On behalf of the Board of Directors of AAX, AmInvestment Bank Berhad wishes to announce that the Company proposes to undertake a placement of 32,258,066 new ordinary shares in AAX (“AAX Shares”), representing approximately 7.78% of the total number of issued AAX Shares, to AHAM Asset Management Berhad, AIIMAN Asset Management Sdn Bhd and Lavin Group Sdn Bhd (collectively, the “Subscribers”) at an issue price of RM1.55 per AAX Share, vide three (3) conditional share subscription agreements entered into between the Company and each of the Subscribers on 22 May 2023 respectively (“Proposed Placement”).

Further details of the Proposed Placement are set out in the attachment below.

This Announcement is dated 22 May 2023.