We refer to our announcements dated 8 November 2022 and 30 November 2022 in relation to the Company’s non-compliance with the public shareholding spread requirement (“Public 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 announce that Bursa Securities has vide its letter dated 8 December 2022, granted the Company an extension of time of 6 months until 3 May 2023 to comply with the Public Spread Requirement.  The public shareholding spread of the Company as at 7 November 2022 stood at 23.8% i.e. a shortfall of 1.2% from the minimum requirement of 25%.

The Company is in the process of formulating a plan to address the shortfall in its public shareholding spread.  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 the necessary announcements in relation to the status of its efforts to comply with the Public Spread Requirement every quarter of its financial year in compliance with the Main Market Listing Requirements of Bursa Securities.

This announcement is dated 8 December 2022.