We refer to our announcement dated 8 November 2022 in relation to the Company’s non-compliance with the public shareholding spread requirement pursuant to Paragraph 8.02(1) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”). 

The Company wishes to make this status announcement in conjunction with the release of the Company’s quarterly results for the third quarter ended 30 September 2022, pursuant to Paragraph 3.3 of Practice Note 19 of the Main Market Listing Requirements of Bursa Securities.

The public shareholding spread of the Company as at 7 November 2022 stood at 23.8%, which is 1.2% below the minimum requirement of 25%. The Company had on 11 November 2022 applied to Bursa Securities for an extension of time of 6 months to rectify the shortfall in its public shareholding spread (“EOT Application”).  The EOT Application is currently pending approval from Bursa Securities.

As at the date of this announcement, the Company is in the process of formulating a plan to address the shortfall in its public shareholding spread.  Upon deliberation by the Board, the following steps/endeavours are proposed to be taken to comply with the Public Spread Requirement:-

1. The substantial shareholders of the Company will be advised to consider taking the necessary corrective actions, taking into consideration factors such as the market conditions and sentiment, as well as performance of the Company. 

2. The Company will consider and explore the feasibility of a corrective private placement to comply with the Public Spread Requirement. 

The Company will make an announcement upon receipt of the Bursa Securities’ decision on the EOT Application and will also make the necessary quarterly announcements in relation to the status of its effort to comply with the Public Spread Requirement. 

This announcement is dated 30 November 2022.