Reference is made to the Company’s announcements dated 29 October 2021 and 1 November 2021.

The Company is in the midst of regularising its financial position via the Proposed Debt Restructuring, Proposed Corporate Restructuring and Proposed Fundraising and thereafter, the Company will implement a revised business plan to turnaround its financial performance. After the completion of these proposals, the Company will submit a regularisation plan pursuant to PN17 of the Listing Requirements to regularise its condition.

As at to date, the court convened meetings for the scheme creditors in respect of the Proposed Debt Restructuring were held on 12 November 2021, and the requisite majority of 75% of each Class A Creditors, Class B Creditors and Class C Creditor has been obtained at their respective court convened meetings accordingly.

The Company has approximately 11 months to submit the regularisation plan to the relevant authorities for approval.

This announcement is dated 1 December 2021.