VARIA SECURES RM94.86 MILLION CONTRACT THROUGH SUBSIDIARY FOR KLANG RIVER FLOOD MITIGATION PROJECT

Project Embodies Commitment to ESG Principles and Community Well-being in Infrastructure Development

KUALA LUMPUR, 29 JANUARY 2024 – Varia Berhad ("Varia" or the "Group"), an experienced player in the field of construction, and property development, is proud to announce a significant milestone achieved by the Group’s wholly-owned subsidiary, Mewah Kota Sdn. Bhd. (“Mewah Kota”). The subsidiary has been awarded a Letter of Award (“LOA”) from Kator Construction Sdn. Bhd. (“Kator Construction”) to undertake the Klang River Flood Mitigation Project that is in Seksyen 25 Shah Alam, marking a notable advancement in Varia's project portfolio.

The project, valued at RM94.86 million, is set to commence on 1 February 2024 with a completion timeline extending to 31 January 2029. This five-year engagement underscores Varia's robust capabilities and strategic foresight in managing extensive infrastructure projects that serve community needs and contribute to the national infrastructure development agenda.

Datuk Benson Lau, Managing Director of Varia, said, “The award of the Klang River Flood Mitigation Project to Mewah Kota, marks a pivotal chapter in our journey towards sustainable development. This project not only showcases our commitment to technical excellence but also reflects our deep dedication to Environmental, Social, and Governance (“ESG”) principles. By addressing critical flood risks in Shah Alam, we're not just enhancing infrastructure; we're also safeguarding communities and nurturing environmental stewardship. This initiative is a clear manifestation of Varia's ethos to intertwine our growth objectives with the well-being of society and the planet.”

This LOA reflects Varia’s ongoing commitment to excellence and the Group’s role as a key player in Malaysia's development landscape. With a focus on sustainable growth and community welfare, Varia continues to seek opportunities that align with the Groups’ strategic objectives and values.

As at 29 January 2024, 5:00 P.M., Varia’s share price is RM0.93 with a market capitalisation of RM387.8 million.