(For consistency, the abbreviations used throughout this announcement shall have the same meaning as defined in the announcements dated 6 October 2020 and 14 December 2020 in relation to the Proposals and Proposed Debt Restructuring, where applicable, unless stated otherwise or defined herein.)

Reference is made to the announcements dated 6 October 2020, 7 October 2020, 9 October 2020, 4 November 2020, 5 November 2020, 19 November 2020, 14 December 2020, 5 January 2021, 29 January 2021, 22 February 2021, 8 March 2021, 17 March 2021 and 23 April 2021 in relation to the Proposals and Proposed Debt Restructuring.

On behalf of the Board, Mercury Securities wishes to announce that Bursa Securities has, vide its letter dated 26 April 2021, resolved to approve the following:-

(i)         Proposed Share Consolidation;

(ii)         listing and quotation of up to 3,000,000,000 new AAX Shares to be issued pursuant to the Proposed Rights Issue;

(iii)        listing and quotation of up to 2,000,000,000 new AAX Shares to be issued pursuant to the Proposed Share Subscription; and

(iv)        listing and quotation of new AAX Shares to be issued pursuant to the Subscription Option.

The approval granted by Bursa Securities for the above is subject to the following conditions:-

(i)         AAX and Mercury Securities must fully comply with the relevant provisions under the Listing Requirements pertaining to the implementation of the Proposed Share Consolidation, Proposed Rights Issue, Proposed Share Subscription and Subscription Option;

(ii)         AAX or Mercury Securities is required to furnish Bursa Securities with a certified true copy of the resolutions passed by shareholders in general meeting approving the Proposed Share Consolidation, Proposed Rights Issue, Proposed Share Subscription and Subscription Option;

(iii)        AAX and Mercury Securities are required to make the relevant announcement pursuant to paragraph 13.20(2) of the Listing Requirements pertaining to the Proposed Share Consolidation;

(iv)        AAX and Mercury Securities are required to inform Bursa Securities upon completion of the Proposed Share Consolidation, Proposed Rights Issue, Proposed Share Subscription and Subscription Option; and

(v)        AAX and Mercury Securities are required to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the Proposed Share Consolidation, Proposed Rights Issue, Proposed Share Subscription and Subscription Option are completed.

This announcement is dated 26 April 2021.