On December 27, 2023, under the new policy formulated in Indonesia, which requires ship operators involved in government licensing matters such as ship registration or marine transportation permits, the maximum proportion of shareholding held by Indonesian overseas shareholders is 49%, and Indonesian domestic shareholders must be a single company with a minimum shareholding of 51%. Considering the actual business development needs of the joint venture company PT Makmur Jaya Maritimindo and its future development plan, it's necessary to restructure the shareholding of the joint venture company and enter into a new shareholder agreement. The obligations under the original shareholder agreement have been fulfilled and the new shareholder agreement will mainly adjust the shareholding structure, board of directors, and board of supervisors of the joint venture company.

The board of directors is pleased to announce that Blue Whale and LSJ have reached a new shareholder agreement on May 30, 2024. The new shareholder agreement will mainly adjust the shareholding structure, board of directors, and board of supervisors of the joint venture company.

Prior to entering into a new shareholders’ agreement, LSJ, TKJ, GRM, and Blue Whale respectively held 31%, 10%, 10%, and 49% equity of the joint venture company. The joint venture company has not conducted significant business operations since its registration and plans to mainly engage in marine transportation business.