 83.4

- % Trade receivables collected /Total of trade receivables (net)

45.8 23.3 6.3 4.2 1.0 80.5

- Trade receivables outstanding (net)

14.2 1.5 0.9 1.5 2.1 20.2

(b) Trade payables

The normal credit period given by our trade creditors generally are 30 to 60 days and our average trade payables turnover for the FYE 31 December 2018, FYE 31 December 2019 and FYE 31 December 2020 and FPE 31 March 2021 has remained within the normal credit period that our trade creditors extend to us.

The trade payables turnover for the FYE 31 December 2018 was higher at 35.1 days compared to 29.6 days for the FYE 31 December 2019 as it reflected accruals for dry-docking costs for our two vessels as at year end.

The aging analysis for trade payables as at 31 March 2021 and the trade payables settled as at the LPD are as follows:

Past Due

Current1-30days

31-60days

61-120days

More than 120

days TotalRM in millions, except percentages

Trade payables as at 31 March 2021

24.8 6.9 2.6 3.2 0.5 38.0

% of total trade payables 65.3 18.1 7.0 8.3 1.3 100.0

As at the LPD:

Trade payables settled 24.3 6.7 2.5 1.7 0.5 35.7

- % Trade payables settled /Total of trade payables (net)

63.9 17.6 6.6 4.5 1.3 93.9

- Trade payables outstanding (net)

0.5 0.2 0.1 1.5 - 2.3

(c) Inventory turnover



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Our inventory mainly comprises bunker fuel and lubricant oil that are used to operate our container vessels. Due to the nature of our business, we hold minimal inventory at any given time and it generally depends on the number of container vessels that we operate and its fuel and oil consumption. Below outline our inventories held for the financial year/period:


2018 2019 2020 2021RM’000 RM’000 RM’000 RM’000

Inventories 9,640 12,833 12,073 15,577

The inventory turnover period for the FYE 31 December 2018 was lowerat 8.6 days compared to 11.5 days for the FYE 31 December 2019 due to our purchases of VSLO bunker fuel near the year end of 2019 to comply with the IMO 2020 regulations.

(d) Current ratio

Our current ratio remained stable throughout the relevant financial years/period with the lowest being 1.4 times as at FPE 31 March 2021.

(e) Gearing ratio

Our gearing ratio has been increasing gradually in the past 3 financial years due to the increase in our borrowings to finance the addition of new vessels to our fleet.

(v) Capital expenditure

The following table sets out our capital expenditure for the financial years/periodindicated:

FYE 31 December FPE 31 March2021

1 April 2021 up to the

LPD2018 2019 2020

RM’000 RM’000 RM’000 RM’000 RM’000

Vessels 35,558 24,093 68,859 78,033 79,823Capital work in

progress24,751 120,159 57,557 6,786 12,423

Freehold land 16,461 - - - -Leasehold land 31,000 29,173 - - -Drydocking 15,384 16,743 8,606 4,121 5,220Containers 1,093 19,843 9,662 4,666 4Equipment and

machineries2,504 1,513 3,115 9 3,188

Others(1) 2,505 4,800 3,577 314 504Total 129,256 216,324 151,376 93,929 101,162

Note:

(1) Comprises capital expenditure in relation to office building, depot yard development cost, furniture and fittings, motor vehicles and renovation costs.

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The majority of our capital expenditure were incurred in line with our current strategy to expand our fleet of vessels. The vessels acquired above throughout the financial years/period under review were MTT Kuching Dua in the FYE 31 December 2018, MTT Pengerang and MTT Saisunee in the FYE 31 December 2019, MTT Senari in the FYE 31 December 2020 and MTT Samalaju in the FPE 31 March 2021. Our capital work in progress expenditure were mainly in relation to our vessels that are under construction for the financial years/period under review stated above.

Our capital expenditure in relation to leasehold land above were pertaining to the acquisition costs of leasehold lands in Port Klang, Selangor and Kota Kinabalu, Sabah in line with our container depot operations expansion strategy.

We fund our capital expenditure through cash and cash equivalents, cash generated from our operations as well as bank borrowings.

Planned capital expenditure

The following table sets out our planned capital expenditures for the financial years indicated:


RM’000 RM’000

Vessel 331,235 23,435Drydocking 19,341 14,988Containers 4,670 49,302Equipment and machineries 3,197 -Capital work in progress 54,712 22,631Others 818 7,600

As part of our expansion strategies, we have allocated our funding for acquisition of vessels and containers for our container shipping operations as well as setting up of container depot in Port Klang (Pulau Indah), among others, which we expect to fund using cash generated from our operations, financing activities and to the extent described in Section 4.6 of this Prospectus, the proceeds from the Public Issue.

Our actual capital expenditures may vary from projected amounts due to various factors, including changes in market conditions, our ability to obtain adequate financing for these planned capital expenditures, government policies regarding the industry in which we operate and the global economy. In addition, our planned capital expenditures do not include any expenditure for potential acquisitions or investments that we may evaluate from time to time. We intend to fund these capital expenditures with cash and cash equivalents, cash generated from our operations and financing activities and, to the extent described in Section 4.6 of this Prospectus, the proceeds from the Public Issue.

Material divestitures

We have not undertaken any material divestitures during the FYE 31 December 2018, FYE 31 December 2019 and FYE 31 December 2020 and from 1 January 2021 up to the LPD.

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(vi) Capital commitments and contractual obligations

Our capital commitments as at 31 March 2021 and the LPD are as follows:

As at 31 March 2021 As at the LPD

RM’000 RM’000

Contracted but not provided for 282,718 253,544

Approved but not contracted for - -

Total 282,718 253,544

Our capital commitments as at the LPD are in relation to our capital expenditure commitment in respect of our acquisition of second hand vessels, new vesselsunder construction, progress payment for our new depot in Port Klang (Pulau Indah) as well as land development costs for our depot Kota Kinabalu. We planto meet our planned capital expenditure commitments through our cash and cash equivalents, cash generated from our operations and funding from financing activities (if required) and, to the extent described in Section 4.6 of this Prospectus, the proceeds from the Public Issue.

Save as disclosed above, as at the LPD, there are no material capital commitments incurred or known to be incurred by us that may have a material adverse effect on our results of operations or financial position.

(vii) Contingent liabilities

As at the LPD, there are no contingent liabilities that, upon becoming enforceable, may have a material adverse effect on our results of operations or financial position.

12.2.10 Financial risk management

We are exposed to markets risks arising from our operations and use of financial instruments. Our key market risk exposures are to fluctuations in commodity prices,interest rates and foreign currency exchange rates.

(i) Credit risk

Credit risk is the risk of a financial loss to our Group if a customer or counterpartyto a financial instrument fails to meet its contractual obligations. Our Group’s exposure to credit risk arises principally from its receivables, customers and related companies. There are no significant changes as compared to prior periods.

For our trade receivables and contract assets, we have credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Normally credit evaluations are performed on customers requiring credit over a certain amount. At each reporting date, our Group assesses whether any of the trade receivables and contract assets are credit impaired.

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Our Group has taken reasonable steps to ensure that receivables that are neither past due nor impaired are stated at their realisable values. A significant portion of these receivables are regular customers that have been transacting with our Group. Our Group uses ageing analysis to monitor the credit quality of the trade receivables and contract assets. Any trade receivables and contract assets having significant balances past due more than 60 days, which are deemed to have higher credit risk, are monitored individually.

As at the 31 March 2021, we do not expect to incur material credit losses on our financial assets or other financial instruments.

(ii) Liquidity risk

Liquidity risk is the risk that our Group will not be able to meet its financial obligations as they fall due. Our Group’s exposure to liquidity risk arises principally from our various payables and borrowings. Our Group maintains a level of cash and cash equivalents and bank facilities deemed adequate by the management to ensure that, as far as possible, we will have sufficient liquidity to meet our liabilities as and when they fall due.

As at 31 March 2021, we had RM204.6 million in undiscounted financial liabilities due on demand or within one year.

(iii) Foreign currency risk

Our Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than its functional currency. The currencies giving rise to this risk are primarily US Dollar (USD) and Singapore Dollar (SGD).

The table below demonstrates the sensitivity of our PAT to a 10% strengthening of Malaysian Ringgit against the US Dollar and Singapore Dollar as at the end of the reporting year, with all other variables, in particular interest rates, held constant:

FYE 31 December FPE 30 March2018 2019 2020 2021

Effects on PAT RM’000 RM’000 RM’000 RM’000

USD 853 944 2,087 6,333SGD 355 48 35 106

1,208 992 2,122 6,439

(iv) Interest rate risk

Our Group’s fixed rate borrowings are exposed to a risk of change in their fair value due to changes in interest rates. Our Group’s variable rate borrowings are exposed to a risk of change in cash flows due to changes in interest rates. Achange of 100 basis points (“bp”) in interest rates of our floating rate instruments at the end of the reporting period would increase/(decrease) our profit after tax by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant.

FYE 31 December FPE 30 March2018 2019 2020 2021

Effects on PAT RM’000 RM’000 RM’000 RM’000

100 bp increase (515) (956) (1,122) (1,520)

100 bp decrease 515 956 1,122 1,520

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12.2.11 Seasonality

As describe in section 7.16 of this Prospectus, our business is subject to certain seasonal factors such as festive periods. We typically experience an increase in number of containers shipped one to three months before festive periods such as Hari Raya, Chinese New Year, Gawai Dayak, Harvest Festival and Christmas. For example, in the FYE 31 December 2018, the number of containers shipped recorded a substantial increase in March 2018 before the Harvest Festival in end-May 2018 and Gawai Dayak in early-June 2018, as well as another substantial increase in May 2018 before Hari Raya in June 2018. Further, there was also a substantial increase in November 2018 before Christmas in December 2018 and Chinese New Year in early-February 2019. The increase in containers shipped are mainly contributed by consumer products shipped from Peninsular Malaysia to East Malaysia.

However, in the FYE 31 December 2020, similar seasonality effect pursuant to the above festive periods was not observed as the number of containers shipped in the FYE 31 December 2020 was mainly affected by the COVID-19 pandemic.

12.2.12 Inflation

Inflation has not had a material impact on our results of operations in recent years.

12.2.13 Order book

Due to the nature of our business, we do not maintain an order book. See Section 7 ofthis Prospectus for further information on the nature of our business.

However, as we are also involved in the vessel chartering business, our Group has entered into vessel chartering contracts with other third party shipping liner companies for periods between one year up to three years as further disclosed in Section 7.3.3.

12.2.14 Prospects and trends

Save as disclosed in this section, Sections 7,8 and 9 of this Prospectus, and to the best of our Board's knowledge and belief, there are no other known factors, trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our business, financial condition and results of operations.

12.2.15 Significant changes

Save as disclosed in this Prospectus, no significant changes have occurred which may have a material effect on the financial position and results of our Group since 31 March 2021.

12.2.16 Impact of government, economics, fiscal and monetary policies

We are subject to the risks of government, economic, fiscal or monetary policies, where any unfavourable change may materially affect our business operations, financial performance and prospects. For the FYE 31 December 2018, FYE 31 December 2019 and FYE 31 December 2020 and FPE 31 March 2021 and up to the LPD, our results were not materially adversely affected by any unfavourable changes relating to government, economic, fiscal or monetary policies.

For information on any government, economic, fiscal or monetary policies or factors which could materially affect our operations, see Section 9.2.2 of this Prospectus.

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12.2.17 Accounting standards issued but not yet effective and not early adopted

For a description of accounting standards issued but not yet effective and not early adopted, see Section 12.2.4 of this Prospectus and Note 1 to the Accountants’ Reports included in Section 13 of this Prospectus.

12.2.18 Accounting policies which are peculiar to our Group

We have not adopted any accounting policies which are peculiar to our Group because of the nature of our business or the industry in which we operate.

12.2.19 Treasury policies and objectives

One of the main treasury responsibilities is to ensure that we have the liquidity and cash to meet our obligations as they fall due. Our principal sources of liquidity are our cash and bank balances, cash flows from our operations; and borrowings and facilities from financial institutions. Using appropriate governance and policies, it is the responsibility of treasury to identify, quantify, monitor and control the risks (liquidity, interest, currency, credit, legal and regulatory) associated with these activities, using appropriate mitigation and hedging techniques.

We are exposed to currency exchange risk on sales and purchases, borrowings and bank balances that are denominated in a currency other than RM. The currencies giving rise to this risk are primarily RM, US Dollar and Singapore Dollar.

310


Registration No. 201901004019 (1313346-A) 12. FINANCIAL INFORMATION (Cont’d)

311

12.3 CAPITALISATION AND INDEBTEDNESS The table below presents our capitalisation and indebtedness as at 30 June 2021 and on the assumption that our IPO, Listing and the use of proceeds from the Public Issue as set out in Section 4.6 of this Prospectus had occurred on 30 June 2021. The pro forma financial information below does not represent our actual capitalisation and indebtedness as at 30 June 2021 and is provided for illustrative purposes only.

Unaudited as at 30 June 2021

After our IPO, Listing and Use of

Proceeds RM’000 RM’000 Indebtedness Bank borrowings and lease liabilities Current Secured Term loans 52,622 [●] Hire purchase payables 1,994 1,994 Bankers’ acceptance 37,139 37,139 Revolving credit 10,000 10,000 Lease liabilities 5,576 5,576 Non-current Secured Term loans 332,723 [●] Hire purchase payables 2,717 2,717 Lease liabilities 3,849 3,849 Total indebtedness 446,620 [●] Equity attributable to owners of the Company 439,947 [●] Non-controlling interests 12,462 12,462 Total equity/capitalisation 452,409 [●] Total capitalisation and indebtedness 899,029 [●]

311





12.4 REPORTING ACCOUNTANTS’ REPORT ON THE PRO FORMA CONSOLIDATED STATEMENTS OF FINANCIAL POSITION OF MTTSL

1

The Board of DirectorsMTT Shipping and Logistics BerhadUnit 13A-1, Level 13A, Tower 8, UOA Business Park,No. 1, Jalan Pengaturcara U1/51A,Seksyen U1, 40150 Shah Alam, Selangor Darul Ehsan

[ ] 2021

Dear Sir/Madam,

MTT Shipping and Logistics Berhad (the “Company”) and its proposed subsidiaries (the “Group”)Report on the compilation of pro forma consolidated statements of financial position for inclusion in the Company’s draft prospectus in connection with the proposed initial public offering of up to 300,000,000 ordinary shares in the Company in conjunction with the proposed listing of and quotation for the entire enlarged issued share capital of the Company on the Main Market of Bursa Malaysia Securities Berhad (“Draft Prospectus”) (“Proposed IPO”)

We have completed our assurance engagement to report on the compilation of the pro forma consolidated statements of financial position of the Group as at 31 March 2021 (“Pro Forma Financial Position”) prepared by the management of the Company. The Pro Forma Financial Position and the related notes as set out in Attachment A, have been stamped by us for identification purposes. The applicable criteria on the basis of which the Board of Directors of the Company (the “Directors”) have compiled the Pro Forma Financial Position are described in the notes to the Pro Forma Financial Position. The Pro Forma Financial Position is prepared in accordance with the requirements of Chapter 9 of the Prospectus Guidelines issued by the Securities Commission Malaysia (“Prospectus Guidelines”) and the Guidance Note for Issuers of Pro Forma Financial Information issued by the Malaysian Institute of Accountants.

The Pro Forma Financial Position has been compiled by the Directors for inclusion in the Draft Prospectus solely to illustrate the impact of the transactions as set out in the notes to the Pro Forma Financial Position in Attachment A on the Group’s statement of financial position as at 31 March 2021, as if the transactions had taken place as at 31 March 2021. As part of this process, information about the Group’s financial position has been extracted by the Directors from the audited combined financial statements for the period ended 31 March 2021, on which an auditors’ report dated 29 July 2021 has been issued.

DRAFT FOR PURPOSE OF INCLUSION IN PROSPECTUS FOR PROSPECTUS EXPOSURE

1


[ ] 2021

Dear Sir/Madam,

MTT Shipping and Logistics Berhad (the “Company”) and its proposed subsidiaries (the “Group”)Report on the compilation of pro forma consolidated statements of financial position for inclusion in the Company’s draft prospectus in connection with the proposed initial public offering of up to 300,000,000 ordinary shares in the Company in conjunction with the proposed listing of and quotation for the entire enlarged issued share capital of the Company on the Main Market of Bursa Malaysia Securities Berhad (“Draft Prospectus”) (“Proposed IPO”)

We have completed our assurance engagement to report on the compilation of the pro forma consolidated statements of financial position of the Group as at 31 March 2021 (“Pro Forma Financial Position”) prepared by the management of the Company. The Pro Forma Financial Position and the related notes as set out in Attachment A, have been stamped by us for identification purposes. The applicable criteria on the basis of which the Board of Directors of the Company (the “Directors”) have compiled the Pro Forma Financial Position are described in the notes to the Pro Forma Financial Position. The Pro Forma Financial Position is prepared in accordance with the requirements of Chapter 9 of the Prospectus Guidelines issued by the Securities Commission Malaysia (“Prospectus Guidelines”) and the Guidance Note for Issuers of Pro Forma Financial Information issued by the Malaysian Institute of Accountants.

The Pro Forma Financial Position has been compiled by the Directors for inclusion in the Draft Prospectus solely to illustrate the impact of the transactions as set out in the notes to the Pro Forma Financial Position in Attachment A on the Group’s statement of financial position as at 31 March 2021, as if the transactions had taken place as at 31 March 2021. As part of this process, information about the Group’s financial position has been extracted by the Directors from the audited combined financial statements for the period ended 31 March 2021, on which an auditors’ report dated 29 July 2021 has been issued.

DRAFT FOR PURPOSE OF INCLUSION IN PROSPECTUS FOR PROSPECTUS EXPOSURE

312





2

MTT Shipping and Logistics Berhad Report on the compilation of pro forma consolidated statements of

financial position for inclusion in the Draft Prospectus in connection with the Proposed IPO

Directors’ Responsibility for the Pro Forma Financial Position

The Directors are responsible for compiling the Pro Forma Financial Position on the basis described in the notes to the Pro Forma Financial Position in Attachment A as required by the Prospectus Guidelines.

Reporting Accountants’ Independence and Quality Control

We have complied with the independence and other ethical requirement of the By-Laws (on Professional Ethics, Conduct and Practice) issued by the Malaysian Institute of Accountants and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.

Our firm applies International Standard on Quality Control 1 (ISQC 1), Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements and adopted by the Malaysian Institute of Accountants and, accordingly maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Reporting Accountants’ Responsibilities

Our responsibility is to express an opinion as required by the Prospectus Guidelines about whether the Pro Forma Financial Position has been compiled, in all material respects, by the Directors on the basis described in the notes to the Pro Forma Financial Position in Attachment A.

We conducted our engagement in accordance with International Standard on Assurance Engagement (ISAE) 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus, issued by the International Auditing and Assurance Standards Board, as adopted by the Malaysian Institute of Accountants. This standard requires that we plan and perform procedures to obtain reasonable assurance about whether the Directors have compiled, in all material respects, the Pro Forma Financial Position on the basis described in the notes to the Pro Forma Financial Position in Attachment A.

For the purpose of this engagement, we are not responsible for updating or reissuing any reports or opinions on any historical financial information used in compiling the Pro Forma Financial Position, nor have we, in the course of this engagement, performed an audit or review of the financial information used in compiling the Pro Forma Financial Position.

The purpose of the Pro Forma Financial Position included in the Draft Prospectus is solely to illustrate the impact of significant events or transactions on unadjusted financial information of the Group as if the events had occurred or the transactions had been undertaken at an earlier date selected for purposes of illustration. Accordingly, we do not provide any assurance that the actual outcome of the events or transactions would have been as presented.

2













2













313





3



Reporting Accountants’ Responsibilities (continued)

A reasonable assurance engagement to report on whether the Pro Forma Financial Position has been compiled, in all material respects, on the basis of the applicable criteria involves performing procedures to assess whether the applicable criteria used by the Directors in the compilation of the Pro Forma Financial Position provide a reasonable basis for presenting the significant effects directly attributable to the events or transactions, and to obtain sufficient appropriate evidence about whether:

• the related pro forma adjustments give appropriate effect to those criteria; and

• the Pro Forma Financial Position reflects the proper application of those adjustments to the unadjusted financial information.

The procedures selected depend on our judgement, having regard to our understanding of the nature of the Group, the events or transactions in respect of which the Pro Forma Financial Position has been compiled, and other relevant engagement circumstances.

The engagement also involves evaluating the overall presentation of the Pro Forma Financial Position.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion

In our opinion, the Pro Forma Financial Position as at 31 March 2021 has been compiled, in all material respects, on the basis stated in the notes to the Pro Forma Financial Position in Attachment A.

Other Matters

Our report on the Pro Forma Financial Position has been prepared for the submission to the Securities Commission Malaysia in connection with the Proposed IPO and should not be relied upon for any other purposes.

KPMG PLT Lam Shuh Siang(LLP0010081-LCA & AF 0758) Approval Number: 03045/02/2023 J Chartered Accountants Chartered Accountant

3










Opinion


Other Matters



3










Opinion


Other Matters



314

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317





Attachment A

MTT Shipping and Logistics Berhad (the “Company”) and its proposed subsidiaries (“the Group”) Pro Forma Consolidated Statements of Financial Position and the notes thereon

4

Notes to the Pro Forma Consolidated Statements of Financial Position

The pro forma consolidated statements of financial position of the Group as at 31 March 2021 (“Pro Forma Financial Position”) have been prepared for inclusion in the draft prospectus of the Company in connection with the proposed initial public offering of up to 300,000,000 ordinary shares in the Company(“Proposed IPO”) in conjunction with the proposed listing of and quotation for the entire enlarged issued share capital of the Company on the Main Market of Bursa Malaysia Securities Berhad (“Draft Prospectus”) (“Proposed Listing”) and should not be relied upon for any other purposes.

1. Basis of preparation

The applicable criteria on the basis of which the Board of Directors of the Company (“Directors”) has compiled the Pro Forma Financial Position are as described below. The Pro Forma Financial Position is prepared in accordance with the requirements of Chapter 9 of the Prospectus Guidelines issued by the Securities Commission Malaysia and the Guidance Note for Issuers of Pro Forma Financial Information issued by the Malaysian Institute of Accountants.

The Pro Forma Financial Position has been prepared based on the audited combined financial statements of the Group for the period ended 31 March 2021, which was prepared in accordance with Malaysian Financial Reporting Standards (“MFRS”) and International Financial Reporting Standards (“IFRS”), and in a manner consistent with the format of the statement of financial position and the accounting policies adopted by the Group, and adjusted for the events and transactions detailed in Note 2.

The pro forma adjustments are appropriate for the purpose of preparing the Pro Forma Financial Position.

The auditors’ report dated 29 July 2021 on the Group’s audited combined financial statements for the period ended 31 March 2021 was not subject to any qualification, modification or disclaimer of opinion.

The Pro Forma Financial Position is not necessarily indicative of the financial position that would have been attained had the Proposed IPO actually occurred at the respective dates. The Pro Forma Financial Position has been prepared for illustrative purposes only.

Attachment A


4

Notes to the Pro Forma Consolidated Statements of Financial Position

The pro forma consolidated statements of financial position of the Group as at 31 March 2021 (“Pro Forma Financial Position”) have been prepared for inclusion in the draft prospectus of the Company in connection with the proposed initial public offering of up to 300,000,000 ordinary shares in the Company(“Proposed IPO”) in conjunction with the proposed listing of and quotation for the entire enlarged issued share capital of the Company on the Main Market of Bursa Malaysia Securities Berhad (“Draft Prospectus”) (“Proposed Listing”) and should not be relied upon for any other purposes.


The applicable criteria on the basis of which the Board of Directors of the Company (“Directors”) has compiled the Pro Forma Financial Position are as described below. The Pro Forma Financial Position is prepared in accordance with the requirements of Chapter 9 of the Prospectus Guidelines issued by the Securities Commission Malaysia and the Guidance Note for Issuers of Pro Forma Financial Information issued by the Malaysian Institute of Accountants.

The Pro Forma Financial Position has been prepared based on the audited combined financial statements of the Group for the period ended 31 March 2021, which was prepared in accordance with Malaysian Financial Reporting Standards (“MFRS”) and International Financial Reporting Standards (“IFRS”), and in a manner consistent with the format of the statement of financial position and the accounting policies adopted by the Group, and adjusted for the events and transactions detailed in Note 2.

The pro forma adjustments are appropriate for the purpose of preparing the Pro Forma Financial Position.

The auditors’ report dated 29 July 2021 on the Group’s audited combined financial statements for the period ended 31 March 2021 was not subject to any qualification, modification or disclaimer of opinion.

The Pro Forma Financial Position is not necessarily indicative of the financial position that would have been attained had the Proposed IPO actually occurred at the respective dates. The Pro Forma Financial Position has been prepared for illustrative purposes only.

318





Attachment A


5

2. Pro forma adjustments to the Pro Forma Financial Position

The Pro Forma Financial Position illustrates the effects of the following events or transactions:

2.1 Subsequent events

(i) Dividends declared and paid

On 14 April 2021, MTT Shipping Sdn Bhd (“MTT Shipping”), the proposed 100%-owned subsidiary of the Company, declared an interim dividend amounting to RM4.50 million for the financial year ending 31 December 2021 and the dividend has been paid to its shareholders in two tranches on 23 April 2021 and 12 May 2021.

On 23 April 2021, ICS Depot Services Sdn Bhd (“ICSD”), the proposed 71.35%-owned subsidiary of the Company, declared and paid an interim dividend amounting to RM2.00 million for the financial year ended 31 December 2020.

On 26 April 2021, Sea Navigator Limited, a 60%-owned subsidiary of MTT Shipping, declared an interim dividend amounting to USD0.20 million (equivalent to RM0.83 million) for the financial year ending 31 December 2021 and the dividend has been paid to its shareholders on 27 April 2021.

2.2 Proposed Pre-IPO Exercise

To facilitate the Proposed Listing, the following transactions will be undertaken prior to the Proposed IPO:

2.2.1 Proposed Acquisitions (collectively the “Proposed Acquisition of MTT Shipping” and the “Proposed Acquisition of ICSD”)

(i) Proposed Acquisition of MTT Shipping

The Company had on 27 July 2021, entered into a conditional share sale agreement with the existing shareholders of MTT Shipping to acquire the entire issued share capital of MTT Shipping of RM10,000,000 comprising 10,000,000 ordinary shares in MTT Shipping for a purchase consideration of RM378,804,381 to be satisfied by the issuance of 378,804,381 new ordinary shares of the Company (“MTTSL Share(s)”) at an issue price of RM1.00 per MTTSL Share to the vendors.

(ii) Proposed Acquisition of ICSD

The Company had on 27 July 2021, entered into a conditional share sale agreement with the existing shareholders of ICSD to acquire 71.35% equity interest in ICSD comprising 2,588,393 ordinary shares in ICSD for a purchase consideration of RM23,446,592 to be satisfied by the issuance of 23,446,592 new MTTSL Shares at an issue price of RM1.00 per MTTSL Share to the vendors.

Attachment A


5

2. Pro forma adjustments to the Pro Forma Financial Position

The Pro Forma Financial Position illustrates the effects of the following events or transactions:

2.1 Subsequent events

(i) Dividends declared and paid

On 14 April 2021, MTT Shipping Sdn Bhd (“MTT Shipping”), the proposed 100%-owned subsidiary of the Company, declared an interim dividend amounting to RM4.50 million for the financial year ending 31 December 2021 and the dividend has been paid to its shareholders in two tranches on 23 April 2021 and 12 May 2021.

On 23 April 2021, ICS Depot Services Sdn Bhd (“ICSD”), the proposed 71.35%-owned subsidiary of the Company, declared and paid an interim dividend amounting to RM2.00 million for the financial year ended 31 December 2020.

On 26 April 2021, Sea Navigator Limited, a 60%-owned subsidiary of MTT Shipping, declared an interim dividend amounting to USD0.20 million (equivalent to RM0.83 million) for the financial year ending 31 December 2021 and the dividend has been paid to its shareholders on 27 April 2021.

2.2 Proposed Pre-IPO Exercise

To facilitate the Proposed Listing, the following transactions will be undertaken prior to the Proposed IPO:

2.2.1 Proposed Acquisitions (collectively the “Proposed Acquisition of MTT Shipping” and the “Proposed Acquisition of ICSD”)

(i) Proposed Acquisition of MTT Shipping

The Company had on 27 July 2021, entered into a conditional share sale agreement with the existing shareholders of MTT Shipping to acquire the entire issued share capital of MTT Shipping of RM10,000,000 comprising 10,000,000 ordinary shares in MTT Shipping for a purchase consideration of RM378,804,381 to be satisfied by the issuance of 378,804,381 new ordinary shares of the Company (“MTTSL Share(s)”) at an issue price of RM1.00 per MTTSL Share to the vendors.

(ii) Proposed Acquisition of ICSD

The Company had on 27 July 2021, entered into a conditional share sale agreement with the existing shareholders of ICSD to acquire 71.35% equity interest in ICSD comprising 2,588,393 ordinary shares in ICSD for a purchase consideration of RM23,446,592 to be satisfied by the issuance of 23,446,592 new MTTSL Shares at an issue price of RM1.00 per MTTSL Share to the vendors.

319





Attachment A


6

2. Pro forma adjustments to the Pro Forma Financial Position (continued)

2.2 Proposed Pre-IPO Exercise (continued)

2.2.1 Proposed Acquisitions (collectively the “Proposed Acquisition of MTT Shipping” and the “Proposed Acquisition of ICSD”) (continued)

The Proposed Acquisitions will be accounted for using book value accounting. Under book value accounting, the difference between the consideration paid and the share capital of the acquiree is accounted for as merger reserve.

Proposed Acquisition of MTT Shipping

RM’000

Proposed Acquisition

of ICSDRM’000

TotalRM’000

Consideration paid 378,804 23,446Less: Share capital of the

acquired(10,000) (2,588)

Merger reserve 368,804 20,858 389,662

2.2.2 Proposed Share Split

After the completion of the Proposed Acquisitions, the Company proposes to subdivide the enlarged 402,250,978 MTTSL Shares into 750,000,000 MTTSL Shares.

2.3 Proposed IPO

The Proposed IPO entails the initial public offering of up to 300,000,000 MTTSL Shares in the Company, comprises the following transactions:

(i) Proposed Public Issue

The Proposed Public Issue comprises an issuance of 250,000,000 new ordinary shares in the Company (“Issue Share(s)”), representing approximately 25.00% of the Company’s enlarged issued share capital at the indicative price of RM[•] per Issue Share to the retail and institutional investors.

(ii) Proposed Offer for Sale

The Proposed Offer for Sale comprises an offer for sale of up to 50,000,000 existing ordinary shares in the Company (“Offer Share(s)”) by Dato’ Seri Ong Kean Lee, Ooi Lean Hin, Chan Huan Hin, Lee Hock Saing, Lee Kong Siong and Global Dominance Pte Ltd (collectively referred to as “the Selling Shareholders”), representing approximately 5.00% of the Company’s enlarged issued share capital at the indicative price of RM[•] per Offer Share to the institutional investors.

Attachment A


6


2.2 Proposed Pre-IPO Exercise (continued)

2.2.1 Proposed Acquisitions (collectively the “Proposed Acquisition of MTT Shipping” and the “Proposed Acquisition of ICSD”) (continued)

The Proposed Acquisitions will be accounted for using book value accounting. Under book value accounting, the difference between the consideration paid and the share capital of the acquiree is accounted for as merger reserve.

Proposed Acquisition of MTT Shipping

RM’000

Proposed Acquisition

of ICSDRM’000

TotalRM’000

Consideration paid 378,804 23,446Less: Share capital of the

acquired(10,000) (2,588)

Merger reserve 368,804 20,858 389,662

2.2.2 Proposed Share Split

After the completion of the Proposed Acquisitions, the Company proposes to subdivide the enlarged 402,250,978 MTTSL Shares into 750,000,000 MTTSL Shares.

2.3 Proposed IPO

The Proposed IPO entails the initial public offering of up to 300,000,000 MTTSL Shares in the Company, comprises the following transactions:

(i) Proposed Public Issue

The Proposed Public Issue comprises an issuance of 250,000,000 new ordinary shares in the Company (“Issue Share(s)”), representing approximately 25.00% of the Company’s enlarged issued share capital at the indicative price of RM[•] per Issue Share to the retail and institutional investors.

(ii) Proposed Offer for Sale

The Proposed Offer for Sale comprises an offer for sale of up to 50,000,000 existing ordinary shares in the Company (“Offer Share(s)”) by Dato’ Seri Ong Kean Lee, Ooi Lean Hin, Chan Huan Hin, Lee Hock Saing, Lee Kong Siong and Global Dominance Pte Ltd (collectively referred to as “the Selling Shareholders”), representing approximately 5.00% of the Company’s enlarged issued share capital at the indicative price of RM[•] per Offer Share to the institutional investors.

320





Attachment A


7


2.4 Use of proceeds

The total gross proceeds from the Proposed Public Issue of RM[•] million are intended to be used as follows:

RM’000Purchase of vessels and containers(1)

Repayment of bank borrowingsLand acquisition and setting up of new container depots(2)

Investment in information technology (“IT”) infrastructure(3)

Working capitalEstimated listing expenses(4)

[•][•][•][•][•][•][•]

Notes:

(1) Involves acquisition of vessels and new containers. As at the latest practicable date, the Company has yet to enter into any contractual binding arrangements or issued any purchase orders in relation to the above capital expenditure. Accordingly, the use of proceeds earmarked for capital expenditure is not reflected in the Pro Forma Financial Position.

(2) Involves acquisition of land in Kuching and Bintulu to set up new container depots. As at the latest practicable date, the Company has yet to enter into any contractual binding arrangements in relation to the above land acquisition. Accordingly, the use of proceeds earmarked for land acquisition is not reflected in the Pro Forma Financial Position.

(3) The Group intends to upgrade, among others, its existing software to enhance its customers’ online portal and increase the level of automation in the Group’s operations. As at the latest practicable date, the Company has yet to enter into any contractual binding arrangements or issued any purchase orders in relation to the above investment in IT infrastructure. Accordingly, the use of proceeds earmarked for investment in IT infrastructure is not reflected in the Pro Forma Financial Position.

(4) The estimated listing expenses comprise the following:

RM’000Professional fees [•]Fees payable to authorities [•]Brokerage fee, underwriting commission and placement fees [•]Other incidental charges [•]

[•]

The total listing expenses to be borne by the Company is estimated to be RM[•] million. As of 31 March 2021, RM[•] million has been charged to the profit or loss account of the Group.

Upon completion of the Proposed IPO, the estimated listing expenses totalling RM[•] million will be set-off against equity and the remaining RM[•] million will be charged out to the profit or loss account.

The Company will not receive any proceeds from the Proposed Offer for Sale. The gross proceeds of RM[•] million from the Proposed Offer for Sale will accrue entirely to the Selling Shareholders.

Attachment A


7


2.4 Use of proceeds

The total gross proceeds from the Proposed Public Issue of RM[•] million are intended to be used as follows:

RM’000Purchase of vessels and containers(1)

Repayment of bank borrowingsLand acquisition and setting up of new container depots(2)

Investment in information technology (“IT”) infrastructure(3)

Working capitalEstimated listing expenses(4)

[•][•][•][•][•][•][•]

Notes:

(1) Involves acquisition of vessels and new containers. As at the latest practicable date, the Company has yet to enter into any contractual binding arrangements or issued any purchase orders in relation to the above capital expenditure. Accordingly, the use of proceeds earmarked for capital expenditure is not reflected in the Pro Forma Financial Position.

(2) Involves acquisition of land in Kuching and Bintulu to set up new container depots. As at the latest practicable date, the Company has yet to enter into any contractual binding arrangements in relation to the above land acquisition. Accordingly, the use of proceeds earmarked for land acquisition is not reflected in the Pro Forma Financial Position.

(3) The Group intends to upgrade, among others, its existing software to enhance its customers’ online portal and increase the level of automation in the Group’s operations. As at the latest practicable date, the Company has yet to enter into any contractual binding arrangements or issued any purchase orders in relation to the above investment in IT infrastructure. Accordingly, the use of proceeds earmarked for investment in IT infrastructure is not reflected in the Pro Forma Financial Position.

(4) The estimated listing expenses comprise the following:

RM’000Professional fees [•]Fees payable to authorities [•]Brokerage fee, underwriting commission and placement fees [•]Other incidental charges [•]

[•]

The total listing expenses to be borne by the Company is estimated to be RM[•] million. As of 31 March 2021, RM[•] million has been charged to the profit or loss account of the Group.

Upon completion of the Proposed IPO, the estimated listing expenses totalling RM[•] million will be set-off against equity and the remaining RM[•] million will be charged out to the profit or loss account.

The Company will not receive any proceeds from the Proposed Offer for Sale. The gross proceeds of RM[•] million from the Proposed Offer for Sale will accrue entirely to the Selling Shareholders.

321





Attachment A


8

3. Effects on the Pro Forma Financial Position

(a) Movement in cash and cash equivalents

RM’000Balance as at 31 March 2021 57,420Effects of Pro Forma I:- Dividend payments to the owners of the Company- Dividend payments to non-controlling interests

(1)(5,927) (2)(906)

Pro Forma I and II 50,587Effects of Pro Forma III:- Proceeds from the Proposed Public Issue [•]

Pro Forma III [•]Effects of Pro Forma IV:- Estimated listing expenses- Repayment of bank borrowings

[•][•]

Pro Forma IV [•]

Notes:(1) Comprising the dividends payment by MTT Shipping amounting to RM4.50 million and dividend

payment by ICSD amounting to RM1.43 million (representing 71.35% share of the total dividend paid of RM2.00 million)

(2) Comprising the non-controlling interest portion of the (i) dividend payment by ICSD amounting to RM0.57 million (representing 28.65% share of the total dividend paid of RM2.00 million) and (ii) dividend payment by Sea Navigator amounting to RM0.33 million (representing 40% share of the total dividend paid of RM0.83 million)

(b) Movement in share capital

RM’000Balance as at 31 March 2021 / Pro Forma I *Effects of Pro Forma II:- Proposed Pre-IPO Exercise 402,251

Pro Forma II 402,251Effects of Pro Forma III:- Shares issued under the Proposed Public Issue [•]

Pro Forma III [•]Effects of Pro Forma IV:- Estimated listing expenses [•]

Pro Forma IV [•]

* Denotes RM5

(c) Movement in invested equity

RM’000Balance as at 31 March 2021 / Pro Forma I 12,589Effects of Pro Forma II:- Proposed Pre-IPO Exercise (12,589)

Pro Forma II, III and IV -

Attachment A


8

3. Effects on the Pro Forma Financial Position

(a) Movement in cash and cash equivalents

RM’000Balance as at 31 March 2021 57,420Effects of Pro Forma I:- Dividend payments to the owners of the Company- Dividend payments to non-controlling interests

(1)(5,927) (2)(906)

Pro Forma I and II 50,587Effects of Pro Forma III:- Proceeds from the Proposed Public Issue [•]

Pro Forma III [•]Effects of Pro Forma IV:- Estimated listing expenses- Repayment of bank borrowings

[•][•]

Pro Forma IV [•]

Notes:(1) Comprising the dividends payment by MTT Shipping amounting to RM4.50 million and dividend


(2) Comprising the non-controlling interest portion of the (i) dividend payment by ICSD amounting to RM0.57 million (representing 28.65% share of the total dividend paid of RM2.00 million) and (ii) dividend payment by Sea Navigator amounting to RM0.33 million (representing 40% share of the total dividend paid of RM0.83 million)

(b) Movement in share capital

RM’000Balance as at 31 March 2021 / Pro Forma I *Effects of Pro Forma II:- Proposed Pre-IPO Exercise 402,251

Pro Forma II 402,251Effects of Pro Forma III:- Shares issued under the Proposed Public Issue [•]

Pro Forma III [•]Effects of Pro Forma IV:- Estimated listing expenses [•]

Pro Forma IV [•]

* Denotes RM5

(c) Movement in invested equity

RM’000Balance as at 31 March 2021 / Pro Forma I 12,589Effects of Pro Forma II:- Proposed Pre-IPO Exercise (12,589)

Pro Forma II, III and IV -

322





Attachment A


9

3. Effects on the Pro Forma Financial Position (continued)

(d) Movement in retained earnings

RM’000Balance as at 31 March 2021 393,558Effect of Pro Forma I:- Dividend payments to owners of the Company (1)(5,927)

Pro Forma I, II and III 387,631Effects of Pro Forma IV:- Estimated listing expenses [•]

Pro Forma IV [•]

Note:(1) Comprising the dividends payment by MTT Shipping amounting to RM4.50 million and dividend


(e) Movement in merger reserve

RM’000Balance as at 31 March 2021 / Pro Forma I -Effects of Pro Forma II:- Proposed Pre-IPO Exercise (389,662)

Pro Forma II, III and IV (389,662)

(f) Movement in non-controlling interests

RM’000Balance as at 31 March 2021 12,877Effect of Pro Forma I:- Dividend payments to non-controlling interests (1)(906)

Pro Forma I, II, III and IV 11,971

Note:(1) Comprising the non-controlling interest portion of the (i) dividend payment by ICSD amounting to

RM0.57 million (representing 28.65% share of the total dividend paid of RM2.00 million) and (ii) dividend payment by Sea Navigator amounting to RM0.33 million (representing 40% share of the total dividend paid of RM0.83 million)

(g) Movement in loans and borrowings

RM’000Balance as at 31 March 2021 / Pro Forma I, II and III- Non-current 297,067- Current 84,873

381,940Effect of Pro Forma IV:- Repayment of bank borrowings [•]

Pro Forma IV [•]

Attachment A


9

3. Effects on the Pro Forma Financial Position (continued)

(d) Movement in retained earnings

RM’000Balance as at 31 March 2021 393,558Effect of Pro Forma I:- Dividend payments to owners of the Company (1)(5,927)

Pro Forma I, II and III 387,631Effects of Pro Forma IV:- Estimated listing expenses [•]

Pro Forma IV [•]

Note:(1) Comprising the dividends payment by MTT Shipping amounting to RM4.50 million and dividend


(e) Movement in merger reserve

RM’000Balance as at 31 March 2021 / Pro Forma I -Effects of Pro Forma II:- Proposed Pre-IPO Exercise (389,662)

Pro Forma II, III and IV (389,662)

(f) Movement in non-controlling interests

RM’000Balance as at 31 March 2021 12,877Effect of Pro Forma I:- Dividend payments to non-controlling interests (1)(906)

Pro Forma I, II, III and IV 11,971

Note:(1) Comprising the non-controlling interest portion of the (i) dividend payment by ICSD amounting to

RM0.57 million (representing 28.65% share of the total dividend paid of RM2.00 million) and (ii) dividend payment by Sea Navigator amounting to RM0.33 million (representing 40% share of the total dividend paid of RM0.83 million)

(g) Movement in loans and borrowings

RM’000Balance as at 31 March 2021 / Pro Forma I, II and III- Non-current 297,067- Current 84,873

381,940Effect of Pro Forma IV:- Repayment of bank borrowings [•]

Pro Forma IV [•]

323



58

12.5 DIVIDEND POLICY

No inference should be made from any of the foregoing statements as to our actual future profitability or our ability to pay dividends in the future.

The actual dividend that our Board may recommend or declare in any particular financial year or period will be subject to the factors outlined below as well as any other factors deemed relevant by our Board. In considering the level of dividend payments, if any, upon recommendation by our Board, we intend to consider various factors including:

(i) the level of our cash, gearing, debt profile, return on equity and retained earnings;(ii) our expected financial performance;(iii) our projected levels of capital expenditure and other growth/investment plans;(iv) applicable restrictive covenants under our financing documents; and(v) our working capital requirements.

As our Company is a holding company, our income and therefore, our ability to pay dividends is dependent upon the dividends that we receive from our Subsidiaries, joint ventures and associated company. Distributions by our Subsidiaries, joint ventures and associated company will depend upon their operating results, earnings, working capital requirements, general financial condition, capital expenditure plans and the covenants in their existing loan agreements, which restrict the payment of dividends or other distributions until such loans are fully settled (or unless the prior approval of the lenders is obtained.

Currently, our Company does not have a fixed dividend policy. We intend to adopt a policy of active capital management and any proposed dividends that our Board may recommend or declare in respect of any particular financial year or period will take into account various factors including:

(i) the level of our cash, gearing, return on equity and retained earnings;(ii) our financial performance;(iii) our projected levels of capital expenditure and other investment plans; and(iv) our working capital requirements.

The actual dividend that our Board may recommend or declare in respect of any particular financial year or period will be subject to the factors outlined above and the absence of any circumstances which may affect or restrict our ability to pay dividends as well as any other factors deemed relevant by our Board.

Save for certain banking restrictive covenants which our Subsidiaries are subject to, there are no dividend restrictions imposed on our Subsidiaries as at the LPD.

Investors should note that this dividend policy merely describes our present intention and shall not constitute legally binding statements in respect of our Company’s future dividends which are subject to modification (including non-declaration thereof) at our Board’s discretion. We cannot assure you that we will be able to pay dividends or thatour Board will declare dividends in the future. There can also be no assurance that future dividends declared by our Board, if any, will not differ materially from historical dividend levels. See Section 9.3.3 of this Prospectus for the risk on our ability to pay dividends.

324



59

The dividends declared and/or paid to our shareholders during the FYE 31 December 2018, 31 December 2019 and 31 December 2020 and from 1 January 2021 and up to the LPD are as follows:

Dividends paid toowners of our Group PATAMI

Dividend payout ratio

RM’000 RM’000 %2018In respect of the FYE 31 December 2018

20,000 84,154 23.8

2019In respect of the FYE 31 December 2019

4,427 51,877 8.5

2020In respect of the FYE 31December 2020

2,140 47,176 4.5

2021In respect of the FPE 31 March 2021

- 31,708 -

On 23 April 2021, ICSD had declared a dividend of RM2.0 million for the FYE 31 December 2020 which has been paid to its shareholders on 23 April 2021.

On 14 April 2021, MTT Shipping also has declared an interim dividend for the FYE 31 December 2021 of RM4.5 million which has been paid via two tranches, with the first tranche paid on 23 April 2021 and second tranche paid on 12 May 2021.

On 26 April 2021, Sea Navigator Limited, a 60%-owned subsidiary of MTT Shipping, declared an interim dividend amounting to USD0.20 million (equivalent to RM0.83 million) for the FYE 31 December 2021 and the dividend has been paid to its shareholders on 27 April 2021.

The dividends above were funded by internal funds sourced from the cash and bank balances of the respective Subsidiaries. The dividends will not affect the execution and implementation of our future plans or strategies. We also believe that we have sufficientfunding of cash from operations and bank borrowings for the funding requirement for our operations and our expansion plans.

325


MTT Shipping and Logistics Berhad (Company No. 201901004019 (1313346-A))

(Incorporated in Malaysia)

Accountant’s Report on theCombined financial statements


13. ACCOUNTANTS’ REPORT

326



13. ACCOUNTANTS’ REPORT (Cont’d)

1

MTT Shipping and Logistics Berhad (Company No. 201901004019 (1313346-A)) (Incorporated in Malaysia)

Combined statements of financial position Note 31.03.2021

Audited31.12.2020

Audited31.12.2019

Audited31.12.2018

AuditedRM’000 RM’000 RM’000 RM’000

AssetsProperty, plant and equipment 3 574,558 491,379 382,517 228,721Right-of-use assets 4 65,651 64,753 71,929 44,060Investment in associates 5 14,591 14,721 15,222 14,951Investment in joint ventures 6 1,551 1,551 - -Other investments 7 6,402 6,402 6,402 2,189Deferred tax assets 12 19 - 13 -

Total non-current assets 662,772 578,806 476,083 289,921

Inventories 8 15,577 12,073 12,833 9,640 Trade and other receivables 9 139,682 117,079 110,773 122,836Contract assets 10.1 5,063 4,903 2,416 488Current tax assets 710 143 3,301 2,450 Cash and cash equivalents 11 57,420 61,515 42,332 56,218

Total current assets 218,452 195,713 171,655 191,632

Total assets 881,224 774,519 647,738 481,553

EquityShare capital # # # -Invested equity 12,589 12,589 12,589 12,589Retained earnings 393,558 361,850 316,835 269,390Translation reserve (318) (555) (388) (338)

Equity attributable to owners of the Company 405,829 373,884 329,036 281,641Non-controlling interests 12,877 14,815 13,668 16,187

Total equity 418,706 388,699 342,704 297,828

LiabilitiesDeferred tax liabilities 12 4,198 4,199 2,859 3,622Loans and borrowings 13 297,067 255,600 175,529 57,374Lease liabilities 5,373 5,564 9,246 13,097

Total non-current liabilities 306,638 265,363 187,634 74,093

Trade and other payables 14 56,707 46,542 51,286 64,781Contract liabilities 10.2 8,836 6,758 4,192 3,897Loans and borrowings 13 84,873 61,975 50,749 25,841Lease liabilities 5,431 4,791 10,740 14,491Provision for taxation 33 391 433 622

Total current liabilities 155,880 120,457 117,400 109,632

Total liabilities 462,518 385,820 305,034 183,725

Total equity and liabilities 881,224 774,519 647,738 481,553

# Denotes share capital of RM5.

327




2


Combined statements of profit or loss and other comprehensive income

Note

1.1.2021 -31.3.2021Audited

1.1.2020 -31.3.2020Unaudited

1.1.2020 -31.12.2020

Audited

1.1.2019 -31.12.2019

Audited

1.1.2018 -31.12.2018

AuditedRM’000 RM’000 RM’000 RM’000 RM’000

Revenue 15 168,312 136,181 514,541 509,761 537,759Direct costs (122,975) (113,818) (414,880) (408,950) (409,506)Gross profit 45,337 22,363 99,661 100,811 128,253 Other operating income 1,145 3,604 6,847 6,269 8,009 Administration expenses (8,235) (8,458) (35,962) (41,178) (36,188)Other operating expenses (3,114) (823) (1,332) (367) (559)Results from operating

activities 35,133 16,686 69,214 65,535 99,515 Finance costs 16 (2,526) (3,072) (12,077) (7,590) (5,187)Share of results of equity-

accounted associates (129) (354) (501) 271 316Profit before tax 17 32,478 13,260 56,636 58,216 94,644 Tax expense 18 (340) (485) (5,146) (2,018) (6,225)

Profit for the year 32,138 12,775 51,490 56,198 88,419

Items that are or may be reclassified subsequently to profit or loss

Foreign currency translation differences for foreign operations 391 650 (313) (76) 258

Other comprehensive income/(expense) for the year 391 650 (313) (76) 258

Total comprehensive income for the year 32,529 13,425 51,177 56,122 88,677

Profit attributable to:Owners of the Company 31,708 11,728 47,176 51,877 84,154Non-controlling interests 430 1,047 4,314 4,321 4,265

Profit for the year 32,138 12,775 51,490 56,198 88,419

Total comprehensive income attributable to:Owners of the Company 31,945 12,120 46,988 51,827 84,299Non-controlling interests 584 1,305 4,189 4,295 4,378

Total comprehensive income for the year 32,529 13,425 51,177 56,122 88,677

Basic earnings per ordinary share 19 2.52 0.93 3.75 4.12 6.68

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Combined statements of cash flows 1.1.2021 -31.3.2021Audited

1.1.2020 -31.3.2020Unaudited

1.1.2020 -31.12.2020

Audited

1.1.2019 -31.12.2019

Audited

1.1.2018-31.12.2018


Cash flows from operating activitiesProfit before tax 32,478 13,260 56,636 58,216 94,644Adjustments for:

Bad debts written off 1 1 17 29 24Depreciation of property, plant and

equipment 11,145 10,216 41,990 33,691 19,369Depreciation of right-of-use assets 1,190 2,328 8,669 10,800 10,993Goodwill written off - - - 8 7Net impairment reversal on trade

receivables (351) - - - -Net impairment loss on trade

receivables - - 466 11 234Interest expense 2,156 3,050 11,966 7,456 5,072Unrealised loss/(gain) on foreign

exchange, net 2,533 (224) (1,134) (524) (491)Interest income (96) (153) (622) (723) (1,837)Dividend income from redeemable

secured loan stocks (93) (99) (379) (215) -Gain on lease modification - - (32) - -Gain on disposal of property, plant and

equipment (84) (255) (768) (1,612) (3,493)Write off of property, plant and

equipment - 3 3 194 -Share of results of equity-accounted

associates 129 354 501 (271) (316)Operating profit before changes in

working capital 49,008 28,481 117,313 107,060 124,206Changes in working capital:Inventories (3,504) 2,329 760 (3,193) (1,527)Trade and other receivables (21,826) (26,048) (9,632) 10,255 (19,782)Trade and other payables 12,056 5,251 (1,952) (13,243) 21,659

Cash generated from operations 35,734 10,013 106,489 100,879 124,556Interest paid (2,156) (3,041) (11,966) (7,450) (5,013)Tax refund - 4,353 4,354 306 739Tax paid (1,285) (714) (5,031) (4,140) (1,977)

Net cash generated from operatingactivities 32,293 10,611 93,846 89,595 118,305

331




6

Company No. 201901004019 (1313346-A)

Combined statements of cash flows (continued)1.1.2021 -31.3.2021Audited

1.1.2020 -31.3.2020Unaudited

1.1.2020 -31.12.2020

Audited

1.1.2019 -31.12.2019

Audited

1.1.2018 -31.12.2018


Cash flows from investing activitiesInterest paid and capitalised (395) (329) (1,307) (1,191) -Interest received 29 60 554 721 1,836Decrease/(Increase) in pledged

deposits - - 1,578 (55) 1,424Addition of property, plant and

equipment and leasehold lands (93,929) (87,982) (149,012) (215,036) (127,530)Proceeds from disposal of property,

plant and equipment 84 414 2,596 2,273 9,256 Investment in associates - - - - (14,635)Investment in joint ventures - - (1,551) - -Other investments - - - (4,213) (2,114)Dividend received - 225 505 - -Return of capital from liquidated subsidiary - - - (269) -Acquisition of non-controlling interest - - - (2,435) (2,450)Acquisition of subsidiary, net of cash

and cash equivalents acquired(see Note 27.2) - - - - (690)

Net cash used in investing activities (94,211) (87,612) (146,637) (220,205) (134,903)

Cash flows from financing activitiesDividend paid (2,522) (2,000) (5,182) (8,547) (42,050)Repayment of hire purchase (475) (452) (1,660) (1,490) (977)Proceeds from term loans 53,774 70,000 104,880 145,451 33,000Repayment of term loans (6,358) (5,983) (18,824) (17,627) (15,013)Drawdown of bankers’ acceptance, net 9,818 22,385 10,951 5,582 10,301Drawdown/(Repayment) of revolving

credit, net 5,000 - (5,000) 10,000 -Payment of lease liabilities (1,814) (2,874) (11,043) (16,620) (17,860)Net cash generated from/(used in) financing activities 57,423 81,076 74,122 116,749 (32,599)

Net (decrease)/increase in cash and cash equivalents (4,495) 4,075 21,331 (13,861) (49,197)

Effect of foreign currency translation 400 683 (570) (80) 269Cash and cash equivalents as at 1

January 61,515 40,754 40,754 54,695 103,623Cash and cash equivalents as at 31

March/31 December 57,420 45,512 61,515 40,754 54,695

332




7

Company No. 201901004019 (1313346-A)

Combined statements of cash flows (continued)Notes to combined statements of cash flows:

(i) Cash and cash equivalents

Cash and cash equivalents included in the combined statements of cash flows comprise the following combined statements of financial position amounts:

Note31.3.2021Audited

31.3.2020Unaudited

31.12.2020Audited

31.12.2019Audited

31.12.2018Audited

RM’000 RM’000 RM’000 RM’000 RM’000

Deposits 11 15,195 20,103 20,805 11,140 24,227Less: Pledged deposits - (1,577) - (1,578) (1,523)

15,195 18,526 20,805 9,562 22,704Cash and bank balances 11 42,225 26,986 40,710 31,192 31,991

57,420 45,512 61,515 40,754 54,695

(ii) Cash outflows for leases as a lessee

Note

1.1.2021 -31.3.2021Audited

1.1.2020 -31.3.2020Unaudited

1.1.2020 -31.12.2020

Audited

1.1.2019 -31.12.2019

Audited

1.1.2018 -31.12.2018


Included in net cash from operating activities Payment relating to short-

term leases 3,755 2,371 9,907 16,957 31,711Payment relating to leases

of low-value assets 1,813 1,992 7,553 9,894 9,654Interest paid in relation to

lease liabilities 177 422 922 1,469 1,980Included in net cash from

financing activities:Payment of lease liabilities 1,814 2,874 11,043 16,620 17,860

Total cash outflows for leases 7,559 7,659 29,425 44,940 61,205

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336




11


Notes to the combined financial statements MTT Shipping and Logistics Berhad (the “Company”) is a public limited liability company, incorporated and domiciled in Malaysia. The addresses of the principal place of business and registered office of the Company are as follows:

Principal place of business16 Jalan Sungai Aur/KS442000 Port KlangSelangor Darul Ehsan

Registered office Unit 30-01 Level 30 Tower AVertical Business SuiteAvenue 3 Bangsar SouthNo. 8 Jalan Kerinchi59200 Kuala Lumpur

The principal activities of the Company consist of those relating to investment holding, whilst the principal activities of the combining entities are as stated in Note 24 to the combined financial statements. With effect from 29 July 2021, the name of the Company was changed from MTT Shipping and Logistics Sdn. Bhd. to MTT Shipping and Logistics Berhad.

These combined financial statements were authorised for issue by the Board of Directors on29 July 2021.


The Company was incorporated on 31 January 2019 for the purpose of a restructuring exercise that will result in the Company becoming the holding company of the combining entities.

The combined financial statements of the Company and its combining entities (together referred to as the “Group” and individually referred to as “Group entity”) have been prepared solely in connection with the proposed listing of and quotation for the entire enlarged issued share capital of the Company on the Main Market of Bursa Malaysia Securities Berhad (“Proposed Listing”) and for no other purpose.

The combined financial statements consist of the financial statements of the Company and the entities as disclosed in Note 24, under common control of Dato’ Seri Ong Kean Lee, Ooi Lean Hin, Chan Huan Hin, Lee Hock Saing and Lee Kong Siong (collectively referred to as the “Controlling Shareholders”).

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Company No. 201901004019 (1313346-A)

1. Basis of preparation (continued)

The combined financial statements of the Group for the periods ended 31 March 2020 and 2021, and years ended 31 December 2020, 2019 and 2018 were prepared in a manner as if the entities under common control were operating as a single economic entity at the beginning of the earliest comparative period presented or, if later, at the date that common control was established.

Entities under common control are entities which are ultimately controlled by the same parties and that control is not transitory. Control exist when the same parties have, as a result of contractual agreements, ultimate collective power to govern the financial and operating policies of each of the combining entities so as to obtain benefits from their activities, and that ultimate collective power is not transitory. The combined financial statements of commonly controlled entities are included in the combined financial statements from the day that control commences until the date that control ceases.

The financial information as prepared in the combined financial statements do not correspond with the consolidated financial statements of the Group after incorporating /effecting the relevant acquisitions as the combined financial statements reflect business combinations under common control for the purpose of the Proposed Listing. Such financial information from the combined financial statements does not purport to predict the financial positions, results of operation and cash flows of the Group.

(a) Statement of compliance

The combined financial statements of the Group for the periods ended 31 March 2020 and 2021, and years ended 31 December 2020, 2019 and 2018 have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRSs”) and International Financial Reporting Standards (“IFRSs”).

Changes in accounting policies

The Group has adopted MFRS 15, Revenue from Contracts with Customers and MFRS 9, Financial Instruments which are effective for annual periods beginning on or after 1 January 2018 and MFRS 16, Leases which is effective for annual periods beginning on or after 1 January 2019.

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Company No. 201901004019 (1313346-A)


(a) Statement of compliance (continued)

(i) MFRS 15, Revenue from Contracts with Customers

MFRS 15 provides a single model for accounting for revenue arising from contracts with customers, focusing on the identification and satisfaction of performance obligation. The standard specifies that the revenue is to be recognised when control over the goods and services is transferred to the customers, moving from the transfer of risks and rewards.

The adoption of MFRS 15 does not have a material financial impact to the combined financial statements of the Group.

(ii) MFRS 9, Financial Instruments

In respect of impairment of financial assets, MFRS 9 replaces the “incurred loss” model in MFRS 139 with an “expected credit loss” (“ECL”) model. The new impairment model applies to financial assets measured at amortised cost, contract assets and debt investments measured at fair value through other comprehensive income, but not to investments in equity instruments.

The adoption of MFRS 9 does not have a material financial impact to the combined financial statements of the Group.

(iii) MFRS 16, Leases

MFRS 16 replaces the guidance in MFRS 117, Leases, IC Interpretation 4, Determining whether an Arrangement contains a Lease, IC Interpretation 115, Operating Leases – Incentives and IC Interpretation 127, Evaluating the Substance of Transactions Involving the Legal Form of a Lease.

MFRS 16 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognised a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligations to make lease payments. There are recognition exemptions for short-term leases and leases of low-value items. Lessor accounting remains similar to the current standard which continues to be classified as finance or operating lease.

The Group adopted MFRS 16 using the full retrospective approach, under which the effect of initial application is recognised as an adjustment to retained earnings at 1 January 2018.

The effects of adoption of MFRS 16 have been reflected in the combined financial statements of the Group for the periods ended 31 March 2021 and31 March 2020 and years ended 31 December 2020, 2019 and 2018.

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Company No. 201901004019 (1313346-A)



The following are accounting standards, interpretations and amendments of the MFRSs that have been issued by the Malaysian Accounting Standards Board (“MASB”) but have not been adopted by the Group:

MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 April 2021• Amendment to MFRS 16, Leases – Covid-19-Related Rent Concessions

beyond 30 June 2021*

MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2022• Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting

Standards (Annual Improvements to MFRS Standards 2018−2020)*• Amendments to MFRS 3, Business Combinations – Reference to the

Conceptual Framework• Amendments to MFRS 9, Financial Instruments (Annual Improvements to

MFRS Standards 2018−2020)• Amendments to Illustrative Examples accompanying MFRS 16, Leases

(Annual Improvements to MFRS Standards 2018−2020)• Amendments to MFRS 116, Property, Plant and Equipment − Proceeds before

Intended Use• Amendments to MFRS 137, Provisions, Contingent Liabilities and Contingent

Assets − Onerous Contracts − Cost of Fulfilling a Contract• Amendments to MFRS 141, Agriculture (Annual Improvements to MFRS

Standards 2018−2020)*

MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2023• MFRS 17, Insurance Contracts*• Amendments to MFRS 101, Presentation of Financial Statements –

Classification of Liabilities as Current or Non-current and Disclosures of Accounting Policies

• Amendments to MFRS 108, Accounting Policies, Changes in Accounting Estimates and Errors – Definition of Accounting Estimates

• Amendments to MFRS 112, Income Taxes – Deferred Tax related to Assets and Liabilities arising from a Single Transaction

MFRSs, interpretations and amendments effective for annual periods beginning on or after a date yet to be confirmed• Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128,

Investments in Associates and Joint Ventures – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

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Company No. 201901004019 (1313346-A)



The Group plans to apply the abovementioned accounting standards, interpretations and amendments:

• from the annual period beginning on 1 January 2022 for those amendments that are effective for annual periods beginning on or after 1 April 2021, except for those marked * which is not applicable to the Group.

• from the annual period beginning on 1 January 2022 for those amendments that are effective for annual periods beginning on or after 1 January 2022, except for those marked * which are not applicable to the Group.

• from the annual period beginning on 1 January 2023 for the accounting standard and amendments that are effective for annual periods beginning on or after 1 January 2023, except for those marked * which is not applicable to the Group.

The initial application of the abovementioned accounting standards, amendments and interpretations are not expected to have any material financial impact to the current period and prior period financial statements of the Group.

(b) Basis of measurement

The combined financial statements have been prepared on the historical cost basis other than as disclosed in the Note 2.

(c) Functional and presentation currency

These combined financial statements are presented in Ringgit Malaysia (“RM”), which is the Group’s functional currency. All financial information is presented in RM and has been rounded to the nearest thousand, unless otherwise stated.

(d) Use of estimates and judgements

The preparation of the combined financial statements in conformity with MFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

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Company No. 201901004019 (1313346-A)


(d) Use of estimates and judgements (continued)

There are no significant areas of estimation uncertainty and critical judgements in applying accounting policies that have significant effect on the amounts recognised in the financial statements other than those disclosed in the following notes:

• Note 2(d)(iii) - Estimated useful lives and residual values of vessels• Note 4 – extension options and incremental borrowing rate in relation to leases

During the financial year ended 31 December 2018, the Group reviewed and revised the residual values of the vessels based on the average scrap steel price per light displacement ton of each respective complete vessel with all normal machinery and equipment on board. The revision was accounted for prospectively as a change in accounting estimate in accordance with MFRS 108, Accounting Policies, Changes in Accounting Estimates and Errors as disclosed in Note 3.

2. Significant accounting policies

The accounting policies set out below have been applied consistently to the periods and years presented in these combined financial statements and have been applied consistently by Group entities, unless otherwise stated.

(a) Basis of combination

(i) Combining entities

The combined financial statements comprise the financial statements of the Company and its combining entities which are under common control as disclosed in Note 1. The financial statements used in the preparation of the combined financial statements are prepared as of the same reporting date as the Company.

The combining entities are entities under common control of the Controlling Shareholders and are accounted for as if the entities under common control were operating as a single economic entity at the beginning of the earliest comparative period presented or, if later, at the date that common control was established; for this purpose comparatives are restated. The assets and liabilities of the combining entities are recognised at the carrying amounts inthe respective subsidiaries’ financial statements. The components of equity of the subsidiaries are added to the same components within the Group’s equity and any resulting gain/loss is recognised directly in equity.

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Company No. 201901004019 (1313346-A)

2. Significant accounting policies (continued)

(a) Basis of combination (continued)

(i) Combining entities (continued)

The Controlling Shareholders control an entity when they are exposed, or have rights, to variable returns from their involvement with the entity and have the ability to affect those returns through their power over the entity. Potential voting rights are considered when assessing control only when such rights are substantive. The Controlling Shareholders also consider they have de facto power over an investee when, despite not having the majority of voting rights, they have the current ability to direct the activities of the investee that significantly affect the investee’s returns.

(ii) Subsidiaries

Subsidiaries are entities, including structured entities, controlled by the Company. The financial statements of subsidiaries are included in the combined financial statements from the date that control commences until the date that control ceases.

The Company controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Potential voting rights are considered when assessing control only when such rights are substantive. The Company also considers it has de facto power over an investee when, despite not having the majority of voting rights, it has the current ability to direct the activities of the investee that significantly affect the investee’s return.

(iii) Business combinations

Business combinations are accounted for using the acquisition method from the acquisition date, which is the date on which control is transferred to the Group.

For new acquisitions, the Group measures the cost of goodwill at the acquisition date as:

• the fair value of the consideration transferred; plus• the recognised amount of any non-controlling interests in the acquiree;

plus• if the business combination is achieved in stages, the fair value of the

existing equity interest in the acquiree; less• the net recognised amount (generally fair value) of the identifiable assets

acquired and liabilities assumed.

When the excess is negative, a bargain purchase gain is recognisedimmediately in profit or loss.

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Company No. 201901004019 (1313346-A)



(iii) Business combinations (continued)

For each business combination, the Group elects whether it measures the non-controlling interests in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets at the acquisition date.

Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred.

(iv) Acquisitions of non-controlling interests

The Group accounts for all changes in its ownership interest in a subsidiary that do not result in a loss of control as equity transactions between the Group and its non-controlling interest holders. Any difference between the Group’s share of net assets before and after the change, and any consideration received or paid, is adjusted to or against Group reserves.

(v) Acquisitions from entities under common control

Business combinations arising from transfers of interests in entities that are under common control of the shareholder that controls the Group are accounted for as if the acquisition had occurred at the beginning of the earliest comparative period presented or, if later, at the date that common control was established. The assets and liabilities of the combining entities are recognised at the carrying amounts in the respective subsidiaries’ combined financial statements. The components of equity of the subsidiaries are added to the same components within the Group’s equity and any resulting gain/loss is recognised directly in equity.

(vi) Loss of control

Upon the loss of control of a subsidiary, the Group derecognises the assets and liabilities of the former subsidiary, any non-controlling interests and the other components of equity related to the former subsidiary from the combined statement of financial position. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the former subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently, it is accounted for as an equity accounted investee or as a financial asset depending on the level of influence retained.

(vii) AssociatesAssociates are entities, including unincorporated entities, in which the Group has significant influence, but not control, over the financial and operating policies.

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Company No. 201901004019 (1313346-A)



(vii) Associates (continued)

Investments in associates are accounted for in the combined financial statements using the equity method less any impairment losses, unless it is classified as held for sale or distribution. The cost of the investment includes transaction costs. The combined financial statements include the Group’s share of the profit or loss and other comprehensive income of the associates, after adjustments if any, to align the accounting policies with those of the Group, from the date that significant influence commences until the date that significant influence ceases.

When the Group’s share of losses exceeds its interest in an associates, the carrying amount of that interest including any long-term investments is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the associates.

When the Group ceases to have significant influence over an associate, any retained interest in the former associate at the date when significant influence is lost is measured at fair value and this amount is regarded as the initial carrying amount of a financial asset. The difference between the fair value of any retained interest plus proceeds from the interest disposed of, and the carrying amount of the investment at the date when equity method is discontinued is recognised in the profit or loss.

When the Group’s interest in an associate decreases but does not result in a loss of significant influence, any retained interest is not remeasured. Any gain or loss arising from the decrease in interest is recognised in profit or loss. Any gains or losses previously recognised in other comprehensive income are also reclassified proportionately to the profit or loss if that gain or loss would be required to be reclassified to profit or loss on the disposal of the related assets or liabilities.

(viii) Joint arrangements

Joint arrangements are arrangements of which the Group has joint control, established by contracts requiring unanimous consent for decisions about the activities that significantly affect the arrangements’ returns.

Joint arrangements are classified and accounted for as follows:

• A joint arrangement is classified as “joint operation” when the Group has rights to the assets and obligations for the liabilities relating to an arrangement. The Group accounts for each of its share of the assets, liabilities and transactions, including its share of those held or incurred jointly with the other investors, in relation to the joint operation.

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Company No. 201901004019 (1313346-A)



(viii) Joint arrangements (continued)

A joint arrangement is classified as “joint venture” when the Group has rights only to the net assets of the arrangements. The Group accounts for its interest in the joint venture using the equity method. Investments in joint venture are measured in the Group’s statement of financial position at cost less any impairment losses, unless the investment is classified as held for sale or distribution. The cost of investment includes transaction costs.

(ix) Non-controlling interests

Non-controlling interests at the end of the reporting period, represent the equity in a subsidiary not attributable directly or indirectly to the equity holders of the Company, and are presented in the combined statement of financial position and statement of changes in equity within equity, separately from equity attributable to the owners of the Company. Non-controlling interests in the results of the Group is presented in the combined statement of profit or loss and other comprehensive income as an allocation of the profit or loss and the comprehensive income for the year between non-controlling interests and owners of the Company.

Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance.

(x) Transactions eliminated on combination

Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the combined financial statements.

Unrealised gains arising from transactions with equity-accounted associates are eliminated against the investment to the extent of the Group’s interest in the investees. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

(b) Foreign currency

(i) Foreign currency transactions

Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions.

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21

Company No. 201901004019 (1313346-A)


(b) Foreign currency (continued)

(i) Foreign currency transactions (continued)

Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are retranslated to the respective functional currencies of Group entities at the exchange rate at that date.

Non-monetary assets and liabilities denominated in foreign currencies are not retranslated at the end of the reporting date, except for those that are measured at fair value which are retranslated to the functional currency at the exchange rate at the date that the fair value was determined.

Foreign currency differences arising on retranslation are recognised in profit or loss, except for differences arising from the retranslation of available-for-sale equity instruments or financial instruments designated as a hedge of currency risk, which are recognised in other comprehensive income.

In the combined financial statements, when settlement of a monetary item receivable from, or payable to, a foreign operation is neither planned nor likely to occur in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of a net investment in a foreign operation and are recognised in other comprehensive income, and are presented in the translation reserve in equity at group level.

(ii) Operations denominated in functional currencies other than Ringgit Malaysia

The assets and liabilities of operations denominated in functional currencies other than RM, including fair value adjustments arising on acquisition, are translated to RM at exchange rates at the end of the reporting period. The income and expenses of foreign operations are translated to RM at exchange rates at the dates of the transactions.

Foreign currency differences are recognised in other comprehensive income and accumulated in the translation reserve in equity. However, if the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of such that control or significant influence is lost, the cumulative amount in the translation reserve relating to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal.

When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its investment in an associate that includes a foreign operation while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.

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Company No. 201901004019 (1313346-A)


(c) Financial instruments

(i) Recognition and initial measurement

A financial asset or a financial liability is recognised in the statement of financial position when, and only when, the Group becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without significant financing component) or a financial liability is initially measured at fair value plus or minus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issuance. A trade receivable without a significant financing component is initially measured at the transaction price.

(ii) Financial instrument categories and subsequent measurement

The Group categorises financial instruments as follows:

Financial assets

Categories of financial assets are determined on initial recognition and are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets in which case all affected financial assets are reclassified on the first day of the first reporting period following the change of the business model.

Amortised cost

Amortised cost category comprises financial assets that are held within a business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The financial assets are not designated as fair value through profit or loss. Subsequent to initial recognition, these financial assets are measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gains or losses on derecognition are recognised in profit or loss.

Interest income is recognised by applying effective interest rate to the gross carrying amount.

All financial assets are subject to impairment assessment (see Note 2 (i)(i)).

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(c) Financial instruments (continued)

(ii) Financial instrument categories and subsequent measurement (continued)

Financial liabilities

Amortised cost

Other financial liabilities not categorised as fair value through profit or loss are subsequently measured at amortised cost using the effective interest method.

Interest expense and foreign exchange gains and losses are recognised in the profit or loss. Any gains or losses on derecognition are also recognised in the profit or loss.

(iii) Derecognition

A financial asset or part of it is derecognised when, and only when the contractual rights to the cash flows from the financial asset expires or is transferred, or control of the asset is not retained or substantially all of the risks and rewards of ownership of the financial asset are transferred to another party. On derecognition of a financial asset, the difference between the carrying amount and the sum of the consideration received (including any new asset obtained less any new liability assumed) and any cumulative gain or loss that had been recognised in equity is recognised in profit or loss.

A financial liability or a part of it is derecognised when, and only when, the obligation specified in the contract is discharged, cancelled or expired. On derecognition of a financial liability, the difference between the carrying amount of the financial liability extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.

(iv) Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and liability simultaneously.

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Company No. 201901004019 (1313346-A)


(d) Property, plant and equipment

(i) Recognition and measurement

Freehold land and capital work in progress are measured at cost. Other items of property, plant and equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Cost includes expenditure that is directly attributable to the acquisition of the asset and any other costs directly attributable to bringing the asset to working condition for its intended use, and the costs of dismantling and removing the items and restoring the site on which they are located. The cost of self-constructed assets also includes the cost of materials and direct labour. For qualifying assets, borrowing costs are capitalised in accordance with the accounting policy on borrowing costs.

Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.

When significant components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.

The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and is recognised net within “other operating income” and “other operating expenses” respectively in profit or loss.

(ii) Subsequent costs

The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Group and its cost can be measured reliably. The carrying amount of the replaced component is expensed to profit or loss as incurred. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.

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Company No. 201901004019 (1313346-A)


(d) Property, plant and equipment (continued)

(iii) Depreciation

Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed, and if a component has a useful life that is different from the remainder of that asset, then that component is depreciated separately.

Depreciation of new vessels is calculated utilising the straight-line method to write off the cost, less estimated residual value over their estimated useful life of 25 years, whilst for used vessels purchased, depreciation is calculated utilising the straight-line method to write off the cost less estimated residual value over their remaining useful lives.

The Group reviews the estimated useful lives and residual values of the vessels regularly in order to determine the amount of depreciation expense to be recorded for each financial year. Any changes in the economic useful lives and the residual values could impact the depreciation expense and consequently affect the Group’s financial results. The economic useful lives and residual values of the vessels are reviewed at each reporting date, with any changes in estimates accounted for as a change in estimate and therefore prospectively and accordingly, the effects of the change are accounted for prospectively.

During the financial year ended 31 December 2018, the Group reviewed and revised the residual values of the vessels based on the average scrap steel price per light displacement ton of each respective complete vessel with all normal machinery and equipment on board. The revision was accounted forprospectively as a change in accounting estimate resulting in an increase in the estimated residual values.

Plant and equipment under construction (capital work-in-progress) are not depreciated until the assets are ready for their intended use.

For other assets, depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of plant and equipment from the date that they are available for use.

The estimated useful lives for the current and comparative periods are as follows:

Containers 10 yearsEquipment and machineries 5 to 10 yearsOther plant and equipment 5 years

Freehold land is not depreciated. Drydocking expenditure is capitalised and depreciated over a period of 30 months or the period until the next drydocking date, whichever is shorter.

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Company No. 201901004019 (1313346-A)


(d) Property, plant and equipment (continued)

(iii) Depreciation (continued)

Depreciation methods, useful lives and residual values are reviewed at end of the reporting period, and adjusted as appropriate.

(e) Leases

(i) Definition of a lease

A contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether:

• the contract involves the use of an identified asset – this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplierhas a substantive substitution right, then the asset is not identified;

• the customer has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and

• the customer has the right to direct the use of the asset. The customer has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decision about how and for what purpose the asset is used is predetermined, the customer has the right to direct the use of the asset if either the customer has the right to operate the asset; or the customer designed the asset in a way that predetermines how and for what purpose it will be used.

At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone price. However, for leases of properties in which the Group is a lessee, it has elected not to separate non-lease components and will instead account for the lease and non-lease components as a single lease component.

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Company No. 201901004019 (1313346-A)


(e) Leases (continued)

(ii) Recognition and initial measurement

(a) As a lessee

The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made on or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.

Lease payments included in the measurement of the lease liability comprise the following:

• fixed payments, including in-substance fixed payments less any incentives receivables;

• variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;

• amounts expected to be payable under a residual value guarantee;• the exercise price under a purchase option that the Group is

reasonably certain to exercise; and• penalties for early termination of a lease unless the Group is

reasonably certain not to terminate early.

The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less or leases of low-value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

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Company No. 201901004019 (1313346-A)



(ii) Recognition and initial measurement (continued)

(b) As a lessor

When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.

To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease.

If an arrangement contains lease and non-lease components, the Group applies MFRS 15 to allocate the consideration in the contract based on the stand-alone selling prices.

The Group recognises assets held under a finance lease in its statement of financial position and presents them as a receivable at an amount equal to the net investment in the lease. The Group uses the interest rate implicit in the lease to measure the net investment in the lease.

When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. It assesses the lease classification of a sublease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease to which the Group applies the exemption described above, then it classifies the sublease as an operating lease.

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Company No. 201901004019 (1313346-A)



(iii) Subsequent measurement

(a) As a lessee

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of the right-of-use assets are determined on the same basis as those of property, plant and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a revision of in-substance fixed lease payments, or if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option.

When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

(b) As a lessor

The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of "revenue".

The Group recognises finance income over the lease term, based on a pattern reflecting a constant periodic rate of return on the Group net investment in the lease. The Group aims to allocate finance income over the lease term on a systematic and rational basis. The Group applies the lease payments relating to the period against the gross investment in the lease to reduce both the principal and the unearned finance income. The net investment in the lease is subject to impairment requirements in MFRS 9, Financial Instruments (see Note 2(i)(i)).

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Company No. 201901004019 (1313346-A)


(f) Inventories

Inventories are measured at the lower of cost and net realisable value.

The cost of inventories is measured using the first-in, first-out method.

Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.

(g) Contract assets/Contract liabilities

A contract asset is recognised when the Group’s right to consideration is conditional on something other than the passage of time. A contract asset is subject to impairment in accordance to MFRS 9, Financial Instruments (see Note 2(i)(i)).

A contract liability is stated at cost and represents the obligation of the Group to transfer goods or services to a customer for which consideration has been received (or the amount is due) from the customers.

(h) Cash and cash equivalents

Cash and cash equivalents consists of cash in hand, balances and deposits with banks, financial institutions and highly liquid investments which have an insignificant risk of change in fair value with original maturities of three months or less are used by the Group in the management of their short-term commitments. For the purpose of the statement of cash flows, cash and cash equivalents are presented net of pledged deposits.

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Company No. 201901004019 (1313346-A)


(i) Impairment

(i) Financial assets

The Group recognises loss allowances for expected credit losses on financial assets measured at amortised cost and contract assets. Expected credit losses are a probability-weighted estimate of credit losses.

The Group measures loss allowances at an amount equal to lifetime expected credit loss, except for debt securities that are determined to have low credit risk at the reporting date, cash and bank balances and other debt securities for which credit risk has not increased significantly since initial recognition, which are measured at 12-month expected credit loss. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime expected credit loss.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit loss, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment and including forward-looking information, where available.

Lifetime expected credit losses are the expected credit losses that result from all possible default events over the expected life of the asset, while 12-month expected credit losses are the portion of expected credit losses that result from default events that are possible within the 12 months after the reporting date. The maximum period considered when estimating expected credit losses is the maximum contractual period over which the Group are exposed to credit risk.

The Group estimates the expected credit losses on trade receivables by determining the probability of default individually using internal information available with reference to historical credit loss experience.

An impairment loss in respect of financial assets measured at amortised cost is recognised in profit or loss and the carrying amount of the asset is reduced through the use of an allowance account.

An impairment loss in respect of debt investments measured at fair value through other comprehensive income is recognised in profit or loss and the allowance account is recognised in other comprehensive income.

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Company No. 201901004019 (1313346-A)


(i) Impairment (continued)

(i) Financial assets (continued)

At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt securities at fair value through other comprehensive income are credit-impaired. A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group’s procedures for recovery amounts due.

(ii) Other assets

The carrying amounts of other assets (except for inventories, contract assets, and deferred tax assets) are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated.

For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating units.

The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit.

An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable amount.

Impairment losses are recognised in profit or loss.

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Company No. 201901004019 (1313346-A)


(i) Impairment (continued)

(ii) Other assets (continued)

In respect of other assets, impairment losses recognised in prior periods are assessed at the end of each reporting period for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount since the last impairment loss was recognised. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Reversals of impairment losses are credited to profit or loss in the financial year in which the reversals are recognised.

(j) Equity instruments

Instruments classified as equity are measured at cost on initial recognition and are not remeasured subsequently.

Ordinary shares are classified as equity.

(k) Employee benefits

(i) Short-term employee benefits

Short-term employee benefit obligations in respect of salaries, annual bonuses, paid annual leave and sick leave are measured on an undiscounted basis and are expensed as the related service is provided.

A liability is recognised for the amount expected to be paid under short-term cash bonus if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

(ii) Defined contribution plan

The Group’s contributions to statutory pension funds are charged to profit or loss in the financial year to which they relate. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payment is available.

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Company No. 201901004019 (1313346-A)


(l) Provisions

A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

(m) Revenue and other income

(i) Revenue

Revenue is measured based on the consideration specified in a contract with a customer in exchange for transferring goods or services to a customer, excluding amounts collected on behalf of third parties. The Group recognisedrevenue when (or as) it transfers control over service to customer. An asset is transferred when (or as) the customer obtains control of the asset.

The Group transfers control of a good or service at a point in time unless one of the following over-time criteria is met:

(a) the customer simultaneously receives and consumes the benefits provided as the Group performs;

(b) the Group’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or

(c) the Group’s performance does not create an asset with an alternative use and the Group has an enforceable right to payment for performance completed to date.

(ii) Dividend income

Dividend income is recognised in profit or loss on the date that the Group’s right to receive payment is established.

(iii) Interest income

Interest income is recognised as it accrues using the effective interest method in profit or loss.

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Company No. 201901004019 (1313346-A)


(n) Borrowing costs

Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method.

Borrowing costs directly attributable to the acquisition, construction or production of a qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised as part of the costof those assets.

The capitalisation of borrowing costs as part of the cost of a qualifying asset commences when expenditure for the asset is being incurred, borrowing costs are being incurred and activities that are necessary to prepare the asset for its intended use or sale are in progress. Capitalisation of borrowing costs is suspended or ceased when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are interrupted or completed.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

(o) Income tax

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the extent that it relates to a business combination or items recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted by the end of the reporting period, and any adjustment to tax payable in respect of previous financial years.

Deferred tax is recognised using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities in the statement of financial position and their tax bases. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the end of the reporting period.

The amount of deferred tax recognised is measured based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are not discounted.

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Company No. 201901004019 (1313346-A)


(o) Income tax (continued)

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax assets and liabilities on a net basis or their tax assets and liabilities will be realised simultaneously.

A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets are reviewed at the end of each reporting period and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

(p) Earnings per ordinary share

The Group presents basic earnings per share data for its ordinary shares (“EPS”).

Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding during the period, adjusted for own shares held.

(q) Operating segments

An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. Operating segment results are reviewed regularly by the chief operating decision maker, which in this case is the Managing Director of the Group, to make decisions about resources to be allocated to the segment and to assess its performance, and for which discrete financial information is available.

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Company No. 201901004019 (1313346-A)


(r) Fair value measurements

Fair value of an asset or a liability, except for share-based payment and lease transactions, is determined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The measurement assumes that the transaction to sell the asset or transfer the liability takes place either in the principal market or in the absence of a principal market, in the most advantageous market.

For non-financial asset, the fair value measurement takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair value is categorised into different levels in a fair value hierarchy based on the input used in the valuation technique as follows:

Level 1: quoted price (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date.

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: unobservable inputs for the asset or liability.

The Group recognises transfers between levels of the fair value hierarchy as of the date of the event or change in circumstances that caused the transfers.

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201

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Com

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365




40

Company No. 201901004019 (1313346-A)

3. Property, plant and equipment (continued)

3.1 Fully depreciated assets

Included in property, plant and equipment are fully depreciated assets which are still in use, with cost totaling RM37,149,000 (31.12.2020: RM37,149,000; 31.12.2019: RM18,480,000; 31.12.2018: RM18,480,000).

3.2 Security

Term loan

The following property, plant and equipment are charged as security for the term loans of the Group (Note 13):

- Freehold land with net carrying amount of RM16,945,000 (31.12.2020: RM16,945,000; 31.12.2019: RM16,945,000; 31.12.2018: RM16,461,000);

- Vessels with net carrying amount of RM372,198,000 (31.12.2020: RM297,983,000; 31.12.2019: RM215,812,000; 31.12.2018: RM71,225,000).

Bankers’ acceptance and Revolving credit

The following property, plant and equipment are charged as security for the bankers’ acceptance and revolving credit of the Group (Note 13):

- Freehold land with net carrying amount of RM16,945,000 (31.12.2020: RM16,945,000; 31.12.2019: RM16,945,000).

3.3 Change in estimate

During the financial year ended 31 December 2018, the Group reviewed and revised the residual values of the vessels based on the average scrap steel price per light displacement ton of each respective complete vessel with all normal machinery and equipment on board. The revision was accounted for prospectively as a change in accounting estimate resulting in an increase in the estimated residual values.

Estimation of depreciation methods, useful lives and residual values are reviewed at the end of the reporting period and adjusted as appropriate. The effect of these changes on depreciation expense, recognised in cost of sales and the carrying amount of vessels in current and future periods are as follows:

2018RM’000

2019RM’000

2020RM’000

2021RM’000

2022RM’000

LaterRM’000

Decrease in depreciation expense 7,589 7,589 7,589 7,589 7,920 21,694

366




41

Company No. 201901004019 (1313346-A)

3. Property, plant and equipment (continued)

3.4 Property, plant and equipment subject to operating lease

The Group leases certain of its vessels to third parties. Each of the leases contains an initial non-cancellable period between 3 months – 1 year. Subsequent renewals are negotiated with the lessee.

The Group generally does not require a financial guarantee on the lease arrangement. Nevertheless, the Group requires two weeks of advanced rental payments from the lessee. These leases do not include residual value guarantees.

1.1.2021 -31.3.2021Audited

1.1.2020 -31.3.2020Unaudited

1.1.2020 -31.12.2020

Audited

1.1.2019 -31.12.2019

Audited

1.1.2018 -31.12.2018


Charter hireincome 7,582 2,458 18,602 4,313 2,596

The operating lease payments to be received are as follows:

31.3.2021 31.12.2020 31.12.2019 31.12.2018RM’000 RM’000 RM’000 RM’000

Undiscounted lease payments:- Less than one year 31,756 18,316 - -

367




42

Company No. 201901004019 (1313346-A)

4. Right-of-use assets

Leasehold lands Vessels Equipment Total

RM’000 RM’000 RM’000 RM’000

At 1 January 2018 - 23,540 - 23,540Additions 31,000 - - 31,000Depreciation for the year (30) (10,963) - (10,993)Effect of movement in exchange rate - 513 - 513At 31 December 2018/1 January 2019 30,970 13,090 - 44,060Additions 35,427 3,275 - 38,702Depreciation for the year (1,262) (9,538) - (10,800)Effect of movement in exchange rate - (33) - (33)

At 31 December 2019/1 January 2020 65,135 6,794 - 71,929Additions - - 1,456 1,456Depreciation for the year (1,967) (6,419) (283) (8,669)Lease modification - (103) - (103)Effect of movement in exchange rate - 140 - 140

At 31 December 2020/1 January 2021 63,168 412 1,173 64,753Additions 2,084 - - 2,084Depreciation for the period (653) (416) (121) (1,190)Effect of movement in exchange rate - 4 - 4

At 31 March 2021 64,599 - 1,052 65,651

Right-of-use assets with net carrying amount of RM64,599,000 (31.12.2020: RM63,168,000; 31.12.2019: RM65,135,000; 31.12.2018: RM30,970,000) are charged as security for the term loans of the Group (Note 13).

The Group leases three yards that run between 1 year and 3 years, with an option to renew the lease after that date.

The leasehold land and yards main purpose are used for depot activities.

The remaining unexpired lease term of the two leasehold lands are 78 years and 84 yearswhich will be expiring on 31 December 2099 and 30 June 2105 respectively.

368




43

Company No. 201901004019 (1313346-A)

4. Right-of-use assets (continued)

4.1 Extension options

Some leases of land and equipment contain extension options exercisable by the Group. The Group assesses at lease commencement whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant change in circumstances within its control.

4.2 Significant judgements and assumptions in relation to lease

The Group assesses at lease commencement by applying significant judgement whether it is reasonably certain to exercise the extension options. Group entities consider all facts and circumstances including their past practice and any cost that will be incurred to change the asset if an option to extend is not taken, to help them determine the lease term.

The Group also applied judgement and assumptions in determining the incremental borrowing rate of the respective leases. Group entities first determine the closest available borrowing rates before using significant judgement to determine the adjustments required to reflect the term, security, value or economic environment of the respective leases.

5. Investment in associates31.3.2021 31.12.2020 31.12.2019 31.12.2018

RM’000 RM’000 RM’000 RM’000

Unquoted shares at cost 14,635 14,635 14,635 14,794Share of post-acquisition

accumulated (loss)/profit (44) 86 587 194

14,591 14,721 15,222 14,988Less: Accumulated impairment loss - - - (37)

14,591 14,721 15,222 14,951

Details of the associates are as follows:

Name of company

Principal place of business/Country of

incorporationNature of the relationship Effective ownership interest

31.3.2021 31.12.2020 31.12.2019 31.12.2018% % % %

Perkapalan MTT (S) Pte. Ltd.

Singapore Dormant - - - 30

Perceptive Logistics Sdn. Bhd.

Malaysia Provision of haulage, distribution and transportationservices and is currently oneof the serviceproviders of the Group

30 30 30 30

369




44

Company No. 201901004019 (1313346-A)

5. Investment in associates (continued)

The following table summarises the information of the Group’s material associates, adjusted for any differences in accounting policies and reconciles the information to the carrying amount of the Group’s interest in the associates.

2021


Summarised financial information RM’000As at 31 MarchNon-current assets 29,574Current assets 30,874Non-current liabilities (5,192)Current liabilities (8,613)

Net assets 46,643

Period ended 31 MarchTotal comprehensive income (431)

Included in the total comprehensive income is:Revenue 13,170

Reconciliation of net assets to carrying amounts as at 31 MarchGroup’s share of net assets 13,993Goodwill 598

Carrying amount in the statement of financial position 14,591

2020


Summarised financial information RM’000As at 31 DecemberNon-current assets 27,754Current assets 33,165Non-current liabilities (4,898)Current liabilities (8,946)

Net assets 47,075

Year ended 31 DecemberTotal comprehensive income (1,672)


Reconciliation of net assets to carrying amounts as at 31 DecemberGroup’s share of net assets 14,123Goodwill 598


370




45

Company No. 201901004019 (1313346-A)

5. Investment in associates (continued)

2019



Net assets 48,747

Year ended 31 DecemberTotal comprehensive income 902




2018



Net assets 47,844

Year ended 31 DecemberTotal comprehensive income 3,724




371




46

Company No. 201901004019 (1313346-A)

6. Investment in joint ventures

31.3.2021 31.12.2020 31.12.2019 31.12.2018RM’000 RM’000 RM’000 RM’000

Unquoted shares at cost 1,551 1,551 - -

Details of the joint ventures are as follows:

Name of joint ventures

Principal place of business/Country of

incorporationPrincipal activities

Effective ownershipinterest and voting interest

31.3.2021 31.12.2020 31.12.2019 31.12.2018% % % %

Lestari Maritime Sdn. Bhd. Malaysia Dormant 51 51 - -

Harbour 360 Sdn. Bhd. Malaysia Dormant 50 50 - -

7. Other investmentsNote 31.3.2021 31.12.2020 31.12.2019 31.12.2018

RM’000 RM’000 RM’000 RM’000

Transferable club membership- at cost 75 75 75 75

Redeemable secured loan stocks (“RSLS”) at amortised cost 7.1 6,327 6,327 6,327 2,114

6,402 6,402 6,402 2,189

7.1 Held by MTTS Holdings Sdn. Bhd., a wholly-owned subsidiary of MTT Shipping Sdn. Bhd. (the combining entity) through a subscription agreement for up to 2,000,000 RSLS at a subscription price of USD1.00 each.

The RSLS has the following terms, rights, benefits and privileges:

• The RSLS has a perpetual tenure with no fixed redemption date;• Dividend will be issued at fixed rate of 6% per annum throughout the entire

tenure, calculated based on the nominal value of the RSLS, payable on each coupon payment date specified in the subscription agreement;

• The RSLS is not tradable or transferable;• The RSLS will not be listed and rated;• Subscribers are entitled to issue a notice to the issuer to terminate the

subscription agreement if the issuer commits any continuing or material breach of any of its obligations under the subscription agreement;

• Upon occurrence of any or more of the special redemption events set out in the subscription agreement, the subscriber shall have the right to immediately request or demand to redeem the RSLS in full, by giving a notice of redemption in writing to the issuer.

372




47

Company No. 201901004019 (1313346-A)

8. Inventories

31.3.2021 31.12.2020 31.12.2019 31.12.2018RM’000 RM’000 RM’000 RM’000

At cost:Consumables

- Bunker fuel and diesel 12,783 9,223 11,350 8,223 - Lubricant oil and other bonded

stores 2,794 2,850 1,483 1,417

15,577 12,073 12,833 9,640

Recognised in profit or loss:Inventories recognised as cost of sales 22,779 77,611 89,678 94,638

9. Trade and other receivables

Note 31.3.2021 31.12.2020 31.12.2019 31.12.2018RM’000 RM’000 RM’000 RM’000

TradeAmounts due from- related companies 9.1 5,472 5,184 5,906 6,352 - associates 9.1 31 - - 816Trade receivables from contracts

with customers 98,900 89,522 85,769 90,604

104,403 94,706 91,675 97,772Less: Impairment loss- associates - - - (816)- trade receivables (352) (703) (460) (457)

104,051 94,003 91,215 96,499Non-tradeOther receivables 6,189 7,971 10,272 6,942GST receivables - - - 10Deposits 1,905 1,889 2,071 5,509 Prepayments 30,021 15,700 9,699 16,360

38,115 25,560 22,042 28,821Less: Impairment loss (2,484) (2,484) (2,484) (2,484)

35,631 23,076 19,558 26,337

139,682 117,079 110,773 122,836

9.1 Trade amounts due from related companies and associates are repayable within the credit term of 60 to 90 days (31.12.2020: 60 to 90 days; 31.12.2019: 60 to 90 days; 31.12.2018: 60 to 90 days).

373




48

Company No. 201901004019 (1313346-A)

10. Contract with customers

Note 31.3.2021 31.12.2020 31.12.2019 31.12.2018RM’000 RM’000 RM’000 RM’000

Contract assets 10.1 5,063 4,903 2,416 488

Contract liabilities 10.2 8,836 6,758 4,192 3,897

10.1 Contract assets primarily relate to the Group’s rights to consideration for work completed over-time but not yet billed at the reporting date. Typically, the amount will be billed within 30 days and payment is expected within normal credit term.

10.2 Contract liabilities primarily relate to the obligation to transfer goods or services to customers for which the Group have received the consideration. The contract liabilities are expected to be recognised as revenue within 1 year.

11. Cash and cash equivalents

31.3.2021 31.12.2020 31.12.2019 31.12.2018RM’000 RM’000 RM’000 RM’000

Deposits with licensed banks 15,195 20,805 11,140 24,227Cash and bank balances 42,225 40,710 31,192 31,991

57,420 61,515 42,332 56,218

At 31 December 2019, deposits placed with licensed banks included RM1,578,000 (31.12.2018: RM1,523,000) which was pledged for term loans granted to Group (Note 13).

374

Reg

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tion

No.

201

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375




50

Company No. 201901004019 (1313346-A)

13. Loans and borrowings

Note 31.3.2021 31.12.2020 31.12.2019 31.12.2018RM’000 RM’000 RM’000 RM’000

Non-currentTerm loans 13.1 293,842 251,873 172,094 53,554Hire purchase payables 13.3 3,225 3,727 3,435 3,820

297,067 255,600 175,529 57,374

CurrentTerm loans 13.1 36,255 28,202 23,339 14,196Hire purchase payables 13.3 1,966 1,939 1,527 1,344Bankers’ acceptance 13.2 36,652 26,834 15,883 10,301Revolving credit 13.2 10,000 5,000 10,000 -

84,873 61,975 50,749 25,841

381,940 317,575 226,278 83,215

13.1 Term loans

Security

The term loans are secured by the following:

(a) Pledge of vessels and land of the Group as disclosed in Note 3 ; (b) Lien on fixed deposits of certain subsidiaries of MTT Shipping Sdn. Bhd. as

disclosed in Note 11; (c) Floating charge over the assets of certain subsidiaries of MTT Shipping Sdn.

Bhd.; (d) Corporate guarantee by MTT Shipping Sdn. Bhd.; and(e) Personal guarantees from certain Directors of the Group.

13.2 Bankers’ acceptance and revolving credit

Security

The bankers’ acceptance and revolving credit are secured by the following:

(a) Pledge of land of the Group as disclosed in Note 3; and(b) Personal guarantees from certain Directors of the Group.

376

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377




52

Company No. 201901004019 (1313346-A)

14. Trade and other payables

Note 31.3.2021 31.12.2020 31.12.2019 31.12.2018RM’000 RM’000 RM’000 RM’000

TradeAmounts due to:- corporate shareholder 14.1 268 138 143 149- related companies 14.1 671 1,106 706 836- associates 233 149 256 133Trade payables 38,052 24,832 30,269 36,775

39,224 26,225 31,374 37,893

Non-tradeAmounts due to:- shareholders 14.2 - - - 2,377- related companies 14.2 - 13 - -Other payables 233 234 282 887Deposits received 4 3 15 -GST payables - - - 110Accruals 17,246 20,067 19,615 23,514

17,483 20,317 19,912 26,888

56,707 46,542 51,286 64,781

14.1 Trade amounts due to a corporate shareholder of MTT Shipping Sdn. Bhd. and related companies are repayable within the credit term of 30 to 60 days (31.12.2020: 30 to 60 days; 31.12.2019: 30 to 60 days; 31.12.2018: 30 to 60 days).

14.2 Non-trade amounts due to shareholders and related companies are unsecured, interest free and repayable on demand.

378




53

Company No. 201901004019 (1313346-A)

15. Revenue

Note 1.1.2021 -31.3.2021Audited

1.1.2020 -31.3.2020Unaudited

1.1.2020 -31.12.2020

Audited

1.1.2019 -31.12.2019

Audited

1.1.2018 -31.12.2018


Revenue from contract with customers 168,312 136,181 514,541 509,761 537,759

15.1 Disaggregation of revenue

Major service lines

Freight income -domestic a 109,497 98,252 352,513 369,269 390,010

Freight income -regional b 41,809 27,074 109,757 101,664 111,098

Charter hire income 7,582 2,458 18,602 4,313 2,596

Other shipping related income 1,901 1,372 5,513 5,642 6,761

Depot related income 7,523 7,025 28,156 28,873 27,294

168,312 136,181 514,541 509,761 537,759

1.1.2021 -31.3.2021Audited

1.1.2020 -31.3.2020Unaudited

1.1.2020 -31.12.2020

Audited

1.1.2019 -31.12.2019

Audited

1.1.2018 -31.12.2018


Timing and recognitionAt a point in time 9,353 7,774 31,736 32,647 33,527Over-time 158,959 128,407 482,805 477,114 504,232

168,312 136,181 514,541 509,761 537,759

Note aRevenue from domestic services comprise freight income from container services from ports within Malaysia.

Note bRevenue from regional services comprise freight income from container services both to and from regional ports such as Singapore, Brunei, Thailand, Indonesia and India.

379




54

Company No. 201901004019 (1313346-A)

15. Revenue (continued)

15.2 Nature of services

Freight income and other shipping related income

Freight income and charter hire income are recognised over-time in proportion to the stage of completion of the voyages at the end of the reporting period, which is determined on time proportion method. Payment terms for revenue from customers are generally 60 to 90 days (31.03.2020: 60 to 90 days; 31.12.2020: 60 to 90 days; 31.12.2019: 60 to 90 days; 31.12.2018: 60 to 90 days) from invoice date.

Other shipping related income other than freight income and charter hire income are recognised at a point in time when the services are rendered to the customers. Payment terms for revenue from customers are generally 60 to 90 days (31.03.2020: 60 to 90 days; 31.12.2020: 60 to 90 days; 31.12.2019: 60 to 90 days; 31.12.2018: 60 to 90 days) from invoice date.

There are no variable elements in the consideration being provided by the Group.

Depot related income

Revenue from storage is recognised over the period of the contract by reference to the progress towards the satisfaction of the performance obligation. Payment terms for revenue from customers is 5 to 60 days (31.03.2020: 5 to 60 days; 31.12.2020: 5 to 60 days; 31.12.2019: 7 to 30 days; 31.12.2018: 7 to 30 days) from invoice date.

Revenue from depot related income other than storage are recognised at a point in time when the services are rendered to the customers. Payment terms for revenue from customers is 5 to 60 days (31.03.2020: 5 to 60 days; 31.12.2020: 5to 60 days; 31.12.2019: 30 to 60 days; 31.12.2018: 30 to 60 days) from invoice date.

There are no variable elements in the consideration being provided by the Group.

16. Finance costs

1.1.2021 -31.3.2021Audited

1.1.2020 -31.3.2020Unaudited

1.1.2020 -31.12.2020

Audited

1.1.2019 -31.12.2019

Audited

1.1.2018 -31.12.2018


Interest expense on borrowings 1,979 2,628 11,044 5,987 3,092

Interest expense on lease liabilities 177 422 922 1,469 1,980

Other finance costs 370 22 111 134 115

2,526 3,072 12,077 7,590 5,187

380




55

Company No. 201901004019 (1313346-A)

16. Finance costs (continued)

1.1.2021 -31.3.2021 Audited

1.1.2020 -31.3.2020 Unaudited

1.1.2020 -31.12.2020Audited

1.1.2019 -31.12.2019Audited

1.1.2018 -31.12.2018


Capitalised on qualifying assets:- Property, plant and

equipment 395 329 1,307 1,191 -

17. Profit before tax

Note 1.1.2021 -31.3.2021Audited

1.1.2020 -31.3.2020Unaudited

1.1.2020 -31.12.2020

Audited

1.1.2019 -31.12.2019

Audited

1.1.2018 -31.12.2018


Profit before tax is arrived at after charging/ (crediting):

Material expenses/(income)

Bad debts written off 1 1 17 29 24

Depreciation of property, plant and equipment 11,145 10,216 41,990 33,691 19,369

Depreciation of right-of-use assets 1,190 2,328 8,669 10,800 10,993

Write off of property, plant and equipment - 3 3 194 -

Goodwill written off - - - 8 7

Dividend income from redeemable secured loan stocks (93) (99) (379) (215) -

Gain on lease modification - - (32) - -

Net impairment reversal ontrade receivables (351) - - - -

381




56

Company No. 201901004019 (1313346-A)

17. Profit before tax (continued)

Note 1.1.2021 -31.3.2021Audited

1.1.2020 -31.3.2020Unaudited

1.1.2020 -31.12.2020

Audited

1.1.2019 -31.12.2019

Audited

1.1.2018 -31.12.2018


Net impairment loss on trade receivables - - 466 11 234

Personnel expenses (including key management personnel):- Defined

contribution plans 740 756 3,430 3,175 2,971

- Social security costs 73 71 283 248 221

- Other staff related expenses 207 301 670 834 952

- Salaries, wages and others 6,516 5,939 28,115 28,727 26,701

Gain on disposal of property, plant and equipment (84) (255) (768) (1,612) (3,493)

Net (gain)/loss onforeign exchange- realised (275) 172 (103) (978) (613)- unrealised 2,533 (224) (1,134) (524) (491)

Interest income (96) (153) (622) (723) (1,837)Expenses

arising from leases

Expenses relating to short-term leases a 3,755 2,371 9,907 16,957 31,711

Expenses relating to leases of low-value assets b 1,813 1,992 7,553 9,894 9,654

Note aThe Group leases office building and yard with remaining contract term of less than 1 year. The lease is short-term and the Group has elected not to recognise right-of-use assets and lease liabilities for the lease.

382




57

Company No. 201901004019 (1313346-A)

17. Profit before tax (continued)

Note bThe Group leases office equipment with contract terms of 5 years. The lease are leases of low-value items and the Group has elected not to recognise right-of-use assets and lease liabilities for these leases.

18. Tax expense

Recognised in profit or loss

1.1.2021 -31.3.2021Audited

1.1.2020 -31.3.2020Unaudited

1.1.2020 -31.12.2020

Audited

1.1.2019 -31.12.2019

Audited

1.1.2018 -31.12.2018


Current tax expenseMalaysian

- current period/year 360 420 4,049 4,239 6,117- prior period/year - 10 (256) (1,445) (586)

Total current tax recognised in profit or loss 360 430 3,793 2,794 5,531

Deferred tax expenseOrigination and reversal

of temporary differences 7 62 1,375 (777) 405

(Over)/Under provision in prior period/year (27) (7) (22) 1 289

Total deferred tax recognised in profit or loss (20) 55 1,353 (776) 694

Total tax expense 340 485 5,146 2,018 6,225

Taxation is calculated at the Malaysian statutory tax rate of 24% (2020 – 2018: 24%) of the estimated chargeable profit for the year. There is no taxation charge for operation of Malaysian registered sea-going vessels which is exempted from taxation pursuant to Section 54A of the Income Tax Act, 1967.

383




58

Company No. 201901004019 (1313346-A)

18. Tax expense (continued)

Reconciliation of tax expense

1.1.2021 -31.3.2021Audited

1.1.2020 -31.3.2020Unaudited

1.1.2020 -31.12.2020

Audited

1.1.2019 -31.12.2019

Audited

1.1.2018 -31.12.2018


Profit before tax 32,478 13,260 56,636 58,216 94,644

Income tax using Malaysian tax rate of 24% 7,838 3,233 13,788 14,297 22,715

Effect of tax rate in foreign jurisdiction (45) (152) (592) (575) (384)

Effect of lower tax rate - - - - (30)Effect of exemption on

increase of chargeable income - - - - (99)

Non-deductible expenses 2,542 5,262 6,790 6,408 3,683

Income not subject to tax (9,968) (7,861) (14,562) (16,668) (19,445)Deferred tax assets not

recognised - - - - 72Others - - - - 10Over provision in prior

period/year (27) 3 (278) (1,444) (297)

340 485 5,146 2,018 6,225

384




59

Company No. 201901004019 (1313346-A)

19. Earnings per ordinary share

Basic earnings per ordinary share

The calculation of basic earnings per ordinary share for the period/year ended 31 March 2021, 31 March 2020, 31 December 2020, 31 December 2019 and 31 December 2018was based on the profit attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding, calculated as follows:

Profit attributable to ordinary shareholders

31.3.2021Audited

31.3.2020Unaudited

31.12.2020 Audited

31.12.2019Audited

31.12.2018Audited

RM’000 RM’000 RM’000 RM’000 RM’000

Profit for the period/year attributable toowners of the Group 31,708 11,728 47,176 51,877 84,154

Profit attributableto ordinary shareholders 31,708 11,728 47,176 51,877 84,154

31.3.2021Audited

31.3.2020Unaudited

31.12.2020 Audited

31.12.2019Audited

31.12.2018Audited

’000 ’000 ’000 ’000 ’000

Weighted average number of ordinary shares 12,589 12,589 12,589 12,589 12,589

31.3.2021Audited

31.3.2020Unaudited

31.12.2020Audited

31.12.2019Audited

31.12.2018Audited

RM per share

RM per share

RM per share

RM per share

RM per share

Basic earnings per ordinary share 2.52 0.93 3.75 4.12 6.68

385




60

Company No. 201901004019 (1313346-A)

20. Dividends to the owners of the Group

Dividends recognised by the Group are:

RM pershare

Totalamount Date of paymentRM’000

31.12.2020In respect of ICS Depot Services Sdn. Bhd.Interim 2019 ordinary (single tier dividend) 2.00 1,426 27 March 2020Interim 2020 ordinary (single tier dividend) 1.00 714 8 September 2020

2,140

31.12.2019In respect of MTT Shipping Sdn. Bhd. 0.30 3,000 26 June 2019Final 2019 ordinary (single tier dividend)

In respect of ICS Depot Services Sdn. Bhd.Interim 2018 ordinary (single tier dividend) 1.00 713 29 March 2019Interim 2019 ordinary (single tier dividend) 1.00 714 4 November 2019

4,427

31.12.2018In respect of MTT Shipping Sdn. Bhd. Interim 2018 ordinary (single tier dividend) 2.00 20,000 28 August 2018

31.12.2017In respect of MTT Shipping Sdn. Bhd.Interim 2017 ordinary (single tier dividend) 2.00 20,000 30 January 2018

21. Capital commitments

31.3.2021 31.12.2020 31.12.2019 31.12.2018RM’000 RM’000 RM’000 RM’000

Capital commitments:Property, plant and equipment

Contracted but not provided for in the combined financial statements 282,718 217,162 268,182 356,076

386




61

Company No. 201901004019 (1313346-A)

22. Operating segments

The Group has two reportable segments, as described below:

- Shipping activities, which refer to activities of transporting cargo by container vessel within Malaysia and regionally to ports in Singapore, Thailand, Brunei, Indonesia and India, as well as charter of container vessels to third party shipping companies.

- Depot activities, which refer to handling and storage of empty containers within our container depot yard.

For each of the business segment, the Group’s Managing Director, being the Chief Operating Decision Maker (“CODM”), reviews the internal management reports on a monthly basis.

Performance is measured based on segment profit before tax as the management believes that such information is the most relevant in evaluating the results of the operation.

Segment assets

The total of segment assets is measured based on all assets of a segment, as included in the internal management reports that are reviewed by the Group’s Managing Director.Segment total assets is used to measure the return on assets of each segment.

Segment liabilities

Segment liabilities information is neither included in the internal management reports nor provided regularly to the Group’s Managing Director. Hence, no disclosure is made on segment liabilities.

31.3.2021 (Audited) Shipping Depot Elimination TotalRM’000 RM’000 RM’000 RM’000

Segment profit 31,990 488 - 32,478

Included in the measure of segment profit are:Revenue 160,789 8,572 (1,049) 168,312Share of loss of associates (129) - - (129)

Segment assets 771,836 111,735 (2,347) 881,224

Included in the measure of segment assets are:Investments in associates 14,591 - - 14,591Investments in joint ventures 1,551 - - 1,551Additions to non-current assets other than

financial instruments and deferred tax assets 86,929 9,085 - 96,014

387




62

Company No. 201901004019 (1313346-A)

22. Operating segments (continued)

31.3.2020 (Unaudited) Shipping Depot Elimination TotalRM’000 RM’000 RM’000 RM’000

Segment profit 12,087 1,173 - 13,260

Included in the measure of segment profit are:Revenue 129,156 7,661 (636) 136,181Share of loss of associates (354) - - (354)


Segment profit 51,382 5,254 - 56,636

Included in the measure of segment profit are:Revenue 486,385 31,324 (3,168) 514,541Share of loss of associates (501) - - (501)

Segment assets 672,780 104,010 (2,271) 774,519

Included in the measure of segment assets are:Investments in associates 14,721 - - 14,721Investments in joint ventures 1,551 - - 1,551Additions to non-current assets other than



Segment profit 50,115 8,101 - 58,216

Included in the measure of segment profit are:Revenue 480,888 30,503 (1,630) 509,761Share of profit of associates 271 - - 271

Segment assets 554,334 95,152 (1,748) 647,738

Included in the measure of segment assets are:Investments in associates 15,222 - - 15,222Additions to non-current assets other than


388




63

Company No. 201901004019 (1313346-A)

22. Operating segments (continued)


Segment profit 85,578 9,066 - 94,644

Included in the measure of segment profit are:Revenue 510,465 28,601 (1,307) 537,759Share of profit of associates 316 - - 316

Segment assets 427,610 54,179 (236) 481,553

Included in the measure of segment assets are:Investments in associates 14,951 - - 14,951Additions to non-current assets other than


23. Financial instruments

23.1 Categories of financial instruments

The table below provides an analysis of financial instruments categorised as amortised cost (“AC”):

Carryingamount ACRM’000 RM’000

31.3.2021Financial assetsOther investments 6,402 6,402Trade and other receivables (i) 109,661 109,661Cash and cash equivalents 57,420 57,420

173,483 173,483

Financial liabilitiesTrade and other payables 56,707 56,707Loans and borrowings 381,940 381,940

438,647 438,647

(i) Excluding prepayments.

389




64

Company No. 201901004019 (1313346-A)

23. Financial instruments (continued)

23.1 Categories of financial instruments (continued)

Carryingamount ACRM’000 RM’000


169,296 169,296


364,117 364,117


149,808 149,808


277,564 277,564

31.12.2018Financial assetsOther investments 2,189 2,189Trade and other receivables (i) 106,466 106,466 Cash and cash equivalents 56,218 56,218

164,873 164,873

Financial liabilitiesTrade and other payables (ii) 64,671 64,671Loans and borrowings 83,215 83,215

147,886 147,886

(i) Excluding GST receivables and prepayments.(ii) Excluding GST payables.

390




65

Company No. 201901004019 (1313346-A)


23.2 Net gains and losses arising from financial instruments

1.1.2021 -31.3.2021Audited

1.1.2020 -31.3.2020Unaudited

1.1.2020 -31.12.2020

Audited

1.1.2019 -31.12.2019

Audited

1.1.2018 -31.12.2018


Net gains/(losses) arising on:Financial assets

measured at amortised cost 1,222 746 (255) 590 3,925

Financial liabilities measured at amortised cost (5,275) (3,093) (9,146) (4,311) (4,449)

(4,053) (2,347) (9,401) (3,721) (524)

23.3 Financial risk management

The Group has exposure to the following risks from its use of financial instruments:

• Credit risk• Liquidity risk• Market risk

391




66

Company No. 201901004019 (1313346-A)


23.4 Credit risk

Credit risk is the risk of a financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group’s exposure to credit risk arises principally from its receivables, customers and related companies. There are no significant changes as compared to prior periods.

Trade receivables and contract assets

Risk management objectives, policies and processes for managing the risk

Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Normally credit evaluations are performed on customers requiring credit over a certain amount.

At each reporting date, the Group assesses whether any of the trade receivables and contract assets are credit impaired.

There are no significant changes as compared to previous year.

Exposure to credit risk and credit quality

As at the end of the reporting period, the maximum exposure to credit risk arising from trade receivables and contract assets is represented by the carrying amounts in the statement of financial position.

Management has taken reasonable steps to ensure that receivables that are neither past due nor impaired are stated at their realisable values. A significant portion of these receivables are regular customers that have been transacting with the Group. The Group uses ageing analysis to monitor the credit quality of the trade receivables and contract assets. Any trade receivables and contract assets having significant balances past due more than 60 days, which are deemed to have higher credit risk, are monitored individually.

Recognition and measurement of impairment loss

In managing credit risk of trade receivables and contract assets, the Group manages its debtors and takes appropriate actions (including but not limited to legal actions) to recover long overdue balances.

The Group assesses the risk of loss of each customer individually based on their financial information, past trend of payments and external credit ratings, where applicable.

392




67

Company No. 201901004019 (1313346-A)


23.4 Credit risk (continued)

Trade receivables and contract assets (continued)

The following table provides information about the exposure to credit risk and ECLs for trade receivables from contracts with customers and contract assets which are grouped together as they are expected to have similar risk nature.

Recognition and measurement of impairment loss (continued)

Grosscarryingamount

Lossallowance

Netbalance

RM’000 RM’000 RM’00031.3.2021Current (not past due) 61,559 - 61,5591 - 30 days past due 25,647 - 25,64731 - 60 days past due 7,405 - 7,40561 - 120 days past due 5,886 - 5,886

100,497 - 100,497Credit impairedMore than 120 days past due 3,466 (352) 3,114

103,963 (352) 103,611

Trade receivables 98,900 (352) 98,548Contract assets 5,063 - 5,063

103,963 (352) 103,611

31.12.2020Current (not past due) 51,601 - 51,6011 - 30 days past due 23,728 - 23,728 31 - 60 days past due 6,915 - 6,915 61 - 120 days past due 6,485 - 6,485


94,425 (703) 93,722


94,425 (703) 93,722

393




68

Company No. 201901004019 (1313346-A)





Grosscarryingamount

Lossallowance

Netbalance

RM’000 RM’000 RM’00031.12.2019Current (not past due) 49,153 - 49,1531 - 30 days past due 22,721 - 22,72131 - 60 days past due 7,305 - 7,30561 - 120 days past due 4,729 - 4,729


88,185 (460) 87,725


88,185 (460) 87,725

31.12.2018Current (not past due) 49,680 - 49,6801 - 30 days past due 22,491 - 22,491 31 - 60 days past due 10,081 - 10,081 61 - 120 days past due 6,337 (19) 6,318

88,589 (19) 88,570Credit impairedMore than 120 days past due 2,503 (438) 2,065

91,092 (457) 90,635

Trade receivables 90,604 (457) 90,147Contract assets 488 - 488

91,092 (457) 90,635

394




69

Company No. 201901004019 (1313346-A)





The movements in the allowance for impairment in respect of trade receivables during the year of Group are shown below.

Trade receivablesLifetime ECL

31.3.2021 31.12.2020 31.12.2019 31.12.2018RM’000 RM’000 RM’000 RM’000

Balance at 1 January 703 460 457 223Amounts written off - (223) (8) -Net measurement of loss

allowance (351) 466 11 234Balance at 31 March/

31 December 352 703 460 457

Cash and cash equivalents

The cash and cash equivalents are held with banks and financial institutions. As at the end of the reporting period, the maximum exposure to credit risk is represented by their carrying amounts in the statement of financial position.

These banks and financial institutions have low credit risks. In addition, some of the bank balances are insured by government agencies. Consequently, the Group is of the view that the loss allowance is not material and hence, it is not provided for.

Inter-company balances

Inter-company balances are both trade and non-trade in nature, which comprise of transactions with related parties.

As at the end of the reporting period, the maximum exposure to credit risk is represented by their carrying amounts in the statement of financial position.

395




70

Company No. 201901004019 (1313346-A)



Other receivables

Credit risk on other receivables are mainly sundry receivables.

The movements in the allowance for impairment in respect of other receivables during the year of Group are shown below.

Other receivablesLifetime ECL

31.3.2021 31.12.2020 31.12.2019 31.12.2018RM’000 RM’000 RM’000 RM’000

Balance at 1 January/31 March/31 December 2,484 2,484 2,484 2,484

Other investment

Credit risk on other investments are mainly from club membership and redeemable secured loan stocks.

As at the end of the reporting period, the maximum exposure to credit riskis represented by their carrying amounts in the statement of financial position.

As at the end of the reporting period, the Group did not recognise any allowance for impairment losses.

396

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)

Reg

istra

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No.

201

9010

0401

9 (1

3133

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)

13.

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OU

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71

Com

pany

No.

201

9010

0401

9(1

3133

46-A

)

23.

Fina

ncia

l ins

trum

ents

(con

tinue

d)

23.5

Liqu

idity

risk

Liqu

idity

ris

k is

the

risk

that

the

Gro

up w

ill no

t be

able

to m

eet i

ts fi

nanc

ial o

blig

atio

ns a

s th

ey fa

ll du

e. T

he G

roup

’s e

xpos

ure

to

liqui

dity

risk

aris

es p

rinci

pally

from

its

vario

us p

ayab

les

and

borro

win

gs.

The

Gro

up m

aint

ains

a le

vel o

f cas

h an

d ca

sh e

quiv

alen

ts a

nd b

ank

faci

litie

s de

emed

ade

quat

e by

the

man

agem

ent t

o en

sure

that

, as

far a

s po

ssib

le, i

t will

have

suf

ficie

nt li

quid

ity to

mee

t its

liab

ilitie

s as

and

whe

n th

ey fa

ll du

e.

It is

not

exp

ecte

d th

at th

e ca

sh fl

ows

incl

uded

in th

e m

atur

ity a

naly

sis

coul

d oc

cur s

igni

fican

tly e

arlie

r, or

at s

igni

fican

tly d

iffer

ent

amou

nts.

Mat

urity

ana

lysi

s

The

tabl

e be

low

sum

mar

ises

the

mat

urity

pro

file

of th

e G

roup

’sfin

anci

al li

abilit

ies

as a

t the

end

of t

he re

porti

ng p

erio

d ba

sed

on

undi

scou

nted

con

tract

ual p

aym

ents

:

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ount

Con

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ate

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trac

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ss th

an1

year

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31.3

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1N

on-d

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Term

loan

s33

0,09

71.

99–

4.70

479,

908

92,9

9598

,822

134,

969

153,

122

Hire

pur

chas

e pa

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es5,

191

2.80

–4.

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632

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503

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ers’

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36,6

523.

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56

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--

438,

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588,

929

198,

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100,

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044.

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066,

016

4,10

91,

381

-

449,

451

600,

435

204,

589

104,

434

138,

290

153,

122

397

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)

13.

ACC

OU

NTA

NTS

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OR

T (C

ont’d

)

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(131

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NTS

’ REP

OR

T (C

ont’d

)

72

Com

pany

No.

201

9010

0401

9(1

3133

46-A

)

23.

Fina

ncia

l ins

trum

ents

(con

tinue

d)

23.5

Liqu

idity

risk

(con

tinue

d)

Mat

urity

ana

lysi

s (c

ontin

ued)

Car

ryin

gam

ount

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trac

tual

inte

rest

/ D

isco

unt r

ate

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trac

tual

cash

flow

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ss th

an1

year

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ars

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ye

ars

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e th

an5

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00%

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’000

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’000

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31.1

2.20

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on-d

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ativ

e fin

anci

al li

abilit

ies

Term

loan

s28

0,07

52.

04 –

4.70

410,

597

74,9

3980

,896

111,

116

143,

646

Hire

pur

chas

e pa

yabl

es5,

666

3.20

–4.

586,

179

2,18

91,

745

2,24

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Bank

ers’

acc

epta

nce

26,8

343.

35 –

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8526

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ving

cre

dit

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03.

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her p

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les

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--

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495,

317

155,

669

82,6

4111

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114

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6Le

ase

liabi

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1011

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7-

374,

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506,

344

160,

886

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8411

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3,64

6

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anci

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Term

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s19

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34.

65 –

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297,

088

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6258

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8295

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962

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394,

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95,9

49

398

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)

13.

ACC

OU

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3346

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OU

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OR

T (C

ont’d

)

73

Com

pany

No.

201

9010

0401

9 (1

3133

46-A

)

23.

Fina

ncia

l ins

trum

ents

(con

tinue

d)

23.5

Liqu

idity

risk

(con

tinue

d)

Mat

urity

ana

lysi

s (c

ontin

ued)

Car

ryin

gam

ount

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trac

tual

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rest

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isco

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ate

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trac

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flow

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ss th

an1

year

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ars

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ye

ars

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e th

an5

year

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M’0

00%

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’000

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’000

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’000

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’000

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on-d

eriv

ativ

e fin

anci

al li

abilit

ies

Term

loan

s67

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5.14

–5.

5082

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17,7

8713

,775

28,4

9422

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pur

chas

epa

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es5,

164

3.20

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801

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01,

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ers’

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epta

nce

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015.

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ade

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)64

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074

-

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080

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016

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2936

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22,5

73(ii

) Ex

clud

ing

GST

pay

able

s.

399




74

Company No. 201901004019 (1313346-A)


23.6 Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates will affect the Group’s financial position or cash flows.

23.6.1 Currency risk

The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than its functional currency. The currenciesgiving rise to this risk are primarily US Dollar (“USD”) and Singapore Dollar (“SGD”).

Exposure to foreign currency risk

The Group’s exposure to foreign currency (a currency which is other than the functional currency of the Group entities) risk, based on carrying amounts as at the end of the reporting period was:

Denominated inUSD SGD

RM’000 RM’00031.3.2021Trade and other receivables 8,863 414Cash and bank balances 15,849 39Trade and other payables (7,315) (1,848)Term loans (96,677) -Lease liabilities (4,053) -Net exposure in the statement of financial position (83,333) (1,395)

31.12.2020Trade and other receivables 10,559 360Cash and bank balances 10,252 39Trade and other payables (3,401) (860)Term loans (40,297) -Lease liabilities (4,578) -Net exposure in the statement of financial position (27,465) (461)

31.12.2019Trade and other receivables 4,671 350Cash and bank balances 5,047 39Trade and other payables (7,881) (1,017)Term loans (6,831) -Lease liabilities (7,422) -Net exposure in the statement of financial position (12,416) (628)

31.12.2018Trade and other receivables 5,743 625Cash and bank balances 2,952 40Trade and other payables (5,833) (5,336)Lease liabilities (14,091) -Net exposure in the statement of financial position (11,229) (4,671)

400




75

Company No. 201901004019 (1313346-A)


23.6 Market risk (continued)

23.6.1 Currency risk (continued)

Currency risk sensitivity analysis

Foreign currency risk mainly arises from the Group entities which have US Dollar and Singapore Dollar functional currency. The exposure to currency risk of Group entities which do not have a US Dollar and Singapore Dollar functional currency is not material and hence, sensitivity analysis is not presented.

A 10% (2020-2018:10%) strengthening of Malaysian Ringgit against the US Dollar and Singapore Dollar at the end of the reporting period would increase/(decrease) post-tax profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant.

Profit or loss31.3.2021 31.12.2020 31.12.2019 31.12.2018RM’000 RM’000 RM’000 RM’000

USD 6,333 2,087 944 853SGD 106 35 48 355

6,439 2,122 992 1,208

A 10% weakening of Malaysian Ringgit against the US Dollar and Singapore Dollar at the end of the reporting period would have equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant.

23.6.2 Interest rate risk

The Group’s fixed rate borrowings are exposed to a risk of change in their fair value due to changes in interest rates. The Group’s variable rate borrowings are exposed to a risk of change in cash flows due to changes in interest rates.

Exposure to interest rate risk

The interest rate profile of the Group’s significant interest-bearing financial instruments and lease liabilities, based on carrying amounts as at the end of the reporting period was:

31.3.2021 31.12.2020 31.12.2019 31.12.2018RM’000 RM’000 RM’000 RM’000

Fixed rate instrumentsFinancial liabilities 192,708 180,337 120,441 43,053

Floating rate instrumentsFinancial liabilities 200,036 147,593 125,823 67,750

401




76

Company No. 201901004019 (1313346-A)


23.6 Market risk (continued)

23.6.2 Interest rate risk (continued)

Interest rate risk sensitivity analysis

(a) Fair value sensitivity analysis for fixed rate instruments

The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss. Therefore, a change in interest rates at the end of the reporting period would not affect profit or loss.

(b) Cash flow sensitivity analysis for variable rate instruments

A change of 100 basis points (bp) in interest rates at the end of the reporting period would increase/(decrease) post-tax profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant.

Profit or loss100 bp

increase100 bp

(decrease)RM’000 RM’000

31.3.2021Floating rate instruments (1,520) 1,520

31.12.2020Floating rate instruments (1,122) 1,122

31.12.2019Floating rate instruments (956) 956

31.12.2018Floating rate instruments (515) 515

23.7 Fair value information

The carrying amounts of cash and cash equivalents, trade and other receivables, other investments, trade and other payables, and borrowings approximate their fair value due to the relatively short-term nature of these financial instruments.

The carrying amounts of the floating rate borrowings approximate fair values as they are subject to variable interest rates which in turn approximate the current market interest rates for similar loans at the end of the reporting period.

402

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)

Reg

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No.

201

9010

0401

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3133

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13.

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404




79

Company No. 201901004019 (1313346-A)

25. Capital management

The Group’s capital is represented by its total equity in the statement of financial position. The Directors monitor the adequacy of capital on an ongoing basis. The Directors monitor and are determined to maintain an optimal debt-to-equity ratio that complies with debt covenants. There is no external capital requirement imposed on the Group. There was no change in the Group’s approach to capital management during the period.

26. Related parties

Identity of related parties

For the purposes of these combined financial statements, parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control or jointly control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group and the party are subject to common control or common significant influence. Related parties may be individuals or other entities.

Related parties include key management personnel defined as those persons having authority and responsibility for planning, directing and controlling the activities of the Group either directly or indirectly, and entities that provide key management personnel services to the Group. Key management personnel include all the Directors of the Group, and certain members of senior management of the Group.

Significant related party transactions

Related party transactions have been entered into in the normal course of business under negotiated terms. The significant related party transactions of the Group are shown below.

405




80

Company No. 201901004019 (1313346-A)

26. Related parties (continued)

Significant related party transactions (continued)

The balances relating to the below transactions are shown in Notes 9 and 14.

1.1.2021 -31.3.2021Audited

1.1.2020 –31.3.2020Unaudited

1.1.2020 -31.12.2020

Audited

1.1.2019 -31.12.2019

Audited

1.1.2018 -31.12.2018


Companies with common directors

Freight income 8,397 7,789 28,493 26,528 30,931Depot related income 1,535 1,849 5,964 7,898 7,243Rental income 171 105 450 411 16Freight expenses 2,443 1,942 6,006 6,515 6,828Commission expenses 554 - 1,563 1,336 1,416Rental expenses 304 145 766 604 1,223

Key management personnelDirectors - Fees 6 6 24 314 314- Remuneration 889 837 4,892 4,124 4,713- Other short-term employee

benefits 111 85 350 473 485

406




81

Company No. 201901004019 (1313346-A)

27. Acquisition of subsidiary

27.1 Acquisition of subsidiary – Kapal Solutions Sdn. Bhd. (“KSSB”)

On 26 September 2019, the Group acquired 55% equity interest in KSSB for a total cash consideration of RM55. The fair values of the identifiable assets and liabilities of KSSB as at the date of acquisition were as follows:

Group2019

RM’000

Fair value of consideration transferred @

Identifiable assets acquired and liabilities assumedCash and cash equivalents #Other payables (17)

Total identifiable net assets (17)

GoodwillGoodwill was recognised as a result of the acquisition as follows: Total consideration transferred @Share of identified net assets acquired 8

8

The goodwill on acquisition was written off during the year. @ denotes RM55 of fair value of consideration transferred for shares in KSSB.# denotes RM45 of identifiable cash and cash equivalents acquired in KSSB.

407




82

Company No. 201901004019 (1313346-A)

27. Acquisition of subsidiary (continued)

27.2 Acquisition of subsidiary – LP Multi Terminal Sdn. Bhd. (“LPMT”)

On 1 June 2018, the Group acquired 51% equity interest in LPMT for a total cash consideration of RM2,550,000. The fair values of the identifiable assets and liabilities of LPMT as at the date of acquisition were as follows:

Group2018

RM’000

Fair value of consideration transferred 2,550

Identifiable assets acquired and liabilities assumedOther receivables 3,124Tax recoverable 6Cash and cash equivalents 1,860Other payables (3)

Total identifiable net assets 4,987

Net cash outflow arising from acquisition of subsidiaryPurchase consideration settled in cash and cash equivalents (2,550)Cash and cash equivalents acquired 1,860

(690)

GoodwillGoodwill was recognised as a result of the acquisition as follows: Total consideration transferred 2,550Share of identified net assets acquired (2,543)

7

The goodwill on acquisition was written off during the year of acquisition.

408




83

Company No. 201901004019 (1313346-A)

28. Acquisition of non-controlling interest

28.1 Acquisition of non-controlling interest – LPMT

Following the acquisition of LPMT in 2018, the Group had on 28 March 2019 acquired an additional 30% interest in LPMT for RM1,485,000 in cash, increasing its ownership from 51% to 81%.

The carrying amount of LPMT’s net assets in the Group’s financial statements on the date of the acquisition was RM4,958,000. The Group recognised a decrease in non-controlling interests of RM1,488,000 and an increase in retained earnings of RM3,000.

Subsequently on 28 August 2019, the Group acquired an additional 19% interest in LPMT for RM950,000 in cash, increasing its ownership from 81% to 100%.

The carrying amount of LPMT’s net assets in the Group’s financial statements on the date of the acquisition was RM4,958,000. The Group recognised a decrease in non-controlling interests of RM942,000 and a decrease in retained earnings of RM8,000.

The following summarises the effect of changes in the equity interest in LPMT that is attributable to owners of the Company:

Group2019

RM’000

Equity interest at 1 January 2019 2,517Effect of increase in Company’s ownership interest 2,430Share of comprehensive income (5)

Equity interest at 31 December 2019 4,942

28.2 Acquisition of non-controlling interest – MTT Realty Holdings Sdn. Bhd.

On 18 December 2018, the Group acquired an additional 49% interest in MTT Realty Holdings Sdn. Bhd. for RM2,450,000 in cash, increasing its ownership from 51% to 100%. The carrying amount of MTT Realty Holdings Sdn. Bhd.’s net assets in the Group’s financial statements on the date of the acquisition was RM4,981,000. The Group recognised a decrease in non-controlling interests of RM2,441,000 and a decrease in retained earnings of RM9,000.

The following summarises the effect of changes in the equity interest in MTT Realty Holdings Sdn. Bhd. that is attributable to owners of the Company:

Group2018

RM’000

Equity interest at 1 January 2018 2,540Effect of increase in Company’s ownership interest 2,441Share of comprehensive expense (65)

Equity interest at 31 December 2018 4,916

409




84

Company No. 201901004019 (1313346-A)

29. Non-controlling interests

Summary financial information before intra-group elimination of the Group’s subsidiaries that have non-controlling interest (“NCI”), not adjusted for the percentage ownership held by the NCI are as follows:

Sea Navigator Limited

ICS Depot Services

Sdn. Bhd.

Other subsidiaries

with immaterial

NCI TotalRM’000 RM’000 RM’000 RM’000

31.3.2021NCI percentage of ownership

interest and voting interest 40% 28.65%Carrying amount of NCI 2,898 9,987 (8) 12,877Profit/(Loss) allocated to NCI 242 189 (1) 430

Summarised financial informationbefore intra-group elimination

As at 31 MarchNon-current assets - 47,055Current assets 10,091 13,418Non-current liabilities - (18,417)Current liabilities (2,846) (7,197)Net assets 7,245 34,859

Period ended 31 MarchRevenue 8,088 7,278Profit for the period 605 658Total comprehensive income for the

period 990 658

Cash flows from operating activities 1,151 1,027Cash flows generated from/(used in) investing activities - (188)

Cash flows used in financing activities (6,734) (1,150)

Net decrease in cash and cashequivalents (5,583) (311)

Dividends paid to NCI 2,522 -

410




85

Company No. 201901004019 (1313346-A)

29. Non-controlling interests (continued)


ICS Depot Services Sdn. Bhd.

Other subsidiaries

with immaterial



interest and voting interest 40% 28.65%Carrying amount of NCI 5,024 9,799 (8) 14,815Profit/(Loss) allocated to NCI 3,107 1,208 (1) 4,314


As at 31 DecemberNon-current assets 412 45,908Current assets 16,166 13,209Non-current liabilities - (18,558)Current liabilities (4,018) (6,357)Net assets 12,560 34,202

Year ended 31 DecemberRevenue 41,630 26,798Profit for the year 7,767 4,217Total comprehensive income for the

year 7,455 4,217

Cash flows from operating activities 18,754 9,115Cash flows generated from/(used in) investing activities 8 (596)


Net increase in cash and cash equivalents 6,881 1,909

Dividends paid to NCI 2,182 860

411




86

Company No. 201901004019 (1313346-A)



ICS Depot Services

Sdn. Bhd.

Othersubsidiaries

with immaterial



interest and voting interest 40% 28.65%Carrying amount of NCI 4,226 9,450 (8) 13,668Profit allocated to NCI 2,538 1,779 4 4,321


As at 31 DecemberNon-current assets 6,794 47,482Current assets 15,109 13,151Non-current liabilities (424) (20,609)Current liabilities (10,918) (7,039)Net assets 10,561 32,985


year 6,492 6,208

Cash flows generated from operating activities 10,884 8,806

Cash flows generated from/(used in)investing activities 42 (2,120)


Net (decrease)/increase in cash and cash equivalents (7,580) 1,847

Dividends paid to NCI 3,547 573

412




87

Company No. 201901004019 (1313346-A)



ICS Depot Services

Sdn. Bhd.

Othersubsidiaries

with immaterial



interest and voting interest 40% 28.65%Carrying amount of NCI 5,259 8,245 2,683 16,187Profit allocated to NCI 2,370 1,904 (9) 4,265


As at 31 DecemberNon-current assets 13,090 43,431Current assets 16,548 10,748Non-current liabilities (5,073) (19,531)Current liabilities (11,417) (5,870)Net assets 13,148 28,778


year 6,207 6,646

Cash flows generated from operating activities 14,498 9,010

Cash flows generated from/ (used in) investing activities 89 (32,191)

Cash flows (used in)/generated from financing activities (16,088) 15,252

Net decrease in cash and cash equivalents (1,501) (7,929)

Dividends paid to NCI 2,050 -

30. Subsequent events

On 14 April 2021, MTT Shipping Sdn. Bhd. declared an interim dividend amounting to RM4,500,000 for the financial year ending 31 December 2021 and the dividend has been paid to its shareholders in two tranches on 23 April 2021 and 12 May 2021, respectively.

On 19 April 2021, MTT Shipping Rajang Sdn. Bhd. (a newly incorporated and wholly owned subsidiary of MTT Shipping Sdn. Bhd.) has entered into a Memorandum of Agreement with a shipbuilding company in April 2021 to construct a vessel costing USD 6,580,000.

413




88

Company No. 201901004019 (1313346-A)

30. Subsequent events (continued)

On 23 April 2021, ICS Depot Services Sdn. Bhd. declared an interim dividend amounting to RM2,000,000 for the financial year ending 31 December 2020 and the dividend has been paid to its shareholders on 23 April 2021.

On 26 April 2021, Sea Navigator Limited (a 60%-owned subsidiary of MTT Shipping),declared an interim dividend amounting to USD0.20 million (equivalent to RM0.83 million) for the financial year ending 31 December 2021 and the dividends has been paid to its shareholders on 27 April 2021.

On 15 June 2021, MTT Shipping Kuantan Sdn. Bhd. (a newly incorporated and wholly owned subsidiary of MTT Shipping Sdn. Bhd.) has entered into a Memorandum of Agreement to purchase a vessel amounting to USD 4,800,000.

31. Litigation

MTT Shipping Sdn. Bhd. (“the Combining entity”) was served with letters of demand on 6 October 2016 and 12 March 2018 by a company (“the Claimant”) where the subject matter of such claim relates to a container rental agreement dated 1 December 2010 between the Claimant and the Combining entity (“Container Rental Agreement”) for the rental of containers by the Combining entity from the Claimant (which the Claimantleased from CAI International Inc (“CAI”), Cronos Containers Ltd (“Cronos”) and Transamerica Container Leasing Inc (“TAL”)). In the letter of demand dated 12 March 2018, the Claimant alleged that there is an outstanding sum of RM150,089,610 owing by the Combining entity to the Claimant for the rental of containers from 1 April 2011 to 28 February 2018.

The Combining entity’s solicitors had on 21 March 2018 written to the Claimant, stating among others, that the Combining entity disputes the statement of account dated 12 March 2018 and all of the invoices issued by the Claimant since April 2011; the Combining entity had already written to the Claimant on 16 November 2016 to dispute the statement of account as at 6 October 2016 and that the Claimant had never responded to the Combining entity’s letter dated 16 November 2016 until a fresh notice of demand was issued on 12 March 2018, and the Claimant’s claim is barred by the doctrine of limitation.

The Combining entity had via its letter dated 16 November 2016 informed the Claimantthat:

(a) the Claimant is making a wrongful claim on the rental of containers from the Combining entity as the Claimant was in fact leasing the containers from CAI and Cronos. However, due to the Claimant’s continuous failure to settle the outstanding payments owed to CAI and Cronos, the leases between CAI, Cronos and the Claimant have been terminated, and thus, rendering the Claimant’s rights under the Container Rental Agreement being null and void in respect of CAI’s and Cronos’ containers; and

(b) the Combining entity had subsequently in 2011 entered into container purchase agreement and lease assignment agreement with CAI and Cronos respectively for the purchase and lease of their containers.

As at 2 May 2021, the Claimant has not responded to the Combining entity in respect of its reply dated 21 March 2018.

414




89

Company No. 201901004019 (1313346-A)

31. Litigation (continued)

The solicitors acting for the Combining entity are of the view that the Combining entity has strong grounds to successfully resist any potential claim that may be brought by the Claimant against the Combining entity on amongst others the following basis:

(a) the letters of demand issued by the Claimant are mainly premised on invoices which were never sent to the Combining entity. It appears that the Claimant’s liquidator themselves have a shallow understanding of the nature of the relationship between the Claimant and the Combining entity and the interconnectivity between the various parties and agreements;

(b) the underlying agreements regulating the relationships between the Claimant with CAI and Cronos have been terminated between April to July 2011 due to the Claimant’s continuous failure to settle the outstanding payments due and owing to CAI and Cronos, and that both CAI and Cronos have separately entered into agreements with the Combining entity;

(c) the containers provided by TAL which were subsequently leased to the Combining entity by the Claimant under the Container Rental Agreement have been returned by the Combining entity to the Claimant and/or its related company subsequent to the Claimant’s liquidation; and

(d) approximately RM79,060,971 of the total amount claimed by the Claimant is barred by the Limitation Act 1953.

MustaphaRaj Sdn. Bhd. has been appointed as liquidator of the Claimant on 12 August 2011.

415




90


29 July 2021

Dear Sirs,

Reporting Accountant’s opinion on the combined financial statements contained in the Accountant’s Report of MTT Shipping and LogisticsBerhad

We have audited the combined financial statements of MTT Shipping and Logistics Berhad (the “Company”) and its combining entities (the “Group”), which comprise the combined statements of financial position as at 31 March 2021, 31 December 2020, 31 December 2019 and 31 December 2018 of the Group, and the combined statements of comprehensive income, changes in equity and cash flows of the Group for the period / years then ended, and a summary of significant accounting policies and other explanatory information, as set out on pages 1 to 89. The combined financial statements of the Group have been prepared for inclusion in the draft prospectus of the Company in connection with the proposed listing of and quotation for the entire issued share capital of the Company on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) and for no other purposes.

In our opinion, the accompanying combined financial statements give a true and fair view of the combined financial positions of the Group as of 31March 2021, 31 December 2020, 31 December 2019 and 31 December 2018 and of its financial performances and cash flows for the period / years then ended in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards.

90


29 July 2021

Dear Sirs,

Reporting Accountant’s opinion on the combined financial statements contained in the Accountant’s Report of MTT Shipping and LogisticsBerhad

We have audited the combined financial statements of MTT Shipping and Logistics Berhad (the “Company”) and its combining entities (the “Group”), which comprise the combined statements of financial position as at 31 March 2021, 31 December 2020, 31 December 2019 and 31 December 2018 of the Group, and the combined statements of comprehensive income, changes in equity and cash flows of the Group for the period / years then ended, and a summary of significant accounting policies and other explanatory information, as set out on pages 1 to 89. The combined financial statements of the Group have been prepared for inclusion in the draft prospectus of the Company in connection with the proposed listing of and quotation for the entire issued share capital of the Company on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) and for no other purposes.

In our opinion, the accompanying combined financial statements give a true and fair view of the combined financial positions of the Group as of 31March 2021, 31 December 2020, 31 December 2019 and 31 December 2018 and of its financial performances and cash flows for the period / years then ended in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards.

416




91


Basis for Opinion

We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing. Our responsibilities under those standards are further described in the Reporting Accountant’s Responsibilities for the Audit of the Financial Statements section of our reporting accountant’s report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence and Other Ethical Responsibilities

We are independent of the Group in accordance with the By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (“IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code.

Responsibilities of the Directors for the Financial Statements

The Directors of the Company are responsible for the preparation of combined financial statements of the Group that gives a true and fair view in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards. The Directors are also responsible for such internal control as the Directors determine is necessary to enable the preparation of combined financial statements of the Group that are free from material misstatement, whether due to fraud or error.

In preparing the combined financial statements of the Group, the Directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Reporting Accountant’s Responsibilities for the Audit of the Combined Financial Statements

Our objectives are to obtain reasonable assurance about whether the combined financial statements of the Group as a whole are free from material misstatement, whether due to fraud or error, and to issue a reporting accountant’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with approved standards on auditing in Malaysia and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these combined financial statements.

417




92


Reporting Accountant’s Responsibilities for the Audit of the Combined Financial Statements (continued)

As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the combined financial statements of the of the Group, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control of the Group.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.

• Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our reporting accountant’s report to the related disclosures in the combined financial statements of the Group or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the combined financial statements of the Group, including the disclosures, and whether the combined financial statements of the Group represent the underlying transactions and events in a manner that gives a true and fair view.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the combined financial statements of the Group. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

418




419

93

IRegistration No. 201901004019 (1313346-A) I

Reporting Accountant's Responsibilities for the Audit of the Combined Financial Statements (continued)

We communicate with the Directors regarding , among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Other matters

The comparative information for the consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows, and notes to the consolidated financial statements for the financial period ended 31 March 2020 has not been audited.

Restriction on distribution and use

This report has been made solely to the Company and for inclusion in the draft prospectus of the Company in connection with the proposed listing of and quotation for the entire issued share capital of the Company on the Main Market of Bursa Securities and should not be relied upon for any other purposes. We do not assume responsibility to any other person for the content of this report.

KPMG PLT (LLP0010081-LCA & AF 0758) Chartered Accountants

Lam Shuh Siang Approval Number: 03045/02/2023 J Chartered Accountant


14. STATUTORY AND OTHER GENERAL INFORMATION

398

14.1 SHARE CAPITAL

(i) As at the date of this Prospectus, our Company has only one class of shares, namely ordinary shares, all of which rank equally with one another. There are no special rights attached to our Shares;

(ii) None of the share capital of our Company or any of our Subsidiaries is under option, or agreed conditionally or unconditionally to be put under option as at the date of this Prospectus;

(iii) No securities will be allotted, issued or offered on the basis of this Prospectus later than six months after the date of this Prospectus;

(iv) Save for the new Shares issued and to be issued pursuant to the Acquisitions and the Public Issue as disclosed in Sections 4.2 and 6.2 of this Prospectus respectively, no shares, stocks or debentures of our Company have been issued or proposed to be issued as fully or partly paid-up in cash or otherwise, within the two years immediately preceding the date of this Prospectus;

(v) As at the date of this Prospectus, save for our Issue Shares reserved for the Pink Form Allocations as disclosed in Section 4.2.2(i) of this Prospectus, there is currently no other scheme involving our Directors and employees in the share capital of our Company orany of our Subsidiaries;

(vi) As at the date of this Prospectus, neither us nor our Subsidiaries have any outstanding warrants, options, convertible securities or uncalled capital; and

(vii) Save as disclosed in Section 2.2 of this Prospectus, and save as provided for under our Constitution as reproduced in Section 14.2 below and the Act, there are no other restrictions upon the holding or voting or transfer of our Shares or the interests in any of our Company or our Subsidiaries or upon the declaration or payment of any dividend or distribution.

14.2 EXTRACTS OF OUR CONSTITUTION

The following provisions are extracted from our Constitution and are qualified in its entirety by the remainder of our Constitution and by applicable law. The words and expressions appearing in the following provisions shall bear the same meanings used in our Constitution unless otherwise defined or the context otherwise requires:

14.2.1 Remuneration, voting and borrowing powers of directors

Clause 93 – Remuneration of Directors

“(1) The Company may from time to time by an ordinary resolution passed at a general meeting, approve the remuneration of the Directors, who hold non-executive office with the Company, for their services as non-executive Directors.

(2) Subject to Clause 84, the fees of the Directors and any benefits payable to the Directors shall be subject to annual shareholders’ approval at a general meeting.

420


14. STATUTORY AND OTHER GENERAL INFORMATION (Cont’d)

399

(3) If the fee of each such non-executive Director is not specifically fixed by the Members, then the quantum of fees to be paid to each non-executive Director within the overall limits fixed by the Members, shall be decided by resolution of the Board. In default of any decision being made in this respect by the Board the fees payable to the non-executive Directors shall be divided equally amongst themselves and such a Director holding office for only part of a year shall be entitled to a proportionate part of a full year’s fees. The non-executive Directors shall be paid by a fixed sum and not by a commission on or percentage of profits or turnover.

(4) The following expenses shall be determined by the Directors:

(a) Traveling, hotel and other expenses properly incurred by the Directors in attending and returning from meetings of the Directors or any committee of the Directors or general meetings of the Company or in connection with the business of the Company; and

(b) Other expenses properly incurred by the Directors arising from the requirements imposed by the authorities to enable the Directors to effectively discharge their duties.

(5) Executive Directors of the Company shall be remunerated in the manner referred to in Clause 84 but such remuneration shall not include a commission on or percentage of turnover.”

Clause 95 – Powers of Directors

“Without limiting the generality of Clause 94(1) and (2), the Directors may, subject to the Act and the Listing Requirements, exercise all the powers of the Company to do all or any of the following for any debt, liability, or obligation of the Company or of any third party:

(1) borrow money;

(2) mortgage or charge its undertaking, property, and uncalled capital, or any part of the undertaking, property and uncalled capital;

(3) issue debentures and other Securities whether primary or as security; and/or

(a) lend and advance money or give credit to any person or company;

(b) guarantee and give guarantees or indemnities for the payment of money or the performance of contracts or obligations by any person or company;

(c) secure or undertake in any way the repayment of moneys lent or advanced to or the liabilities incurred by any person or company;

and otherwise to assist any person or company.”

Clause 118 – Voting at Board Meetings

“(1) Subject to this Constitution, questions arising at a Board Meeting shall be decided by a majority of votes of Directors present and voting and any such decision shall for all purposes be deemed a decision of the Directors.

(2) Each Director is entitled to cast one (1) vote on each matter for determination.”

421



400

14.2.2 Changes to share capital

Clause 8 – Variation of Rights

“(1) If at any time the share capital is divided into different classes of shares, the rights attached to each class of shares (unless otherwise provided by the terms of issue of the shares of that class) may only, whether or not the Company is being wound up, be varied:

(a) with the consent in writing of the holders holding not less than seventy-five percent (75%) of the total voting rights of the holders of that class of shares; or

(b) by a special resolution passed by a separate meeting of the holders of that class of shares sanctioning the variation.”

14.2.3 Transfer of securities

Clause 14 – Transfer of Securities

“The transfer of any Deposited Security or class of Deposited Security of theCompany, shall be by way of book entry by the Depository in accordance with the Rules and, notwithstanding Sections 105, 106 or 110 of the Act, but subject to Section 148(2) of the Act and any exemption that may be made from compliance with Section 148(1) of the Act, the Company shall be precluded from registering and effecting any transfer of the Deposited Securities.”

14.2.4 Rights, preferences and restrictions attached to each class of securities relating to voting, dividend, liquidation and any special rights

Clause 7 – Classes of Shares

“(1) The capital of the Company shall consist of ordinary shares.

(2) A holder of ordinary share(s) shall have the following voting rights:

(a) right to vote on a show of hands to one (1) vote on any resolution of the Company; and

(b) right to vote on a poll to one (1) vote for every share held on anyresolution of the Company.”

14.3 LIMITATION ON THE RIGHT TO HOLD SECURITIES AND/OR EXERCISE VOTING RIGHTS

As our Shares are proposed for quotation on the Official List, such Shares must be prescribed as shares required to be deposited with Bursa Depository. Upon such prescription, a holder of the Shares must deposit his Shares with Bursa Depository on or before the date is fixed, failing which our Share Registrar will be required to transfer his Shares to the Minister of Finance and such Shares may not be traded on Bursa Securities.

Dealing in our Shares deposited with Bursa Depository may only be effected by a Depositor by means of entries in the Securities Account of that Depositor.

A Depositor whose name appears in the Record of Depositors maintained by Bursa Depository in respect of our Shares shall be deemed to be a shareholder of our Company and shall beentitled to all rights, benefits, powers and privileges and be subject to all liabilities, duties and obligations in respect of, or arising from, such Shares.

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Subject to the above, there is no limitation on the right to own our Shares, including any limitation on the right of a non-resident or non-Malaysian shareholder to hold or exercise voting rights on our Shares, which is imposed by Malaysian law or by our Constitution.

14.4 REPATRIATION OF CAPITAL, REMITTANCE OF PROFIT AND TAXATION

All corporations in Malaysia are required to adopt a single-tier dividend. All dividends distributed by Malaysian resident companies under a single tier dividend are not taxable. Further, the Malaysian government does not levy withholding tax on dividend payment. Therefore, there is no withholding tax imposed on dividends paid to non-residents by Malaysian resident companies. There is no Malaysian capital gain tax arising from the disposal of listed shares.

As at the LPD, there are no governmental laws, decrees, regulations or other legislations that may affect the repatriation of capital and the remittance of profits of our foreign subsidiary to Malaysia. However, such repatriation of capital and the remittance of profits may be subject to withholding taxes (if any).

14.5 MATERIAL CONTRACTS

Save as disclosed below, there are no contracts which are material (not being contracts entered into in the ordinary course of business) which have been entered into by our Group for the FYE 31 December 2018, FYE 31 December 2019, FYE 31 December 2020, FPE 31 March 2021 and up to the date of this Prospectus:

(a) Retail Underwriting Agreement.

(b) Placement Agreement.

(c) Lock-up letter dated [] in relation to our IPO and Listing.

(d) MTT Shipping SSA and the ICSD SSA both dated 27 July 2021 in respect of the Acquisitions. The Acquisitions were completed on [].

(e) MTT Shipping and Makmal Capital Sdn Bhd had on 28 September 2020 entered into a

subscription and shareholders’ agreement to record their commitments and otherwise regulate their rights as shareholders of Harbour 360 in the shareholding proportions of 50.00%:50.00%.

(f) MTT Shipping Logistics Centre (as purchaser), a wholly-owned subsidiary of MTT Shipping, had on 8 August 2020 entered into 5 sale and purchase agreements with Myra Gardens Sdn Bhd (as vendor) and Menteri Besar Selangor (Pemerbadanan) (as proprietor) to purchase the following parcels of industrial lot, which form part of all those parcels of land held under H.S.(D) 156369 PT 148789, H.S.(D) 156370 PT 148790 andH.S.(D) 156371 PT 148791, all in Mukim Klang, District of Klang, State of Selangor:

(i) Lot No. 25, measuring approximately 3.755 acres in area, for cash consideration of RM9,323,365;

(ii) Lot No. 26, measuring approximately 3.726 acres in area, for cash consideration of RM9,251,360;

(iii) Lot No. 27, measuring approximately 3.721 acres in area, for cash consideration of RM9,238,945;

(iv) Lot No. 28, measuring approximately 3.804 acres in area, for cash consideration of RM9,445,028; and

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(v) Lot No. 29, measuring approximately 5.576 acres in area, for cash consideration of RM13,844,762.

As at the LPD, the sale and purchase transactions are pending completion.

(g) MTT Shipping Logistics Centre (as purchaser) had on 17 December 2018 entered into a sale and purchase agreement with Carl Ronnow Logistics Sdn Bhd (as vendor) topurchase a parcel of industrial land held under Country Lease 015600478, Kampung Melawa, Km 14.5, Jalan Sepangar, Menggatal, District of Kota Kinabalu, State of Sabah, measuring approximately 6.90 hectares in area, together with all buildings and structures constructed thereon, for cash consideration of RM28,222,524. The sale and purchase transaction has been completed in April 2019.

(h) ICSD (as purchaser) had on 25 July 2018 entered into a sale and purchase agreement with Perceptive Logistics Properties Sdn Bhd (as vendor) to purchase a parcel of leasehold industrial land held under individual title H.S.(D) 116338, PT 150, Bandar Sultan Sulaiman, District of Klang, State of Selangor, measuring approximately 60,702 square metres in area, together with a double storey detached office, open sided single storey workshop and a guard house constructed thereon, for cash consideration of RM31,800,000. The sale and purchase transaction has been completed in December 2018.

14.6 MATERIAL LITIGATION

Save as disclosed below, as at the LPD, our Group is not engaged in any governmental, legal or arbitration proceedings, including those relating to bankruptcy, receivership or similar proceedings which may have or have had, material or significant effects on our financial position or profitability in the 12 months immediately preceding the date of this Prospectus:

MTT Shipping was served with letters of demand on 6 October 2016 and 12 March 2018 by Johan Shipping Sdn Bhd (Liquidator Appointed) (“Johan Shipping”) where the subject matter of such claim relates to a container rental agreement dated 1 December 2010 between Johan Shipping and MTT Shipping (“Container Rental Agreement”) for the rental of containers by MTT Shipping from Johan Shipping (which Johan Shipping leased from CAI International Inc (“CAI”), Cronos Containers Ltd (“Cronos”) and Transamerica Container Leasing Inc (“TAL”)). In the letter of demand dated 12 March 2018, Johan Shipping alleged that there is an outstanding sum of RM150,089,610.43 owing by MTT Shipping to Johan Shipping for the rental of containers from 1 April 2011 to 28 February 2018.

MTT Shipping’s solicitors had on 21 March 2018 written to Johan Shipping, stating amongst others, that MTT Shipping disputes the statement of account dated 12 March 2018 and all of the invoices issued by Johan Shipping since April 2011; MTT Shipping had already written to Johan Shipping on 16 November 2016 to dispute the statement of account as at 6 October 2016 and that Johan Shipping had never responded to MTT Shipping’s letter dated 16 November 2016 until a fresh notice of demand was issued on 12 March 2018, and Johan Shipping’s claim is barred by the doctrine of limitation.

MTT Shipping had via its letter dated 16 November 2016 informed Johan Shipping that:

(a) Johan Shipping is making a wrongful claim on the rental of containers from MTT Shipping as Johan Shipping was in fact leasing the containers from CAI and Cronos. However, due to Johan Shipping’s continuous failure to settle the outstanding payments owed to CAI and Cronos, the leases between CAI, Cronos and Johan Shipping have been terminated, and thus, rendering Johan Shipping’s rights under the Container Rental Agreement being null and void in respect of CAI’s and Cronos’ containers; and

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(b) MTT Shipping had subsequently in 2011 entered into container purchase agreement and lease assignment agreement with CAI and Cronos respectively for the purchase and lease of their containers.

MustaphaRaj Sdn Bhd has been appointed as liquidator of Johan Shipping on 12 August 2011.

As at the LPD, Johan Shipping has not responded to MTT Shipping in respect of its reply dated 21 March 2018.

The solicitors acting for MTT Shipping are of the view that MTT Shipping has strong grounds to successfully resist any potential claim that may be brought by Johan Shipping against MTT Shipping on amongst others the following basis:

(a) the letters of demand issued by Johan Shipping are mainly premised on invoices which were never sent to MTT Shipping. It appears that Johan Shipping’s liquidator themselves have a shallow understanding of the nature of the relationship between Johan Shipping and MTT Shipping and the interconnectivity between the various parties and agreements;

(b) the underlying agreements regulating the relationships between Johan Shipping with CAI and Cronos have been terminated between April to July 2011 due to Johan Shipping’s continuous failure to settle the outstanding payments due and owing to CAI and Cronos, and that both CAI and Cronos have separately entered into agreements with MTT Shipping;

(c) the containers provided by TAL which were subsequently leased to MTT Shipping by Johan Shipping under the Container Rental Agreement have been returned by MTT Shipping to Johan Shipping and/or its related company subsequent to Johan Shipping’s liquidation; and

(d) approximately RM79,060,971.52 of the total amount claimed by Johan Shipping is barred by the Limitation Act 1953.

14.7 CONSENTS

The written consents of our Principal Adviser, Global Coordinator, Joint Bookrunners, Joint Managing Underwriters, Joint Underwriters, legal advisers, Issuing House and Share Registrar, and company secretaries as set out in the Corporate Directory of this Prospectus for the inclusion in this Prospectus of their names in the form and context in which such names appear have been given before the issue of this Prospectus and have not subsequently been withdrawn.

The written consent of our Auditors and Reporting Accountants for the inclusion of its name, Accountants’ Report and Reporting Accountants’ Report on the Pro Forma Consolidated Statements of Financial Position, and all references thereto in the form and context in which they are contained in this Prospectus has been given before the issue of this Prospectus and has not subsequently been withdrawn.

The written consent of Smith Zander for the inclusion of its name, the IMR Report, and all references thereto in the form and context in which they are contained in this Prospectus has been given before the issue of this Prospectus and has not subsequently been withdrawn.

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14.8 DOCUMENTS AVAILABLE FOR INSPECTION

Copies of the following documents may be inspected at our registered office at Unit 30-01,Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, during office hours for a period of six months from the date of this Prospectus:

(i) our Constitution;

(ii) our material contracts as referred to in Section 14.5 of this Prospectus;

(iii) the relevant cause papers for the material litigation referred to in Section 14.6 of this Prospectus;

(iv) the IMR Report as set out in Section 8 of this Prospectus;

(v) the Reporting Accountants’ Report on the Pro Forma Consolidated Statements of Financial Position as referred to in Section 12.4 of this Prospectus;

(vi) the Accountants’ Report as referred to in Section 13 of this Prospectus;

(vii) the letters of consent as referred to in Section 14.7 of this Prospectus;

(viii) the audited financial statements of our Company for the FYE 31 December 2019 and FYE 31 December 2020; and

(ix) the audited financial statements of our Subsidiaries for the FYE 31 December 2018,FYE 31 December 2019 and FYE 31 December 2020 (save for the audited financial statements of LP Multi Terminal, LPMT Resources and Lestari Maritime for the FYE 31 December 2020; and MTT Shipping Perawang for the FYE 31 December 2018).

14.9 RESPONSIBILITY STATEMENTS

Our Directors, the Promoters and the Selling Shareholders have seen and approved this Prospectus. They collectively and individually accept full responsibility for the accuracy of the information. Having made all reasonable enquiries, and to the best of their knowledge and belief, they confirm there is no false or misleading statement or other facts which if omitted, would make any statement in this Prospectus false or misleading.

Maybank IB, being the Principal Adviser, Global Coordinator and Joint Bookrunner for the Institutional Offering and Joint Managing Underwriter and Joint Underwriter for the Retail Offering in relation to our IPO, acknowledges that, based on all available information, and to the best of its knowledge and belief, the Prospectus constitutes a full and true disclosure of all material facts concerning our IPO.

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Registration No. 201901004019 (1313346-A)Registration No. 201901004019 (1313346-A) 15. SUMMARISED PROCEDURES FOR APPLICATION AND ACCEPTANCE

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THIS SUMMARY OF PROCEDURES FOR APPLICATION AND ACCEPTANCE DOES NOT CONTAIN THE DETAILED PROCEDURES AND FULL TERMS AND CONDITIONS AND YOU CANNOT RELY ON THIS SUMMARY FOR PURPOSES OF ANY APPLICATION FOR OUR IPO SHARES. YOU MUST REFER TO THE DETAILED PROCEDURES AND TERMS AND CONDITIONS AS SET OUT IN THE “DETAILED PROCEDURES FOR APPLICATION AND ACCEPTANCE” ACCOMPANYING THE ELECTRONIC COPY OF THIS PROSPECTUS ON THE WEBSITE OF BURSA SECURITIES. YOU SHOULD ALSO CONTACT OUR ISSUING HOUSE FOR FURTHER ENQUIRIES.

Unless otherwise defined, all words and expressions used here shall carry the same meaning as ascribed to them in our Prospectus.

Unless the context otherwise requires, words used in the singular include the plural, and vice versa.

15.1 OPENING AND CLOSING OF APPLICATION

OPENING OF THE APPLICATION PERIOD: 10.00 A.M., []

CLOSING OF THE APPLICATION PERIOD: 5.00 P.M., []

In the event of any changes to the date or time for closing, we will advertise the notice of changes in a widely circulated daily English and Bahasa Malaysia newspaper within Malaysia.

Late Applications will not be accepted.

15.2 METHODS OF APPLICATION

15.2.1 Retail Offering

All Applications must accord with this Prospectus and our Constitution. The submission of an Application Form does not mean that the Application will succeed.

Types of Application Application method

Applications by Eligible Persons Pink Form Applications only

Applications by the Malaysian Public:

(i) Individuals White Application Form or Electronic Share Application or Internet Share Application

(ii) Non-Individuals White Application Form only

15.2.2 Institutional Offering

Types of Application Application method

Applications by:

(i) Selected investors The Placement Manager will contact the selected investors directly. They should follow the Placement Manager’s instructions.

(ii) Bumiputera investors approved by MITI

MITI will contact the Bumiputera investors directly. They should follow MITI’s instructions.

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Registration No. 201901004019 (1313346-A)Registration No. 201901004019 (1313346-A) 15. SUMMARISED PROCEDURES FOR APPLICATION AND ACCEPTANCE (Cont’d)

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Selected investors and Bumiputera investors approved by MITI may still apply for ourIPO Shares offered to the Malaysian Public using the White Application Form or Electronic Share Application or Internet Share Application.

15.3 ELIGIBILITY

15.3.1 General

You must have a CDS account and a correspondence address in Malaysia. If you do not have a CDS account, you may open a CDS account by contacting any of the ADAs set out in the list of ADAs set out in Section 12 of the “Detailed Procedures for Application and Acceptance” accompanying the electronic copy of this Prospectus on the website of Bursa Securities. The CDS account must be in your own name. Invalid, nominee or third party CDS accounts will not be accepted for the Applications.

Only ONE Application Form for each category from each applicant will be considered and APPLICATIONS MUST BE FOR AT LEAST 100 IPO SHARES OR MULTIPLESOF 100 IPO SHARES.

MULTIPLE APPLICATIONS WILL NOT BE ACCEPTED UNLESS EXPRESSLY ALLOWED IN THESE TERMS AND CONDITIONS. AN APPLICANT WHO SUBMITS MULTIPLE APPLICATIONS IN HIS OWN NAME OR BY USING THE NAME OFOTHERS, WITH OR WITHOUT THEIR CONSENT, COMMITS AN OFFENCE UNDER SECTION 179 OF THE CMSA AND IF CONVICTED, MAY BE PUNISHED WITH A MINIMUM FINE OF RM1,000,000 AND A JAIL TERM OF UP TO 10 YEARS UNDER SECTION 182 OF THE CMSA.

AN APPLICANT IS NOT ALLOWED TO SUBMIT MULTIPLE APPLICATIONS IN THE SAME CATEGORY OF APPLICATION.

15.3.2 Application by the Malaysian Public

You can only apply for our IPO Shares if you fulfil all of the following:

(i) you must be one of the following:

(a) a Malaysian citizen who is at least 18 years old as at the date of the application for our IPO Shares; or

(b) a corporation/institution incorporated in Malaysia with a majority of Malaysian citizens on your board of directors/trustees and if you have a share capital, more than half of the issued share capital, excluding preference share capital, is held by Malaysian citizens; or

(c) a superannuation, co-operative, foundation, provident, pension fundestablished or operating in Malaysia;

(ii) you must not be a director or employee of the Issuing House or an immediate family member of a director or employee of the Issuing House; and

(iii) you must submit Applications by using only one of the following methods:

(a) White Application Form;

(b) Electronic Share Application; or

(c) Internet Share Application.

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Registration No. 201901004019 (1313346-A) 15. SUMMARISED PROCEDURES FOR APPLICATION AND ACCEPTANCE (Cont’d)

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15.3.3 Application by Eligible Persons

The Eligible Persons will be provided with Pink Application Forms and letters from us detailing their respective allocation.

15.4 PROCEDURES FOR APPLICATION BY WAY OF APPLICATION FORM The Application Form must be completed in accordance with the notes and instructions contained in the respective category of the Application Form. Applications made on the incorrect type of Application Form or which do not conform STRICTLY to the terms of this Prospectus or the respective category of Application Form or notes and instructions or which are illegible will not be accepted. The FULL amount payable is RM[●] for each IPO Share. Payment must be made out in favour of “TIIH SHARE ISSUE ACCOUNT NO. []” and crossed “A/C PAYEE ONLY” and endorsed on the reverse side with your name and address. Each completed Application Form, accompanied by the appropriate remittance and legible photocopy of the relevant documents may be submitted using one of the following methods: (i) despatch by ORDINARY POST in the official envelopes provided, to the following

address: Tricor Investor & Issuing House Services Sdn Bhd (197101000970 (11324-H)) Unit 32-01, Level 32, Tower A Vertical Business Suite Avenue 3, Bangsar South No.8, Jalan Kerinchi 59200 Kuala Lumpur Wilayah Persekutuan

(ii) DELIVER BY HAND AND DEPOSIT in the drop-in boxes provided at their Customer Service Centre, Unit G-3, Ground Floor, Vertical Podium, Avenue 3, Bangsar South, No. 8 Jalan Kerinchi, 59200 Kuala Lumpur, Wilayah Persekutuan,

so as to arrive not later than 5.00 p.m. on [] or by such other time and date specified in any change to the date or time for closing. We, together with our Issuing House, will not issue any acknowledgement of the receipt of your Application Forms or Application monies. Please direct all enquiries in respect of the White Application Form to the Issuing House.

15.5 PROCEDURES FOR APPLICATION BY WAY OF ELECTRONIC SHARE APPLICATION

Only Malaysian individuals may apply for the IPO Shares offered to the Malaysian Public by way of Electronic Share Application. Electronic Share Applications may be made through the ATM of the following Participating Financial Institutions and their branches, namely, Affin Bank Berhad, Alliance Bank Malaysia Berhad, AmBank (M) Berhad, CIMB Bank Berhad, Malayan Banking Berhad, Public Bank Berhad and RHB Bank Berhad. A processing fee will be charged by the respective Participating Financial Institutions (unless waived) for each Electronic Share Application.

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15.6 PROCEDURES FOR APPLICATION BY WAY OF INTERNET SHARE APPLICATION Only Malaysian individuals may use the Internet Share Application to apply for our IPO Shares offered to the Malaysian Public. Internet Share Applications may be made through an internet financial services website of the Internet Participating Financial Institutions, namely, Affin Bank Berhad, Alliance Bank Malaysia Berhad, CIMB Bank Berhad, CGS-CIMB Securities Sdn Bhd, Malayan Banking Berhad, Public Bank Berhad and RHB Bank Berhad. A processing fee will be charged by the respective Internet Participating Financial Institutions (unless waived) for each Internet Share Application. The exact procedures, terms and conditions for Internet Share Application are set out on the internet financial services website of the respective Internet Participating Financial Institutions.

15.7 AUTHORITY OF OUR BOARD AND THE ISSUING HOUSE The Issuing House, on the authority of our Board reserves the right to: (i) reject Applications which:

(a) do not conform to the instructions of this Prospectus, Application Forms,

Electronic Share Application and Internet Share Application (where applicable); or

(b) are illegible, incomplete or inaccurate; or

(c) are accompanied by an improperly drawn up, or improper form of, remittance; or

(ii) reject or accept any Application, in whole or in part, on a non-discriminatory basis

without the need to give any reason; and

(iii) bank in all Application monies (including those from unsuccessful / partially successful applicants) which would subsequently be refunded, where applicable (without interest), in accordance with Section 15.9 below.

If you are successful in your Application, our Board reserves the right to require you to appear in person at the registered office of the Issuing House at any time within 14 days of the date of the notice issued to you to ascertain that your Application is genuine and valid. Our Board shall not be responsible for any loss or non-receipt of the said notice nor will it be accountable for any expenses incurred or to be incurred by you for the purpose of complying with this provision.

15.8 OVER/UNDER-SUBSCRIPTION

In the event of over-subscription for the Institutional Offering and the Retail Offering, the Issuing House will conduct a ballot in the manner approved by our Directors to determine the acceptance of Applications in a fair and equitable manner. In determining the manner of balloting, our Directors will consider the desirability of allotting and allocating our IPO Shares to a reasonable number of applicants for the purpose of broadening the shareholding base of our Company and establishing a liquid and adequate market for our Shares.

The basis of allotment of our IPO Shares and the balloting results in connection therewith will be furnished by the Issuing House to the SC, Bursa Securities, all major English and Bahasa Malaysia newspapers as well as posted on the Issuing House’s website (https://tiih.online) within one business day after the balloting event.

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Pursuant to the Listing Requirements, we are required to have a minimum of 25 % of our Company’s issued share capital to be held by at least 1,000 public shareholders holding not less than 100 Shares each upon our Listing. We expect to achieve this at the point of our Listing. In the event the above requirement is not met, we may not be allowed to proceed with our Listing. In the event thereof, monies paid in respect of all Applications will be returned in full (without interest of any share or revenue or benefit arising therefrom).

In the event of an under-subscription of our IPO Shares by the Malaysian Public and/or Eligible Persons, subject to the clawback and reallocation provisions as set out in Section 4.2.3 of our Prospectus, any of the abovementioned IPO Shares not applied for will then be subscribed by the Joint Underwriters based on the terms of the Retail Underwriting Agreement.

15.9 UNSUCCESSFUL/PARTIALLY SUCCESSFUL APPLICANTS

If you are unsuccessful/partially successful in your Application, your Application monies (without interest) will be refunded to you in the following manner:

15.9.1 For applications by way of Application Forms

(i) The Application monies or the balance of it, as the case may be, will be returned to you through the self-addressed and stamped Official “A” envelope you provided by ordinary post (for fully unsuccessful applications) or by crediting into your bank account (the same bank account you have provided to Bursa Depository for the purposes of cash dividend / distribution) or if you have not provided such bank account information to Bursa Depository, the balance of Application monies will be refunded via banker’s draft sent by ordinary post to your last address maintained with Bursa Depository (for partially successful applications) within ten Market Days from the date of the final ballot at your own risk.

(ii) If your Application is rejected because you did not provide a CDS account number, your Application monies will be refunded via banker’s draft sent by ordinary to your address as stated in the NRIC or any official valid temporary identity document issued by the relevant authorities from time to time or the authority card (if you are a member of the armed forces or police) at your own risk.

(iii) A number of Applications will be reserved to replace any successfully balloted Applications that are subsequently rejected. The Application monies relating to these Applications which are subsequently rejected or unsuccessful or only partly successful will be refunded (without interest) by the Issuing House as per items (i) and (ii) above (as the case may be).

(iv) The Issuing House reserves the right to bank into its bank account all Application monies from unsuccessful applicants. These monies will be refunded (without interest) within 10 Market Days from the date of the final ballot by crediting into your bank account (the same bank account you have provided to Bursa Depository for the purposes of cash dividend / distribution) or by issuance of banker’s draft sent by ordinary post to your last address maintained with Bursa Depository if you have not provided such bank account information to Bursa Depository or as per item (ii) above (as the case may be).

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15.9.2 For applications by way of Electronic Share Application and Internet Share Application

(i) The Issuing House shall inform the Participating Financial Institutions or Internet Participating Financial Institutions of the unsuccessful or partially successful Applications within two Market Days after the balloting date. The full amount of the Application monies or the balance of it will be credited without interest into your account with the Participating Financial Institution or Internet Participating Financial Institution (or arranged with the Authorised Financial Institutions) within two Market Days after the receipt of confirmation from the Issuing House.

(ii) You may check your account on the fifth Market Day from the balloting date.

(iii) A number of Applications will be reserved to replace any successfully balloted Applications that are subsequently rejected. The Application monies relating to these Applications which are subsequently rejected will be refunded (without interest) by the Issuing House by crediting into your account with the Participating Financial Institution or Internet Participating Financial Institutions (or arranged with the Authorised Financial Institutions) not later than 10 Market Days from the date of the final ballot. For Applications that are held in reserve and which are subsequently unsuccessful or partially successful, the relevant Participating Financial Institution will be informed of the unsuccessful or partially successful Applications within two Market Days after the final balloting date. The Participating Financial Institution will credit the Application monies or any part thereof (without interest) within two Market Days after the receipt of confirmation from the Issuing House.

15.10 SUCCESSFUL APPLICANTS

If you are successful in your Application:

(i) Our IPO Shares allotted to you will be credited into your CDS account.

(ii) A notice of allotment will be despatched to you at your last address maintained with the Bursa Depository, at your own risk, before our Listing. This is your only acknowledgement of acceptance of your Application.

(iii) In accordance with Section 14(1) of the SICDA, Bursa Securities has prescribed our Shares as Prescribed Securities. As such, our IPO Shares issued / offered through this Prospectus will be deposited directly with Bursa Depository and any dealings in these Shares will be carried out in accordance with the SICDA and Rules of Bursa Depository.

(iv) In accordance with Section 29 of the SICDA, all dealings in our Shares will be by book entries through CDS accounts. No physical share certificates will be issued to you and you shall not be entitled to withdraw any deposited securities held jointly with Bursa Depository or its nominee as long as our Shares are listed on Bursa Securities.

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(v) In the event that the Final Retail Price is lower than the Retail Price, the difference will be refunded to you without any interest thereon. The refund will be credited into your bank account for purposes of cash dividend/ distribution if you have provided such bank account information to Bursa Depository or despatched, in the form of cheques, by ordinary post to your address maintained with Bursa Directory if you have not provided such bank account information to Bursa Depository, or by crediting into your account with the Electronic Participating Financial Institutions for applications made via the Electronic Share Application or by crediting into your account with the Internet Participating Financial Institutions for applications made via the Internet Share Application, within 10 Market Days from the date of final ballot of Application, at your own risk.

15.11 ENQUIRIES

Enquiries in respect of the applications may be directed as follows:

Mode of Application Parties to direct the enquiries

Application Forms Issuing House Enquiry Services at telephone no. (03) 2783 9299

Electronic Share Application Participating Financial Institution

Internet Share Application Internet Participating Financial Institution and Authorised Financial Institution

The results of the allocation of shares derived from successful balloting will be made available to the public at our Issuing House website: https://tiih.online, one Market Day after the balloting date.

You may also check the status of your Application five Market Days after the balloting date or by calling your respective ADA during office hours at the telephone number as stated in the list of ADAs set out in Section 12 of the Detailed Procedures for Application and Acceptance accompanying the electronic copy of this Prospectus on the website of Bursa Securities.

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Exis

ting

use:

Con

stru

ctio

n w

ork

in p

rogr

ess

Expr

ess

cond

ition

s:Fo

r the

pu

rpos

e of

de

velo

pmen

t of

indu

stry

Cat

egor

y of

la

nd u

se:

Indu

stry

Cha

rged

to

CIM

B Is

lam

ic

Bank

Be

rhad

69,0

00 s

quar

e m

etre

sLe

aseh

old,

ex

pirin

g on

31

D

ecem

ber

2099

Not

app

licab

le

29,1

73

A - 1

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E A

: OU

R M

ATER

IAL

PRO

PER

TIES

(Con

t’d)

A-6

N

o.

Reg

iste

red/

Ben

efic

ial o

wne

rTi

tle/P

osta

l add

ress

Des

crip

tion/

Exis

ting

use

Expr

ess

cond

ition

s of

land

use

/ C

ateg

ory

of

land

use

Encu

mbr

ance

sLa

nd a

rea

(app

roxi

mat

e)Te

nure

Dat

e of

is

suan

ce o

f ce

rtifi

cate

of

fitne

ss fo

r oc

cupa

tion/

ce

rtifi

cate

of

com

plet

ion

and

com

plia

nce

Audi

ted

NB

V as

at 3

1 M

arch

202

1

2.M

TT S

hipp

ing

Logi

stic

s C

entr

e

Title

:H

S(D

) 164

478

PT

1560

38, M

ukim

Kl

ang,

Dis

trict

of

Klan

g, S

tate

of

Sela

ngor

Post

al a

ddre

ss:

Lot N

o. 2

5, J

alan

Pe

rigi N

enas

7/

1/KS

11, K

awas

an

Perin

dust

rian

Pula

u In

dah,

Kla

ng,

Sela

ngor

(1)

Des

crip

tion

of

prop

erty

:In

dust

rial l

and

Exis

ting

use:

Vaca

nt

Expr

ess

cond

ition

s:Li

ght

indu

strie

s

Cat

egor

y of

la

nd u

se:

Indu

stry

Nil

15,1

96sq

uare

m

etre

sLe

aseh

old,

ex

pirin

g on

30

Ju

ne

2115

Not

app

licab

le

1,86

5(2)

A - 2

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E A

: OU

R M

ATER

IAL

PRO

PER

TIES

(Con

t’d)

A-6

N

o.

Reg

iste

red/

Ben

efic

ial o

wne

rTi

tle/P

osta

l add

ress

Des

crip

tion/

Exis

ting

use

Expr

ess

cond

ition

s of

land

use

/ C

ateg

ory

of

land

use

Encu

mbr

ance

sLa

nd a

rea

(app

roxi

mat

e)Te

nure

Dat

e of

is

suan

ce o

f ce

rtifi

cate

of

fitne

ss fo

r oc

cupa

tion/

ce

rtifi

cate

of

com

plet

ion

and

com

plia

nce

Audi

ted

NB

V as

at 3

1 M

arch

202

1

3.M

TT S

hipp

ing

Logi

stic

s C

entr

e

Title

:H

S(D

) 164

479

PT

1560

39, M

ukim

Kl

ang,

Dis

trict

of

Klan

g, S

tate

of

Sela

ngor

Post

al a

ddre

ss:

Lot N

o. 2

6, J

alan

Pe

rigi N

enas

7/1/

KS11

, Kaw

asan

Pe

rindu

stria

n Pu

lau

Inda

h, K

lang

, Se

lang

or(1

)

Des

crip

tion

of

prop

erty

:In

dust

rial l

and

Exis

ting

use:

Vaca

nt

Expr

ess

cond

ition

s:Li

ght

indu

strie

s

Cat

egor

y of

la

nd u

se:

Indu

stry

Nil

15,0

80sq

uare

m

etre

sLe

aseh

old,

ex

pirin

g on

30

Ju

ne

2115

Not

app

licab

le

1,85

0(3)

A - 3

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E A

: OU

R M

ATER

IAL

PRO

PER

TIES

(Con

t’d)

A-6

N

o.

Reg

iste

red/

Ben

efic

ial o

wne

rTi

tle/P

osta

l add

ress

Des

crip

tion/

Exis

ting

use

Expr

ess

cond

ition

s of

land

use

/ C

ateg

ory

of

land

use

Encu

mbr

ance

sLa

nd a

rea

(app

roxi

mat

e)Te

nure

Dat

e of

is

suan

ce o

f ce

rtifi

cate

of

fitne

ss fo

r oc

cupa

tion/

ce

rtifi

cate

of

com

plet

ion

and

com

plia

nce

Audi

ted

NB

V as

at 3

1 M

arch

202

1

4.M

TT S

hipp

ing

Logi

stic

s C

entr

e

Title

:H

S(D

) 164

480

PT

1560

40, M

ukim

Kl

ang,

Dis

trict

of

Klan

g, S

tate

of

Sela

ngor

Post

al a

ddre

ss:

Lot N

o. 2

7, J

alan

Pe

rigi N

enas

7/

1/KS

11, K

awas

an

Perin

dust

rian

Pula

u In

dah,

Kla

ng,

Sela

ngor

(1)

Des

crip

tion

of

prop

erty

:In

dust

rial l

and

Exis

ting

use:

Vaca

nt

Expr

ess

cond

ition

s:Li

ght

indu

strie

s

Cat

egor

y of

la

nd u

se:

Indu

stry

Nil

15,0

58 s

quar

e m

etre

sLe

aseh

old,

ex

pirin

g on

30

Ju

ne

2115

Not

app

licab

le

1,8

48(4

)

A - 4

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E A

: OU

R M

ATER

IAL

PRO

PER

TIES

(Con

t’d)

A-6

N

o.

Reg

iste

red/

Ben

efic

ial o

wne

rTi

tle/P

osta

l add

ress

Des

crip

tion/

Exis

ting

use

Expr

ess

cond

ition

s of

land

use

/ C

ateg

ory

of

land

use

Encu

mbr

ance

sLa

nd a

rea

(app

roxi

mat

e)Te

nure

Dat

e of

is

suan

ce o

f ce

rtifi

cate

of

fitne

ss fo

r oc

cupa

tion/

ce

rtifi

cate

of

com

plet

ion

and

com

plia

nce

Audi

ted

NB

V as

at 3

1 M

arch

202

1

5.M

TT S

hipp

ing

Logi

stic

s C

entr

e

Title

:H

S(D

) 164

481

PT

1560

41, M

ukim

Kl

ang,

Dis

trict

of

Klan

g, S

tate

of

Sela

ngor

Post

al a

ddre

ss:

Lot N

o. 2

8, J

alan

Pe

rigi N

enas

7/

1/KS

11, K

awas

an

Perin

dust

rian

Pula

u In

dah,

Kla

ng,

Sela

ngor

(1)

Des

crip

tion

of

prop

erty

:In

dust

rial l

and

Exis

ting

use:

Vaca

nt

Expr

ess

cond

ition

s:Li

ght

indu

strie

s

Cat

egor

y of

la

nd u

se:

Indu

stry

Nil

15,3

96sq

uare

m

etre

sLe

aseh

old,

ex

pirin

g on

30

Ju

ne

2115

Not

app

licab

le

1,88

9(5)

A - 5

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E A

: OU

R M

ATER

IAL

PRO

PER

TIES

(Con

t’d)

A-6

N

o.

Reg

iste

red/

Ben

efic

ial o

wne

rTi

tle/P

osta

l add

ress

Des

crip

tion/

Exis

ting

use

Expr

ess

cond

ition

s of

land

use

/ C

ateg

ory

of

land

use

Encu

mbr

ance

sLa

nd a

rea

(app

roxi

mat

e)Te

nure

Dat

e of

is

suan

ce o

f ce

rtifi

cate

of

fitne

ss fo

r oc

cupa

tion/

ce

rtifi

cate

of

com

plet

ion

and

com

plia

nce

Audi

ted

NB

V as

at 3

1 M

arch

202

1

6.M

TT S

hipp

ing

Logi

stic

s C

entr

e

Title

:H

S(D

) 164

482

PT

1560

42, M

ukim

Kl

ang,

Dis

trict

of

Klan

g, S

tate

of

Sela

ngor

Post

al a

ddre

ss:

Lot N

o. 2

9, J

alan

Pe

rigi N

enas

7/

1/KS

11, K

awas

an

Perin

dust

rian

Pula

u In

dah,

Kla

ng,

Sela

ngor

(1)

Des

crip

tion

of

prop

erty

:In

dust

rial l

and

Exis

ting

use:

Vaca

nt

Expr

ess

cond

ition

s:Li

ght

indu

strie

s

Cat

egor

y of

la

nd u

se:

Indu

stry

Nil

22,5

65 s

quar

e m

etre

sLe

aseh

old,

ex

pirin

g on

30

Ju

ne

2115

Not

app

licab

le

2,7

69(6

)

A - 6

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E A

: OU

R M

ATER

IAL

PRO

PER

TIES

(Con

t’d)

A-1

0 N

o.

Reg

iste

red/

Ben

efic

ial o

wne

rTi

tle/P

osta

l ad

dres

sD

escr

iptio

n/Ex

istin

g us

e

Expr

ess

cond

ition

s of

land

use

/ C

ateg

ory

of

land

use

Encu

mbr

ance

sLa

nd a

rea

(app

roxi

mat

e)Te

nure

Dat

e of

is

suan

ce o

f ce

rtifi

cate

of

fitne

ss fo

r oc

cupa

tion/

ce

rtifi

cate

of

com

plet

ion

and

com

plia

nce

Audi

ted

NB

V as

at 3

1 M

arch

202

1

(RM

’000

)7.

MTT

Rea

lty H

oldi

ngs

Title

:G

eran

334

357

(form

erly

kno

wn

as

Ger

an 4

7663

), Lo

t 72

46, S

eksy

en 3

1,

Band

ar K

lang

, Dis

trict

of

Kla

ng, S

tate

of

Sela

ngor

Post

al a

ddre

ss:

Lot 7

246,

Per

siar

an

Raj

a M

uda

Mus

a,

Seks

yen

31, 4

2000

Kl

ang,

Sel

ango

r

Des

crip

tion

of

prop

erty

:In

dust

rial l

and

Exis

ting

use:

Vaca

nt

Expr

ess

cond

ition

s:Th

is la

nd

shal

l be

used

fo

r the

co

nstru

ctio

n of

bui

ldin

gs

in

acco

rdan

ce

with

the

build

ing

plan

ce

rtifie

d by

th

e Kl

ang

Mun

icip

al

Cou

ncil

Cat

egor

y of

la

nd u

se:

Build

ing

Cha

rged

to

CIM

B Ba

nk B

erha

d8,

038.

0756

sq

uare

met

res

Free

hold

Not

app

licab

le

16,9

45

A - 7

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E A

: OU

R M

ATER

IAL

PRO

PER

TIES

(Con

t’d)

A-1

0 N

o.

Reg

iste

red/

Ben

efic

ial o

wne

rTi

tle/P

osta

l ad

dres

sD

escr

iptio

n/Ex

istin

g us

e

Expr

ess

cond

ition

s of

land

use

/ C

ateg

ory

of

land

use

Encu

mbr

ance

sLa

nd a

rea

(app

roxi

mat

e)Te

nure

Dat

e of

is

suan

ce o

f ce

rtifi

cate

of

fitne

ss fo

r oc

cupa

tion/

ce

rtifi

cate

of

com

plet

ion

and

com

plia

nce

Audi

ted

NB

V as

at 3

1 M

arch

202

1

(RM

’000

)8.

ICSD

Title

:H

.S.(D

) 116

338,

PT

150,

Ban

dar S

ulta

n Su

laim

an, D

istri

ct o

f Kl

ang,

Sta

te o

f Se

lang

or

Post

al a

ddre

ss:

Lot 4

-A &

Lot

4-B

, Li

ngka

ran

Sulta

n M

oham

ed 2

, Ka

was

an

Perin

dust

rian

Band

ar

Sulta

n Su

leim

an,

4200

0 Po

rt Kl

ang,

Se

lang

or

Des

crip

tion

of

prop

erty

:In

dust

rial l

and

with

a

doub

le s

tore

y de

tach

ed o

ffice

, op

en s

ided

sin

gle

stor

ey w

orks

hop

and

a gu

ard

hous

e

Exis

ting

use:

Dep

ot(7

)

Expr

ess

cond

ition

s:In

dust

ry

Cat

egor

y of

la

nd u

se:

Indu

stry

Cha

rged

to C

IMB

Isla

mic

Ban

k Be

rhad

60,7

02 s

quar

e m

etre

sLe

aseh

old,

ex

pirin

g on

30

Jun

e 21

05

3 Se

ptem

ber

2018

30,1

64

A - 8

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E A

: OU

R M

ATER

IAL

PRO

PER

TIES

(Con

t’d)

A-1

0 N

otes

:

(1)

MTT

Shi

ppin

g Lo

gist

ics

Cen

tre (

as p

urch

aser

) had

on

8 A

ugus

t 202

0 en

tere

d in

to s

ale

and

purc

hase

agr

eem

ent w

ith M

yra

Gar

dens

Sdn

Bhd

(as

ven

dor)

and

Men

teri

Bes

ar S

elan

gor (

Pem

erba

dana

n) (a

s pr

oprie

tor)

to a

cqui

re th

e la

nd, u

pon

the

term

s an

d su

bjec

t to

the

cond

ition

s co

ntai

ned

ther

ein.

The

sale

and

pur

chas

e tra

nsac

tion

is p

endi

ng c

ompl

etio

n an

d as

at t

he L

PD

, 20%

of t

he p

urch

ase

pric

e of

the

land

has

bee

n pa

id b

y M

TT S

hipp

ing

Logi

stic

s C

entre

to th

e ve

ndor

.

(2)

Bei

ng 2

0% o

f the

tota

l pur

chas

e pr

ice

of R

M9,

323,

365.

00pa

id b

y M

TT S

hipp

ing

Logi

stic

s C

entre

to M

yra

Gar

dens

Sdn

Bhd

as

at th

e LP

Dba

sed

on th

e sa

le a

nd p

urch

ase

agre

emen

t dat

ed 8

Aug

ust 2

020

ente

red

into

by

MTT

Shi

ppin

g Lo

gist

ics

Cen

tre (

as p

urch

aser

) w

ith M

yra

Gar

dens

Sdn

Bhd

(as

ven

dor)

and

Men

teri

Bes

ar S

elan

gor

(Pem

erba

dana

n) (a

s pr

oprie

tor)

.

(3)

Bei

ng 2

0% o

f the

tota

l pur

chas

e pr

ice

of R

M9,

251,

360.

00pa

id b

y M

TT S

hipp

ing

Logi

stic

s C

entre

to M

yra

Gar

dens

Sdn

Bhd

as

at th

e LP

Dba

sed

on th

e sa

le a

nd p

urch

ase

agre

emen

t dat

ed 8

Aug

ust 2

020

ente

red

into

by

MTT

Shi

ppin

g Lo

gist

ics

Cen

tre (

as p

urch

aser

) w

ith M

yra

Gar

dens

Sdn

Bhd

(as

ven

dor)

and

Men

teri

Bes

ar S

elan

gor

(Pem

erba

dana

n) (a

s pr

oprie

tor)

.

(4)

Bei

ng 2

0% o

f the

tota

l pur

chas

e pr

ice

of R

M9,

238,

945.

00pa

id b

y M

TT S

hipp

ing

Logi

stic

s C

entre

to M

yra

Gar

dens

Sdn

Bhd

as

at th

e LP

Dba

sed

on th

e sa

le a

nd p

urch

ase

agre

emen

t dat

ed 8

Aug

ust 2

020

ente

red

into

by

MTT

Shi

ppin

g Lo

gist

ics

Cen

tre (

as p

urch

aser

) w

ith M

yra

Gar

dens

Sdn

Bhd

(as

ven

dor)

and

Men

teri

Bes

ar S

elan

gor

(Pem

erba

dana

n) (a

s pr

oprie

tor)

.

(5)

Bei

ng 2

0% o

f the

tota

l pur

chas

e pr

ice

of R

M9,

445,

028.

00, p

aid

by M

TT S

hipp

ing

Logi

stic

s C

entre

to M

yra

Gar

dens

Sdn

Bhd

as

at th

e LP

Dba

sed

on th

e sa

le a

nd p

urch

ase

agre

emen

t dat

ed 8

Aug

ust 2

020

ente

red

into

by

MTT

Shi

ppin

g Lo

gist

ics

Cen

tre (

as p

urch

aser

) w

ith M

yra

Gar

dens

Sdn

Bhd

(as

ven

dor)

and

Men

teri

Bes

ar S

elan

gor

(Pem

erba

dana

n) (a

s pr

oprie

tor)

.

(6)

Bei

ng 2

0% o

f the

tota

l pur

chas

e pr

ice

of R

M13

,844

,762

.00

paid

by

MTT

Shi

ppin

g Lo

gist

ics

Cen

tre to

Myr

a G

arde

ns S

dn B

hd a

s at

the

LPD

base

d on

the

sale

and

pu

rcha

se a

gree

men

t dat

ed 8

Aug

ust 2

020

ente

red

into

by

MTT

Shi

ppin

g Lo

gist

ics

Cen

tre (

as p

urch

aser

) w

ith M

yra

Gar

dens

Sdn

Bhd

(as

ven

dor)

and

Men

teri

Bes

ar

Sel

ango

r (P

emer

bada

nan)

(as

prop

rieto

r).

(7)

ICS

D (a

s la

ndlo

rd) h

ad o

n 1

Janu

ary

2021

ent

ered

into

a la

nd re

ntal

agr

eem

ent w

ith P

erce

ptiv

e Lo

gist

ics

(as

tena

nt) f

or th

e re

nt o

f 3.6

acr

es in

are

a on

par

t of t

he la

nd

know

n as

Lot

4-B

, Li

ngka

ran

Sul

tan

Moh

amed

2,

Kaw

asan

Per

indu

stria

n B

anda

r S

ulta

n S

ulei

man

, 42

000

Por

t Kl

ang,

Sel

ango

r, fo

r a

tena

ncy

perio

d of

one

yea

r, co

mm

enci

ng fr

om 1

Jan

uary

202

1 to

31

Dec

embe

r 202

1, a

t a m

onth

ly re

ntal

of R

M49

,000

.00.

A - 9

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E A

: OU

R M

ATER

IAL

PRO

PER

TIES

(Con

t’d)

A-1

0 A

2M

ATER

IAL

PRO

PER

TIES

REN

TED

BY

OU

R G

RO

UP

As a

t the

LPD

, the

mat

eria

l pro

perti

es re

nted

by

our G

roup

are

as

follo

ws:

No.

Tena

ntLa

ndlo

rd/

Less

orLo

catio

n/Po

stal

add

ress

Des

crip

tion/

Exis

ting

use

Tenu

re o

f ten

ancy

App

roxi

mat

e re

nted

are

aR

enta

l per

an

num

(RM

)1.

MTT

Sh

ippi

ng

Logi

stic

s C

entre

Wes

tpor

ts

Mal

aysi

a Sd

n Bh

d

Wes

tpor

ts

Term

inal

, P.

O

Box

266,

Pu

lau

Inda

h,

4200

9 Po

rt Kl

ang,

Sel

ango

r

Brie

f des

crip

tion:

Ope

n ar

ea r

efer

red

to a

s O

n-D

ock

Dep

ot 5

Exis

ting

use:

Empt

y co

ntai

ners

sto

rage

1 N

ovem

ber 2

019

–31

O

ctob

er 2

022

24,2

81

squa

re

met

res

Firs

t yea

r:N

il

Seco

nd y

ear:

470,

450

Third

yea

r:49

6,58

6

2.IC

SDPe

rcep

tive

Logi

stic

s PL

O

699,

Zo

ne

12,

Jala

n Ke

luli

8,

Kaw

asan

Pe

rindu

stria

n Pa

sir

Gud

ang,

817

00 P

asir

Gud

ang,

Joh

or

Brie

f des

crip

tion:

A pa

rcel

of v

acan

t lan

d

Exis

ting

use:

Empt

y co

ntai

ners

stor

age

1Ja

nuar

y 20

21–

31D

ecem

ber 2

021

52,6

10

squa

re

met

res

1,08

9,86

4

3.IC

SDKo

nten

a N

asio

nal

Berh

ad

Two

plot

s of

lan

d at

N

o.

2443

, Lo

rong

Pe

rusa

haan

Sa

tu,

Kaw

asan

Pe

rindu

stria

n Pe

rai,

1360

0 Pe

rai,

Pula

u Pi

nang

(“P

lot

1” a

nd

“Plo

t 2”)

Brie

f des

crip

tion:

Two

parc

els

of

vaca

nt

land

Exis

ting

use:

Empt

y co

ntai

ners

sto

rage

1 Ju

ly 2

019

–30

Jun

e 20

22Pl

ot 1

:22

,258

squa

re

met

res

Plot

2:

11,3

31

squa

re

met

res

Plot

1:

800,

400

Plot

2:

235,

440

As a

t the

LPD

, the

re is

no

brea

ch o

f rel

evan

t law

s, re

gula

tions

, rul

es a

nd re

quire

men

ts re

latin

g to

the

abov

e pr

oper

ties

whi

ch m

ay m

ater

ially

affe

ct o

ur o

pera

tions

an

d ut

ilisat

ion

of th

e ab

ove

prop

ertie

s.

A - 1

0

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

B - 1

Det

ails

of t

he m

ajor

lice

nces

, per

mits

and

app

rova

ls o

btai

ned

by o

ur G

roup

for o

ur b

usin

ess

oper

atio

ns a

nd th

e st

atus

of c

ompl

ianc

e as

at t

he L

PD a

re s

et o

ut

as fo

llow

s:

Com

pany

/Ve

ssel

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

impo

sed

Stat

us o

f co

mpl

ianc

e

MTT

Sh

ippi

ng

Roy

al

Mal

aysi

an

Cus

tom

s D

epar

tmen

t (“C

usto

ms

Dep

artm

ent”)

, Po

rt Kl

ang,

Se

lang

or

Appr

oval

to

ac

t as

sh

ippi

ng

agen

t gr

ante

d to

MTT

Shi

ppin

g.Le

tter o

f ap

prov

al

refe

renc

e no

.KE.

BB

(80)

001/

03-

673(

46)

Age

nt c

ode:

BS04

35

Bon

d no

.10

0007

03/1

6

Dat

e of

issu

ance

:1

Nov

embe

r 201

6

Valid

ity p

erio

d:1

Janu

ary

2017

–31

Dec

embe

r 20

21(1

)

(a)

The

paid

-up

capi

tal

of t

heco

mpa

ny s

hall

not

be le

ss

than

RM

100,

000.

00 f

or a

co

mpa

ny r

egis

tere

d un

der

Com

pani

es A

ct 1

965.

(b)

The

com

pany

sha

ll no

t act

as

a c

usto

ms

agen

t for

any

cu

stom

er

with

out

bein

g au

thor

ised

in

w

ritin

g by

su

ch c

usto

mer

.(c

)Th

e C

usto

ms

Dep

artm

ent

shal

l con

duct

val

idat

ion

on

the

mai

n ag

ent (

ejen

indu

k)

code

. O

pera

tions

at

al

l st

ates

sha

ll be

con

duct

ed

purs

uant

to

that

app

rove

d m

ain

agen

t co

de.

The

esta

blis

hmen

t of

ne

w

bran

ches

ne

ed

not

be

regi

ster

ed

with

th

e C

usto

ms

Dep

artm

ent.

(d)

Appl

icat

ion

for

rene

wal

of

appr

oval

shal

l be

subm

itted

no

t la

ter

than

14

da

ys

befo

re th

e da

te o

f exp

iry o

f th

e ex

istin

g ap

prov

al.

Com

plie

d

B -

1

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-2

Com

pany

/Ve

ssel

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

(Con

t’d)

(e)

The

com

pany

is

re

spon

sibl

e fo

r pr

ovid

ing

accu

rate

and

co

mpl

ete

info

rmat

ion

rega

rdin

g th

e ad

dres

s,

mem

bers

of t

he b

oard

of

di

rect

ors,

eq

uity

ho

ldin

g as

w

ell

as

empl

oym

ent

of

man

agem

ent

and

supp

ort

staf

f. Su

ppor

ting

docu

men

ts

shal

l be

sub

mitt

ed t

o th

e D

irect

or o

f St

ate

Cus

tom

s (P

enga

rah

Kast

am

Neg

eri)

(“DSC

”) w

ithin

7 d

ays

from

the

dat

e of

the

ch

ange

of

th

e co

mpa

ny’s

in

form

atio

n.

The

failu

re o

f the

com

pany

to

su

bmit

the

late

st

info

rmat

ion

may

be

a gr

ound

for

tem

pora

ry

susp

ensi

on

or

revo

catio

n of

app

rova

l to

ac

t as

an

ag

ent

purs

uant

to

S

ectio

n 90

(4)

of C

usto

ms

Act

1967

.

B -

2

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-3

Com

pany

/Ve

ssel

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

(Con

t’d)

(f)Th

e co

mpa

ny s

hall

not

chan

ge

its

nam

e or

ad

dres

s,

or

be

sold

, tra

nsfe

rred

or

give

n to

an

y pa

rty w

ithou

t th

e co

nsen

t of

th

e C

usto

ms

Dep

artm

ent.

(g)

The

com

pany

sh

all

imm

edia

tely

not

ify t

he

DSC

in

writ

ing

in t

he

even

t of

ces

satio

n of

em

ploy

men

t of

an

y au

thor

ised

pe

rson

nel.

The

pass

of

th

e au

thor

ised

pe

rson

nel

shal

l be

retu

rned

to th

e D

SC a

nd s

hall

not

be

used

af

ter

such

ce

ssat

ion

of

empl

oym

ent.

(h)

The

com

pany

sh

all

find

repl

acem

ent

for

any

resi

gnin

g di

rect

or

orau

thor

ised

pe

rson

nel w

ithin

thr

ee

mon

ths

afte

r th

e re

sign

atio

n of

su

ch

dire

ctor

or

auth

oris

ed

pers

onne

l.

B -

3

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-4

Com

pany

/Ve

ssel

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

(Con

t’d)

(i)Th

e co

mpa

ny s

hall

not

oper

ate

until

it

has

obta

ined

th

e se

rvic

e ta

x lic

ence

(L

esen

C

ukai

Pe

rkhi

dmat

an)

from

th

e co

ntro

lling

stat

ion.

(j)

The

com

pany

sh

all

subm

it a

gene

ral b

ond

(Bon

Am

) of

R

M10

,000

.00

as

secu

rity

thro

ugh

cust

oms

form

no.

18.

MTT

Sh

ippi

ng/

MTT

Pul

au

Pina

ng

Dom

estic

Sh

ippi

ng

Lice

nsin

g Bo

ard

Dom

estic

Shi

ppin

g Li

cenc

e

Nam

e of

shi

pM

TT P

ulau

Pin

ang

Serv

ices

/ca

rgo

Vario

us

Tonn

age

Gro

ss: 1

3448

Net

: 585

7Po

rt

of

regi

stry

Port

Klan

g

Ow

ner

MTT

Shi

ppin

g Pa

ymen

t of

RM

630.

70Po

rt o

f cal

lAl

l po

rts

in

Mal

aysi

an w

ater

sSh

ip’s

cre

wM

alay

sian

ci

tizen

Offi

cers

Rat

ings

14

Fore

ign

citiz

enO

ffice

rsR

atin

gs7

9

A109

287/

D

SL39

84/2

020

Dat

e of

issu

ance

:15

Nov

embe

r 202

0

Valid

ity p

erio

d:15

Nov

embe

r 202

0–

14N

ovem

ber 2

021

Nil

Com

plie

d

B -

4

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-5

Com

pany

/Ve

ssel

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng/

MTT

Pul

au

Pina

ng

(Con

t’d)

Reg

istra

r of

Mal

aysi

an

Ship

s, P

ort

Kela

ng

Cer

tific

ate

of M

alay

sian

Reg

istry

33

5649

Dat

e of

issu

ance

:24

Jun

e 20

15

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Surv

eyor

G

ener

al o

f Sh

ips

Mal

aysi

a

Con

tinuo

us S

ynop

sis

Rec

ord

setti

ng

out,

amon

gsto

ther

s, th

e na

me

of th

e sh

ip,

the

port

at w

hich

the

shi

p is

re

gist

ered

and

the

ship

’s id

entif

icat

ion

num

ber

PKG

1700

033

Dat

e of

issu

ance

:13

Mar

ch 2

017

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Doc

umen

t of

C

ompl

ianc

e of

th

e sa

fety

m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

the

co

mpa

ny m

anag

ing

the

vess

el

011/

6062

-O

M/2

021

Dat

e of

issu

ance

:21

Apr

il 20

21

Valid

ity p

erio

d:21

Apr

il 20

21–

12 M

ay 2

026

Subj

ect

to

perio

dica

l ve

rific

atio

n.C

ompl

ied

Inte

rnat

iona

l En

ergy

Ef

ficie

ncy

Cer

tific

ate

6147

/201

4/02

04D

ate

of is

suan

ce:

15 D

ecem

ber 2

014

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

B -

5

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-6

Com

pany

/Ve

ssel

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng/

MTT

Pul

au

Pina

ng

(Con

t’d)

Ship

s C

lass

ifica

tion

Mal

aysi

a

Safe

ty M

anag

emen

t Cer

tific

ate

2101

276S

MD

ate

of is

suan

ce:

28Ju

ne20

21

Valid

ity p

erio

d:28

June

2021

–31

May

202

6

Subj

ect

to

perio

dica

l ve

rific

atio

n an

d th

e D

ocum

ent

of C

ompl

ianc

e of

the

safe

ty m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

the

com

pany

m

anag

ing

the

vess

elre

mai

nsva

lid.

Com

plie

d

Inte

rnat

iona

l Shi

p S

ecur

ity C

ertif

icat

e 21

0127

6SC

Dat

e of

issu

ance

:28

June

202

1

Valid

ity p

erio

d:28

June

202

1–

31 M

ay 2

026

Subj

ect

to

verif

icat

ion

in

acco

rdan

ce

with

th

e pr

ovis

ion

unde

rth

e In

tern

atio

nal S

hip

and

Por

t Fa

cilit

y Se

curit

yC

ode.

Com

plie

d

Mar

itim

e La

bour

Cer

tific

ate

2001

416M

LD

ate

of is

suan

ce:

2 D

ecem

ber 2

020

Valid

ity p

erio

d:2

Dec

embe

r 202

0–

18 D

ecem

ber 2

025

Subj

ect

to i

nspe

ctio

ns i

n ac

cord

ance

w

ith

the

rele

vant

sta

ndar

ds u

nder

th

e M

ariti

me

Labo

ur

Con

vent

ion

2006

and

valid

on

ly w

hen

the

Dec

lara

tion

of

Mar

itim

e La

bour

C

ompl

ianc

e is

atta

ched

.

Com

plie

d

Lloy

d’s

Reg

iste

r C

argo

Sh

ip

Saf

ety

Equi

pmen

t C

ertif

icat

eKL

R 1

8002

75D

ate

of is

suan

ce:

25 A

pril

2018

Valid

ity p

erio

d:

25 A

pril

2018

–19

Feb

ruar

y 20

22

Subj

ect

to

annu

al

and

perio

dica

l su

rvey

s in

ac

cord

ance

w

ith

the

regu

latio

n un

der

the

Inte

rnat

iona

l C

onve

ntio

n fo

r th

e Sa

fety

of

Life

at

Sea,

197

4.

Com

plie

d

B -

6

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-7

Com

pany

/Ve

ssel

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng/

MTT

Pul

au

Pina

ng

(Con

t’d)

Car

go S

hip

Safe

ty R

adio

Cer

tific

ate

SNG

170

0125

Dat

e of

issu

ance

: 11

Feb

ruar

y 20

17

Valid

ity p

erio

d:

11 F

ebru

ary

2017

–19

Feb

ruar

y 20

22

Subj

ect

to

perio

dica

l su

rvey

s in

acc

orda

nce

with

th

ere

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

Car

go

Ship

S

afet

y C

onst

ruct

ion

Cer

tific

ate

SNG

170

0125

Dat

e of

issu

ance

: 11

Feb

ruar

y 20

17

Valid

ity p

erio

d:

11 F

ebru

ary

2017

–19

Feb

ruar

y 20

22

Subj

ect

to

annu

al

and

inte

rmed

iate

sur

veys

and

in

spec

tions

of

the

outs

ide

of

the

ship

’s

botto

m

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

Inte

rnat

iona

l Oil

Pol

lutio

n Pr

even

tion

Cer

tific

ate

SNG

1700

125

Dat

e of

issu

ance

: 11

Feb

ruar

y 20

17

Valid

ity p

erio

d:

11 F

ebru

ary

2017

–19

Feb

ruar

y 20

22

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Inte

rnat

iona

l Loa

d Li

ne C

ertif

icat

eSN

G17

0012

5D

ate

of is

suan

ce:

11Fe

brua

ry20

17

Valid

ity p

erio

d:

11Fe

brua

ry20

17 –

19 F

ebru

ary

2022

Subj

ect

to a

nnua

lsur

veys

in

ac

cord

ance

w

ith

the

artic

le

unde

rth

e In

tern

atio

nal

Con

vent

ion

on L

oad

Line

s, 1

966.

Com

plie

d

Inte

rnat

iona

l Ton

nage

Cer

tific

ate

SNG

1700

125

Dat

e of

issu

ance

: 11

Feb

ruar

y 20

17N

ilC

ompl

ied

B -

7

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-8

Com

pany

/Ve

ssel

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng/

MTT

Pul

au

Pina

ng

(Con

t’d)

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Inte

rnat

iona

l Se

wag

e Po

llutio

n Pr

even

tion

Cer

tific

ate

SNG

1700

125

Dat

e of

issu

ance

: 11

Feb

ruar

y 20

17

Valid

ity p

erio

d:

11 F

ebru

ary

2017

–19

Febr

uary

202

2

Subj

ect

tosu

rvey

s in

ac

cord

ance

w

ithth

ere

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Inte

rnat

iona

l A

nti-F

oulin

g S

yste

m

Cer

tific

ate

SNG

1700

125

Dat

e of

issu

ance

:11

Febr

uary

2017

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Inte

rnat

iona

l Air

Pol

lutio

n Pr

even

tion

Cer

tific

ate

SNG

1700

125

Dat

e of

issu

ance

: 11

Feb

ruar

y 20

17

Valid

ity p

erio

d:

11 F

ebru

ary

2017

–19

Feb

ruar

y 20

22

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Doc

umen

t of

C

ompl

ianc

e fo

r th

e C

arria

ge o

f Dan

gero

us G

oods

SNG

1700

125

Dat

e of

issu

ance

:11

Febr

uary

2017

Valid

ity p

erio

d:11

Febr

uary

2017

–19

Febr

uary

2022

Subj

ect

to t

he c

ompl

ianc

e of

th

e In

tern

atio

nal

Mar

itim

e D

ange

rous

G

oods

C

ode

and

the

Inte

rnat

iona

l M

ariti

me

Solid

Bul

k C

argo

es C

ode.

Com

plie

d

B -

8

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-9

Com

pany

/Ve

ssel

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng/

MTT

Pul

au

Pina

ng

(Con

t’d)

Cer

tific

ate

of C

lass

SNG

170

0125

Dat

e of

issu

ance

: 11

Feb

ruar

y20

17

Valid

ity p

erio

d:

11Fe

brua

ry20

17 –

19 F

ebru

ary

2022

Nil

Com

plie

d

Car

go

Ship

S

afet

y Eq

uipm

ent

Exem

ptio

n C

ertif

icat

e

SNG

1700

125

Dat

e of

issu

ance

:11

Feb

ruar

y 20

17

Valid

ity p

erio

d:11

Feb

ruar

y 20

17 –

19Fe

brua

ry20

22

Subj

ect

to t

he C

argo

Shi

p Sa

fety

Eq

uipm

ent

Cer

tific

ate

to

whi

ch

this

ce

rtific

ate

isat

tach

ed

rem

ains

valid

.

Com

plie

d

Inte

rnat

iona

l B

alla

st

Wat

er

Man

agem

ent C

ertif

icat

e KL

R 1

7005

00D

ate

of is

suan

ce:

10 A

ugus

t 201

7

Valid

ity p

erio

d:10

Aug

ust 2

017

–19

Febr

uary

2022

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Con

trol

and

Man

agem

ent

of

Ship

Ba

llast

W

ater

an

d Se

dim

ents

.

Com

plie

d

Con

firm

atio

n of

Com

plia

nce

for

Ship

En

ergy

Effi

cien

cy M

anag

emen

t Pl

an

(SE

EMP

Par

t II)

9146

065/

01D

ate

of is

suan

ce:

29 D

ecem

ber 2

018

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

B -

9

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-1

0 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng/

MTT

Pul

au

Pina

ng

(Con

t’d)

Gov

ernm

ent

of M

alay

sia

Safe

Man

ning

Doc

umen

t SM

D17

84/2

014

Dat

e of

issu

ance

:19

Nov

embe

r 201

9

Valid

ity p

erio

d:19

Nov

embe

r 201

9–27

Nov

embe

r 202

4

Nil

Com

plie

d

Ship

Sa

nita

tion

Con

trol

Exem

ptio

n C

ertif

icat

e15

5529

Dat

e of

issu

ance

:19

Apr

il 20

21

Valid

ity p

erio

d:19

Apr

il 20

21–

18 O

ctob

er 2

021

Valid

for a

max

imum

of s

ix

mon

ths,

bu

t th

e va

lidity

pe

riod

may

be

exte

nded

by

one

mon

th

if in

spec

tion

cann

ot b

e ca

rrie

d ou

t at t

he

port

and

ther

e is

no

ev

iden

ce

of

infe

ctio

n or

co

ntam

inat

ion.

Com

plie

d

Gov

ernm

ent

of M

alay

sia

Med

icin

e C

hest

Cer

tific

ate

JLM

002

388

Dat

e of

issu

ance

:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Expi

ry D

ate:

9 M

arch

202

2

Nil

Com

plie

d

Mal

aysi

an

Com

mun

icat

ion

s an

d M

ultim

edia

C

omm

issi

on

Ship

St

atio

n Li

cens

e (A

ppar

atus

As

sign

men

t)40

770/

0150

885_

001/

2020

Effe

ctiv

e da

te:

21 N

ovem

ber 2

020

Valid

ity p

erio

d:21

Nov

embe

r 202

0–

31 D

ecem

ber 2

021

Nil

Com

plie

d

B -

10

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-1

1 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Pasi

r G

udan

g/

MTT

Pas

ir G

udan

g

Dom

estic

Sh

ippi

ng

Lice

nsin

g Bo

ard

Dom

estic

Shi

ppin

g Li

cenc

e

Nam

e of

shi

pM

TT P

asir

Gud

ang

Serv

ices

/ca

rgo

Vario

us

Tonn

age

Gro

ss: 1

8335

Net

: 107

44Po

rt

of

regi

stry

Port

Klan

g

Ow

ner

MTT

Sh

ippi

ng

Pasi

r Gud

ang

Paym

ent o

fR

M1,

119.

40Po

rt o

f cal

lAl

l po

rts

in

Mal

aysi

an w

ater

sSh

ip’s

cre

wM

alay

sian

ci

tizen

Offi

cers

Rat

ings

17

Fore

ign

citiz

enO

ffice

rsR

atin

gs7

6

A110

263/

D

SL04

19/2

021

Dat

e of

issu

ance

:23

Febr

uary

202

1

Valid

ity p

erio

d:23

Febr

uary

202

1–

22Fe

brua

ry 2

022

Nil

Com

plie

d

Reg

istra

r of

Mal

aysi

an

Ship

s, P

ort

Kela

ng

Cer

tific

ate

of M

alay

sian

Reg

istry

33

5852

Dat

e of

issu

ance

:23

Jan

uary

201

7

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

B -

11

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-1

2 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Pasi

r G

udan

g/

MTT

Pas

ir G

udan

g (C

ont’d

)

Surv

eyor

G

ener

al o

f Sh

ips

Mal

aysi

a

Con

tinuo

us S

ynop

sis

Rec

ord

setti

ng

out,

amon

gsto

ther

s, th

e na

me

of th

e sh

ip,

the

port

at w

hich

the

shi

p is

re

gist

ered

and

the

ship

’s id

entif

icat

ion

num

ber

PKG

1700

022

Dat

e of

issu

ance

:23

Feb

ruar

y 20

17

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Doc

umen

t of

C

ompl

ianc

eof

th

e sa

fety

m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

the

co

mpa

ny m

anag

ing

the

vess

el

011/

6062

-O

M/2

021

Dat

e of

issu

ance

:21

Apr

il 20

21

Valid

ity p

erio

d:21

Apr

il 20

21–

12 M

ay 2

026

Subj

ect

to

perio

dica

l ve

rific

atio

n.C

ompl

ied

Inte

rnat

iona

l E

nerg

y Ef

ficie

ncy

Cer

tific

ate

6147

/201

6/00

85D

ate

of is

suan

ce:

18 O

ctob

er 2

016

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Ship

s C

lass

ifica

tion

Mal

aysi

a

Safe

ty M

anag

emen

t Cer

tific

ate

1701

235S

MD

ate

of is

suan

ce:

16 M

ay 2

017

Valid

ity p

erio

d:16

May

201

7 –

1 M

arch

202

2

Subj

ect

to

perio

dica

l ve

rific

atio

n an

d th

e D

ocum

ent

of C

ompl

ianc

e of

the

safe

ty m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

th

e co

mpa

ny

man

agin

g th

e ve

ssel

rem

ains

valid

.

Com

plie

d

B -

12

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-1

3 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Pasi

r G

udan

g/

MTT

Pas

ir G

udan

g (C

ont’d

)

Inte

rnat

iona

l Shi

p S

ecur

ity C

ertif

icat

e 17

0123

5SC

Dat

e of

issu

ance

:16

May

201

7

Valid

ity p

erio

d:16

May

201

7 –

1 M

arch

202

2

Subj

ect

to

verif

icat

ion

in

acco

rdan

ce

with

th

e pr

ovis

ion

unde

r th

e In

tern

atio

nal S

hip

and

Por

t Fa

cilit

y Se

curit

y C

ode.

Com

plie

d

Mar

itim

e La

bour

Cer

tific

ate

1701

235M

LD

ate

of is

suan

ce:

16 M

ay 2

017

Valid

ity p

erio

d:16

May

201

7 –

18 S

epte

mbe

r 202

1

Subj

ect

to i

nspe

ctio

ns i

n ac

cord

ance

w

ith

the

rele

vant

sta

ndar

ds u

nder

th

e M

ariti

me

Labo

ur

Con

vent

ion

2006

and

val

id

only

whe

n th

e D

ecla

ratio

n of

M

ariti

me

Labo

ur

Com

plia

nce

is a

ttach

ed.

Com

plie

d

Lloy

d’s

Reg

iste

r C

onfir

mat

ion

of C

ompl

ianc

e fo

r Sh

ip

Ener

gy E

ffici

ency

Man

agem

ent

Plan

(S

EEM

P P

art I

I)

9155

389/

01D

ate

of is

suan

ce:

29 D

ecem

ber 2

018

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

RIN

A Se

rvic

es

S.p.

A

Shor

t Te

rm

Car

go

Ship

Sa

fety

Eq

uipm

ent C

ertif

icat

e89

073-

R04

3-00

8D

ate

of is

suan

ce:

22 J

une

2021

Valid

ity p

erio

d:

22 J

une

2021

–22

Nov

embe

r202

1

Subj

ect

to

annu

al

and

perio

dica

l su

rvey

s in

ac

cord

ance

w

ith

the

regu

latio

n un

der

the

Inte

rnat

iona

l C

onve

ntio

n fo

r th

e Sa

fety

of

Life

at

Sea,

197

4.

Com

plie

d

B -

13

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-1

4 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Pasi

r G

udan

g/

MTT

Pas

ir G

udan

g (C

ont’d

)

Shor

t Ter

m C

argo

Shi

p Sa

fety

Rad

io

Cer

tific

ate

8907

3-R

043-

013

Dat

e of

issu

ance

: 22

Jun

e20

21

Valid

ity p

erio

d:

22 J

une

2021

–22

Nov

embe

r202

1

Subj

ect

to

perio

dica

l su

rvey

s in

acc

orda

nce

with

th

ere

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

Shor

t Te

rm

Car

go

Ship

Sa

fety

C

onst

ruct

ion

Cer

tific

ate

8907

3-R

043-

007

Dat

e of

issu

ance

: 22

Jun

e20

21

Valid

ity p

erio

d:

22 J

une

2021

–22

Nov

embe

r202

1

Subj

ect

to

annu

al

and

inte

rmed

iate

sur

veys

and

in

spec

tions

of

the

outs

ide

of

the

ship

’s

botto

m

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

Inte

rnat

iona

l Oil

Pol

lutio

n Pr

even

tion

Cer

tific

ate

8907

3-V0

33-0

02D

ate

of is

suan

ce:

23 O

ctob

er20

17

Valid

ity p

erio

d:

23 O

ctob

er 2

017

–9

Sept

embe

r 202

2

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Shor

t Te

rm I

nter

natio

nal

Load

Lin

e C

ertif

icat

e89

073-

R04

3-00

6D

ate

of is

suan

ce:

22 J

une

2021

Valid

ity p

erio

d:

22 J

une

2021

–22

Nov

embe

r202

1

Subj

ect

to a

nnua

lsur

veys

in

ac

cord

ance

w

ith

the

artic

le

unde

rth

e In

tern

atio

nal

Con

vent

ion

on L

oad

Line

s, 1

966.

Com

plie

d

Inte

rnat

iona

l Ton

nage

Cer

tific

ate

2016

/WH

/02

/19-

01D

ate

of is

suan

ce:

15 O

ctob

er 2

016

Nil

Com

plie

d

B -

14

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-1

5 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Pasi

r G

udan

g/

MTT

Pas

ir G

udan

g (C

ont’d

)

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Shor

t Te

rm

Inte

rnat

iona

l Se

wag

e Po

llutio

n Pr

even

tion

Cer

tific

ate

8907

3-R

041-

005

Dat

e of

issu

ance

: 22

Jun

e20

21

Valid

ity p

erio

d:

22 J

une

2021

–22

Nov

embe

r202

1

Subj

ect

tosu

rvey

s in

ac

cord

ance

w

ithth

ere

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Inte

rnat

iona

l A

nti-F

oulin

g S

yste

m

Cer

tific

ate

8907

3-R

027-

010

Dat

e of

issu

ance

:14

Sep

tem

ber 2

016

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Shor

t Ter

m In

tern

atio

nal A

ir Po

llutio

n Pr

even

tion

Cer

tific

ate

8907

3-R

043-

004

Dat

e of

issu

ance

: 22

Jun

e 20

21

Valid

ity p

erio

d:

22 J

une

2021

–22

Nov

embe

r 202

1

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Shor

t Ter

m D

ocum

ent o

f Com

plia

nce

for t

he C

arria

ge o

f Dan

gero

us G

oods

8907

3-R

043-

002

Dat

e of

issu

ance

: 22

Jun

e20

21

Valid

ity p

erio

d:

22 J

une

2021

–22

Nov

embe

r202

1

Subj

ect

to t

he c

ompl

ianc

e of

th

e In

tern

atio

nal

Mar

itim

e D

ange

rous

G

oods

C

ode

and

the

Inte

rnat

iona

l M

ariti

me

Solid

Bul

k C

argo

es C

ode.

Com

plie

d

B -

15

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-1

6 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Pasi

r G

udan

g/

MTT

Pas

ir G

udan

g (C

ont’d

)

Shor

t Ter

m C

ertif

icat

e of

Cla

ss89

073-

R04

3-01

2D

ate

of is

suan

ce:

22Ju

ne 2

021

Valid

ity p

erio

d:

22Ju

ne20

21–

22N

ovem

ber2

021

Subj

ect

to t

heco

mpl

ianc

e of

the

Cla

ssifi

catio

nR

ules

of

RIN

A S

ervi

ces

S.p.

A.

Com

plie

d

Inte

rnat

iona

l B

alla

st

Wat

er

Man

agem

ent C

ertif

icat

e 89

073-

V033

-001

Dat

e of

issu

ance

:23

Oct

ober

201

7

Valid

ity p

erio

d:23

Oct

ober

201

7 –

9 Se

ptem

ber 2

022

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Con

trol

and

Man

agem

ent

of

Ship

Ba

llast

W

ater

an

d Se

dim

ents

.

Com

plie

d

Shor

t Ter

m M

ARPO

L 73

/78

Anne

x V

St

atem

ent

Con

cern

ing

Prev

entio

n of

Po

llutio

n by

Gar

bage

8907

3-R

043-

003

Dat

e of

issu

ance

: 22

Jun

e20

21

Valid

ity p

erio

d:

22 J

une

2021

–22

Nov

embe

r202

1

Subj

ect t

o an

nual

sur

vey.

Com

plie

d

Gov

ernm

ent

of M

alay

sia

Safe

Man

ning

Doc

umen

t SM

D23

85/2

016

Dat

e of

issu

ance

:13

Feb

ruar

y 20

19

Valid

ity p

erio

d:13

Feb

ruar

y 20

19 –

1 Se

ptem

ber 2

021

Nil

Com

plie

d

B -

16

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-1

7 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Pasi

r G

udan

g/

MTT

Pas

ir G

udan

g (C

ont’d

)

Ship

Sa

nita

tion

Con

trol

Exem

ptio

n C

ertif

icat

e A0

0183

8D

ate

of is

suan

ce:

3 Ju

ly20

21

Valid

ity p

erio

d:3

July

2021

–2

Janu

ary

2022

Valid

for a

max

imum

of s

ix

mon

ths,

bu

t th

e va

lidity

pe

riod

may

be

exte

nded

by

one

mon

th

if in

spec

tion

cann

ot b

e ca

rrie

d ou

t at t

he

port

and

ther

e is

no

ev

iden

ce

of

infe

ctio

n or

co

ntam

inat

ion.

Com

plie

d

Mar

ine

Dep

artm

ent

of M

alay

sia

Med

icin

e C

hest

Cer

tific

ate

JLM

0022

98D

ate

of is

suan

ce:

Valid

unt

il ot

herw

ise

with

draw

n

Expi

ry d

ate:

7 D

ecem

ber 2

021

Nil

Com

plie

d

Mal

aysi

an

Com

mun

icat

ion

s an

d M

ultim

edia

C

omm

issi

on

Ship

St

atio

n Li

cens

e (A

ppar

atus

As

sign

men

t)02

0043

26-

000S

U/3

2017

Effe

ctiv

e da

te:

28 F

ebru

ary

2017

Valid

ity p

erio

d:28

Feb

ruar

y 20

17 –

31 D

ecem

ber 2

021

Nil

Com

plie

d

MTT

Sh

ippi

ng

Tanj

ong

Man

is/

MTT

Ta

njun

g M

anis

Dom

estic

Sh

ippi

ng

Lice

nsin

g Bo

ard

Dom

estic

Shi

ppin

g Li

cenc

e

Nam

e of

shi

pM

TT

Tanj

ung

Man

isSe

rvic

es/

carg

oFu

llco

ntai

ner

Tonn

age

Gro

ss: 1

0384

Net

: 507

0Po

rt

of

regi

stry

Port

Klan

g

A108

658/

DSL

32

89/2

020

Dat

e of

issu

ance

:19

Sep

tem

ber 2

020

Valid

ity p

erio

d:19

Sep

tem

ber 2

020

–18

Sep

tem

ber 2

021

Nil

Com

plie

d

B -

17

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-1

8 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Tanj

ong

Man

is/

MTT

Ta

njun

g M

anis

(C

ont’d

)

Ow

ner

MTT

Sh

ippi

ngTa

njon

g M

anie

sPa

ymen

t of

RM

552.

00Po

rt o

f cal

lAl

l po

rts

in

Mal

aysi

an w

ater

sSh

ip’s

cre

wM

alay

sian

ci

tizen

Offi

cers

Rat

ings

12

Fore

ign

citiz

enO

ffice

rsR

atin

gs7

8

Reg

istra

r of

Mal

aysi

an

Ship

s, P

ort

Kela

ng

Cer

tific

ate

of M

alay

sian

Reg

istry

33

6746

Dat

e of

issu

ance

:28

Aug

ust 2

017

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Surv

eyor

G

ener

al o

f Sh

ips

Mal

aysi

a

Con

tinuo

us S

ynop

sis

Rec

ord

setti

ng

out,

amon

gsto

ther

s, th

e na

me

of th

e sh

ip,

the

port

at w

hich

the

shi

p is

re

gist

ered

and

the

ship

’s id

entif

icat

ion

num

ber

PKG

190

0658

Dat

e of

issu

ance

:15

Aug

ust 2

019

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Doc

umen

t of

C

ompl

ianc

e of

th

e sa

fety

m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

the

co

mpa

ny m

anag

ing

the

vess

el

011/

6062

-O

M/2

021

Dat

e of

issu

ance

:21

Apr

il 20

21

Valid

ity p

erio

d:21

Apr

il 20

21–

12 M

ay 2

026

Subj

ect t

o pe

riodi

cal

verif

icat

ion.

Com

plie

d

B -

18

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-1

9 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Tanj

ong

Man

is/

MTT

Ta

njun

g M

anis

(C

ont’d

)

Inte

rnat

iona

l En

ergy

Ef

ficie

ncy

Cer

tific

ate

6147

/201

7/00

32D

ate

of is

suan

ce:

24 M

ay 2

017

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Ship

s C

lass

ifica

tion

Mal

aysi

a

Safe

ty M

anag

emen

t Cer

tific

ate

1701

697S

MD

ate

of is

suan

ce:

6D

ecem

ber 2

017

Valid

ity p

erio

d:6

Dec

embe

r 201

7 –

20 O

ctob

er 2

022

Subj

ect

to

perio

dica

l ve

rific

atio

n an

d th

e D

ocum

ent

of C

ompl

ianc

e of

the

safe

ty m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

th

e co

mpa

ny

man

agin

g th

e ve

ssel

rem

ains

valid

.

Com

plie

d

Inte

rnat

iona

l Shi

p S

ecur

ity C

ertif

icat

e17

0169

7SC

Dat

e of

issu

ance

:6

Dec

embe

r 201

7

Valid

ity p

erio

d:6

Dec

embe

r 201

7 –

20 O

ctob

er 2

022

Subj

ect

to

verif

icat

ion

in

acco

rdan

ce

with

th

e pr

ovis

ion

unde

r th

e In

tern

atio

nal S

hip

and

Por

t Fa

cilit

y Se

curit

y C

ode.

Com

plie

d

Mar

itim

e La

bour

Cer

tific

ate

1701

584M

LD

ate

of is

suan

ce:

26 O

ctob

er 2

017

Valid

ity p

erio

d:26

Oct

ober

201

7 –

2 M

ay 2

022

Subj

ect

to i

nspe

ctio

ns i

n ac

cord

ance

w

ith

the

rele

vant

sta

ndar

ds u

nder

th

e M

ariti

me

Labo

ur

Con

vent

ion

2006

and

val

id

only

whe

n th

e D

ecla

ratio

n of

M

ariti

me

Labo

ur

Com

plia

nce

is a

ttach

ed.

Com

plie

d

B -

19

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-2

0 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Tanj

ong

Man

is/

MTT

Ta

njun

g M

anis

(C

ont’d

)

Lloy

d’s

Reg

iste

rC

argo

Sh

ip

Saf

ety

Equi

pmen

t C

ertif

icat

e21

0143

0D

ate

of is

suan

ce:

9 M

arch

202

1

Valid

ity p

erio

d:

9 M

arch

202

1–

21D

ecem

ber 2

025

Subj

ect

to

annu

al

and

perio

dica

l su

rvey

s in

ac

cord

ance

w

ith

the

regu

latio

n un

der

the

Inte

rnat

iona

l C

onve

ntio

n fo

r th

e Sa

fety

of

Life

at

Sea,

197

4.

Com

plie

d

Car

go S

hip

Safe

ty R

adio

Cer

tific

ate

2090

611

Dat

e of

issu

ance

:18

Nov

embe

r 202

0

Valid

ity p

erio

d:

18 N

ovem

ber 2

020

–21

Dec

embe

r 202

5

Subj

ect

to

perio

dica

l su

rvey

s in

acc

orda

nce

with

th

ere

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

Car

go

Ship

S

afet

y C

onst

ruct

ion

Cer

tific

ate

2101

430

Dat

e of

issu

ance

: 9

Mar

ch 2

021

Valid

ity p

erio

d:9

Mar

ch 2

021

–21

Dec

embe

r 202

5

Subj

ect

to

annu

al

and

inte

rmed

iate

sur

veys

and

in

spec

tions

of

the

outs

ide

of

the

ship

’s

botto

m

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

Inte

rnat

iona

l Oil

Pol

lutio

n Pr

even

tion

Cer

tific

ate

2101

430

Dat

e of

issu

ance

: 9

Mar

ch 2

021

Valid

ity p

erio

d:

9 M

arch

202

1 –

21 D

ecem

ber 2

025

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

B -

20

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-2

1 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Tanj

ong

Man

is/

MTT

Ta

njun

g M

anis

(C

ont’d

)

Inte

rnat

iona

l Loa

d Li

ne C

ertif

icat

e21

0143

0D

ate

of is

suan

ce:

9 M

arch

202

1

Valid

ity p

erio

d:

9M

arch

202

1 –

21D

ecem

ber 2

025

Subj

ect

to a

nnua

lsur

veys

in

ac

cord

ance

w

ith

the

artic

le

unde

rth

e In

tern

atio

nal

Con

vent

ion

on L

oad

Line

s, 1

966.

Com

plie

d

Inte

rnat

iona

l Se

wag

e Po

llutio

n Pr

even

tion

Cer

tific

ate

2101

430

Dat

e of

issu

ance

: 9

Mar

ch 2

021

Valid

ity p

erio

d:

9 M

arch

202

1–

21 D

ecem

ber 2

025

Subj

ect

tosu

rvey

s in

ac

cord

ance

w

ithth

ere

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Inte

rnat

iona

l A

nti-F

oulin

g S

yste

m

Cer

tific

ate

2010

537

Dat

e of

issu

ance

: 16

Oct

ober

201

8

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Nil

Com

plie

d

Inte

rnat

iona

l Air

Pol

lutio

n Pr

even

tion

Cer

tific

ate

2090

611

Dat

e of

issu

ance

: 18

Nov

embe

r 202

0

Valid

ity p

erio

d:

18 N

ovem

ber 2

020

–21

Dec

embe

r 202

5

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

B -

21

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-2

2 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Tanj

ong

Man

is/

MTT

Ta

njun

g M

anis

(C

ont’d

)

Doc

umen

t of

C

ompl

ianc

e fo

r th

e C

arria

ge o

fDan

gero

us G

oods

20

9061

1D

ate

of is

suan

ce:

18 N

ovem

ber 2

020

Valid

ity p

erio

d:

18N

ovem

ber 2

020

–21

Dec

embe

r 202

5

Subj

ect

to t

he c

ompl

ianc

e of

th

e In

tern

atio

nal

Mar

itim

e D

ange

rous

G

oods

C

ode

and

the

Inte

rnat

iona

l M

ariti

me

Solid

Bul

k C

argo

es C

ode.

Com

plie

d

Cer

tific

ate

of C

lass

2101

430

Dat

e of

issu

ance

: 9

Mar

ch 2

021

Valid

ity p

erio

d:

9 M

arch

202

1–

21D

ecem

ber 2

025

Nil

Com

plie

d

Inte

rnat

iona

l B

alla

st

Wat

er

Man

agem

ent C

ertif

icat

e21

0143

0D

ate

of is

suan

ce:

9 M

arch

202

1

Valid

ity p

erio

d:9

Mar

ch 2

021

–21

Dec

embe

r 202

5

Subj

ect

to

surv

eys

in

acco

rdan

ce w

ith re

gula

tion

unde

r th

e In

tern

atio

nal

Con

vent

ion

for

the

Con

trol

and

Man

agem

ent

of S

hip

Balla

st

Wat

er

and

Sedi

men

ts.

Com

plie

d

Car

go S

hip

Safe

ty E

quip

men

t Ex

empt

ion

Cer

tific

ate

2101

430

Dat

e of

issu

ance

:9

Mar

ch 2

021

Valid

ity p

erio

d:9

Mar

ch 2

021

–21

Dec

embe

r 202

5

Subj

ect

to t

he C

argo

Shi

p Sa

fety

Eq

uipm

ent

Cer

tific

ate

to

whi

ch

this

ce

rtific

ate

is

atta

ched

re

mai

nsva

lid.

Com

plie

d

Con

firm

atio

n of

Com

plia

nce

for

Ship

En

ergy

Effi

cien

cyM

anag

emen

t Pl

an

(SE

EMP

Par

t II)

9165

449/

01D

ate

of is

suan

ce:

29 D

ecem

ber2

018

Nil

Com

plie

d

B -

22

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

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3 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Tanj

ong

Man

is/

MTT

Ta

njun

g M

anis

(C

ont’d

)

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

DN

V G

LIn

tern

atio

nal T

onna

ge C

ertif

icat

eG

1071

61D

ate

of is

suan

ce:

13 J

une

2017

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Nil

Com

plie

d

Gov

ernm

ent

of M

alay

sia

Safe

Man

ning

Doc

umen

t SM

D25

71/2

017

Dat

e of

issu

ance

: 13

Feb

ruar

y 20

19

Valid

ity p

erio

d:

13Fe

brua

ry20

19 –

23 A

pril

2022

Nil

Com

plie

d

Ship

Sa

nita

tion

Con

trol

Exem

ptio

n C

ertif

icat

e15

5528

Dat

e of

issu

ance

:22

Mar

ch 2

021

Valid

ity p

erio

d:22

Mar

ch 2

021

–21

Sep

tem

ber 2

021

Valid

for a

max

imum

of s

ix

mon

ths,

bu

t th

e va

lidity

pe

riod

may

be

exte

nded

by

one

mon

th

if in

spec

tion

cann

ot b

e ca

rrie

d ou

t at t

he

port

and

ther

e is

no

evid

ence

of

in

fect

ion

or

cont

amin

atio

n

Com

plie

d

Mar

ine

Dep

artm

ent

of M

alay

sia

Inte

rim C

ertif

icat

e fo

r S

hip

Med

ical

Che

st

INTC

ERT/

114/

2021

Dat

e of

issu

ance

:N

il

Expi

ry d

ate:

2 Se

ptem

ber 2

021

Nil

Com

plie

d

B -

23

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

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RO

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(Con

t’d)

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ompa

ny/

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el

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rovi

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auth

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/ Is

suer

Type

of A

ppro

vals

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ence

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rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

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Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

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ong

Man

is/

MTT

Ta

njun

g M

anis

(C

ont’d

)

Mal

aysi

an

Com

mun

icat

ion

s an

dM

ultim

edia

C

omm

issi

on

Ship

Sta

tion

Lice

nse

(App

arat

us

Assi

gnm

ent)

4667

6/07

1211

0_00

1/20

17Ef

fect

ive

date

:15

Sep

tem

ber 2

017

Valid

ity p

erio

d:15

Sep

tem

ber 2

017–

31 D

ecem

ber 2

021

Nil

Com

plie

d

MTT

Sh

ippi

ng

Mua

ra/

MTT

Mua

ra

Dom

estic

Sh

ippi

ng

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nsin

g Bo

ard

Dom

estic

Shi

ppin

g Li

cenc

e

Nam

e of

shi

pM

TTM

uara

Se

rvic

es/

carg

oVa

rious

Tonn

age

Gro

ss: 1

6850

Net

: 736

4Po

rt

of

regi

stry

Port

Klan

g

Ow

ner

MTT

Sh

ippi

ng

Mua

raPa

ymen

t of

RM

781.

40Po

rt o

f cal

lAl

l po

rts

in

Mal

aysi

an w

ater

sSh

ip’s

cre

wM

alay

sian

ci

tizen

Offi

cers

Rat

ings

20

Fore

ign

citiz

enO

ffice

rsR

atin

gs6

13

A111

971/

DSL

236

0/20

21D

ate

of is

suan

ce:

4 Au

gust

201

9

Valid

ity p

erio

d:4

Augu

st 2

021

–3

Febr

uary

2022

Nil

Com

plie

d

Reg

istra

r of

Mal

aysi

an

Ship

s, P

ort

Klan

g

Cer

tific

ate

of M

alay

sian

Reg

istry

33

5672

Dat

e of

issu

ance

:14

Jul

y 20

15N

ilC

ompl

ied

B -

24

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-2

5 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Mua

ra/

MTT

Mua

ra

(Con

t’d)

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Surv

eyor

G

ener

al o

f Sh

ips

Mal

aysi

a

Con

tinuo

us S

ynop

sis

Rec

ord

setti

ng

out,

amon

gsto

ther

s, th

e na

me

of th

e sh

ip,

the

port

at w

hich

the

shi

p is

re

gist

ered

and

the

ship

’s id

entif

icat

ion

num

ber

PKG

180

0333

Dat

e of

issu

ance

: 7

Mar

ch 2

018

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Nil

Com

plie

d

Doc

umen

t of

C

ompl

ianc

eof

th

e sa

fety

m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

the

co

mpa

ny m

anag

ing

the

vess

el

011/

6062

-O

M/2

021

Dat

e of

issu

ance

:21

Apr

il 20

21

Valid

ity p

erio

d:21

Apr

il 20

21–

12 M

ay 2

026

Subj

ect

to

perio

dica

l ve

rific

atio

n.C

ompl

ied

Inte

rnat

iona

l En

ergy

Ef

ficie

ncy

Cer

tific

ate

6147

/201

5/01

08D

ate

of is

suan

ce:

2 N

ovem

ber 2

015

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Ship

s C

lass

ifica

tion

Mal

aysi

a

Safe

ty M

anag

emen

t Cer

tific

ate

2101

274S

MD

ate

of is

suan

ce:

28 J

une

2021

Valid

ity p

erio

d:28

Jun

e20

21–

30 M

ay 2

026

Subj

ect

to

perio

dica

l ve

rific

atio

n an

d th

e D

ocum

ent

of C

ompl

ianc

e of

the

safe

ty m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

th

e co

mpa

ny

man

agin

g th

e ve

ssel

rem

ains

valid

.

Com

plie

d

B -

25

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-2

6 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Mua

ra/

MTT

Mua

ra

(Con

t’d)

Inte

rnat

iona

l Shi

p S

ecur

ity C

ertif

icat

e21

0113

5SC

Dat

e of

issu

ance

: 16

Apr

il 20

21

Valid

ity p

erio

d:16

Apr

il 20

21–

30 M

ay 2

026

Subj

ect

to

verif

icat

ion

in

acco

rdan

ce

with

th

e pr

ovis

ion

unde

r th

e In

tern

atio

nal S

hip

and

Por

t Fa

cilit

y Se

curit

y C

ode.

Com

plie

d

Mar

itim

e La

bour

Cer

tific

ate

2101

032M

LD

ate

of is

suan

ce:

2 Fe

brua

ry 2

021

Valid

ity p

erio

d:2

Febr

uary

202

1–

15 D

ecem

ber 2

022

Subj

ect

to i

nspe

ctio

ns i

n ac

cord

ance

w

ith

the

rele

vant

sta

ndar

ds u

nder

th

e M

ariti

me

Labo

ur

Con

vent

ion

2006

and

val

id

only

whe

n th

e D

ecla

ratio

n of

M

ariti

me

Labo

ur

Com

plia

nce

isat

tach

ed.

Com

plie

d

RIN

A Se

rvic

es

S.p.

A

Car

go

Ship

S

afet

y Eq

uipm

ent

Cer

tific

ate

9719

4-V0

05-0

09D

ate

of is

suan

ce:

11 J

anua

ry 2

021

Valid

ity p

erio

d:11

Jan

uary

202

1–30

Sep

tem

ber 2

025

Subj

ect

to

annu

al

and

perio

dica

l su

rvey

s in

ac

cord

ance

w

ith

the

regu

latio

n un

der

the

Inte

rnat

iona

l C

onve

ntio

n fo

r th

e Sa

fety

of

Life

at

Sea,

197

4.

Com

plie

d

Car

go S

hip

Safe

ty R

adio

Cer

tific

ate

9719

4-V0

01-0

13D

ate

of is

suan

ce:

11 J

anua

ry 2

021

Valid

ity p

erio

d:11

Jan

uary

202

1–30

Sep

tem

ber 2

025

Subj

ect

to

perio

dica

l su

rvey

s in

acc

orda

nce

with

th

ere

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

B -

26

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-2

7 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Mua

ra/

MTT

Mua

ra

(Con

t’d)

Car

go

Ship

S

afet

y C

onst

ruct

ion

Cer

tific

ate

9719

4-V

005-

008

Dat

e of

issu

ance

: 11

Jan

uary

202

1

Valid

ity p

erio

d:11

Jan

uary

202

1–30

Sep

tem

ber2

025

Subj

ect

to

annu

al

and

inte

rmed

iate

sur

veys

and

in

spec

tions

of

the

outs

ide

of

the

ship

’s

botto

m

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

Inte

rnat

iona

l Oil

Pol

lutio

n Pr

even

tion

Cer

tific

ate

9719

4-V0

01-0

08D

ate

of is

suan

ce:

29 M

arch

201

8

Valid

ity p

erio

d:29

Mar

ch 2

018

–3

Sept

embe

r 202

2

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Inte

rnat

iona

l Loa

d Li

ne C

ertif

icat

e97

194-

V005

-006

Dat

e of

issu

ance

:11

Jan

uary

202

1

Valid

ity p

erio

d:11

Jan

uary

202

1–30

Sep

tem

ber 2

025

Subj

ect

to a

nnua

lsur

veys

in

ac

cord

ance

w

ith

the

artic

le

unde

rth

e In

tern

atio

nal

Con

vent

ion

on L

oad

Line

s, 1

966.

Com

plie

d

Inte

rnat

iona

l Se

wag

e Po

llutio

n Pr

even

tion

Cer

tific

ate

9719

4-V0

05-0

07D

ate

of is

suan

ce:

11 J

anua

ry 2

021

Valid

ity p

erio

d:11

Jan

uary

202

1–30

Sep

tem

ber 2

025

Subj

ect

tosu

rvey

s in

ac

cord

ance

w

ithth

ere

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

B -

27

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-2

8 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Mua

ra/

MTT

Mua

ra

(Con

t’d)

Shor

t Ter

m In

tern

atio

nal A

ir Po

llutio

n Pr

even

tion

Cer

tific

ate

9719

4-R

005-

004

Dat

e of

issu

ance

: 16

Aug

ust 2

020

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Doc

umen

t of

C

ompl

ianc

e fo

r th

e C

arria

ge o

f Dan

gero

us G

oods

9719

4-V0

05-0

02D

ate

of is

suan

ce:

11 J

anua

ry 2

021

Valid

ity p

erio

d:11

Jan

uary

202

1–30

Sep

tem

ber 2

025

Subj

ect

to t

he c

ompl

ianc

e of

th

e In

tern

atio

nal

Mar

itim

e So

lid

Bul

k C

argo

es

Cod

e an

d th

e In

tern

atio

nal

Mar

itim

e So

lid B

ulk

Car

goes

Cod

e.

Com

plie

d

Cer

tific

ate

of C

lass

9719

4-V0

05-0

01D

ate

of is

suan

ce:

11 J

anua

ry 2

021

Valid

ity p

erio

d:

11 J

anua

ry 2

021

–30

Sep

tem

ber 2

025

Subj

ect

to t

heco

mpl

ianc

e of

the

Cla

ssifi

catio

nR

ules

of

RIN

A S

ervi

ces

S.p.

A.

Com

plie

d

Shor

t Te

rm

Inte

rnat

iona

l Ba

llast

W

ater

Man

agem

ent C

ertif

icat

e 97

194-

R00

5-00

5D

ate

of is

suan

ce:

16 A

ugus

t 202

0

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Con

trol

and

Man

agem

ent

of

Ship

Ba

llast

W

ater

an

d Se

dim

ents

.

Com

plie

d

B -

28

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-2

9 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Mua

ra/

MTT

Mua

ra

(Con

t’d)

Car

go

Ship

S

afet

y Eq

uipm

ent

Exem

ptio

n C

ertif

icat

e

9719

4-V0

05-0

10D

ate

of is

suan

ce:

11 J

anua

ry 2

021

Valid

ity p

erio

d:11

Jan

uary

202

1–30

Sep

tem

ber 2

025

Subj

ect

to t

he C

argo

Shi

p Sa

fety

Eq

uipm

ent

Cer

tific

ate

to

whi

ch

this

ce

rtific

ate

is

atta

ched

re

mai

nsva

lid.

Com

plie

d

Mar

pol

73/7

8 An

nex

V St

atem

ent

conc

erni

ng P

reve

ntio

n of

Pol

lutio

n by

G

arba

ge

9719

4-V0

05-0

03D

ate

of is

suan

ce:

11 J

anua

ry 2

021

Valid

ity p

erio

d:11

Jan

uary

202

1–30

Sep

tem

ber 2

025

Subj

ect t

o an

nual

sur

vey.

Com

plie

d

DN

VG

LIn

tern

atio

nal T

onna

ge C

ertif

icat

eG

1017

76

Dat

e of

issu

ance

: 5

May

201

5

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Inte

rnat

iona

l A

nti-F

oulin

g S

yste

m

Cer

tific

ate

G10

1776

Dat

e of

issu

ance

:29

Oct

ober

201

7

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Lloy

d’s

Reg

iste

rC

onfir

mat

ion

of C

ompl

ianc

e fo

r Sh

ip

Ener

gy E

ffici

ency

Man

agem

ent

Plan

(S

EEM

P P

art I

I)

9216

731/

01D

ate

of is

suan

ce:

29 D

ecem

ber 2

018

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

B -

29

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-3

0 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Mua

ra/

MTT

Mua

ra

(Con

t’d)

Gov

ernm

ent

of M

alay

sia

Safe

Man

ning

Doc

umen

tSM

D18

68/2

015

Dat

e of

issu

ance

: 23

Jan

uary

202

0

Valid

ity p

erio

d:23

Jan

uary

202

0–

11Fe

brua

ry 2

025

Nil

Com

plie

d

Ship

Sa

nita

tion

Con

trol

Exem

ptio

n C

ertif

icat

e 04

9166

Dat

e of

issu

ance

:10

Jul

y 20

21

Valid

ity p

erio

d:10

Jul

y20

21–

9 Ja

nuar

y 20

22

Valid

for a

max

imum

of s

ix

mon

ths,

bu

t th

e va

lidity

pe

riod

may

be

exte

nded

by

one

mon

th

if in

spec

tion

cann

ot b

e ca

rrie

d ou

t at t

he

port

and

ther

e is

no

ev

iden

ce

of

infe

ctio

n or

co

ntam

inat

ion

Com

plie

d

Mar

ine

Dep

artm

ent

of M

alay

sia

Med

icin

e C

hest

Cer

tific

ate

JLM

002

299

Dat

e of

issu

ance

:N

il

Expi

ry d

ate:

7 D

ecem

ber 2

021

Nil

Com

plie

d

Mal

aysi

an

Com

mun

icat

ion

s an

d M

ultim

edia

C

omm

issi

on

Ship

St

atio

n Li

cens

e (A

ppar

atus

As

sign

men

t)41

352/

1320

751_

001/

2020

Effe

ctiv

e da

te:

20 J

uly

2020

Valid

ity p

erio

d:20

Jul

y 20

20 –

31 D

ecem

ber 2

024

Nil

Com

plie

d

B -

30

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-3

1 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Taw

au/

MTT

Taw

au

Dom

estic

Sh

ippi

ng

Lice

nsin

g Bo

ard

Dom

estic

Shi

ppin

g Li

cenc

e

Nam

e of

shi

pM

TT T

awau

Serv

ices

/ca

rgo

Con

tain

er

Tonn

age

Gro

ss: 1

0743

Net

: 547

8Po

rt

of

regi

stry

Port

Klan

g

Ow

ner

MTT

Sh

ippi

ng

Taw

auPa

ymen

t of

RM

592.

80Po

rt o

f cal

lAl

l po

rts

in

Mal

aysi

an w

ater

sSh

ip’s

cre

wM

alay

sian

ci

tizen

Offi

cers

Rat

ings

27

Fore

ign

citiz

enO

ffice

rsR

atin

gs6

7

A108

345/

DSL

285

5/20

20D

ate

of is

suan

ce:

23 A

ugus

t 202

0

Valid

ity p

erio

d:23

Aug

ust 2

020

–22

Aug

ust 2

021

Nil

Com

plie

d

Reg

istra

r of

Mal

aysi

an

Ship

s, P

ort

Klan

g

Cer

tific

ate

of M

alay

sian

Reg

istry

33

4487

Dat

e of

issu

ance

:6

Febr

uary

201

3

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

B -

31

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-3

2 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Taw

au/

MTT

Taw

au

(Con

t’d)

Surv

eyor

G

ener

al o

f Sh

ips

Con

tinuo

us S

ynop

sis

Rec

ord

setti

ng

out,

amon

gsto

ther

s, th

e na

me

of th

e sh

ip,

the

port

at w

hich

the

shi

p is

re

gist

ered

and

the

ship

’s id

entif

icat

ion

num

ber

PKG

170

0135

Dat

e of

issu

ance

:24

Jul

y 20

17

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Doc

umen

t of

C

ompl

ianc

e of

th

e sa

fety

m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

the

co

mpa

ny m

anag

ing

the

vess

el

011/

6062

-O

M/2

021

Dat

e of

issu

ance

:21

Apr

il 20

21

Valid

ity p

erio

d:21

Apr

il 20

21–

12 M

ay 2

026

Subj

ect

to

perio

dica

l ve

rific

atio

n.C

ompl

ied

Inte

rnat

iona

l En

ergy

Ef

ficie

ncy

Cer

tific

ate

6147

/201

4/02

06D

ate

of is

suan

ce:

15 D

ecem

ber 2

014

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Nil

Com

plie

d

Ship

s C

lass

ifica

tion

Mal

aysi

a

Inte

rim

Safe

ty

Man

agem

ent

Cer

tific

ate

2101

230S

MD

ate

of is

suan

ce:

8 Ju

ne 2

021

Valid

ity p

erio

d:8

June

202

1–

13A

ugus

t 202

1

Subj

ect t

o th

e D

ocum

ent o

f C

ompl

ianc

e of

the

saf

ety

man

agem

ent

syst

em

impl

emen

ted

and

mai

ntai

ned

by

the

com

pany

m

anag

ing

the

vess

elre

mai

nsva

lid.

Com

plie

d

B -

32

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-3

3 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Taw

au/

MTT

Taw

au

(Con

t’d)

Inte

rim

Inte

rnat

iona

l S

hip

Sec

urity

C

ertif

icat

e21

0123

0SC

Dat

e of

issu

ance

:8

June

202

1

Valid

ity p

erio

d:8

June

202

1–

13A

ugus

t202

1

Nil

Com

plie

d

Mar

itim

e La

bour

Cer

tific

ate

2101

033M

LD

ate

of is

suan

ce:

2 Fe

brua

ry 2

021

Valid

ity p

erio

d:2

Febr

uary

202

1–16

Dec

embe

r 202

5

Subj

ect

to i

nspe

ctio

ns i

n ac

cord

ance

w

ith

the

rele

vant

sta

ndar

ds u

nder

th

e M

ariti

me

Labo

ur

Con

vent

ion

2006

and

val

id

only

whe

n th

e D

ecla

ratio

n of

M

ariti

me

Labo

ur

Com

plia

nce

is a

ttach

ed.

Com

plie

d

RIN

A Se

rvic

es

S.p.

A

Car

go

Ship

S

afet

y Eq

uipm

ent

Cer

tific

ate

9657

2-V0

08-0

03D

ate

of is

suan

ce:

21 S

epte

mbe

r 202

0

Valid

ity p

erio

d:

21 S

epte

mbe

r 202

0–

25 M

ay 2

022

Subj

ect

to

annu

al

and

perio

dica

l su

rvey

s in

ac

cord

ance

w

ith

the

regu

latio

n un

der

the

Inte

rnat

iona

l C

onve

ntio

n fo

r th

e Sa

fety

of

Life

at

Sea,

197

4.

Com

plie

d

Car

go S

hip

Safe

ty R

adio

Cer

tific

ate

9657

2-V0

01-0

05D

ate

of is

suan

ce:

25 A

ugus

t 201

7

Valid

ity p

erio

d:

25 A

ugus

t 201

7 –

25 M

ay 2

022

Subj

ect

to

perio

dica

l su

rvey

s in

acc

orda

nce

with

th

ere

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

B -

33

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-3

4 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Taw

au/

MTT

Taw

au

(Con

t’d)

Car

go

Ship

S

afet

y C

onst

ruct

ion

Cer

tific

ate

9657

2-V0

08-0

01D

ate

of is

suan

ce:

21 S

epte

mbe

r 202

0

Valid

ity p

erio

d:

21 S

epte

mbe

r 202

0–

25 M

ay 2

022

Subj

ect

to

annu

al

and

inte

rmed

iate

sur

veys

and

in

spec

tions

of

the

outs

ide

of

the

ship

’s

botto

m

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

Inte

rnat

iona

l Oil

Pol

lutio

n Pr

even

tion

Cer

tific

ate

9657

2-V0

01-0

06D

ate

of is

suan

ce:

25 A

ugus

t 201

7

Valid

ity p

erio

d:

25 A

ugus

t 201

7 –

25 M

ay 2

022

Nil

Com

plie

d

Inte

rnat

iona

l Loa

d Li

ne C

ertif

icat

e96

572-

V001

-002

Dat

e of

issu

ance

: 25

Aug

ust 2

017

Valid

ity p

erio

d:

25 A

ugus

t 201

7 –

25 M

ay 2

022

Nil

Com

plie

d

Inte

rnat

iona

l Ton

nage

Cer

tific

ate

2017

/X1/

01/3

77-

ITC

Dat

e of

issu

ance

: 25

Aug

ust 2

017

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Nil

Com

plie

d

B -

34

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-3

5 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Taw

au/

MTT

Taw

au

(Con

t’d)

Inte

rnat

iona

l Se

wag

e Po

llutio

n Pr

even

tion

Cer

tific

ate

9657

2-V0

01-0

07D

ate

of is

suan

ce:

25 A

ugus

t 201

7

Valid

ity p

erio

d:

25 A

ugus

t 201

7 –

25 M

ay 2

022

Subj

ect

tosu

rvey

s in

ac

cord

ance

w

ithth

ere

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Inte

rnat

iona

l A

nti-F

oulin

g S

yste

m

Cer

tific

ate

9657

2-R

001-

010

Dat

e of

issu

ance

: 13

Jul

y 20

17

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Nil

Com

plie

d

Inte

rnat

iona

l Air

Pol

lutio

n Pr

even

tion

Cer

tific

ate

9657

2-V0

01-0

08D

ate

of is

suan

ce:

25 A

ugus

t 201

7

Valid

ity p

erio

d:

25 A

ugus

t 201

7 –

25 M

ay 2

022

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Doc

umen

t of

C

ompl

ianc

e fo

r th

e C

arria

ge o

f Dan

gero

us G

oods

9657

2-V0

01-0

10D

ate

of is

suan

ce:

25 A

ugus

t 201

7

Valid

ity p

erio

d:

25 A

ugus

t 201

7 –

25 M

ay 2

022

Subj

ect

to t

he c

ompl

ianc

e of

th

e In

tern

atio

nal

Mar

itim

e D

ange

rous

G

oods

C

ode

and

the

Inte

rnat

iona

l M

ariti

me

Solid

Bul

k C

argo

es C

ode.

Com

plie

d

Cer

tific

ate

of C

lass

9657

2-V0

01-0

01D

ate

of is

suan

ce:

25 A

ugus

t 201

7

Valid

ity p

erio

d:

25 A

ugus

t 201

7 –

25 M

ay 2

022

Subj

ect

to t

heco

mpl

ianc

e of

the

Cla

ssifi

catio

nR

ules

of R

INA

Serv

ices

S.p

.A.

Com

plie

d

B -

35

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-3

6 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Taw

au/

MTT

Taw

au

(Con

t’d)

Inte

rnat

iona

l B

alla

st

Wat

er

Man

agem

ent C

ertif

icat

e 96

572-

V001

-009

Dat

e of

issu

ance

: 25

Aug

ust 2

017

Valid

ity p

erio

d:

25 A

ugus

t 201

7 –

25 M

ay 2

022

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Con

trol

and

Man

agem

ent

of

Ship

Ba

llast

W

ater

an

d Se

dim

ents

.

Com

plie

d

Car

go

Ship

S

afet

y Eq

uipm

ent

Exem

ptio

n C

ertif

icat

e

9657

2-V0

08-0

02D

ate

of is

suan

ce:

21 S

epte

mbe

r 202

0

Valid

ity p

erio

d:

21 S

epte

mbe

r202

0–

25 M

ay 2

022

The

vess

el

is

cons

tant

ly

enga

ged

on

voya

ges

in

war

m c

limat

es a

nd s

ubje

ct

to t

he C

argo

Shi

p Sa

fety

Eq

uipm

ent

Cer

tific

ate

to

whi

ch

this

ce

rtific

ate

is

atta

ched

rem

ains

valid

.

Com

plie

d

Lloy

d’s

Reg

iste

r C

onfir

mat

ion

of C

ompl

ianc

e fo

r Sh

ip

Ener

gy E

ffici

ency

Man

agem

ent

Plan

(S

EEM

P P

art I

I)

9126

869/

01D

ate

of is

suan

ce:

29 D

ecem

ber 2

018

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Gov

ernm

ent

of M

alay

sia

Safe

Man

ning

Doc

umen

t SM

D09

84/2

012

Dat

e of

issu

ance

: 13

Feb

ruar

y 20

19

Valid

ity p

erio

d:

13 F

ebru

ary

2019

–8

Sept

embe

r 202

2

Nil

Com

plie

d

B -

36

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-3

7 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

Ship

Sa

nita

tion

Con

trol

Exem

ptio

n C

ertif

icat

e04

9235

Dat

e of

issu

ance

: 3

June

202

1

Valid

ity p

erio

d:

3 Ju

ne 2

021

–2

Dec

embe

r202

1

Valid

for a

max

imum

of s

ix

mon

ths,

bu

t th

e va

lidity

pe

riod

may

be

exte

nded

by

one

mon

th

if in

spec

tion

cann

ot b

e ca

rrie

d ou

t at t

he

port

and

ther

e is

no

ev

iden

ce

of

infe

ctio

n or

co

ntam

inat

ion.

Com

plie

d

Mar

ine

Dep

artm

ent

of M

alay

sia

Inte

rim C

ertif

icat

e fo

r Sh

ip M

edic

ine

Che

st

Nil

Dat

e of

issu

ance

: N

il

Expi

ry d

ate:

16 A

ugus

t 202

1

Nil

Com

plie

d

Mal

aysi

an

Com

mun

icat

ion

s an

d M

ultim

edia

C

omm

issi

on

Ship

St

atio

n Li

cens

e (A

ppar

atus

As

sign

men

t)35

647/

0299

987_

001/

2020

Effe

ctiv

e da

te:

1 Ja

nuar

y 20

21

Valid

ity p

erio

d:1

Janu

ary

2021

–31

Dec

embe

r 202

1

Nil

Com

plie

d

B -

37

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

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MIT

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(Con

t’d)

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ompa

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el

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auth

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vals

/Lic

ence

s/Pe

rmits

Lice

nce/

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it/

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eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

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/ M

TTBi

ntul

u

Dom

estic

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ippi

ng

Lice

nsin

g Bo

ard

Dom

estic

Shi

ppin

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cenc

e

Nam

e of

shi

pM

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carg

oC

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iner

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esTo

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eG

ross

: 150

95N

et: 6

453

Port

of

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ang

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ner

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iriPa

ymen

t of

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rt o

f cal

lAl

l po

rts

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an w

ater

sSh

ip’s

cre

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cers

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01

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ign

citiz

enO

ffice

rsR

atin

gs8

11

A110

264/

DSL

042

0/20

21D

ate

of is

suan

ce:

23 F

ebru

ary

2021

Valid

ity p

erio

d:23

Feb

ruar

y 20

21–

22 F

ebru

ary

2022

Nil

Com

plie

d

Reg

istra

r of

Mal

aysi

an

Ship

s, P

ort

Klan

g

Cer

tific

ate

of M

alay

sian

Reg

istry

33

5854

Dat

e of

issu

ance

:23

Jan

uary

2017

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Surv

eyor

G

ener

al o

f Sh

ips

Con

tinuo

us S

ynop

sis

Rec

ord

setti

ng

out,

amon

gsto

ther

s, th

e na

me

of th

e sh

ip,

the

port

at w

hich

the

shi

p is

re

gist

ered

and

the

ship

’s id

entif

icat

ion

num

ber

PKG

170

0021

Dat

e of

issu

ance

:23

Feb

ruar

y 20

17

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

B -

38

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-3

9 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Miri

/ M

TTBi

ntul

u(C

ont’d

)

Doc

umen

t of

C

ompl

ianc

e of

th

e sa

fety

m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

the

co

mpa

ny m

anag

ing

the

vess

el

011/

6062

-O

M/2

021

Dat

e of

issu

ance

:21

Apr

il 20

21

Valid

ity p

erio

d:21

Apr

il 20

21–

12 M

ay 2

026

Subj

ect

to

perio

dica

l ve

rific

atio

n.C

ompl

ied

Inte

rnat

iona

l En

ergy

Ef

ficie

ncy

Cer

tific

ate

6147

/201

6/00

86D

ate

of is

suan

ce:

18O

ctob

er 2

016

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Nil

Com

plie

d

Ship

s C

lass

ifica

tion

Mal

aysi

a

Safe

ty M

anag

emen

t Cer

tific

ate

1701

234S

MD

ate

of is

suan

ce:

16 M

ay 2

017

Valid

ity p

erio

d:16

May

201

7 –

6 M

arch

202

2

Subj

ect

to

perio

dica

l ve

rific

atio

n an

d th

e D

ocum

ent

of C

ompl

ianc

e of

the

safe

ty m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

th

e co

mpa

ny

man

agin

g th

e ve

ssel

rem

ains

valid

.

Com

plie

d

Inte

rnat

iona

l Shi

p S

ecur

ity C

ertif

icat

e17

0123

4SC

Dat

e of

issu

ance

:16

May

201

7

Valid

ity p

erio

d:16

May

201

7 –

6 M

arch

202

2

Subj

ect

to

verif

icat

ion

in

acco

rdan

ce

with

th

e pr

ovis

ion

unde

r th

e In

tern

atio

nal S

hip

and

Por

t Fa

cilit

y Se

curit

y C

ode.

Com

plie

d

B -

39

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-4

0 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Miri

/ M

TTBi

ntul

u(C

ont’d

)

Mar

itim

e La

bour

Cer

tific

ate

1701

234M

LD

ate

of is

suan

ce:

16 M

ay 2

017

Valid

ity p

erio

d:16

May

201

7 –

20 S

epte

mbe

r 202

1

Subj

ect

to i

nspe

ctio

ns i

n ac

cord

ance

w

ith

the

rele

vant

sta

ndar

ds u

nder

th

e M

ariti

me

Labo

ur

Con

vent

ion

2006

and

val

id

only

whe

n th

e D

ecla

ratio

n of

M

ariti

me

Labo

ur

Com

plia

nce

is a

ttach

ed.

Com

plie

d

Lloy

d’s

Reg

iste

r C

argo

Sh

ip

Saf

ety

Equi

pmen

t C

ertif

icat

e20

2255

7D

ate

of is

suan

ce:

29 J

anua

ry 2

019

Valid

ity p

erio

d:

29 J

anua

ry 2

019

–30

Dec

embe

r 202

2

Subj

ect

to

annu

al

and

perio

dica

l su

rvey

s in

ac

cord

ance

w

ith

the

regu

latio

n un

der

the

Inte

rnat

iona

l C

onve

ntio

n fo

r th

e Sa

fety

of

Life

at

Sea,

197

4.

Com

plie

d

Car

go S

hip

Safe

ty R

adio

Cer

tific

ate

SNG

1701

2078

Dat

e of

issu

ance

: 14

Dec

embe

r 201

7

Valid

ity p

erio

d:

14 D

ecem

ber 2

017

–30

Dec

embe

r 202

2

Subj

ect

to

perio

dica

l su

rvey

s in

acc

orda

nce

with

th

ere

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

Car

go

Ship

S

afet

y C

onst

ruct

ion

Cer

tific

ate

SNG

1712

078

Dat

e of

issu

ance

: 14

Dec

embe

r 201

7

Valid

ity p

erio

d:

14 D

ecem

ber 2

017

–30

Dec

embe

r 202

2

Subj

ect

to

annu

al

and

inte

rmed

iate

sur

veys

and

in

spec

tions

of

the

outs

ide

of

the

ship

’s

botto

m

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

B -

40

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-4

1 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Miri

/ M

TTBi

ntul

u(C

ont’d

)

Inte

rnat

iona

l Oil

Pol

lutio

n Pr

even

tion

Cer

tific

ate

SNG

1712

078

Dat

e of

issu

ance

: 14

Dec

embe

r 201

7

Valid

ity p

erio

d:

14 D

ecem

ber 2

017

–30

Dec

embe

r 202

2

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Inte

rnat

iona

l Loa

d Li

ne C

ertif

icat

eSN

G17

1207

8D

ate

of is

suan

ce:

14 D

ecem

ber 2

017

Valid

ity p

erio

d:

14 D

ecem

ber 2

017

–30

Dec

embe

r 202

2

Subj

ect

to a

nnua

lsur

veys

in

ac

cord

ance

w

ith

the

artic

le

unde

rth

e In

tern

atio

nal

Con

vent

ion

on L

oad

Line

s, 1

966.

Com

plie

d

Inte

rnat

iona

l Ton

nage

Cer

tific

ate

TPI 1

6001

98D

ate

of is

suan

ce:

23 S

epte

mbe

r 201

6

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Nil

Com

plie

d

Inte

rnat

iona

l Se

wag

e Po

llutio

n Pr

even

tion

Cer

tific

ate

SNG

1712

078

Dat

e of

issu

ance

: 14

Dec

embe

r 201

7

Valid

ity p

erio

d:

14 D

ecem

ber 2

017

–30

Dec

embe

r 202

2

Subj

ect

tosu

rvey

s in

ac

cord

ance

w

ithth

ere

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Inte

rnat

iona

l A

nti-F

oulin

g S

yste

m

Cer

tific

ate

SNG

171

2078

Dat

e of

issu

ance

: 14

Dec

embe

r 201

7

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Nil

Com

plie

d

B -

41

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-4

2 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Miri

/ M

TTBi

ntul

u(C

ont’d

)

Inte

rnat

iona

l Air

Pol

lutio

n Pr

even

tion

Cer

tific

ate

2022

557

Dat

e of

issu

ance

: 29

Jan

uary

201

9

Valid

ity p

erio

d:

29 J

anua

ry 2

019

–30

Dec

embe

r 202

2

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Doc

umen

t of

C

ompl

ianc

e fo

r th

e C

arria

ge o

fDan

gero

us G

oods

SN

G 1

7120

78D

ate

of is

suan

ce:

14 D

ecem

ber 2

017

Valid

ity p

erio

d:

14 D

ecem

ber 2

017

–30

Dec

embe

r 202

2

Subj

ect

to c

ompl

ianc

e of

th

e In

tern

atio

nal

Mar

itim

e D

ange

rous

G

oods

C

ode

and

the

Inte

rnat

iona

l M

ariti

me

Solid

B

ulk

Car

goes

Cod

e.

Com

plie

d

Cer

tific

ate

of C

lass

SNG

171

2078

Dat

e of

issu

ance

: 14

Dec

embe

r 201

7

Valid

ity p

erio

d:

14D

ecem

ber 2

017

–30

Dec

embe

r 202

2

Nil

Com

plie

d

Inte

rnat

iona

l B

alla

st

Wat

er

Man

agem

ent C

ertif

icat

e SN

G17

1207

8D

ate

of is

suan

ce:

14 D

ecem

ber 2

017

Valid

ity p

erio

d:

8 Se

ptem

ber 2

017

–30

Dec

embe

r 202

2

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Con

trol

and

Man

agem

ent

of

Ship

Ba

llast

W

ater

an

d Se

dim

ents

.

Com

plie

d

B -

42

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-4

3 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Miri

/ M

TTBi

ntul

u(C

ont’d

)

Car

go

Ship

S

afet

y Eq

uipm

ent

Exem

ptio

n C

ertif

icat

e

SNG

1712

078

Dat

e of

issu

ance

: 14

Dec

embe

r 201

7

Valid

ity p

erio

d:

14D

ecem

ber 2

017

–30

Dec

embe

r 202

2

Subj

ect

to t

he C

argo

Shi

p Sa

fety

Eq

uipm

ent

Cer

tific

ate

to

whi

ch

this

ce

rtific

ate

is

atta

ched

re

mai

nsva

lid.

Com

plie

d

Con

firm

atio

n of

Com

plia

nce

for

Ship

En

ergy

Effi

cien

cy M

anag

emen

t Pl

an

(SE

EMP

Par

t II)

9148

532/

01D

ate

of is

suan

ce:

29 D

ecem

ber 2

018

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Gov

ernm

ent

of M

alay

sia

Safe

Man

ning

Doc

umen

t SM

D23

98/2

016

Dat

e of

issu

ance

: 13

Feb

ruar

y 20

19

Valid

ity p

erio

d:

13 F

ebru

ary

2019

–13

Sep

tem

ber 2

021

Nil

Com

plie

d

Ship

Sa

nita

tion

Con

trol

Exem

ptio

n C

ertif

icat

e04

9174

Dat

e of

issu

ance

: 16

Jul

y 20

21

Valid

ity p

erio

d:

16 J

uly

2021

–15

Jan

uary

202

2

Valid

for a

max

imum

of s

ix

mon

ths,

bu

t th

e va

lidity

pe

riod

may

be

exte

nded

by

one

mon

th

if in

spec

tion

cann

ot b

e ca

rrie

d ou

t at t

he

port

and

ther

e is

no

ev

iden

ce

of

infe

ctio

n or

co

ntam

inat

ion

Com

plie

d

B -

43

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-4

4 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Miri

/ M

TTBi

ntul

u(C

ont’d

)

Mar

ine

Dep

artm

ent

of M

alay

sia

Med

icin

e C

hest

Cer

tific

ate

JLM

002

253

Dat

e of

issu

ance

: N

il

Expi

ry d

ate:

3

Nov

embe

r 202

1

Nil

Com

plie

d

Mal

aysi

an

Com

mun

icat

ion

s an

d M

ultim

edia

C

omm

issi

on

Ship

St

atio

n Li

cens

e (A

ppar

atus

As

sign

men

t)02

0052

20-

000S

U/3

2017

Effe

ctiv

e da

te:

28 F

ebru

ary

2017

Valid

ity p

erio

d:

28 F

ebru

ary

2017

–31

Dec

embe

r 202

1

Nil

Com

plie

d

MTT

Sh

ippi

ng

Kuch

ing/

M

TT

Kuch

ing

Dua

Dom

estic

Sh

ippi

ng

Lice

nsin

g Bo

ard

Dom

estic

Shi

ppin

g Li

cenc

e

Nam

e of

shi

pM

TT K

uchi

ng D

uaSe

rvic

es/

carg

oVa

rious

Tonn

age

Gro

ss: 1

5095

Net

: 645

3Po

rt

of

regi

stry

Port

Klan

g

Ow

ner

MTT

Sh

ippi

ngKu

chin

gPa

ymen

t of

RM

690.

30Po

rt o

f cal

lAl

l po

rts

in

Mal

aysi

an w

ater

sSh

ip’s

cre

wM

alay

sian

ci

tizen

Offi

cers

Rat

ings

01

Fore

ign

citiz

enO

ffice

rsR

atin

gs8

11

A110

120/

DSL

024

6/20

21D

ate

of is

suan

ce:

29 J

anua

ry 2

021

Valid

ity p

erio

d:29

Jan

uary

2021

–28

Jan

uary

2022

Nil

Com

plie

d

B -

44

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-4

5 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Kuch

ing/

M

TT

Kuch

ing

Dua

(Con

t’d)

Reg

istra

r of

Mal

aysi

an

Ship

s, P

ort

Klan

g

Cer

tific

ate

of M

alay

sian

Reg

istry

33

6852

Dat

e of

issu

ance

:12

Nov

embe

r 201

8

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Surv

eyor

G

ener

al o

f Sh

ips

Con

tinuo

us S

ynop

sis

Rec

ord

setti

ng

out,

amon

gsto

ther

s, th

e na

me

of th

e sh

ip,

the

port

at w

hich

the

shi

p is

re

gist

ered

and

the

ship

’s id

entif

icat

ion

num

ber

PKG

180

0523

Dat

e of

issu

ance

:21

Nov

embe

r 201

8

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Doc

umen

t of

C

ompl

ianc

e of

th

e sa

fety

m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

the

co

mpa

ny m

anag

ing

the

vess

el

011/

6062

-O

M/2

021

Dat

e of

issu

ance

:21

Apr

il 20

21

Valid

ity p

erio

d:21

Apr

il 20

21–

12 M

ay 2

026

Subj

ect

to

perio

dica

l ve

rific

atio

n.C

ompl

ied

Inte

rnat

iona

l En

ergy

Ef

ficie

ncy

Cer

tific

ate

6147

/201

8/00

63D

ate

of is

suan

ce:

4 Ju

ly 2

018

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Nil

Com

plie

d

B -

45

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-4

6 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Kuch

ing/

M

TT

Kuch

ing

Dua

(Con

t’d)

Ship

s C

lass

ifica

tion

Mal

aysi

a

Safe

ty M

anag

emen

t Cer

tific

ate

1901

017S

MD

ate

of is

suan

ce:

9Ja

nuar

y 20

19

Valid

ity p

erio

d:9

Janu

ary

2019

–11

Dec

embe

r 202

3

Subj

ect

to

perio

dica

l ve

rific

atio

n an

d th

e D

ocum

ent

of C

ompl

ianc

e of

the

safe

ty m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

th

e co

mpa

ny

man

agin

g th

e ve

ssel

rem

ains

valid

.

Com

plie

d

Inte

rnat

iona

l Shi

p S

ecur

ity C

ertif

icat

e18

0161

2SC

Dat

e of

issu

ance

:12

Dec

embe

r 201

8

Valid

ity p

erio

d:12

Dec

embe

r 201

8 –

11 D

ecem

ber 2

023

Subj

ect

to

verif

icat

ion

in

acco

rdan

ce

with

th

e pr

ovis

ion

unde

r th

e In

tern

atio

nal S

hip

and

Por

t Fa

cilit

y Se

curit

y C

ode.

Com

plie

d

Mar

itim

e La

bour

Cer

tific

ate

1801

618M

LD

ate

of is

suan

ce:

13 D

ecem

ber 2

018

Valid

ity p

erio

d:13

Dec

embe

r 201

8 –

11 D

ecem

ber 2

023

Subj

ect

to i

nspe

ctio

ns i

n ac

cord

ance

w

ith

the

rele

vant

sta

ndar

ds u

nder

th

e M

ariti

me

Labo

ur

Con

vent

ion

2006

and

val

id

only

whe

n th

e D

ecla

ratio

n of

M

ariti

me

Labo

ur

Com

plia

nce

is a

ttach

ed.

Com

plie

d

Nip

pon

Kaiji

Kyo

kai

Car

go

Ship

S

afet

y Eq

uipm

ent

Cer

tific

ate

20JB

0036

-SEC

Dat

e of

issu

ance

: 3

July

202

0

Valid

ity p

erio

d:

3 Ju

ly 2

020

–31

May

202

5

Subj

ect

to

annu

al

and

perio

dica

l su

rvey

s in

ac

cord

ance

w

ith

the

regu

latio

n un

der

the

Inte

rnat

iona

l C

onve

ntio

n fo

r th

e Sa

fety

of

Life

at

Sea,

197

4.

Com

plie

d

B -

46

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-4

7 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Kuch

ing/

M

TT

Kuch

ing

Dua

(Con

t’d)

Car

go S

hip

Safe

ty R

adio

Cer

tific

ate

20JB

0036

-SR

CD

ate

of is

suan

ce:

3 Ju

ly 2

020

Valid

ity p

erio

d:

3 Ju

ly 2

020–

31M

ay 2

025

Subj

ect

to

perio

dica

l su

rvey

s in

acc

orda

nce

with

th

ere

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

Car

go

Ship

S

afet

y C

onst

ruct

ion

Cer

tific

ate

20JB

0036

-SC

CD

ate

of is

suan

ce:

3 Ju

ly 2

020

Valid

ity p

erio

d:

3 Ju

ly 2

020

–31

May

202

5

Subj

ect

to

annu

al

and

inte

rmed

iate

sur

veys

and

in

spec

tions

of

the

outs

ide

of

the

ship

’s

botto

m

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

Inte

rnat

iona

l Oil

Pol

lutio

n Pr

even

tion

Cer

tific

ate

20JB

0036

-OPP

Dat

e of

issu

ance

: 3

July

202

0

Valid

ity p

erio

d:

3 Ju

ly 2

020

–31

May

202

5

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Inte

rnat

iona

l Loa

d Li

ne C

ertif

icat

e20

JB00

36-L

LCD

ate

of is

suan

ce:

3 Ju

ly 2

020

Valid

ity p

erio

d:

3 Ju

ly 2

020

–31

May

202

5

Subj

ect

to a

nnua

lsur

veys

in

ac

cord

ance

w

ith

the

artic

le

unde

rth

e In

tern

atio

nal

Con

vent

ion

on L

oad

Line

s, 1

966.

Com

plie

d

B -

47

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-4

8 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Kuch

ing/

M

TT

Kuch

ing

Dua

(Con

t’d)

Inte

rnat

iona

l Ton

nage

Cer

tific

ate

18K

L013

0-TM

Dat

e of

issu

ance

: 28

Jun

e 20

18

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Nil

Com

plie

d

Inte

rnat

iona

l Se

wag

e Po

llutio

n Pr

even

tion

Cer

tific

ate

20JB

0036

-SP

PD

ate

of is

suan

ce:

3 Ju

ly 2

020

Valid

ity p

erio

d:

3 Ju

ly 2

020

–31

May

202

5

Subj

ect

tosu

rvey

s in

ac

cord

ance

with

the

regu

latio

n un

der

the

Inte

rnat

iona

l C

onve

ntio

n fo

r th

e Pr

even

tion

of

Pollu

tion

from

Shi

ps, 1

973.

Com

plie

d

Inte

rnat

iona

l A

nti-F

oulin

g S

yste

m

Cer

tific

ate

18K

L013

0-AF

SD

ate

of is

suan

ce:

28 J

une

2018

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Nil

Com

plie

d

Inte

rnat

iona

l Air

Pol

lutio

n Pr

even

tion

Cer

tific

ate

2OJB

0036

-APP

Dat

e of

issu

ance

: 3

July

202

0

Valid

ity p

erio

d:

3 Ju

ly 2

020

–31

May

202

5

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Doc

umen

t of

C

ompl

ianc

e Sp

ecia

l R

equi

rem

ents

fo

rSh

ip

Car

ryin

g D

ange

rous

Goo

ds

20JB

0036

-DG

Dat

e of

issu

ance

: 3

July

202

0

Valid

ity p

erio

d:

3 Ju

ly 2

020

–31

May

202

5

Nil

Com

plie

d

B -

48

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-4

9 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Kuch

ing/

M

TT

Kuch

ing

Dua

(Con

t’d)

Cer

tific

ate

of C

lass

ifica

tion

20JB

0036

-CLS

Dat

e of

issu

ance

: 3

July

202

0

Valid

ity p

erio

d:

3 Ju

ly 2

020

–31

May

202

5

Subj

ect

to t

heco

mpl

ianc

e of

the

Rul

esan

d R

egul

atio

ns o

f Nip

pon

Kaiji

K

yoka

i.

Com

plie

d

Inte

rnat

iona

l B

alla

st

Wat

er

Man

agem

ent C

ertif

icat

e 20

JB00

36-B

WM

Dat

e of

issu

ance

: 3

July

202

0

Valid

ity p

erio

d:

3 Ju

ly 2

020

–31

May

202

5

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Con

trol

and

Man

agem

ent

of

Ship

Ba

llast

W

ater

an

d Se

dim

ents

.

Com

plie

d

Car

go

Ship

S

afet

y Eq

uipm

ent

Exem

ptio

n C

ertif

icat

e

20JB

0036

-XE

Dat

e of

issu

ance

: 3

July

202

0

Valid

ity p

erio

d:

3 Ju

ly 2

020

–31

May

202

5

Subj

ect

to t

he C

argo

Shi

p Sa

fety

Eq

uipm

ent

Cer

tific

ate

to

whi

ch

this

ce

rtific

ate

is

atta

ched

re

mai

nsva

lid.

Com

plie

d

Lloy

d’s

Reg

iste

r C

onfir

mat

ion

of C

ompl

ianc

e fo

r Sh

ip

Ener

gy E

ffici

ency

Man

agem

ent

Plan

(S

EEM

P P

art I

I)

9101

106/

01D

ate

of is

suan

ce:

29 D

ecem

ber 2

018

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

B -

49

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-5

0 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Kuch

ing/

M

TT

Kuch

ing

Dua

(Con

t’d)

Gov

ernm

ent

of M

alay

sia

Safe

Man

ning

Doc

umen

t SM

D28

66/2

018

Dat

e of

issu

ance

: 3

Dec

embe

r 201

8

Valid

ity p

erio

d:

3 D

ecem

ber 2

018

–8

Dec

embe

r 202

3

Nil

Com

plie

d

Ship

Sa

nita

tion

Con

trol

Exem

ptio

n C

ertif

icat

eA0

0417

7D

ate

of is

suan

ce:

28 A

pril

2021

Valid

ity p

erio

d:

28 A

pril

2021

–27

Oct

ober

202

1

Valid

for a

max

imum

of s

ix

mon

ths,

bu

t th

e va

lidity

pe

riod

may

be

exte

nded

by

one

mon

th

if in

spec

tion

cann

ot b

e ca

rrie

d ou

t at t

he

port

and

ther

e is

no

ev

iden

ce

of

infe

ctio

n or

co

ntam

inat

ion

Com

plie

d

Mar

ine

Dep

artm

ent

of M

alay

sia

Inte

rim C

ertif

icat

e fo

r S

hip

Med

ical

C

hest

IN

TCER

T/11

5/20

21D

ate

of is

suan

ce:

Nil

Expi

ry d

ate:

2

Sept

embe

r 202

1

Nil

Com

plie

d

Mal

aysi

an

Com

mun

icat

ion

s an

d M

ultim

edia

C

omm

issi

on

Ship

St

atio

n Li

cens

e (A

ppar

atus

As

sign

men

t)53

009/

0805

025_

001/

2018

Effe

ctiv

e da

te:

9 D

ecem

ber 2

018

Valid

ity p

erio

d:

9 D

ecem

ber 2

018

–31

Dec

embe

r 202

2

Nil

Com

plie

d

B -

50

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-5

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ompa

ny/

Vess

el

App

rovi

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auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Pera

wan

g/

MTT

Pe

nger

ang

Dom

estic

Ship

ping

Li

cens

ing

Boar

d

Dom

estic

Shi

ppin

g Li

cenc

e

Nam

e of

shi

pM

TT P

enge

rang

Serv

ices

/ca

rgo

Vario

us

Tonn

age

Gro

ss: 1

0308

Net

: 507

0Po

rt

of

regi

stry

Port

Klan

g

Ow

ner

MTT

Sh

ippi

ngPe

raw

ang

Paym

ent o

fR

M55

2.00

Port

of c

all

All

ports

in

M

alay

sian

wat

ers

Ship

’s c

rew

Mal

aysi

an

citiz

enO

ffice

rsR

atin

gs0

0Fo

reig

n ci

tizen

Offi

cers

Rat

ings

810

A110

602/

DSL

0759

/202

1D

ate

of is

suan

ce:

29 M

arch

202

1

Valid

ity p

erio

d:29

Mar

ch 2

021

–28

Sep

tem

ber 2

021

Nil

Com

plie

d

Reg

istra

r of

Mal

aysi

an

Ship

s, P

ort

Kela

ng

Cer

tific

ate

of M

alay

sian

Reg

istry

33

6988

Dat

e of

issu

ance

:29

Nov

embe

r 201

9

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Surv

eyor

G

ener

al o

f Sh

ips

Mal

aysi

a

Doc

umen

t of

C

ompl

ianc

e of

th

e sa

fety

m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

the

co

mpa

ny m

anag

ing

the

vess

el

011/

6062

-O

M/2

021

Dat

e of

issu

ance

:21

Apr

il 20

21

Valid

ity p

erio

d:21

Apr

il 20

21–

12 M

ay 2

026

Subj

ect

to

perio

dica

l ve

rific

atio

n C

ompl

ied

B -

51

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-5

2 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Pera

wan

g/

MTT

Pe

nger

ang

(Con

t’d)

Inte

rnat

iona

l En

ergy

Ef

ficie

ncy

Cer

tific

ate

6147

/201

9/00

53D

ate

of is

suan

ce:

24 S

epte

mbe

r 201

9

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Con

tinuo

us S

ynop

sis

Rec

ord

setti

ng

out,

amon

gsto

ther

s, th

e na

me

of th

e sh

ip,

the

port

at w

hich

the

shi

p is

re

gist

ered

and

the

ship

’s id

entif

icat

ion

num

ber

PKG

2000

749

Dat

e of

issu

ance

:17

Feb

ruar

y 20

20

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Ship

s C

lass

ifica

tion

Mal

aysi

a

Safe

ty M

anag

emen

t Cer

tific

ate

2001

177S

MD

ate

of is

suan

ce:

5 M

ay 2

020

Valid

ity p

erio

d:5

May

202

0 –

15Fe

brua

ry 2

025

Subj

ect

to

perio

dica

l ve

rific

atio

n an

d th

e D

ocum

ent

of C

ompl

ianc

eof

the

safe

ty m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

th

e co

mpa

ny

man

agin

g th

e ve

ssel

rem

ains

valid

.

Com

plie

d

Inte

rnat

iona

l Shi

p S

ecur

ity C

ertif

icat

e 20

0109

3SC

Dat

e of

issu

ance

:25

Feb

ruar

y 20

20

Valid

ity p

erio

d:25

Feb

ruar

y 20

20 –

15Fe

brua

ry 2

025

Nil

Com

plie

d

B -

52

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-5

3 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Pera

wan

g/

MTT

Pe

nger

ang

(Con

t’d)

Mar

itim

e La

bour

Cer

tific

ate

2001

177M

LD

ate

of is

suan

ce:

5 M

ay 2

020

Valid

ity p

erio

d:5

May

202

0 –

15Fe

brua

ry 2

025

Subj

ect

to i

nspe

ctio

ns i

n ac

cord

ance

w

ith

the

rele

vant

sta

ndar

ds u

nder

th

e M

ariti

me

Labo

ur

Con

vent

ion

2006

and

val

id

only

whe

n th

e D

ecla

ratio

n of

M

ariti

me

Labo

ur

Com

plia

nce

is a

ttach

ed.

Com

plie

d

RIN

A Se

rvic

es

S.p.

A

Shor

t Te

rm

Car

go

Ship

Sa

fety

Eq

uipm

ent C

ertif

icat

e10

0629

-R00

1-01

1D

ate

of is

suan

ce:

24 J

uly

2021

Valid

ity p

erio

d:

24 J

uly

2021

–24

Dec

embe

r 202

1

Subj

ect

to

annu

al

and

perio

dica

l su

rvey

s in

ac

cord

ance

w

ith

the

regu

latio

n un

der

the

Inte

rnat

iona

l C

onve

ntio

n fo

r th

e Sa

fety

of

Life

at

Sea,

197

4.

Com

plie

d

Shor

t Te

rm

Car

go

Ship

Sa

fety

Eq

uipm

ent E

xem

ptio

n C

ertif

icat

e

1006

29-R

001-

013

Dat

e of

issu

ance

: 24

Jul

y 20

21

Valid

ity p

erio

d:

24 J

uly

2021

–24

Dec

embe

r 202

1

Subj

ect

to t

he C

argo

Shi

p Sa

fety

Eq

uipm

ent

Cer

tific

ate

to

whi

ch

this

ce

rtific

ate

isat

tach

ed

rem

ains

valid

.

Com

plie

d

Shor

t Ter

m C

argo

Shi

p Sa

fety

Rad

io

Cer

tific

ate

1006

29-R

001-

012

Dat

e of

issu

ance

: 24

Jul

y 20

21

Valid

ity p

erio

d:

24 J

uly

2021

–24

Dec

embe

r 202

1

Subj

ect

to

perio

dica

l su

rvey

s in

acc

orda

nce

with

th

ere

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

B -

53

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-5

4 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Pera

wan

g/

MTT

Pe

nger

ang

(Con

t’d)

Shor

t Te

rm

Car

go

Ship

Sa

fety

C

onst

ruct

ion

Cer

tific

ate

1006

29-R

001-

010

Dat

e of

issu

ance

: 24

Jul

y 20

21

Valid

ity p

erio

d:

24 J

uly

2021

–24

Dec

embe

r 202

1

Subj

ect

to

annu

al

and

inte

rmed

iate

sur

veys

and

in

spec

tions

of

the

outs

ide

of

the

ship

’s

botto

m

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

Shor

t Ter

m In

tern

atio

nal O

il P

ollu

tion

Prev

entio

n C

ertif

icat

e10

0629

-R00

1-00

8D

ate

of is

suan

ce:

24 J

uly

2021

Valid

ity p

erio

d:

24 J

uly

2021

–24

Dec

embe

r 202

1

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Shor

t Te

rm I

nter

natio

nal

Load

Lin

e C

ertif

icat

e10

0629

-R00

1-00

7D

ate

of is

suan

ce:

24 J

uly

2021

Valid

ity p

erio

d:

24 J

uly

2021

–24

Dec

embe

r 202

1

Subj

ect

to a

nnua

lsur

veys

in

ac

cord

ance

w

ith

the

artic

le

unde

rth

e In

tern

atio

nal

Con

vent

ion

on L

oad

Line

s, 1

966.

Com

plie

d

Shor

t Te

rm

Inte

rnat

iona

l Se

wag

e Po

llutio

n Pr

even

tion

Cer

tific

ate

1006

29-R

001-

009

Dat

e of

issu

ance

: 24

Jul

y 20

21

Valid

ity p

erio

d:

24 J

uly

2021

–24

Dec

embe

r 202

1

Subj

ect

tosu

rvey

s in

ac

cord

ance

w

ithth

ere

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Inte

rnat

iona

l A

nti-F

oulin

g S

yste

m

Cer

tific

ate

1006

29-R

001-

004

Dat

e of

issu

ance

:24

Jul

y 20

21N

ilC

ompl

ied

B -

54

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

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5 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Pera

wan

g/

MTT

Pe

nger

ang

(Con

t’d)

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Shor

t Ter

m In

tern

atio

nal A

ir Po

llutio

n Pr

even

tion

Cer

tific

ate

1006

29-R

001-

005

Dat

e of

issu

ance

: 24

Jul

y 20

21

Valid

ity p

erio

d:

24Ju

ly 2

021

–24

Dec

embe

r 202

1

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Shor

t Ter

m D

ocum

ent o

f Com

plia

nce

for t

he C

arria

ge o

f Dan

gero

us G

oods

1006

29-R

001-

002

Dat

e of

issu

ance

: 24

Jul

y 20

21

Valid

ity p

erio

d:

24 J

uly

2021

–24

Dec

embe

r 202

1

Subj

ect

to t

he c

ompl

ianc

e of

th

e In

tern

atio

nal

Mar

itim

e D

ange

rous

G

oods

C

ode

and

the

Inte

rnat

iona

l M

ariti

me

Solid

Bul

k C

argo

es C

ode.

Com

plie

d

Shor

t Ter

m C

ertif

icat

e of

Cla

ss10

0629

-R00

1-00

1D

ate

of is

suan

ce:

24 J

uly

2021

Valid

ity p

erio

d:

24 J

uly

2021

–24

Dec

embe

r 202

1

Subj

ect

to t

heco

mpl

ianc

e of

the

requ

irem

ents

for t

he

rete

ntio

n of

cla

ss i

n th

e ru

les

of

RIN

A Se

rvic

es

S.p.

A,

and

unle

ss t

hecl

ass

has

been

su

spen

ded

or

with

draw

n.

Com

plie

d

Shor

t Ter

m M

ARPO

L 73

/78

Anne

x V

St

atem

ent

Con

cern

ing

Prev

entio

n of

Po

llutio

n by

Gar

bage

1006

29-R

001-

003

Dat

e of

issu

ance

:25

Apr

il 20

21

Valid

ity p

erio

d:25

Apr

il 20

21–

25 S

epte

mbe

r 202

1

Subj

ectt

o an

nual

sur

veys

Com

plie

d

B -

55

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

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6 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Pera

wan

g/

MTT

Pe

nger

ang

(Con

t’d)

Shor

t Te

rm

Inte

rnat

iona

l Ba

llast

W

ater

Man

agem

ent C

ertif

icat

e 10

0629

-R00

1-00

6D

ate

of is

suan

ce:

24 J

uly

2021

Valid

ity p

erio

d:

24 J

uly

2021

–24

Dec

embe

r 202

1

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Con

trol

and

Man

agem

ent

of

Ship

Ba

llast

W

ater

an

d Se

dim

ents

.

Com

plie

d

DN

V G

LIn

tern

atio

nal T

onna

ge C

ertif

icat

eG

1432

80D

ate

of is

suan

ce:

27 N

ovem

ber 2

019

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Nil

Com

plie

d

Lloy

d’s

Reg

iste

r C

onfir

mat

ion

of C

ompl

ianc

e fo

r Sh

ip

Ener

gy E

ffici

ency

Man

agem

ent

Plan

(S

EEM

P P

art I

I)

9322

889/

01D

ate

of is

suan

ce:

17 S

epte

mbe

r 201

9

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Gov

ernm

ent

of M

alay

sia

Safe

Man

ning

Doc

umen

t SM

D32

40/2

019

Dat

e of

issu

ance

:18

Feb

ruar

y 20

20

Valid

ity p

erio

d:18

Feb

ruar

y 20

20 –

4 M

arch

202

5

Nil

Com

plie

d

B -

56

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-5

7 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Pera

wan

g/

MTT

Pe

nger

ang

(Con

t’d)

Ship

Sa

nita

tion

Con

trol

Exem

ptio

n C

ertif

icat

e 18

1461

Dat

e of

issu

ance

:9

Mar

ch 2

021

Valid

ity p

erio

d:29

Mar

ch 2

021

–9

Sept

embe

r 202

1

Valid

for a

max

imum

of s

ix

mon

ths,

bu

t th

e va

lidity

pe

riod

may

be

exte

nded

by

one

mon

th

if in

spec

tion

cann

ot b

e ca

rrie

d ou

t at t

he

port

and

ther

e is

no

ev

iden

ce

of

infe

ctio

n or

co

ntam

inat

ion.

Com

plie

d

Mar

ine

Dep

artm

ent

of M

alay

sia

Med

icin

e C

hest

Cer

tific

ate

JLM

002

111

Dat

e of

issu

ance

:N

il

Expi

ry D

ate:

1 N

ovem

ber 2

021

Nil

Com

plie

d

Mal

aysi

an

Com

mun

icat

ion

s an

d M

ultim

edia

C

omm

issi

on

Ship

St

atio

n Li

cens

e (A

ppar

atus

As

sign

men

t)55

817/

1138

810_

001/

2020

Effe

ctiv

e da

te:

13 F

ebru

ary

2020

Valid

ity p

erio

d:13

Feb

ruar

y 20

20–

31 D

ecem

ber 2

024

Nil

Com

plie

d

B -

57

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-5

8 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ngBi

ntul

u/M

TT

Sais

unee

Dom

estic

Sh

ippi

ng

Lice

nsin

g Bo

ard

Dom

estic

Shi

ppin

g Li

cenc

e

Nam

e of

shi

pM

TT S

aisu

nee

Serv

ices

/ca

rgo

Vario

us

Tonn

age

Gro

ss: 1

3059

Net

: 504

0Po

rt

of

regi

stry

Port

Klan

g

Ow

ner

MTT

Sh

ippi

ngBi

ntul

uPa

ymen

t of

RM

549.

00Po

rt o

f cal

lAl

l po

rts

in

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aysi

an w

ater

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ip’s

cre

wM

alay

sian

ci

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cers

Rat

ings

00

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ign

citiz

enO

ffice

rsR

atin

gs9

10

A108

31/

DSL

0831

/202

1D

ate

of is

suan

ce:

29 M

arch

202

1

Valid

ity p

erio

d:29

Mar

ch 2

021

–28

Sep

tem

ber 2

021

Nil

Com

plie

d

Reg

istra

r of

Mal

aysi

an

Ship

s, P

ort

Kela

ng

Cer

tific

ate

of M

alay

sian

Reg

istry

33

6963

Dat

e of

issu

ance

:29

Aug

ust 2

019

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Surv

eyor

G

ener

al o

f Sh

ips

Mal

aysi

a

Con

tinuo

us S

ynop

sis

Rec

ord

setti

ng

out,

amon

gsto

ther

s, th

e na

me

of th

e sh

ip,

the

port

at w

hich

the

shi

p is

re

gist

ered

and

the

ship

’s id

entif

icat

ion

num

ber

PKG

190

0661

Dat

e of

issu

ance

:28

Aug

ust 2

019

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

B -

58

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-5

9 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ngBi

ntul

u/M

TT

Sais

unee

(C

ont’d

)

Doc

umen

t of

C

ompl

ianc

e of

th

e sa

fety

m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

the

co

mpa

ny m

anag

ing

the

vess

el

034/

6062

-SG

/202

0D

ate

of is

suan

ce:

28 J

uly

2020

Valid

ity p

erio

d:28

Jul

y 20

20 –

27 J

uly

2025

Nil

Com

plie

d

Inte

rnat

iona

l En

ergy

Ef

ficie

ncy

Cer

tific

ate

6147

/201

9/00

39D

ate

of is

suan

ce:

16 A

ugus

t 201

9

Valid

ity p

erio

d:N

il

Nil

Com

plie

d

DN

V G

LSa

fety

Man

agem

ent C

ertif

icat

en1

4910

13-u

irD

ate

of is

suan

ce:

19 A

ugus

t 202

0

Valid

ity p

erio

d:19

Aug

ust 2

020–

19 A

ugus

t 202

5

Subj

ect

to

perio

dica

l ve

rific

atio

n an

d th

e D

ocum

ent

of C

ompl

ianc

eof

the

safe

ty m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

th

e co

mpa

ny

man

agin

g th

e ve

ssel

rem

ains

valid

.

Com

plie

d

Inte

rnat

iona

l Shi

pS

ecur

ity C

ertif

icat

en1

4910

13-It

oD

ate

of is

suan

ce:

19 A

ugus

t 202

0

Valid

ity p

erio

d:19

Aug

ust 2

020–

19 A

ugus

t 202

5

Subj

ect

to

verif

icat

ion

in

acco

rdan

ce

with

th

e pr

ovis

ion

unde

r th

e In

tern

atio

nal S

hip

and

Por

t Fa

cilit

y Se

curit

y C

ode.

Com

plie

d

B -

59

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-6

0 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ngBi

ntul

u/M

TT

Sais

unee

(C

ont’d

)

Mar

itim

e La

bour

Cer

tific

ate

3650

8D

ate

of is

suan

ce:

19 A

ugus

t 202

0

Valid

ity p

erio

d:19

Aug

ust 2

020–

19 A

ugus

t 202

5

Subj

ect

to i

nspe

ctio

ns i

n ac

cord

ance

w

ith

the

rele

vant

sta

ndar

ds u

nder

th

e M

ariti

me

Labo

ur

Con

vent

ion

2006

and

val

id

only

whe

n th

e D

ecla

ratio

n of

M

ariti

me

Labo

ur

Com

plia

nce

is a

ttach

ed.

Com

plie

d

Car

go

Ship

S

afet

y Eq

uipm

ent

Cer

tific

ate

n132

9735

-7-u

dqD

ate

of is

suan

ce:

9 O

ctob

er 2

019

Valid

ity p

erio

d:

9 O

ctob

er 2

019

–19

Aug

ust 2

024

Subj

ect

to

annu

al

and

perio

dica

l su

rvey

s in

ac

cord

ance

w

ith

the

regu

latio

n un

der

the

Inte

rnat

iona

l C

onve

ntio

n fo

r th

e Sa

fety

of

Life

at

Sea,

197

4.

Com

plie

d

Car

go S

hip

Safe

ty R

adio

Cer

tific

ate

n132

9735

-8-x

udD

ate

of is

suan

ce:

9 O

ctob

er 2

019

Valid

ity p

erio

d:

9 O

ctob

er 2

019

–19

Aug

ust 2

024

Subj

ect

to

perio

dica

l su

rvey

s in

acc

orda

nce

with

th

ere

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

Car

go

Ship

S

afet

y C

onst

ruct

ion

Cer

tific

ate

n132

9735

-7-II

ID

ate

of is

suan

ce:

9 O

ctob

er 2

019

Valid

ity p

erio

d:

9 O

ctob

er 2

019

–19

Aug

ust 2

024

Subj

ect

to

annu

al

and

inte

rmed

iate

sur

veys

and

in

spec

tions

of

the

outs

ide

of

the

ship

’s

botto

m

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

B -

60

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-6

1 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

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vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ngBi

ntul

u/M

TT

Sais

unee

(C

ont’d

)

Inte

rnat

iona

l Oil

Pol

lutio

n Pr

even

tion

Cer

tific

ate

n132

9735

-1-II

ID

ate

of is

suan

ce:

10 O

ctob

er 2

019

Valid

ity p

erio

d:

10 O

ctob

er 2

019

–19

Aug

ust 2

024

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Inte

rnat

iona

l Loa

d Li

ne C

ertif

icat

en1

3297

35-6

-udq

Dat

e of

issu

ance

: 16

Oct

ober

201

9

Valid

ity p

erio

d:

16 O

ctob

er 2

019

–19

Aug

ust 2

024

Subj

ect

to a

nnua

lsur

veys

in

ac

cord

ance

w

ith

the

artic

le

unde

rth

e In

tern

atio

nal

Con

vent

ion

on L

oad

Line

s, 1

966.

Com

plie

d

Inte

rnat

iona

l Ton

nage

Cer

tific

ate

3650

8D

ate

of is

suan

ce:

10 J

uly

2019

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Nil

Com

plie

d

Inte

rnat

iona

l Se

wag

e Po

llutio

n Pr

even

tion

Cer

tific

ate

3650

8D

ate

of is

suan

ce:

10 O

ctob

er 2

019

Valid

ity p

erio

d:

10 O

ctob

er 2

019

–19

Aug

ust 2

024

Subj

ect

tosu

rvey

s in

ac

cord

ance

with

the

regu

latio

n un

der

the

Inte

rnat

iona

l C

onve

ntio

n fo

r th

e Pr

even

tion

of

Pollu

tion

from

Shi

ps, 1

973.

Com

plie

d

Inte

rnat

iona

l A

nti-F

oulin

g S

yste

m

Cer

tific

ate

3650

8D

ate

of is

suan

ce:

19 A

ugus

t 201

9

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

B -

61

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-6

2 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ngBi

ntul

u/M

TT

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unee

(C

ont’d

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Inte

rnat

iona

l Air

Pollu

tion

Prev

entio

n C

ertif

icat

en1

3297

35-2

-bzj

Dat

e of

issu

ance

: 13

Jan

uary

202

0

Valid

ity p

erio

d:

13 J

anua

ry 2

020

–19

Aug

ust 2

024

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Doc

umen

t of

C

ompl

ianc

e fo

r th

e C

arria

ge o

f Dan

gero

us G

oods

3650

8D

ate

of is

suan

ce:

22 A

ugus

t 201

9

Valid

ity p

erio

d:22

Aug

ust 2

019

–19

Aug

ust2

024

Subj

ect

to t

he c

ompl

ianc

e of

th

e In

tern

atio

nal

Mar

itim

e D

ange

rous

G

oods

C

ode

and

the

Inte

rnat

iona

l M

ariti

me

Solid

Bul

k C

argo

es C

ode.

Com

plie

d

Cla

ssifi

catio

n C

ertif

icat

e36

508

Dat

e of

issu

ance

: 9

Sept

embe

r201

9

Valid

ity p

erio

d:

9 Se

ptem

ber2

019

–19

Aug

ust 2

024

Subj

ect

to t

he c

ompl

ianc

e of

the

requ

irem

ents

for t

he

rete

ntio

n of

cla

ss i

n th

e R

ules

of

DN

V G

L an

d th

e cl

ass

has

not

been

su

spen

ded

or w

ithdr

awn.

Com

plie

d

Inte

rnat

iona

l B

alla

st

Wat

er

Man

agem

ent C

ertif

icat

e 36

508

Dat

e of

issu

ance

:9

Oct

ober

201

9

Valid

ity p

erio

d:9

Oct

ober

201

9 –

19 A

ugus

t 202

4

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

rth

e In

tern

atio

nal

Con

vent

ion

for

the

Con

trol

and

Man

agem

ent

of

Ship

Ba

llast

W

ater

an

d Se

dim

ents

.

Com

plie

d

B -

62

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-6

3 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ngBi

ntul

u/M

TT

Sais

unee

(C

ont’d

)

MAR

POL

73/7

8 An

nex

V St

atem

ent

Con

cern

ing

Prev

entio

n of

Pol

lutio

n by

G

arba

ge

3650

8D

ate

of is

suan

ce:

19 A

ugus

t 201

9

Valid

ity p

erio

d:19

Aug

ust 2

019

–19

Aug

ust 2

024

Subj

ect t

o no

una

utho

rised

alte

ratio

n to

th

e lis

ted

equi

pmen

t occ

urs.

Com

plie

d

Stat

emen

t of

C

ompl

ianc

e on

In

vent

ory

of H

azar

dous

Mat

eria

ls36

508

Dat

e of

issu

ance

:28

Oct

ober

201

9

Valid

ity p

erio

d:28

Oct

ober

201

9 –

19 A

ugus

t 202

4

Nil

Com

plie

d

Stat

emen

t of

Com

plia

nce

with

MLC

Ti

tle 3

, Reg

. 3.1

3650

8D

ate

of is

suan

ce:

19A

ugus

t 201

9

Valid

ity p

erio

d:N

il

Nil

Com

plie

d

Stat

emen

t of C

ompl

ianc

e(N

oise

)(2)

3650

8D

ate

of is

suan

ce:

6 Au

gust

201

9

Valid

ity p

erio

d:N

il

Nil

Com

plie

d

Stat

emen

t of C

ompl

ianc

e(V

ibra

tion)

(2)

3650

8D

ate

of is

suan

ce:

7 Au

gust

201

9

Valid

ity p

erio

d:N

il

Nil

Com

plie

d

B -

63

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-6

4 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ngBi

ntul

u/M

TT

Sais

unee

(C

ont’d

)

Gov

ernm

ent

of M

alay

sia

Safe

Man

ning

Doc

umen

tSM

D32

07/2

019

Dat

e of

issu

ance

:03

Dec

embe

r201

9

Valid

ity p

erio

d:03

Dec

embe

r201

9 –

17D

ecem

ber 2

024

Nil

Com

plie

d

Gov

ernm

ent

of M

alay

sia

Ship

Sa

nita

tion

Con

trol

Exem

ptio

n C

ertif

icat

e04

9175

Dat

e of

issu

ance

:16

Jul

y 20

21

Valid

ity p

erio

d:16

Jul

y 20

21–

15 J

anua

ry 2

022

Valid

for a

max

imum

of s

ix

mon

ths,

bu

t th

e va

lidity

pe

riod

may

be

exte

nded

by

one

mon

th

if in

spec

tion

cann

ot b

e ca

rrie

d ou

t at t

he

port

and

ther

e is

no

ev

iden

ce

of

infe

ctio

n or

co

ntam

inat

ion

Com

plie

d

Amer

ican

Bu

reau

of

Ship

ping

Con

firm

atio

n of

Com

plia

nce

for

Ship

En

ergy

Effi

cien

cy M

anag

emen

t Pl

an

(SE

EMP

Par

t II)

T189

6357

Dat

e of

issu

ance

:14

Aug

ust 2

019

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Prin

ceto

n Ph

arm

acy

(s)

Pte

Ltd

Med

icin

e C

hest

Cer

tific

ate

Nil

Dat

e of

issu

ance

:5

Mar

ch 2

021

Valid

ity p

erio

d:5

Mar

ch 2

021

–4

Mar

ch 2

022

Nil

Com

plie

d

B -

64

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

ANN

EXU

RE

B: O

UR

MAJ

OR

LIC

ENC

ES, P

ERM

ITS

AND

APP

RO

VALS

(Con

t’d)

B - 6

5 C

ompa

ny/

Vess

el

Appr

ovin

g au

thor

ity/

Issu

er

Type

of A

ppro

vals

/ Lic

ence

s/

Perm

its

Lice

nce/

Pe

rmit/

R

efer

ence

no.

D

ate

of is

suan

ce/

Valid

ity p

erio

d M

ajor

con

ditio

ns

impo

sed

Stat

us o

f co

mpl

ianc

e

MTT

Sh

ippi

ng

Bint

ulu/

M

TT

Sais

unee

(C

ont’d

)

Mal

aysi

an

Com

mun

icat

ion

s an

d M

ultim

edia

C

omm

issi

on

Ship

St

atio

n Li

cens

e (A

ppar

atus

As

sign

men

t)

5556

1/09

7290

7_00

1/20

19

Effe

ctiv

e da

te:

10 S

epte

mbe

r 201

9 Va

lidity

per

iod:

10

Sep

tem

ber 2

019

–

31 D

ecem

ber 2

023

Nil

Com

plie

d

MTT

Sh

ippi

ng

Pele

pas/

M

TT

Sena

ri

Reg

istra

r of

Mal

aysi

an

Ship

s, P

ort

Kela

ng

Cer

tific

ate

of M

alay

sian

Reg

istry

33

6998

D

ate

of is

suan

ce:

17 J

anua

ry 2

020

Va

lidity

per

iod:

Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Surv

eyor

G

ener

al o

f Sh

ips

Mal

aysi

a

Con

tinuo

us S

ynop

sis

Rec

ord

setti

ng

out,

amon

gst o

ther

s, th

e na

me

of th

e sh

ip,

the

port

at w

hich

the

shi

p is

re

gist

ered

and

the

ship

’s id

entif

icat

ion

num

ber

PKG

200

0748

D

ate

of is

suan

ce:

17 F

ebru

ary

2020

Va

lidity

per

iod:

Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

D

ocum

ent

of

Com

plia

nce

of

the

safe

ty

man

agem

ent

syst

em

impl

emen

ted

and

mai

ntai

ned

by t

he

com

pany

man

agin

g th

e ve

ssel

034/

6062

-SG

/202

0 D

ate

of is

suan

ce:

28 J

uly

2020

Va

lidity

per

iod:

28

Jul

y 20

20 –

27

Jul

y 20

25

Nil

Com

plie

d

In

tern

atio

nal

Ener

gy

Effic

ienc

y C

ertif

icat

e 61

47/2

019/

0077

D

ate

of is

suan

ce:

27 D

ecem

ber 2

019

Valid

ity p

erio

d:

Nil

Nil

Com

plie

d

B - 6

5

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-6

6 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Pele

pas/

MTT

Se

nari

(Con

t’d)

DN

V G

LSa

fety

Man

agem

ent C

ertif

icat

en1

4690

77-n

toD

ate

of is

suan

ce:

24 J

une

2020

Valid

ity p

erio

d:24

Jun

e 20

20 –

24 J

une

2025

Subj

ect

to

perio

dica

l ve

rific

atio

n an

d th

e D

ocum

ent

of C

ompl

ianc

eof

the

safe

ty m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

th

e co

mpa

ny

man

agin

g th

e ve

ssel

rem

ains

val

id.

Com

plie

d

Inte

rnat

iona

l Shi

p S

ecur

ity C

ertif

icat

en1

4690

77-w

irD

ate

of is

suan

ce:

24 J

une

2020

Valid

ity p

erio

d:24

Jun

e 20

20 –

24 J

une

2025

Subj

ect

to

verif

icat

ion

in

acco

rdan

ce

with

th

e pr

ovis

ion

unde

r th

e In

tern

atio

nal S

hip

and

Por

t Fa

cilit

y Se

curit

y C

ode.

Com

plie

d

Mar

itim

e La

bour

Cer

tific

ate

3651

0D

ate

of is

suan

ce:

24 J

une

2020

Valid

ity p

erio

d:24

Jun

e 20

20 –

24 J

une

2025

Subj

ect

to i

nspe

ctio

ns i

n ac

cord

ance

w

ith

the

rele

vant

sta

ndar

ds u

nder

th

e M

ariti

me

Labo

ur

Con

vent

ion

2006

and

val

id

only

whe

n th

e D

ecla

ratio

n of

M

ariti

me

Labo

ur

Com

plia

nce

is a

ttach

ed.

Com

plie

d

Car

go

Ship

S

afet

y Eq

uipm

ent

Cer

tific

ate

n133

2912

-6-n

toD

ate

of is

suan

ce:

18 M

arch

202

0

Valid

ity p

erio

d:

18 M

arch

202

0 –

15 J

anua

ry 2

025

Subj

ect

to

annu

al

and

perio

dica

l su

rvey

s in

ac

cord

ance

w

ith

the

regu

latio

n un

der

the

Inte

rnat

iona

l C

onve

ntio

n fo

r th

e Sa

fety

of

Life

at

Sea,

197

4.

Com

plie

d

B -

66

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-6

7 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Pele

pas/

MTT

Se

nari

(Con

t’d)

Car

go S

hip

Safe

ty R

adio

Cer

tific

ate

n133

2912

-6-to

xD

ate

of is

suan

ce:

18 M

arch

202

0

Valid

ity p

erio

d:

18 M

arch

202

0 –

15 J

anua

ry 2

025

Subj

ect

to

perio

dica

l su

rvey

s in

acc

orda

nce

with

th

e re

gula

tion

unde

r th

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

Car

go

Ship

S

afet

y C

onst

ruct

ion

Cer

tific

ate

n133

2912

-6-a

hfD

ate

of is

suan

ce:

18 M

arch

202

0

Valid

ity p

erio

d:

18 M

arch

202

0–15

Jan

uary

202

5

Subj

ect

to

annu

al

and

inte

rmed

iate

sur

veys

and

in

spec

tions

of

the

outs

ide

of

the

ship

’s

botto

m

in

acco

rdan

ce

with

th

e re

gula

tion

unde

r th

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

Inte

rnat

iona

l Oil

Pol

lutio

n Pr

even

tion

Cer

tific

ate

n133

2912

-1-jw

iD

ate

of is

suan

ce:

18 M

arch

202

0

Valid

ity p

erio

d:

18 M

arch

202

0 –

15 J

anua

ry 2

025

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

r th

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Inte

rnat

iona

l Loa

d Li

ne C

ertif

icat

en1

3329

12-8

-tox

Dat

e of

issu

ance

: 18

Mar

ch 2

020

Valid

ity p

erio

d:

18 M

arch

202

0 –

15 J

anua

ry 2

025

Subj

ect

to a

nnua

l sur

veys

in

ac

cord

ance

w

ith

the

artic

le

unde

r th

e In

tern

atio

nal

Con

vent

ion

on L

oad

Line

s, 1

966.

Com

plie

d

B -

67

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-6

8 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Pele

pas/

MTT

Se

nari

(Con

t’d)

Inte

rnat

iona

l Ton

nage

Cer

tific

ate

3651

0D

ate

of is

suan

ce:

19 N

ovem

ber 2

019

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Nil

Com

plie

d

Inte

rnat

iona

l Se

wag

e Po

llutio

n Pr

even

tion

Cer

tific

ate

3651

0D

ate

of is

suan

ce:

18 M

arch

202

0

Valid

ity p

erio

d:

18 M

arch

202

0 –

15 J

anua

ry 2

025

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

r th

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Inte

rnat

iona

l A

nti-F

oulin

g S

yste

m

Cer

tific

ate

3651

0D

ate

of is

suan

ce:

15 J

anua

ry 2

020

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Inte

rnat

iona

l Air

Pol

lutio

n Pr

even

tion

Cer

tific

ate

n133

2912

-3-x

udD

ate

of is

suan

ce:

18 M

arch

202

0

Valid

ity p

erio

d:

18 M

arch

202

0 –

15 J

anua

ry 2

025

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

r th

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Doc

umen

t of

C

ompl

ianc

e fo

r th

e C

arria

ge o

f Dan

gero

us G

oods

3651

0D

ate

of is

suan

ce:

22 J

anua

ry 2

020

Valid

ity p

erio

d:

22 J

anua

ry 2

020

–15

Jan

uary

202

5

Nil

Com

plie

d

B -

68

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

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tratio

n N

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1004

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(131

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AN

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ssifi

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e36

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Dat

e of

issu

ance

: 3

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uary

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Valid

ity p

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d:

3 Fe

brua

ry 2

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–15

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uary

202

5

Subj

ect

to t

he c

ompl

ianc

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ith r

equi

rem

ents

for

the

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tent

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unle

ss th

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awn

Com

plie

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Inte

rnat

iona

l B

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st

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er

Man

agem

ent C

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icat

e36

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Dat

e of

issu

ance

:22

Jan

uary

2020

Valid

ity p

erio

d:22

Jan

uary

2020

–15

Jan

uary

202

5

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

r th

e In

tern

atio

nal

Con

vent

ion

for

the

Con

trol

and

Man

agem

ent

of

Ship

Ba

llast

W

ater

an

d Se

dim

ents

.

Com

plie

d

MAR

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73/7

8 An

nex

VSt

atem

ent

Con

cern

ing

Prev

entio

n of

Pol

lutio

n by

G

arba

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3651

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ate

of is

suan

ce:

15 J

anua

ry 2

020

Valid

ity p

erio

d:15

Jan

uary

202

0 –

15 J

anua

ry 2

025

Subj

ect t

o no

una

utho

rised

al

tera

tion

to

the

liste

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uipm

ent o

ccur

ing.

Com

plie

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Stat

emen

t of

C

ompl

ianc

e on

In

vent

ory

of H

azar

dous

Mat

eria

ls36

510

Dat

e of

issu

ance

:18

Mar

ch 2

020

Valid

ity p

erio

d:18

Mar

ch 2

020

–15

Jan

uary

202

5

Nil

Com

plie

d

B -

69

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

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AN

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pose

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MTT

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nari

(Con

t’d)

Stat

emen

t of

Com

plia

nce

with

MLC

Ti

tle 3

, Reg

. 3.1

3651

0D

ate

of is

suan

ce:

15 J

anua

ry 2

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Valid

ity p

erio

d:N

il

Nil

Com

plie

d

Stat

emen

t of C

ompl

ianc

e (N

oise

)(2)

3651

0D

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suan

ce:

19 D

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ber 2

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ity p

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il

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plie

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emen

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ianc

e (V

ibra

tion)

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3651

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ate

of is

suan

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Valid

ity p

erio

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il

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plia

nce

Amer

ican

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reau

of

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ping

Con

firm

atio

n of

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for S

hip

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agem

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lan

(SE

EMP

Par

t II)

T194

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Dat

e of

issu

ance

: 7

Janu

ary

2020

Valid

ity p

erio

d:

Nil

Nil

Com

plie

d

Gov

ernm

ent

of M

alay

sia

Safe

Man

ning

Doc

umen

tSM

D32

69/2

019

Dat

e of

issu

ance

:18

Feb

ruar

y 20

20

Valid

ity p

erio

d:18

Feb

ruar

y 20

20 –

24 M

arch

202

5

Nil

Com

plie

d

B -

70

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

ANN

EXU

RE

B: O

UR

MAJ

OR

LIC

ENC

ES, P

ERM

ITS

AND

APP

RO

VALS

(Con

t’d)

B - 7

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ompa

ny/

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el

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ovin

g au

thor

ity/

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er

Type

of A

ppro

vals

/ Lic

ence

s/

Perm

its

Lice

nce/

Pe

rmit/

R

efer

ence

no.

D

ate

of is

suan

ce/

Valid

ity p

erio

d M

ajor

con

ditio

ns

impo

sed

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us o

f co

mpl

ianc

e

MTT

Sh

ippi

ng

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pas/

M

TT

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ri (C

ont’d

)

Lloy

d-Ap

othe

ke

Brem

erha

ven

Med

ical

Loc

ker C

ertif

icat

e

Nil

Dat

e of

issu

ance

: 23

Jul

y 20

21

Valid

ity p

erio

d:

23 J

uly

2021

- 23

Jul

y 20

22

Nil

Com

plie

d

Mal

aysi

an

Com

mun

icat

ion

s an

d M

ultim

edia

C

omm

issi

on

Ship

St

atio

n Li

cens

e (A

ppar

atus

As

sign

men

t)

5587

1/11

3887

1_00

1/20

20

Effe

ctiv

e da

te:

13 F

ebru

ary

2020

Va

lidity

per

iod:

13

Feb

ruar

y 20

20 –

31

Jan

uary

202

4

Nil

Com

plie

d

Gov

ernm

ent

of M

alay

sia

Ship

Sa

nita

tion

Con

trol

Exem

ptio

n C

ertif

icat

e

0552

41

Dat

e of

issu

ance

: 26

May

202

1 Va

lidity

per

iod:

26

May

202

1 –

25

Nov

embe

r 202

1

Valid

for a

max

imum

of s

ix

mon

ths,

bu

t th

e va

lidity

pe

riod

may

be

exte

nded

by

one

mon

th

if in

spec

tion

cann

ot b

e ca

rried

out

at t

he

port

and

ther

e is

no

ev

iden

ce

of

infe

ctio

n or

co

ntam

inat

ion

Com

plie

d

B - 7

1

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

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AJO

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of is

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Valid

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Maj

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ondi

tions

im

pose

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atus

of

com

plia

nce

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Sh

ippi

ng

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ut /

MTT

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mal

aju

Dom

estic

Sh

ippi

ng

Lice

nsin

g Bo

ard

Dom

estic

Shi

ppin

g Li

cenc

e

Nam

e of

shi

pM

TT S

amal

aju

Serv

ices

/ ca

rgo

Vario

us

Tonn

age

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ss: 1

3059

Net

: 504

0Po

rt o

f re

gist

ryPo

rt Kl

ang

Ow

ner

MTT

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ppin

g Lu

mut

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ent o

fR

M54

9.00

Port

of c

all

All p

orts

in

Mal

aysi

an w

ater

sSh

ip’s

cre

wM

alay

sian

ci

tizen

Offi

cers

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00

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ign

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enO

ffice

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atin

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SL05

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021

Dat

e of

issu

ance

:26

Feb

ruar

y 20

21

Valid

ity p

erio

d:26

Feb

ruar

y 20

21 –

25 A

ugus

t 202

1

Nil

Com

plie

d

Reg

istra

r of

Mal

aysi

an

Ship

s, P

ort

Kela

ng

Cer

tific

ate

of M

alay

sian

Reg

istry

33

7620

Dat

e of

issu

ance

:18

Febr

uary

202

1

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Surv

eyor

G

ener

al o

f Sh

ips

Mal

aysi

a

Doc

umen

t of

C

ompl

ianc

e of

th

e sa

fety

m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

the

co

mpa

ny m

anag

ing

the

vess

el

011/

6062

-O

M/2

021

Dat

e of

issu

ance

:21

Apr

il 20

21

Valid

ity p

erio

d:21

Apr

il 20

21–

12 M

ay 2

026

Subj

ect

to

perio

dica

l ve

rific

atio

nC

ompl

ied

B -

72

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

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, PER

MIT

S A

ND

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RO

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(Con

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ompa

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el

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rovi

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auth

ority

/ Is

suer

Type

of A

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vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

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atus

of

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plia

nce

MTT

Sh

ippi

ng

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ut /

MTT

Sa

mal

aju

(Con

t’d)

Con

tinuo

us S

ynop

sis

Rec

ord

setti

ng

out,

amon

gst o

ther

s, th

e na

me

of th

e sh

ip,

the

port

at w

hich

the

shi

p is

re

gist

ered

and

the

ship

’s id

entif

icat

ion

num

ber

PKG

2100

889

Dat

e of

issu

ance

:5

Febr

uary

202

1

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Inte

rnat

iona

l En

ergy

Ef

ficie

ncy

Cer

tific

ate

6147

/202

1/00

04D

ate

of is

suan

ce:

25Ja

nuar

y 20

21

Valid

ity p

erio

d:N

il

Nil

Com

plie

d

DN

V G

LIn

terim

Cla

ssifi

catio

n C

ertif

icat

e36

509

Dat

e of

issu

ance

: 5

Febr

uary

202

1

Valid

ity p

erio

d:

5 Fe

brua

ry 2

021

–5

May

202

2

Subj

ect

to t

he c

ompl

ianc

e w

ith r

equi

rem

ents

for

the

re

tent

ion

of c

lass

in

the

rule

s of

D

NV

G

L,

and

unle

ss th

e cl

ass

has

been

su

spen

ded

or w

ithdr

awn.

Com

plie

d

Car

go

Ship

S

afet

y Eq

uipm

ent

Cer

tific

ate

n140

8354

-7-d

qmD

ate

of is

suan

ce:

19 M

ay20

21

Valid

ity p

erio

d:19

May

202

1–5

Febr

uary

202

6

Subj

ect

to

annu

al

and

perio

dica

l su

rvey

s in

ac

cord

ance

w

ith

the

regu

latio

n un

der

the

Inte

rnat

iona

l C

onve

ntio

n fo

r th

e Sa

fety

of

Life

at

Sea,

197

4.

Com

plie

d

Car

go S

hip

Safe

ty R

adio

Cer

tific

ate

n140

8354

-6-u

dqD

ate

of is

suan

ce:

9Fe

brua

ry 2

021

Valid

ity p

erio

d:9

Febr

uary

202

1–5

Febr

uary

2026

Subj

ect

to

perio

dica

l su

rvey

s in

acc

orda

nce

with

th

e re

gula

tion

unde

r th

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

B -

73

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

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ompa

ny/

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el

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auth

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/ Is

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nce/

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tions

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pose

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atus

of

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plia

nce

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Sh

ippi

ng

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ut /

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mal

aju

(Con

t’d)

Car

go

Ship

S

afet

y C

onst

ruct

ion

Cer

tific

ate

n140

8354

-7-m

skD

ate

of is

suan

ce:

19M

ay20

21

Valid

ity p

erio

d:19

May

2021

–5

Febr

uary

2026

Subj

ect

to

annu

al

and

inte

rmed

iate

sur

veys

and

in

spec

tions

of

the

outs

ide

of

the

ship

’s

botto

m

in

acco

rdan

ce

with

th

e re

gula

tion

unde

r th

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

Inte

rnat

iona

l Oil

Pol

lutio

n Pr

even

tion

Cer

tific

ate

n140

8354

-5-m

skD

ate

of is

suan

ce:

19M

ay20

21

Valid

ity p

erio

d:19

May

2021

–5

Febr

uary

202

6

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

r th

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Inte

rnat

iona

l Loa

d Li

ne C

ertif

icat

en1

4083

54-8

-skp

Dat

e of

issu

ance

:4

May

2021

Valid

ity p

erio

d:4

May

2021

–5

Febr

uary

2026

Subj

ect

to a

nnua

l sur

veys

in

ac

cord

ance

w

ith

the

artic

le

unde

r th

e In

tern

atio

nal

Con

vent

ion

on L

oad

Line

s, 1

966.

Com

plie

d

Inte

rnat

iona

l Se

wag

e Po

llutio

n Pr

even

tion

Cer

tific

ate

3650

9D

ate

of is

suan

ce:

19 M

ay20

21

Valid

ity p

erio

d:19

May

2021

–5

Febr

uary

202

6

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

r th

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3

Com

plie

d

B -

74

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

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5 C

ompa

ny/

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el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

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ce/

Valid

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riod

Maj

or c

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tions

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pose

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atus

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nce

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ippi

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ut /

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Inte

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Pol

lutio

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even

tion

Cer

tific

ate

n140

8354

-1-ir

aD

ate

of is

suan

ce:

19M

ay20

21

Valid

ity p

erio

d:19

May

2021

–5

Febr

uary

202

6

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

r th

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Mar

pol

73/7

8 An

nex

V St

atem

ent

conc

erni

ng P

reve

ntio

n of

Pol

lutio

n by

G

arba

ge

3650

9D

ate

of is

suan

ce:

5 Fe

brua

ry 2

021

Valid

ity p

erio

d:

5 Fe

brua

ry 2

021-

5 Fe

brua

ry 2

026

Subj

ect t

o no

una

utho

rised

alte

ratio

n to

th

e lis

ted

equi

pmen

t occ

urs

Com

plie

d

Cer

tific

ate

of

Com

plia

nce

on

Inve

ntor

y of

Haz

ardo

us M

ater

ials

3650

9D

ate

of is

suan

ce:

19 M

ay 2

021

Valid

ity p

erio

d:19

May

202

1 –

5 Fe

brua

ry 2

026

Nil

Com

plie

d

Stat

emen

t of

Com

plia

nce

with

MLC

Ti

tle 3

, Reg

. 3.1

3650

9D

ate

of is

suan

ce:

5 Fe

brua

ry 2

021

Valid

ity p

erio

d:N

il

Nil

Com

plie

d

Inte

rnat

iona

l A

nti-F

oulin

g S

yste

m

Cer

tific

ate

3650

9D

ate

of is

suan

ce:

5 Fe

brua

ry 2

021

Valid

ity p

erio

d:

Nil

Nil

Com

plie

d

B -

75

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

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6 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

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eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Lum

ut /

MTT

Sa

mal

aju

(Con

t’d)

Inte

rnat

iona

l Ton

nage

Cer

tific

ate

3650

9D

ate

of is

suan

ce:

26 J

anua

ry 2

021

Valid

ity p

erio

d:

Valid

unt

il ot

herw

ise

with

draw

n

Nil

Com

plie

d

Doc

umen

t of C

ompl

ianc

e fo

r the

C

arria

ge o

f Dan

gero

us G

oods

3650

9D

ate

of is

suan

ce:

8 Fe

brua

ry 2

021

Valid

ity p

erio

d:

8 Fe

brua

ry 2

021-

5 Fe

brua

ry 2

026

Subj

ect

to t

he c

ompl

ianc

e of

th

e In

tern

atio

nal

Mar

itim

e D

ange

rous

G

oods

Cod

e fo

r in

divi

dual

su

bsta

nces

, m

ater

ials

or

artic

les.

Com

plie

d

Inte

rnat

iona

l B

alla

st

Wat

er

Man

agem

ent C

ertif

icat

e36

509

Dat

e of

issu

ance

: 10

Feb

ruar

y 20

21

Valid

ity p

erio

d:

10 F

ebru

ary

2021

-5

Febr

uary

202

6

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

r th

e In

tern

atio

nal

Con

vent

ion

for

the

Con

trol

and

Man

agem

ent

of

Ship

Ba

llast

W

ater

an

d Se

dim

ents

.

Com

plie

d

Stat

emen

t of C

ompl

ianc

e (N

oise

)(2)

3650

9D

ate

of is

suan

ce:

29 J

anua

ry 2

021

Valid

ity p

erio

d:N

il

Nil

Com

plie

d

B -

76

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

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RO

VALS

(Con

t’d)

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ompa

ny/

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el

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rovi

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ority

/ Is

suer

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of A

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vals

/Lic

ence

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rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

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ut /

MTT

Sa

mal

aju

(Con

t’d)

Stat

emen

t of C

ompl

ianc

e (V

ibra

tion)

(2)

3650

9D

ate

of is

suan

ce:

28 J

anua

ry 2

021

Valid

ity p

erio

d:N

il

Nil

Com

plie

d

Ship

s C

lass

ifica

tion

Mal

aysi

a

Inte

rnat

iona

l Shi

p S

ecur

ity C

ertif

icat

e21

0129

2SC

Dat

e of

issu

ance

:6

July

2021

Valid

ity p

erio

d:6

July

2021

–3

July

202

6

Nil

Com

plie

d

Safe

ty M

anag

emen

t Cer

tific

ate

2101

292S

MD

ate

of is

suan

ce:

6 Ju

ly20

21

Valid

ity p

erio

d:6

July

2021

–3

July

202

6

Subj

ect

tope

riodi

cal

verif

icat

ion

and

the

Doc

umen

t of

Com

plia

nce

of th

e sa

fety

man

agem

ent

syst

em i

mpl

emen

ted

and

mai

ntai

ned

by

the

com

pany

m

anag

ing

the

vess

el re

mai

ns v

alid

.

Com

plie

d

Mar

itim

e La

bour

Cer

tific

ate

2101

292M

LD

ate

of is

suan

ce:

6 Ju

ly20

21

Valid

ity p

erio

d:6

July

2021

–3

July

202

6

Subj

ect

to i

nspe

ctio

ns i

n ac

cord

ance

w

ith

the

rele

vant

sta

ndar

ds u

nder

th

e M

ariti

me

Labo

ur

Con

vent

ion

2006

and

val

id

only

whe

n th

e D

ecla

ratio

n of

M

ariti

me

Labo

ur

Com

plia

nce

is a

ttach

ed.

Com

plie

d

B -

77

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-7

8 C

ompa

ny/

Vess

el

App

rovi

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auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

MTT

Sh

ippi

ng

Lum

ut /

MTT

Sa

mal

aju

(Con

t’d)

Lloy

d’s

Reg

iste

rC

onfir

mat

ion

of C

ompl

ianc

e fo

r Shi

p En

ergy

Effi

cien

cy M

anag

emen

t Pla

n (S

EEM

P P

art I

I)

KLR

/CO

C/2

7353

Dat

e of

issu

ance

: 01

Feb

ruar

y 20

21

Valid

ity p

erio

d:

Nil

Nil

Com

plie

d

Gov

ernm

ent

of M

alay

sia

Safe

Man

ning

Doc

umen

t SM

D36

54/2

021

Dat

e of

issu

ance

:15

Mar

ch 2

021

Valid

ity p

erio

d:15

Mar

ch 2

021

–24

Feb

ruar

y 20

26

Nil

Com

plie

d

Qin

gdao

W

anyu

tang

D

ispe

nsar

y C

o. L

td.

Med

icin

e C

hest

Cer

tific

ate

A200

01D

ate

of is

suan

ce:

16 J

anua

ry 2

021

Valid

ity p

erio

d:16

Jan

uary

202

1 –

15 J

anua

ry 2

022

Nil

Com

plie

d

Mal

aysi

an

Com

mun

icat

ion

s an

d M

ultim

edia

C

omm

issi

on

Ship

St

atio

n Li

cens

e (A

ppar

atus

As

sign

men

t)56

936/

1459

525_

001/

2021

Effe

ctiv

e da

te:

24 F

ebru

ary

2021

Valid

ity p

erio

d:24

Feb

ruar

y 20

21 –

31 D

ecem

ber 2

025

Nil

Com

plie

d

Hai

Pho

ng-

Viet

nam

Por

tSh

ip

Sani

tatio

n C

ontro

l Ex

empt

ion

Cer

tific

ate

2000

697

Dat

e of

issu

ance

:21

Jul

y20

21

Valid

ity p

erio

d:21

Jul

y20

21–

20 J

anua

ry 2

022

Valid

for a

max

imum

of s

ix

mon

ths,

bu

t th

e va

lidity

pe

riod

may

be

exte

nded

by

one

mon

th

if in

spec

tion

cann

ot b

e ca

rrie

d ou

t at t

he

port

and

ther

e is

no

ev

iden

ce

of

infe

ctio

n or

co

ntam

inat

ion.

Com

plie

d

B -

78

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-7

9 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

Sea

Lion

C

onta

iner

Li

ne/

MTT

Se

mpo

rna

Dom

estic

Sh

ippi

ng

Lice

nsin

g Bo

ard

Dom

estic

Shi

ppin

g Li

cenc

e

Nam

e of

ship

MTT

Sem

porn

aSe

rvic

es/

carg

oVa

rious

Tonn

age

Gro

ss: 1

3059

Net

: 504

0Po

rt o

f re

gist

ryPo

rt Kl

ang

Ow

ner

Sea

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Con

tain

erPa

ymen

t of

RM

549.

00Po

rt o

f cal

lAl

l por

ts in

M

alay

sian

wat

ers

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’s c

rew

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enO

ffice

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atin

gs0

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reig

n ci

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Offi

cers

Rat

ings

812

A110

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DSL

0996

/202

1

Dat

e of

issu

ance

:1

April

202

1

Valid

ity p

erio

d:1

April

202

1-9

Augu

st 2

021

Nil

Com

plie

d

Reg

istra

r of

Mal

aysi

an

Ship

s, P

ort

Kela

ng

Cer

tific

ate

of M

alay

sian

Reg

istry

3376

28D

ate

of is

suan

ce:

19A

pril

2021

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Surv

eyor

G

ener

al o

f Sh

ips

Mal

aysi

a

Con

tinuo

us S

ynop

sis

Rec

ord

setti

ng

out,

amon

gst o

ther

s, th

e na

me

of th

esh

ip,

the

port

at w

hich

the

shi

p is

re

gist

ered

and

the

ship

’s id

entif

icat

ion

num

ber

PKG

210

0934

Dat

e of

issu

ance

:2

April

202

1

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

B -

79

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

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MIT

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ND

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vals

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nce/

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it/

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ate

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itype

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or c

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tions

im

pose

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atus

of

com

plia

nce

Sea

Lion

C

onta

iner

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ne/

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(Con

t’d)

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rnat

iona

l En

ergy

Ef

ficie

ncy

Cer

tific

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6147

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1/00

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of is

suan

ce:

23 F

ebru

ary

2021

Valid

ity p

erio

d:N

il

Nil

Com

plie

d

Doc

umen

t of

C

ompl

ianc

e of

th

e sa

fety

m

anag

emen

t sy

stem

im

plem

ente

d an

d m

aint

aine

d by

the

co

mpa

ny m

anag

ing

the

vess

el

011/

6062

-O

M/2

021

Dat

e of

issu

ance

:21

Apr

il 20

21

Valid

ity p

erio

d:21

Apr

il 20

21–

12 M

ay 2

026

Subj

ect

to

perio

dica

l ve

rific

atio

nC

ompl

ied

DN

V G

LC

lass

ifica

tion

Cer

tific

ate

3651

1D

ate

of is

suan

ce:

15 A

pril

2021

Valid

ity p

erio

d:15

Apr

il 20

21 –

31 M

arch

202

6

Subj

ect

to t

he c

ompl

ianc

e w

ith r

equi

rem

ents

for

the

re

tent

ion

of c

lass

in

the

rule

s of

D

NV

G

L,

and

unle

ss th

e cl

ass

has

been

su

spen

ded

or w

ithdr

awn.

Com

plie

d

Inte

rim C

argo

Shi

p Sa

fety

Equ

ipm

ent

Cer

tific

ate

n148

5484

-enh

Dat

e of

issu

ance

:31

Mar

ch 2

021

Valid

itype

riod:

31 M

arch

202

1 –

31 A

ugus

t 202

1

Subj

ect

to

annu

al

and

perio

dica

l su

rvey

s in

ac

cord

ance

w

ith

the

regu

latio

n un

der

the

Inte

rnat

iona

l C

onve

ntio

n fo

r th

e Sa

fety

of

Life

at

Sea,

197

4.

Com

plie

d

B -

80

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

ANN

EXU

RE

B: O

UR

MAJ

OR

LIC

ENC

ES, P

ERM

ITS

AND

APP

RO

VALS

(Con

t’d)

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el

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thor

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Type

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vals

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ence

s/

Perm

its

Lice

nce/

Pe

rmit/

R

efer

ence

no.

D

ate

of is

suan

ce/

Valid

ity p

erio

d M

ajor

con

ditio

ns

impo

sed

Stat

us o

f co

mpl

ianc

e

Sea

Lion

C

onta

iner

Li

ne/

MTT

Se

mpo

rna

(Con

t’d)

Inte

rim

Car

go

Ship

Sa

fety

R

adio

C

ertif

icat

e n1

4854

84-fy

e

Dat

e of

issu

ance

: 31

Mar

ch 2

021

Valid

ity p

erio

d:

31 M

arch

202

1 –

31 A

ugus

t 202

1

Subj

ect

to

perio

dica

l su

rvey

s in

acc

orda

nce

with

th

e re

gula

tion

unde

r th

e In

tern

atio

nal

Con

vent

ion

for

the

Safe

ty o

f Li

fe a

t Se

a, 1

974.

Com

plie

d

In

terim

C

argo

Sh

ip

Safe

ty

Con

stru

ctio

n C

ertif

icat

e n1

4854

84-a

hc

Dat

e of

issu

ance

: 31

Mar

ch 2

021

Valid

ity p

erio

d:

31 M

arch

202

1 –

31 A

ugus

t 202

1

Subj

ect

to

annu

al

and

inte

rmed

iate

sur

veys

and

in

spec

tions

of

the

outs

ide

of

the

ship

’s

botto

m

in

acco

rdan

ce

with

th

e re

gula

tion

unde

r th

e In

tern

atio

nal

Con

vent

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the

Safe

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fe a

t Se

a, 1

974.

Com

plie

d

In

terim

In

tern

atio

nal

Oil

Pollu

tion

Prev

entio

n C

ertif

icat

e n1

4854

84-x

ui

Dat

e of

issu

ance

: 31

Mar

ch 2

021

Valid

ity p

erio

d:

31 M

arch

202

1 –

31 A

ugus

t 202

1

Subj

ect

to

surv

eys

in

acco

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ce

with

th

e re

gula

tion

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e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

In

terim

In

tern

atio

nal

Load

Li

ne

Cer

tific

ate

n148

5484

-toz

Dat

e of

issu

ance

: 31

Mar

ch 2

021

Valid

ity p

erio

d:

31 M

arch

202

1 –

31 A

ugus

t 202

1

Subj

ect

to a

nnua

l sur

veys

in

ac

cord

ance

w

ith

the

artic

le

unde

r th

e In

tern

atio

nal

Con

vent

ion

on L

oad

Line

s, 1

966.

Com

plie

d

B - 8

1

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-8

2 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

Sea

Lion

C

onta

iner

Li

ne/

MTT

Se

mpo

rna

(Con

t’d)

Inte

rim

Inte

rnat

iona

l Se

wag

e Po

llutio

n Pr

even

tion

Cer

tific

ate

3651

1D

ate

of is

suan

ce:

31 M

arch

202

1

Valid

ity p

erio

d:31

Mar

ch 2

021

–31

Aug

ust 2

021

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

r th

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3

Com

plie

d

Inte

rim

Inte

rnat

iona

l A

ir Po

llutio

n Pr

even

tion

Cer

tific

ate

n148

5484

-rak

Dat

e of

issu

ance

:31

Mar

ch 2

021

Valid

ity p

erio

d:31

Mar

ch 2

021

–31

Aug

ust 2

021

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

r th

e In

tern

atio

nal

Con

vent

ion

for

the

Prev

entio

n of

Po

llutio

n fro

m S

hips

, 197

3.

Com

plie

d

Mar

pol

73/7

8 An

nex

V St

atem

ent

conc

erni

ng P

reve

ntio

n of

Pol

lutio

n by

G

arba

ge

3651

1D

ate

of is

suan

ce:

31 M

arch

2021

Valid

ity p

erio

d:31

Mar

ch20

21–

31 M

arch

202

6

Subj

ect t

o no

una

utho

rised

alte

ratio

n to

th

e lis

ted

equi

pmen

t occ

urs.

Com

plie

d

Inte

rim

Inte

rnat

iona

l A

nti-F

oulin

g S

yste

m C

ertif

icat

e36

511

Dat

e of

issu

ance

:31

Mar

ch20

21

Valid

ity p

erio

d:31

Mar

ch20

21–

31 A

ugus

t202

1

Nil

Com

plie

d

B -

82

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-8

3 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

Sea

Lion

C

onta

iner

Li

ne/

MTT

Se

mpo

rna

(Con

t’d)

Inte

rnat

iona

l Ton

nage

Cer

tific

ate

3651

1D

ate

of is

suan

ce:

19 M

arch

202

1

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Inte

rim D

ocum

ent o

f Com

plia

nce

for

the

Car

riage

of D

ange

rous

Goo

ds36

511

Dat

e of

issu

ance

:31

Mar

ch 2

021

Valid

ity p

erio

d:31

Mar

ch20

21–

31 A

ugus

t 202

1

Subj

ect

to t

he c

ompl

ianc

e of

th

e In

tern

atio

nal

Mar

itim

e D

ange

rous

G

oods

Cod

e fo

r in

divi

dual

su

bsta

nces

, m

ater

ials

or

ar

ticle

s.

Com

plie

d

Inte

rim

Inte

rnat

iona

l B

alla

st

Wat

er

Man

agem

ent C

ertif

icat

e36

511

Dat

e of

issu

ance

:31

Mar

ch 2

021

Valid

ity p

erio

d:31

Mar

ch 2

021

–31

Aug

ust 2

021

Subj

ect

to

surv

eys

in

acco

rdan

ce

with

th

e re

gula

tion

unde

r th

e In

tern

atio

nal

Con

vent

ion

for

the

Con

trol

and

Man

agem

ent

of

Ship

Ba

llast

W

ater

an

d Se

dim

ents

.

Com

plie

d

Inte

rim S

tate

men

t ofC

ompl

ianc

e on

In

vent

ory

of H

azar

dous

Mat

eria

ls36

511

Dat

e of

issu

ance

:31

Mar

ch 2

021

Valid

ity p

erio

d:31

Mar

ch 2

021

–31

Aug

ust 2

021

Nil

Com

plie

d

B -

83

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-8

4 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

Sea

Lion

C

onta

iner

Li

ne/

MTT

Se

mpo

rna

(Con

t’d)

Stat

emen

t of

Com

plia

nce

with

MLC

Ti

tle 3

, Reg

. 3.1

3651

1D

ate

of is

suan

ce:

31 M

arch

202

1

Valid

ity p

erio

d:N

il

Nil

Com

plie

d

Stat

emen

t of C

ompl

ianc

e (N

oise

)(2)

3651

1D

ate

of is

suan

ce:

29 J

anua

ry 2

021

Valid

ity p

erio

d:N

il

Nil

Com

plie

d

Stat

emen

t of C

ompl

ianc

e (V

ibra

tion)

(2)

3651

1D

ate

of is

suan

ce:

28 J

anua

ry 2

021

Valid

ity p

erio

d:N

il

Nil

Com

plie

d

Ship

s C

lass

ifica

tion

Mal

aysi

a

Inte

rim

Inte

rnat

iona

l S

hip

Sec

urity

C

ertif

icat

e21

0110

4SC

Dat

e of

issu

ance

:24

Mar

ch 2

021

Valid

ity p

erio

d:24

Mar

ch 2

021

–23

Sep

tem

ber 2

021

Nil

Com

plie

d

Inte

rim

Safe

ty

Man

agem

ent

Cer

tific

ate

2101

104S

MD

ate

of is

suan

ce:

24 M

arch

202

1

Valid

ity p

erio

d:24

Mar

ch 2

021

–23

Sep

tem

ber 2

021

Subj

ect t

o th

e D

ocum

ent o

f C

ompl

ianc

e of

the

saf

ety

man

agem

ent

syst

em

impl

emen

ted

and

mai

ntai

ned

by

the

com

pany

m

anag

ing

the

vess

el re

mai

ning

val

id.

Com

plie

d

B -

84

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-8

5 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

Sea

Lion

C

onta

iner

Li

ne/

MTT

Se

mpo

rna

(Con

t’d)

Inte

rim M

ariti

me

Labo

ur C

ertif

icat

e21

0110

4ML

Dat

e of

issu

ance

:24

Mar

ch 2

021

Valid

ity p

erio

d:24

Mar

ch 2

021

–23

Sep

tem

ber 2

021

Subj

ect

to i

nspe

ctio

ns i

n ac

cord

ance

w

ith

the

rele

vant

sta

ndar

ds u

nder

th

e M

ariti

me

Labo

ur

Con

vent

ion

2006

and

val

id

only

whe

n th

e D

ecla

ratio

n of

M

ariti

me

Labo

ur

Com

plia

nce

is a

ttach

ed.

Com

plie

d

Lloy

d’s

Reg

iste

rC

onfir

mat

ion

of C

ompl

ianc

e fo

r Shi

p En

ergy

Effi

cien

cy M

anag

emen

t Pla

n (S

EEM

P P

art I

I)

KLR

/CO

C/2

7387

Dat

e of

issu

ance

:18

Feb

ruar

y 20

21

Valid

ity p

erio

d:Va

lid u

ntil

othe

rwis

e w

ithdr

awn

Nil

Com

plie

d

Gov

ernm

ent

of M

alay

sia

Safe

M

anni

ng

Doc

umen

t(N

ear

Coa

stal

)SM

D36

74/2

021

Dat

e of

issu

ance

:4

May

202

1

Valid

ity p

erio

d:4

May

202

1–

29 A

pril

2026

Nil

Com

plie

d

Safe

Man

ning

Doc

umen

t(U

nlim

ited)

SMD

3675

/202

1D

ate

of is

suan

ce:

4 M

ay 2

021

Valid

ity p

erio

d:4

May

202

1-29

Apr

il 20

26

Nil

Com

plie

d

B -

85

Reg

istra

tion

No.

201

9010

0401

9 (1

3133

46-A

)R

egis

tratio

n N

o. 2

0190

1004

019

(131

3346

-A)

AN

NEX

UR

E B

:OU

R M

AJO

R L

ICEN

CES

, PER

MIT

S A

ND

APP

RO

VALS

(Con

t’d)

B-8

6 C

ompa

ny/

Vess

el

App

rovi

ng

auth

ority

/ Is

suer

Type

of A

ppro

vals

/Lic

ence

s/Pe

rmits

Lice

nce/

Perm

it/

Ref

eren

ceno

.D

ate

of is

suan

ce/

Valid

itype

riod

Maj

or c

ondi

tions

im

pose

dSt

atus

of

com

plia

nce

Qin

gdao

W

anyu

tang

D

ispe

nsar

y C

o. L

td.

Med

icin

e C

hest

Cer

tific

ate

A210

3110

01D

ate

of is

suan

ce:

11 M

arch

202

1

Valid

ity p

erio

d:11

Mar

ch 2

021–

10 M

arch

202

2

Nil

Com

plie

d

Mal

aysi

an

Com

mun

icat

ion

s an

d M

ultim

edia

C

omm

issi

on

Ship

St

atio

n Li

cens

e (A

ppar

atus

As

sign

men

t)56

983/

15

7583

2_00

1/

2021

Dat

e of

issu

ance

:20

Jun

e20

21

Valid

ity p

erio

d:20

Jun

e20

21–

31 D

ecem

ber 2

025

Nil

Com

plie

d

Fuzh

ou’s

C

usto

m T

he

Peop

le’s

R

epub

lic o

f C

hina

Ship

Sa

nita

tion

Con

trol

Exem

ptio

n C

ertif

icat

e35

0500

5210

0001

4D

ate

of is

suan

ce:

1 Ap

ril 2

021

Valid

ity p

erio

d:1

April

202

1–

30 S

epte

mbe

r 202

1

Valid

for a

max

imum

of s

ix

mon

ths,

bu

t th

e va

lidity

pe

riod

may

be

exte

nded

by

one

mon

th

if in

spec

tion

cann

ot b

e ca

rrie

d ou

t at t

he

port

and

ther

e is

no

ev

iden

ce

of

infe

ctio

n or

co

ntam

inat

ion.

Com

plie

d

Not

es:

(1)

It is

a c

ondi

tion

to th

e sh

ippi

ng a

gent

app

rova

l tha

t app

licat

ion

for

rene

wal

of t

he a

ppro

val s

hall

be s

ubm

itted

not

late

r th

an 1

4 da

ys b

efor

e th

e da

te o

f exp

iry o

f the

ex

istin

g ap

prov

al. M

TT S

hipp

ing

is c

omm

itted

to s

ubm

it th

e ap

plic

atio

n fo

r ren

ewal

in a

ccor

danc

e w

ith th

e co

nditi

on s

tipul

ated

ther

ein.

(2)

Add

ition

al s

tate

men

t of c

ompl

ianc

e re

quire

d pu

rsua

nt to

the

Mar

itim

e La

bour

Con

vent

ion

2006

, whi

ch c

ame

into

effe

ct in

201

3.

B -

86


ANNEXURE C: MATERIAL REGULATORY REQUIREMENTS

C - 1

1. MALAYSIA

Our business is regulated by, and in some instances required to be licensed under specific laws of Malaysia. The following is an overview of the material regulatory requirements governing our Group which are material to our business operation, and it does not purport to be an exhaustive description of all relevant laws and regulations which our business is subject to.

Customs Act 1967 (“Customs Act”)

A customs agent is referred to as any person approved under Section 90 of the Customs Act to undertake any customs transactions on behalf of another person. A customs agent may act on behalf of importers and exporters to carry out the business to relieve goods from customs control. A customs agent may be a shipping agent or forwarding agent or both.

Pursuant to the Customs Agent Guidelines issued by the Customs Department, any person that is solely registered as a shipping agent is not subject to any equity conditions pertaining to Bumiputera participation for shareholding, board of directors, management personnel and supporting staffs.

(Source: Panduan Ejen Kastam di bawah Seksyen 90 Akta Kastam 1967 (22 Februari 2021))

Income Tax Act 1967 (“ITA”)

Prior to YA 2012, 100% of the statutory income of a resident person derived from the business of transporting passengers or cargo by sea on a Malaysian ship or letting out on charter a Malaysian ship owned by him on a voyage or time charter basis shall be exempted from income tax. AMalaysian ship under the ITA means a sea-going ship registered under the Merchant Shipping Ordinance 1952, other than a ferry, barge, tug-boat, supply vessel, crew boat, lighter, dredger, fishing boat or other similar vessel. While the ITA was subsequently amended in 2012 to reduce thequantum of the said income tax exemption from 100% to 70% with effect from YA 2012, theimplementation of the 70% income tax exemption has been deferred to YA 2020 pursuant to three subsequent exemption orders passed.

The Ministry of Finance has subsequently in July 2020 informed the Ministry of Transport that the implementation of the 70% income tax exemption derived from shipping profits has been deferred to YA 2023, subject to certain conditions, among others, the Ministry of Transport imposing annual tonnage fee/tax to Malaysian shipowners by 1 January 2022.

In the event that both Malaysian ship and non-Malaysian ship are used in the business of a resident person, the statutory income tax exemption is restricted to the income derived from the Malaysian ship only.

(Source: Income Tax (Exemption) (No. 2) Order 2012 [P.U. (A) 167/2012], the Income Tax (Exemption) Order 2018 [P.U. (A) 38/2018 and the Income Tax (Exemption) (No. 2) 2018 [P.U. (A) 48/2018])

Merchant Shipping Ordinance 1952 (“MSO”)

The MSO is the principal legislation governing merchant shipping in Malaysia. The MSO provides for two types of ship registries, namely the domestic registry and the Malaysia International Ship Registry. In order to be registered as a Malaysian ship under the domestic registry, a ship needs to be wholly owned by either Malaysian citizens or a corporation incorporated in Malaysia in which the majority of directors and shareholders are Malaysians with principal office in Malaysia and management is carried out mainly in Malaysia. Prior to registration, the ship owner shall obtain a certificate specifying the ship’s tonnage and build and such other particulars descriptive of the identity of the ship. Upon being registered, the ship shall be issued with a certificate of registry. The registrar may issue in respect of any ship a provisional certificate of registry that shall be valid for a maximum period of one year before a permanent certificate of registry is issued.

C - 1


ANNEXURE C: MATERIAL REGULATORY REQUIREMENTS (Cont’d)

C - 2

If a ship is owned by a corporation which is incorporated in Malaysia and the office of suchcorporation is established in Malaysia, but the majority of the shareholding, including voting shares of such corporation are not held by Malaysians, the ship can still be registered as a Malaysian ship under the Malaysia International Ship Registry irrespective of where the ship was built. This is subject to the requirement that the ship is fitted with mechanical means of propulsion, is of not less than 1,600 gross tonnage and does not exceed the maximum age restrictions.

The Domestic Shipping Licensing Board is established pursuant to the MSO to regulate and control the licensing of ships engaged in domestic shipping which is prescribed under the MSO asthe use of ship to provide services, other than fishing, in Malaysian waters or the exclusiveeconomic zone, or for the shipment of goods or the carriage of passengers from or to any port or place in Malaysia or from any port or place in Malaysia to any place in the exclusive economic zone or vice versa. The MSO also provides that no ship, other than a Malaysian ship, may engage in domestic shipping and a ship must have a licence before it can engage in domestic shippingunless exempted under the MSO. A Malaysian ship of less than 15 net tonnage, among others, is exempted from having such domestic shipping licence.

The control of licensing of ships engaged in domestic shipping serves to implement the cabotage policy that was introduced in 1980. The cabotage policy aims to develop Malaysian ownership and local shipping by among others, minimising dependence on foreign vessels. Foreign vessels are not allowed to carry out domestic shipping activities in Malaysia, unless exempted. Notwithstanding the foregoing provisions, cabotage policy has gone through several partial liberalisations. Pursuant to the exemption orders issued by the Minister of Transport by virtue of the MSO, with effect from 1 June 2017, both Malaysian and non-Malaysian ships may provide transport of cargo services from any one port in Peninsular Malaysia to any one port in Sabah, Sarawak and Federal Territory of Labuan and vice versa, from any port in Sabah to another port in Sabah, and from any port in Sarawak to another port in Sarawak, without a domestic shipping licence.

(Source: Merchant Shipping Ordinance 1952 (Exemption Under Section 65U) [P.U. (B) 274/2017],Merchant Shipping Ordinance 1952 (Exemption Under Section 65U) [P.U. (B) 275/2017])

The MSO further prescribes that Malaysian ships registered under the MSO shall be issued with, among others, the following certificates:

(i) International Ship Security Certificate;

(ii) Safety Management Certificate;

(iii) Cargo Ships Safety Equipment Certificate;

(iv) Cargo Ships Safety Radio Certificate;

(v) Cargo Ship Safety Construction Certificate; and

(vi) Load Line Certificate.

Generally, these certificates shall remain in force for five years or such shorter period as may be specified therein. A Malaysian ship is prohibited from proceeding to sea without the relevant certificates prescribed under the MSO.

The MSO also provides that a seafarer who is engaged on board a ship shall hold a certificate that verifies his competency and qualification to work on a ship. The owner of every ship shall also enter into agreements with his seafarers in relation to, among others, the nature and duration of an intended voyage, capacity in which the seafarers are to serve and their wages.

C - 2



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International Conventions Adopted by Statues

International conventions relating to maritime law have been incorporated into Malaysian law in two ways, either by way of legislations embodying, in its own words, provisions having the effect of the convention or by legislations embodying the original text of the convention itself, usually in a schedule with separate changes to be made under Malaysian law for the satisfactory operation of the convention. Examples of some of these conventions are set out below:

(A) International Conventions Adopted by MSO

The following international conventions are the conventions which have been incorporated into Malaysian law by the MSO:

(i) International Convention for the Safety of Life at Sea 1974 (“SOLAS 1974”)

SOLAS 1974 specifies among others, minimum safety standards for the construction, equipment and operation of ships. The convention includes regulations concerning the survey of various types of ships and the issuing of documents signifying that the ships meet the requirements of the convention. SOLAS 1974 also stipulates requirements for stowage and securing of cargo or cargo units and structural requirements for bulk carriers. The International Ship and Port Facility Security Code (“ISPS Code”) came into force under Chapter XI-2/3 of SOLAS 1974.The ISPS Code constitutes the basis for a comprehensive mandatory security regime for international shipping. The ISPS Code outlines detailed maritime and port security related requirements which SOLAS 1974 contracting governments, port authorities and shipping companies must adhere to. The International Safety Management Code (“ISM Code”) came into force under Chapter IX of SOLAS 1974. The ISM Code provides an international standard for the safety management and operation of ships and for pollution prevention. It establishes safety management objectives and requires safety management systems to be established by persons who have assumed responsibilities for operating the ships. The procedures required by the ISM Code should be documented and compiled in a Safety Management Manual, a copy of which should be kept on board.

(Source: International Convention for the Safety of Life at Sea (SOLAS), 1974, the IMO)

(ii) International Regulations for Preventing Collisions at Sea 1972 (“COLREG 1972”)

COLREG 1972 has been adopted by Malaysia as a schedule to the Merchant Shipping (Collisions Regulations) Order 1984 issued pursuant to the MSO. COLREG 1972 sets out the rules for safe navigation and other requirements for safe conduct as well as the requirements for vessels operating in restricted visibility to prevent any collision involving a vessel. The regulations shall be complied with by all vessels upon the high seas and in all connected therewith and navigable by sea-going vessels.

(Source: Convention on the International Regulations for Preventing Collisions at Sea, 1972 (COLREGs), the IMO)

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(iii) International Convention for the Prevention of Pollution from Ships 1973 (“MARPOL 1973”)

MARPOL 1973 the main international convention covering prevention of pollution of the marine environment by ships from operational or accidental causes. Among others, MARPOL 1973 renders it mandatory for new oil tankers to have double hulls. MARPOL 1973 also sets out certain requirements to control pollution of the sea by sewage, wherein discharge of sewage into the sea is prohibited unless the ship has in operation an approved sewage treatment plant. The convention also limits on sulphur oxide and nitrogen oxide emissions from ship exhausts and prohibits deliberate emissions of ozone depleting substances.

(Source: International Convention for the Prevention of Pollution from Ships (MARPOL), the IMO)

All vessels owned by our Group has obtained the following certificates issued pursuant to MARPOL 1973 for international shipping operations:

(i) International Oil Pollution Prevention Certificate;

(ii) International Air Pollution Prevention Certificate;

(iii) International Sewage Pollution Prevention Certificate; and

(iv) International Energy Efficiency Certificate.

The IMO regulates the emissions of sulphur oxides from ships first came into force in 2005 via Annex VI of MARPOL 1973. Since then, the limits on sulphur oxides have been progressively tightened. Since 1 January 2020, the limit for sulphur in fuel oil used on board ships operating outside designated emission control areas (i.e. the Baltic Sea area, the North Sea area, the North American area, (covering designated coastal areas off the United States and Canada) and the United States Caribbean Sea area (waters around Puerto Rico and the United States Virgin Islands) has beenreduced to 0.50% m/m (mass by mass) as opposed to the previous limit of 3.5%.

(Source: International Convention for the Prevention of Pollution from Ships (MARPOL), the IMO)

(iv) International Convention on Tonnage Measurement of Ships 1969 (“TONNAGE 1969”)

TONNAGE 1969 prescribes among others the standards wherein ships are to be surveyed and measured in relation to its gross and net tonnages.

(Source: International Convention on Tonnage Measurement of Ships, the IMO)

(v) International Convention on Load Lines 1966 (“ICLL 1966”)

ICLL 1966 prescribes the standards at which freeboards of ships are to be assigned and the load lines of ships are to be marked in accordance with the convention.

(Source: International Convention on Load Lines, the IMO)

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(vi) Convention on Limitation of Liability for Maritime Claims 1976 (“LLMC 1976”)

LLMC 1976 prescribes that shipowners and salvors may limit their liability in respect of maritime claims in accordance with the rules of LLMC 1976.

The limit of liability for claims is calculated based on the tonnage of the ship. LLMC 1976 segregates the types of claims into two categories, (i) claims for loss of life orpersonal injury; and (ii) property claims (such as damage to other ships, property or harbour works). The limitation amount for claims for loss of life or personal injury istwice the limitation amount for property claims. However, shipowners and salvors are not entitled to limit their liability if it is proven that the loss resulted from theirpersonal act or omission, committed with the intent to cause such a loss or recklessly and with knowledge that such loss would probably result.

(vii) International Convention on Standards of Training, Certification and Watchkeeping for Seafarers 1978 (“STCW 1978”)

The STCW 1978 has been adopted by Malaysia pursuant to the Merchant Shipping (Training and Certification) Rules 1999 issued under the MSO. The STCW 1978prescribes minimum standards relating to training, certification and watchkeeping for seafarers which countries are obliged to meet.

(Source: International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW), the IMO)

(viii) International Convention on Oil Pollution Preparedness, Response and Co-operation (“OPRC 1990”)

Parties to the OPRC 1990 are required to establish measures for dealing with pollution incidents. Ships are required to carry a shipboard oil pollution emergency plan and are required to report incidents of oil pollution to coastal authorities.

(ix) Maritime Labour Convention 2006 (“MLC 2006”)

The MLC 2006 requires all ships of 500 gross tonnage or more plying internationally to hold a valid Maritime Labour Certificate. The MLC 2006 sets out the minimum requirements for working and living conditions for seafarers, including recruitment practices, conditions of employment, hours of work and rest, repatriation, annual leave, payment of wages, accommodation, health protection, occupational safety and health and medical care.

(x) Nairobi International Convention on the Removal of Wrecks 2007 (“WRC 2007”)

The WRC 2007 provides for the removal of wrecks which pose a hazard to the safety of navigation or to the marine and coastal environments. Wreck is defined as a sunken or stranded ship, any part of or an object on a sunken or stranded ship, any object that is lost at sea from a ship and is stranded, sunken or adrift or a ship that is reasonably expected to sink or to strand.

The WRC 2007 places the onus to remove the wreck on the shipowners and rendersshipowners financially liable for the costs of wreck removal. The shipowners are also required to maintain compulsory insurance or other financial security to cover liability under the WRC 2007.

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(B) International Conventions Adopted by the Carriage of Goods by Sea Act 1950 (“CGSA”) and the Merchant Shipping Ordinance 1960 (Sabah) and the Merchant Shipping Ordinance 1960 (Sarawak) (collectively, the “MSO Sabah and Sarawak”)

The International Convention for the Unification of Certain Rules of Law relating to Bills of Lading, Brussels, 1924 (‘‘Hague Rules’’) have been adopted by Malaysia through the CGSA and the MSO Sabah and Sarawak. The provisions govern carriage of goods by sea in ships carrying goods from any port in Malaysia to any other port whether in or outside Malaysia. Every sea carriage document issued in Malaysia which contains or is evidence of any contract to which the Hague Rules apply shall contain an express statement that it is to have effect subject to the Hague Rules.

The provisions of CGSA and MSO Sabah and Sarawak also provide, among others, rules relating to bills of lading; and the rights, responsibilities and liabilities of a carrier and a shipper under a contract of carriage of goods by sea.

(C) International Conventions Adopted by the Merchant Shipping (Liability and Compensation for Oil and Bunker Oil Pollution) Act 1994 (“MSLCA")

The International Convention on Civil Liability for Bunker Oil Pollution Damage 2001 that has been adopted by the MSLCA. The MSLCA provides for the civil liability for oil and bunker oil pollution by merchant ships in Malaysian waters and for matters connected therewith. Under the MSLCA, the owner of a ship at the time of an incident, or where the incident consists of a series of occurrences having the same origin, at the time of the first occurrence, shall, except as otherwise provided for by the MSLCA, be liable for any pollution damage caused by the ship as a result of the incident in any area of Malaysia.

Competition Act 2010 (“CA”)

The CA prohibits anti-competitive agreements and the abuse of dominant position in the market.

A horizontal or vertical agreement between enterprises is prohibited insofar as the agreement has the object or effect of significantly preventing, restricting or distorting competition in any market for goods or services.

A horizontal agreement between enterprises which has the object to –

(i) fix, directly or indirectly, a purchase or selling price or any other trading conditions;

(ii) share market or sources of supply;

(iii) limit or control production, market outlets or market access, technical or technological development, or investment; or

(iv) perform an act of bid rigging,

is deemed to have the object of significantly preventing, restricting, or distorting competition in any market for goods or services. Any enterprise which is a party to an agreement which is prohibited under the foregoing provisions shall be liable for infringement of the prohibition.

In the event the Malaysian Competition Commission (“MyCC”) determines that there is an infringement of a prohibition under the CA, it –

(i) shall require that the infringement to be ceased immediately;

(ii) may specify steps which are required to be taken by the infringing enterprise, which appear to MyCC to be appropriate for bringing the infringement to an end;

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(iii) may impose a financial penalty; or

(iv) may give any other direction as it deems appropriate.

In 2012, ICSD and three other container depot operators (collectively, the “CDOs”) had respectively entered into an implementation, support and licence agreement (“ISLA”) with Containerchain (Malaysia) Sdn Bhd (“Containerchain”), a company providing information technology services to the shipping and logistics industry including container depot operators, whereby each of the CDOs agreed to use the Containerchain system for the management of empty containers at their respective depots for all container movements to and from their respective locations for a period of three years. The ISLA between Containerchain and ICSD was signed on 1 October 2012.

Pursuant to the ISLA, the CDOs were required to prepare a carrier access arrangement (“CAA”) for publication on Containerchain’s website. Each of these CAAs referred to the imposition of an increased depot gate charge (“DGC”) of RM25 and also contained a term providing for a common rebate to be offered by each of the CDOs of RM5 which would be refunded to the hauliers if the DGC payments were made within 14 days from the date of the invoice.

On 1 June 2016, the MyCC issued a decision containing a finding of infringements under the CA against Containerchain and the CDOs (“Decision”) which included the imposition of financial penalty and remedial actions to be complied by Containerchain and the CDOs within 30 days from the date of the Decision. ICSD had on 28 June 2016 paid the financial penalty of RM118,228.00 in full, and ceased and desisted from implementing the agreed rate for the DGC with effect from November 2014 (during the period when investigation was carried out by the MyCC). ICSD has also ceased from providing rebate to hauliers with effect from 1 July 2016.

The management of our Company and ICSD have taken the initiative to attend a briefing session in December 2019 pertaining to the legal requirements prescribed in the CA so as to create awareness and in turn, to ensure that the business conducts of our Group are and will be in compliance with the CA at all times.

ICSD has adopted among others the following measures to ensure the business conducts of ICSD are from time to time in compliance with the CA:

(i) Any future adjustments on the DGC shall be decided by the management of ICSD and approved by the board of directors of ICSD. Justifications to such adjustments must be properly recorded in writing and in the event of any adjustments of the DGC, ICSD shall notify its customers of the same in writing.

(ii) Any future adjustments on the DGC shall take place as and when the management of ICSD deems appropriate without any prior discussion with the other container depot operators.

Environmental Quality Act 1974 (“EQA”)

The EQA sets out provisions in respect of prevention, abatement, control of pollution and enhancement of the environment.

It is an offence under EQA for any person, unless licensed to do so, to among others –

(i) emit or discharge wastes into the atmosphere;

(ii) emit or cause or permit to be emitted any noise greater in volume, intensity or quality;

(iii) pollute or cause or permit to be polluted any soil or surface of any land; or

(iv) emit, discharge or deposit any wastes into any inland waters,

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in contravention of the acceptable conditions specified in EQA.

The EQA also empowers the Minister charged with the responsibility for environment protection to make regulations specifying acceptable conditions for the emission, discharge or deposit of environmentally hazardous wastes or the emission of noise into the environment. Among the regulations which have been issued includes the Environmental Quality (Scheduled Wastes) Regulations 2005 (“2005 Regulations”).

Pursuant to the 2005 Regulations, every scheduled waste generator shall notify the Director General of Environmental Quality of the new categories and quantities of scheduled wastes which are generated within 30 days of its generation.

Scheduled wastes shall only be disposed of at prescribed premises and be treated at prescribed premises or on-site treatment facilities. In addition, scheduled wastes shall be properly stored in containers which are clearly labelled and marked for identification and warning purposes, delivered to and received at prescribed premises for treatment and disposal.

Occupational Safety and Health Act 1994 (“OSHA”)

The OSHA sets out provisions for securing the safety, health and welfare of persons at work and for protecting others against risks to safety or health in connection with the activities of persons at work. Under OSHA, our Group, as the employer, has a duty to ensure, so far as is practicable, the safety, health and welfare at work of all its employees, and the matters to which such duty extends includes –

(i) the provision and maintenance of plants and systems of work that are, so far as is practicable, safe and without risks to health;

(ii) the provision of such information, instruction, training and supervision as is necessary to ensure, so far as is practicable, the safety and health at work of all its employees;

(iii) so far as is practicable, the maintenance of a place of work that is in a safe condition and without risks to health; and

(iv) the provision of adequate facilities with regards to the welfare of its employees at work.

Our Group also has a duty to formulate a general safety and health policy for its employees at work and to bring the policy and any revisions of such policy to the notice of all of its employees.Our Group is also under a duty to ensure, so far as is practicable, that it and other persons, not being its employees, who may be affected are not thereby exposed to risks to their safety or health from the conduct of their undertakings.

Foreign Exchange Control

The business of our Group is subject to the Malaysian foreign exchange policies, laws and regulations as we are receiving payments in foreign currency from non-residents such as our overseas customers and agents as well as in relation to our charter hire income. We are alsomaking payments in foreign currency to non-residents, among others, in respect of our purchases of vessels, containers, bunker fuel and spare parts of vessels, container leasing as well as payment of the salary of crew members and other vessels repair and dry docking expenses.

The foreign exchange policies in Malaysia support the monitoring of capital flows into and out of the country. The Financial Services Act 2013 (“FSA”) provides regulation and supervision of financial institutions, payment systems and other relevant entities and the oversight of the money market and foreign exchange market to promote financial stability.

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Pursuant to the Foreign Exchange Rules issued under the FSA by the Bank Negara Malaysia that sets out rules for payment in foreign currency between resident and non-resident, a resident is allowed to make or receive payment in foreign currency to or from a non-resident for any purpose, other than for –

(i) a foreign currency denominated derivative or Islamic derivative offered by a resident unless approved by Bank Negara Malaysia under Part B of Notice 5 or otherwise approved in writing by Bank Negara Malaysia;

(ii) a derivative or Islamic derivative which is referenced to ringgit unless approved by Bank Negara Malaysia under Part B of Notice 5 or otherwise approved in writing by Bank Negara Malaysia; or

(iii) an exchange rate derivative (being any derivatives which market price, value, delivery or payment obligation is derived from, referenced to or based on exchange rate) offered by a non-resident unless approved by Bank Negara Malaysia under Notice 1 or otherwise approved in writing by Bank Negara Malaysia

Our non-resident shareholders may receive and repatriate income earned in the form of dividends from Malaysia. The Foreign Exchange Rules allows non-residents to repatriate funds from Malaysia, including any income earned or proceeds from divestment of ringgit asset, provided that the repatriation is made in foreign currency and the conversion of ringgit into foreign currency is undertaken in accordance with Part B of Notice 1.

2. Hong Kong

Our business is also regulated by, and in some instances required to be licensed under specific laws of Hong Kong. The following is an overview of Hong Kong ordinances and subsidiary legislations that are relevant to our Group which are material to our business operation, and it does not purport to be an exhaustive description of all relevant laws and regulations which our business is subject to.

Merchant Shipping (Registration) Ordinance (Chapter 415 of the Laws of Hong Kong) (“MSRO”)

The MSRO provides for the registration of ships and mortgages of ships in Hong Kong. According to the MSRO, a ship subject to a demise charterparty may be registered in Hong Kong if the demise charterer or lessee of that ship is a “qualified person” as defined in the MSRO. There is no requirement that a ship operated by a qualified person must be registered in Hong Kong.

Qualified persons under the Merchant Shipping (Registration) Ordinance include:

(i) an individual who is a resident of Hong Kong and holds a valid Hong Kong identity card;

(ii) a company incorporated in Hong Kong; and

(iii) a company incorporated outside Hong Kong, but which has established a place of business in Hong Kong and has registered under the Companies Ordinance in Hong Kong as "an oversea company" with a place of business in Hong Kong.

Under the Merchant Shipping (Registration) Ordinance, there are subsidiary legislations which may be applicable to the Company which include, among others, Merchant Shipping (Registration) (Fees and Charges) Regulations (Chapter 415A of the Laws of Hong Kong), Merchant Shipping (Registration) (Ships' Names) Regulations (Chapter 415B of the Laws of Hong Kong) and the Merchant Shipping (Registration) (Tonnage) Regulations (Chapter 415C of the Laws of Hong Kong).

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Inland Revenue Ordinance (Chapter 112 of the Laws of Hong Kong) (“IRO”)

The IRO is an ordinance for the purposes of imposing taxes on property, earnings and profits in Hong Kong.

The IRO provides, among other things, that persons (which include corporations, partnerships, trustees and bodies of persons) carrying on any trade, profession or business in Hong Kong are chargeable to tax on all profits (excluding profits arising from the sale of capital assets) arising in or derived from Hong Kong from such trade, profession or business.

As at the LPD, the standard profits tax rate for corporations is at 16.5%. The IRO also contains provisions in relation to, among other things, permissible deductions for outgoings and expenses, set-offs for losses and allowances for depreciation.

Occupational Safety and Health Ordinance (Chapter 509 of the Laws of Hong Kong) (“OSHO”)

Employers must as far as reasonably practicable ensure the safety and health in their workplaces by:

(i) providing and maintaining plant and work systems that do not endanger safety or health;

(ii) (making arrangements for ensuring safety and health in connection with the use, handling, storage or transport of plant or substances;

(iii) providing all necessary information, instructions, training, and supervision for ensuring safety and health;

(iv) providing and maintaining safe access to and egress from the workplaces; and

(v) providing and maintaining a safe and healthy work environment.

Failure to comply with the above constitutes an offence of which the employer is liable on conviction to a fine of HKD200,000, and to imprisonment for 6 months in some cases. Failure to comply with notices against non-compliance issued by the relevant authorities also constitutes an offence that is punishable by a fine of up to HKD500,000 and imprisonment for up to 12 months.

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