Change in particulars of PanOcean's deemed interest in 4,875,000,000 ordinary shares in Maxis Berhad ("Maxis") ("Maxis Shares") following an internal corporate restructuring exercise undertaken by and involving the Binariang GSM Sdn. Bhd. ("BGSM") group of companies.

The internal corporate restructuring exercise involves: 

(1) the subscription by BGSM of 10,780,000,000 new ordinary shares ("OS") and new 16,170 redeemable preference shares ("RPS") in the share capital of BGSM Management Sdn. Bhd. ("BGSM Management") pursuant to a Subscription Agreement dated 13 February 2018 entered into between BGSM and BGSM Management ("SA"); and

(2) the disposal by Maxis Communications Berhad ("MCB") of 1,000,000 OS and 400 RPS in the share capital of BGSM Management to its holding company, BGSM, pursuant to a Share Purchase Agreement dated 13 February 2018 entered into between MCB and BGSM ("SPA"). 

On completion of the SA and the SPA, there is no change to the registered holder of the 4,875,000,000 Maxis Shares representing 62.42% of the total issued and paid-up share capital of Maxis. 

BGSM holds 100% equity interest in BGSM Management, which in turn holds 100% equity interest in BGSM Equity, which in turn holds the 4,875,000,000 Maxis Shares representing 62.42% of the total issued and paid-up share capital of Maxis.

PanOcean's deemed interest in the Maxis Shares arises by virtue of Excorp Holdings N.V.'s ("Excorp") deemed interest in the Maxis Shares. PanOcean holds 100% equity interest in Excorp which in turn holds 100% equity interest in Pacific States Investment Limited ("PSIL").

PSIL holds 99.999% equity interest in Usaha Tegas Sdn Bhd ("UTSB"). 

UTSB holds 100% equity interest in Usaha Tegas Equity Sdn Bhd ("UTE"), while UTE in turn holds 100% equity interest in each of Wilayah Bintang Sdn. Bhd., Tegas Mahsuri Sdn. Bhd., Besitang (M) Sdn. Bhd. and Besitang Utara Sdn. Bhd., which in turn holds 100% equity interest in Wilayah Resources Sdn. Bhd., Tegas Puri Sdn. Bhd., Besitang Barat Sdn. Bhd. and Besitang Selatan Sdn. Bhd. (collectively, "UT Subsidiaries") respectively.

The UT Subsidiaries hold in aggregate 37% equity interest in BGSM. 

PanOcean is the trustee of a discretionary trust, the beneficiaries of which are members of the family of Ananda Krishnan Tatparanandam and foundations including those for charitable purposes.

Although PanOcean is deemed to have an interest in the Maxis Shares, PanOcean does not have any economic or beneficial interest over the Maxis Shares, as such interest is held subject to the terms of the discretionary trust referred to above.