Multi Ways Holdings Expands Fleet with the Acquisition of 16 New Crawler Cranes

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 is pleased to announce its procurement contract to acquire 16 new crawler cranes, further strengthening its fleet, with deliveries expected throughout the remainder of 2024.

Signing of the Procurement Contract

Following the successful procurement and renewal strategy announced in February 2024, Multi Ways has entered into another purchase agreement with SANY International Development Limited, a globally renowned manufacturer of top-tier construction equipment. The newly acquired crawler cranes include the following models:

- SANNY Crawler Crane: Model SCC 1000A-5- SANNY Crawler Crane: Model SCS800A- SANNY Crawler Crane: Model SCC 800TB-5- SANNY Crawler Crane: Model SCC1200TB-5

This additional investment aligns with Multi Ways' commitment to providing exceptional service, reliability, and versatility to its customers. The Company's fleet expansion and renewal strategy are driven by customer feedback and market demands, ensuring that Multi Ways remains a leading provider in the heavy construction equipment sector.

Mr. James Lim, Chairman and CEO of Multi Ways, commented on the acquisition, stating, “We are excited to announce the expansion of our fleet with the acquisition of these 16 new crawler cranes. This strategic move reflects our dedication to meeting the evolving needs of our customers and strengthening our position in the market. With the construction sector showing positive growth and significant infrastructure projects underway, this investment comes strategically, allowing us to serve our clients better and capitalize on market opportunities.”

Procuring these crawler cranes underscores Multi Ways Holdings' ongoing commitment to operational excellence, customer satisfaction, and strategic growth. The Company remains focused on providing innovative solutions and top-quality equipment to support the region's construction and infrastructure development.

About Multi Ways Holdings LimitedMulti 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]

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