Multi Ways Holdings Announces the Sale of Premium SANY Cranes to Meet Growing Market Demand

Multi Ways Holdings Limited (“Multi Ways” or the “Company”) (NYSE American: MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announces the sale of eight state-of-the-art SANY cranes from its recently expanded fleet to two customers. This sale is a strategic move following the Company's recent fleet renewal and expansion plans amidst improving industry conditions.

The sale encompasses eight units of the SANY Crawler Crane, amounting to approximately USD2.12 million. These cranes are celebrated for their superior performance, dependability, and cutting-edge features, mirroring Multi Ways' dedication to providing first-class equipment solutions to its clientele.

This initiative aligns with the Company’s strategic approach to continually refresh and enlarge its fleet, catering to the rising demand for heavy construction equipment within Singapore and the surrounding areas while ensuring it stays ahead in the industry, ready to tackle more ambitious and complex projects. Given the anticipated growth in the construction sector and the commencement of several significant infrastructure projects, Multi Ways is well-positioned to support its customers and employees by adapting to market demands and expectations.

Mr. James Lim, Chairman and CEO of Multi Ways, expressed his enthusiasm regarding the transactions, stating, "Our decision to sell these top-of-the-line SANY cranes reflects our confidence in the ongoing recovery and expansion of the construction market. With our strategic fleet management, we are adept at meeting our customers' changing needs and contributing to the successful realization of their projects, thereby ensuring our long-term success in a competitive environment."

About Multi Ways Holdings Limited

Multi Ways Holdings supplies a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region. With more than two decades of experience in the sales and rental of heavy construction equipment business, the Company is widely established as a reliable supplier of new and used heavy construction equipment to customers from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines. With our wide variety of heavy construction equipment in our inventory and complementary equipment refurbishment and cleaning services, Multi Ways is well-positioned to serve customers as a one-stop shop. For more information, visit www.multiwaysholdings.com.

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Investor Relations Contact:        Matthew Abenante, IRCPresident                                        Strategic Investor Relations, LLC                                         Tel: [phone]Email: [e-mail]