We refer to our announcements dated 31 May 2022 (“the First Announcement”), 1 July 2022, 1 August 2022, 1 September 2022, 3 October 2022, 1 November 2022, 1 December 2022, 3 January 2023, 2 February 2023, 1 March 2023, 30 March 2023, 3 April 2023, 2 May 2023, 19 May 2023, 1 June 2023, 13 June 2023, 3 July 2023, 1 August 2023, 1 September 2023, 7 September 2023, 2 October 2023 and 30 October 2023 (“Announcements”) in relation to the Company being classified as an affected listed issuer and the disclosure requirements under Paragraph 4.1(c) of PN17. Unless otherwise stated, all abbreviations and terms used in this announcement shall have the same meanings as those defined in the Announcements.

The Board of Directors of the Company wishes to provide a status update on the Company’s efforts to address its PN17 status. Since the First Announcement, the Company has been advancing its plan to regularise the financial position of its group of companies.

The Company together with the appointed advisers are in the midst of developing and finetuning its Proposed Regularisation Plan to holistically restructure its business and financial condition.

As announced on 13 June 2023, Bursa Securities had, vide its letter dated 12 June 2023, granted the Company an extension of time of 6 months up to 30 November 2023 for the Company to submit its Regularisation Plan to the relevant regulatory authorities. On 30 October 2023, MIDF Investment, on behalf of the Board of Directors of SEB, announced that the Company submitted an application to Bursa Securities for a further extension of time of 6 months from 30 November 2023 until 31 May 2024 to submit its Regularisation Plan (“Second Extension Application”).

The Company will make the necessary announcement(s) should there be any material development on the Regularisation Plan.

This announcement is dated 1 November 2023.