Multi Ways Holdings Delivers Five Mixer Trucks and Advances Electric Vehicle Strategy to Capture Singapore's Construction Electrification Opportunity

Expands EV Product Line Through C&C Partnership Negotiations; Prepares Imminent Launch of Hybrid and Electric Construction Equipment in Support of Singapore Mega Projects

SINGAPORE, April 07, 2026 (GLOBE NEWSWIRE) -- Multi Ways Holdings Limited (“Multi Ways,” the “Company” or the “Issuer”) (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 reported the successful delivery of five mixer trucks to clients, marking continued operational execution against active project demand. Concurrent with this delivery milestone, the Company 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.

Multi Ways 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 the Company 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.

Mr. James Lim, Chairman and Chief Executive Officer of Multi Ways, commented: “Delivering five mixer trucks to our clients reflects the operational reliability and product quality that define our customer relationships. Beyond this delivery, we are making decisive moves to future-proof our business. Rising fuel costs are not a temporary headwind — they are a permanent feature of the operating environment, and our clients need solutions that address that reality. Our expanded EV product negotiations with C&C, combined with the imminent launch of hybrid and electric construction equipment, position Multi Ways at the forefront of Singapore's construction energy transition. We intend to be the partner our clients turn to as that transition accelerates.”

Multi Ways is currently an active contributor to Singapore's landmark infrastructure program, commonly referred to as the nation's 'Mega Projects' initiative. The Company's 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, Multi Ways 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 Company's electrification strategy at scale.

A significant market catalyst underpinning the Company's 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.

The Company expects to finalize the terms of its expanded EV product arrangement with C&C and to complete near-term preparations for the commercial launch of its hybrid and electric construction equipment line.

About Multi Ways Holdings Limited

Multi Ways Holdings supplies a wide range of heavy construction equipment for sale and rental in Singapore and the surrounding region. With more than two decades of experience in the sales and rental of heavy construction equipment, the Company is well established as a reliable supplier of new and used heavy construction equipment to customers in Singapore, Australia, the UAE, the Maldives, Indonesia, and the Philippines. With our wide inventory of heavy construction equipment 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, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com

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