Mooreast Holdings Ltd. inaugurated its sales office in Taiwan, marking its foray to Northeast Asia as part of an expansion to offer total mooring solutions to the global emerging floating renewable energy sector. On 16 May 2024, SGX Catalist-listed Mooreast incorporated Mooreast Taiwan Limited (" Mooreast Taiwan", "D Dong Mao Tai Wan You Xian Gong Si") in Taipei, a wholly-owned subsidiary of Mooreast Renewable Pte. Ltd., which in turn is a wholly-owned subsidiary of the Group.

Representatives of Taiwan's Industrial Development Administration witnessed the opening of the office. Representing Mooreast were Chairman Mr. Joseph Ong, Deputy Chairman, Executive Director and CEO Mr. Sim Koon Lam, and Head Commercial Mr. Jaymes Sim, along with senior management. Bringing more than three decades of mooring and offshore marine expertise, along with a strong track record of completing 21 offshore wind-related projects since 2013 - totaling 86.3 megawatts of energy capacity - Mooreast will offer a diverse range of products, services and solutions catered to supporting the next phase of Taiwan's wind development into floating wind farms. Mooreast, Asia's only ultra-high power anchor manufacturer, said Taiwan offers one of the most exciting floating renewable markets in the region.

The Group, together with its partners in the region, will jointly offer Engineering, Procurement, Construction and Installation services for floating energy projects. Mooreast Chairman Mr. Joseph Ong said the office in Taiwan will spur collaboration. The Taiwan expansion is part of the Group's broader transformation to meet anticipated demand in the emerging floating offshore renewable market.

On 19 June 2024, the Group announced it intends to acquire a 98,919 sqm (approx. 1.1 million sqft) facility from a subsidiary of Seatrium Limited. This will quadruple its production capacity in Singapore to better serve the fast-growing floating offshore renewable sector.

Mooreast has also signed a non-binding term sheet to secure a SGD 20.01 million convertible loan from SG-RT FUND, a sub-fund of CEC-SG VCC, a Singapore-registered umbrella variable capital company managed by N PrimePartners Capital Pte. Ltd. on 13 June 2024. The funds will provide essential working capital for FY2024 and to support the Group's expansion and growth strategies to strengthen the Group's mooring supply chain internationally.