(For consistency, the abbreviations used throughout this announcement shall have the same meanings as defined in the announcements dated 29 October 2021, 1 November 2021, 1 December 2021 and 16 December 2021, where applicable, unless stated otherwise or defined herein)

Reference is made to the Company’s announcements dated 29 October 2021, 1 November 2021, 1 December 2021 and 16 December 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.

The Company’s application for approval and/ or sanction of the Proposed Debt Restructuring was granted by the High Court of Malaya at the hearing held on 16 December 2021. The Company will make the necessary announcement in regard to any material development accordingly.

The Company has approximately 10 months to submit the regularisation plan to the relevant authorities for approval.

This announcement is dated 3 January 2022.