IEV signs deal for crude oil facilities project

Singapore’s IEV Holdings Limited (the Company, and together with its subsidiaries, IEV or the Group), referred Wednesday to the Media Report and wishes to clarify that its associate company, IEV (Malaysia) Sdn Bhd (IEV crude oilMalaysia) has signed a Technical and Services Agreement (Agreement) with Emrail Sdn Bhd (Emrail) and Ofnir Engineering Sdn Bhd (Ofnir) (collectively, the Parties) in respect of a crude oil handling facilities project in Bangladesh (the Project).

IEV wishes to further clarify that the Parties have not been awarded the Project and there are currently no financing arrangements and/or obligations to be undertaken by the Company in connection with the Project. For avoidance of doubt, the Agreement does not tantamount to the award of the Project to IEV.

Pursuant to the Agreement, discussions on the Project are currently ongoing between the Parties and such discussions are preliminary at this juncture. Further announcements will be made as and when there are material developments in connection with the Project. Shareholders and potential investors are advised to exercise caution when dealing with the shares of the Company in relation to this announcement.