Malton had on 26 March 2021 entered into a Memorandum of Understanding with Ho Wah Genting Berhad and HWGB EV Sdn Bhd to establish a basis of co-operation and collaboration between the parties for an investment by Malton in HWGB EV ("MOU"). HWGB EV, which intended principal business is wholesale and retail of new motor vehicles, manufacture of passenger cars and sale of other motor vehicles, is interested to introduce electric vehicles in Malaysia. The Board of Directors of Malton wishes to announce that the validity period of the MOU, which was in force for a period of 12 months, has expired on 25 March 2022.