We refer to our announcements dated 8 November 2022, 30 November 2022, 8 December 2022 and 27 February 2023 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 10 May 2023, granted the Company a further extension of time of 6 months until 3 November 2023 to comply with the Public Spread Requirement.  Based on the Company’s Record of Depositors as at 20 March 2023, the public shareholding spread stood at 23.8% i.e. a shortfall of 1.2% from the minimum requirement of 25%.

The substantial shareholders of the Company have been informed of the non-compliance with the Public Spread Requirement and were 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. One of the options that could be considered by the substantial shareholder(s) is to place out a portion of shares in the Company to other party(ies) who meet the definition of a ‘public shareholder’ under the Listing Requirements of Bursa Securities. The price and quantum of shares to be placed out/sold would depend on market conditions and sentiment, as well as the share price of the Company.

The Company will also consider and explore the feasibility of a corrective private placement to comply with the Public Spread Requirement.  If this option is feasible, necessary steps would be taken to source for placee(s), taking into consideration the market conditions and sentiment, as well as performance of the Company’s share price.

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 11 May 2023.