Expansion in Singapore to Support More Hybrid and Electric (EV) Construction Equipment as well as Logistics and Operational Capabilities for Multi Ways Holdings Ltd. (NYSE American: MWG)

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$MWG is Developing its Electric Vehicle Strategy in Response to Escalating Fuel Costs and Alignment with Singapore's Incentive for Early EV Adopters in Construction

* Long Established Industry Leader in Sales and Rental of a Wide Range of Heavy Construction Equipment in Singapore and Surrounding Region.

* Wide Customer Base from Singapore, Australia, the UAE, the Maldives, Indonesia and the Philippines.

* One-Stop Shop for Complementary Equipment Refurbishment & Cleaning.

* Expansion of Operational Capacity to Support Business Diversification.

* Delivery of Five Mixer Trucks for Electric Vehicle Strategy to Capture Singapore's Construction Electrification Opportunity.

* Imminent Launch of Hybrid and Electric Construction Equipment in Support of Singapore Mega Projects via New Partnership to Expand EV Product Line.

* $6.4 Million Purchase of 62 Sinotruk Vehicles and Entry into Dealership Agreement with Cycle & Carriage.

Multi Ways Holdings Limited (NYSE: MWG) supplies a wide range of heavy construction equipment for sale and rental in Singapore and the surrounding region. With over two decades of experience in the sales and rental of heavy construction equipment, MWG is a widely established, reliable supplier of new and used heavy construction equipment to customers from Singapore, Australia, the UAE, the Maldives, Indonesia, and the Philippines. With extensive inventory of heavy construction equipment and complementary refurbishment and cleaning services, MWG is well-positioned to serve customers as a one-stop shop.

MWG history began in 1988 when Mr. James Lim carried on the business of selling generators and air compressors under a sole proprietorship under the business name "Multi-Ways Equipment". Multi Ways SG was incorporated in 2002 to take over the business carried on by Mr. James Lim under the sole proprietorship. Over the last two decades, MWG has become a supplier of a wide range of heavy construction equipment in Singapore and the region. In 1996, MWG expanded its fleet of heavy construction equipment to include road-building equipment and mining equipment. In 2012, MWG expanded into the crane trading business.

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The MWG mission is to be an industry leader in the sales and rental of a wide range of heavy construction equipment in Singapore and the region, and as a one-stop shop offering complementary equipment refurbishment and cleaning services to its customers.

MWG has a good share structure for investors with only 33,330,000 shares outstanding.

Expansion of Operational Capacity to Support Business Diversification

Overview

MWG has secured additional warehouse and yard space in Singapore to support its strategic expansion into hybrid and electric (EV) construction equipment, while strengthening its core storage, logistics, and operational capabilities.

This expansion is undertaken in response to:

Elevated global oil prices impacting demand for traditional diesel-powered equipment.

Temporary slowdown of operations in the Middle East region.

Increasing market demand for cost-efficient and environmentally sustainable machinery.

Details of Expansion

In the first quarter of 2026, MWG secured additional industrial space totalling approximately 6,453 sqm (~69,460 sq ft), comprising:

~3,450 sqm under a 3-year lease (long-term operational facility)

~3,003 sqm under a 1-year lease (short-term, flexible capacity)

In addition, MWG has secured a separate facility comprising approximately 80,000+ sq ft of combined sheltered warehouse space and open yard area, with the following terms:

Monthly rental: S$108,800

Lease tenure: 5 years (commencing 15 April 2026)

Purpose and Utilisation

The additional MWG space will be utilised to:

Support storage and staging of an expanded equipment fleet.

Provide dedicated capacity for hybrid and EV machinery.

Facilitate maintenance, refurbishment, and operational turnaround.

Accommodate increased rental and sales activities.

Financial and Risk Considerations

The expansion is aligned with the MWG revenue-generating activities, particularly fleet growth in both rental and sales segments.

The lease structure is designed to balance:

Stability, through long-term core operational space

Flexibility, through short-term, scalable capacity

MWG rental commitments are supported by:

Existing recurring income streams from equipment leasing

Anticipated improvements in fleet utilisation rates

Key risk mitigation measures include:

Diversification away from oil-dependent markets.

Geographic rebalancing toward Singapore and regional demand.

Scalable lease commitments to manage potential downside scenarios.

Conclusion

This expansion strengthens the MWG operational infrastructure and supports its transition toward higher-demand, energy-efficient equipment segments. The investment is prudent, income-generating, and aligned with MWG long-term strategy and risk management framework.

Delivery of Five Mixer Trucks for Electric Vehicle Strategy to Capture Singapore's Construction Electrification Opportunity

On April 6th MWG reported the successful delivery of five mixer trucks to clients, marking continued operational execution against active project demand. Concurrent with this delivery milestone, MWG announced a strategic initiative to diversify its portfolio into electric vehicle (EV) and hybrid construction equipment - a direct response to escalating fuel costs and a decisive move to align with Singapore's government-backed incentive program for early EV adopters in the construction sector.

MWG is currently in active negotiations with C&C to expand its line of electric vehicle products, while simultaneously preparing for the imminent commercial launch of hybrid and electric construction equipment. Fuel cost volatility has become a structural pressure across the construction industry, and MWG is repositioning its product offerings to provide clients with energy-efficient alternatives that reduce the total cost of ownership and improve project economics over the long term.

MWG is currently an active contributor to Singapore's landmark infrastructure program, commonly referred to as the nation's 'Mega Projects' initiative. MWG construction equipment is deployed in support of Changi Airport Terminal 5 - one of the most significant aviation infrastructure developments in Southeast Asia - and the Long Island reclamation project, a transformative coastal development undertaking.

In connection with these projects, MWG is in active discussions with cement batching plants to integrate its latest hybrid and EV construction equipment into their operations. Securing these integrations would represent a meaningful commercial validation of the MWG electrification strategy at scale.

A significant market catalyst underpinning the MWG electrification strategy is Singapore's Energy Efficiency Grant (EEG), administered through the Singapore Government's GoBusiness platform. The EEG provides funding support of up to 70% of qualifying equipment acquisition costs for eligible SME businesses in the construction sector - covering equipment categories including electric crawler cranes, electric excavators, and electric wheel loaders. This level of government co-investment dramatically reduces the capital barrier for clients and project operators evaluating the adoption of hybrid and electric construction equipment.

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$6.4 Million Purchase of 62 Sinotruk Vehicles and Entry into Dealership Agreement with Cycle & Carriage

On January 12th MWG announced that it has placed an order for 62 Sinotruk vehicles valued at approximately S$8.24 million (US$6.4 million) and entered into a Sinotruk dealership agreement with Cycle & Carriage Ventures Pte Ltd, a subsidiary of Jardine Cycle & Carriage Limited.

The MWG order comprises 40 Sitrak G7 8x4 cement mixers and 22 Sitrak G7 8x4 tipper trucks, each equipped with HOWO automatic transmission systems. Delivery is expected within approximately three months of order confirmation, with vehicles carrying a one-year warranty on engine, gearbox, and axle components. The acquisition expands MWG fleet capacity to address demand for heavy-duty commercial vehicles in the construction and logistics sectors.

Concurrent with the equipment order, MWG has entered into a one-year Sinotruk Dealership Agreement with Cycle & Carriage. Under the agreement, MWG has been appointed as a non-exclusive dealer authorized to sell and retail Sinotruk products in Singapore, including prime movers and rigid chassis configurations.

For more information on $MWG, visit: www.multiwaysholdings.com [https://www.globenewswire.com/Tracker?data=Ju_XuQ00EYE35Um1zPsmLZnI2TLPhHcoIgoOLuhHUmQvOJ1BTyAnvfLtnr1Rt76MrCHVDgBtiDLpKoFlPNnXhjIHpWEbz0LtngMAgLZ6WVfc3a1dZHcUrjm9SwS_WED3]and https://share.google/DVK1V7McPOsNmZ8HC

Email: matthew@strategic-ir.com

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Media Contact
Company Name: Multi Ways Holdings Limited (NYSE American: MWG)
Contact Person: Matthew Abenante, IRC, Strategic Investor Relations, LLC
Email: Send Email [http://www.universalpressrelease.com/?pr=expansion-in-singapore-to-support-more-hybrid-and-electric-ev-construction-equipment-as-well-as-logistics-and-operational-capabilities-for-multi-ways-holdings-ltd-nyse-american-mwg]
Phone: 347-947-2093
Address:3E Gul Circle
City: 629633 Singapore
Country: Singapore
Website: http://www.multiwaysholdings.com

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