We refer to the Company’s announcements dated 27 January 2022 and 28 January 2022 in relation to the First Announcement and the subsequent monthly announcement pursuant to Rule 8.03A of the Listing Requirements on the updates and developments. Unless otherwise stated, all abbreviations and definitions used herein shall have the same meanings as those used in the said announcements.

The Board wishes to inform that the Company had on 21 March 2022 announced that the Company has entered into a HOA with Sinar Bina Infra Sdn Bhd, LBS Bina Group Berhad, BTS Group Holdings Public Company Limited and Ancom Nylex Berhad for the collaboration to build and operate a light rail transport system connected with the railway shuttle link currently being built from Singapore to Johor Bahru, with an integrated property development using the “Transit-Oriented Development” concept in Johor Bahru metropolitan region (“LRT Project”). The parties are working together exclusively to agree on the terms of the definitive agreements to effect the Proposals subject to the results of the on-going feasibility study by the professional consultants to study the commercial viability of the LRT Project (“Feasibility Study”). Please refer to the announcement dated 21 March 2022 for further details of the Proposals.

The Proposals will form part of the regularisation plan to be undertaken by Nylex to regularise its affected listed issuer status. The regularisation plan will result in a significant change in the business direction or policy of Nylex and is subject to the approval of the SC.

The Company has approximately 3 months to submit its regularisation plan to the SC for approval. The Company will make the relevant announcement should there be any material development in relation to its regularisation plan.

This announcement is dated 1 November 2022.