(For consistency, the abbreviations used throughout this announcement shall have the same meanings 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 and 8 March 2021 in relation to the Proposals and Proposed Debt Restructuring.

On behalf of the Board of Directors of AAX, Mercury Securities Sdn Bhd wishes to announce that the High Court has granted the Company, amongst others, a restraining order pursuant to Section 368 of the Companies Act, 2016 for a period of 3 months from the date of the order (subject to any application by AAX for any extension of time), except with leave of the High Court and subject to any terms the High Court may impose (“Restraining Order”).

The Restraining Order was applied for as part of a proactive measure by AAX to address its debt obligations in an orderly manner via the Proposed Debt Restructuring and the Restraining Order allows the creditors an opportunity for amicable deliberation on the Proposed Debt Restructuring without extraneous considerations so that a decision can be reached on the same.

The Restraining Order is not envisaged to have any material financial and operational impact to AAX.

Further development on the above matter will be announced to Bursa Malaysia Securities Berhad in due course.

This announcement is dated 17 March 2021.