Magnus Energy subsidiary to buy shelf company

The sole director shall be Mr Lim Kuan Yew.

The Board of Directors of Magnus Energy Group Ltd. announced that its wholly‐owned subsidiary Antig Investments Pte. Ltd. has proposed to acquire a shelf company named Wallmans Limited from the registry for a cash consideration of US$2.

Upon completion of the proposed acquisition, Wallmans shall become a wholly‐owned subsidiary of Antig, with Magnus Energy Group being the ultimate holding company.

Wallmans was incorporated in British Virgin Islands on 22 August 2012 with principal activity of investment holdings. It is authorised to issue 50,000 shares with par value of US$1.00. The paid up capital is US$2.

The transaction is not expected to have any material impact on the consolidated net earnings per share or consolidated net tangible assets per share of Magnus Energy Group for the year ending 30 June 2012.