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, 1 November 2023, 1 December 2023, 2 January 2024, 2 February 2024, 1 March 2024, 1 April 2024, 2 May 2024, 4 June 2024, 1 July 2024, 1 August 2024, 2 September 2024, 1 October 2024 , 1 November 2024, 2 December 2024, 2 January 2025, 3 February 2025 and 3 March 2025 (“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 (“Board”) 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.

As announced on 6 March 2025, the High Court of Malaya at Kuala Lumpur has granted an order approving each of the proposed schemes of arrangement and compromise between the Scheme Companies and their respective Scheme Creditors (“Schemes”). These Schemes were approved at the court convened-meetings held between 21 February 2025 to 27 February 2025  in accordance with Sections 366(3) and (4) of the Companies Act 2016 (the “Court Order”).

Subsequently, as announced on 11 March 2025, the Company and each of the Scheme Companies lodged an office copy of the Court Order with the Companies Commission of Malaysia in accordance with Section 366(5) of the Companies Act 2016 on 11 March 2025, as well as with the Labuan Financial Services Authority and Bermuda Registrar of Companies on 10 March 2025 and 11 March 2025 respectively. Accordingly, the Schemes became effective and binding on the Scheme Companies and their Scheme Creditors, with effect from 11 March 2025 (the “Sanction Date”).

As announced on 11 March 2025, the Company had entered into a conditional funding agreement (“CFA”) on 4 March 2025 with Malaysia Development Holding Sdn Bhd, a special purpose vehicle controlled by the Minister of Finance, Incorporated (“MDH”), and together with the Company, the “Parties”). Pursuant to the CFA, MDH has committed to invest by way of subscription, for an amount of up to RM1.1 billion in nominal value of redeemable convertible loan stocks in the Company subject to the satisfaction of the conditions precedent to the Restructuring Effective Date (as defined below) and in accordance with the terms and conditions of the CFA.  The ‘Restructuring Effective Date’ refers to the date on which the compromise and settlement of the outstanding liabilities of the Scheme Creditors under the terms of the Schemes becomes effective. Under the terms governing the CFA, the Parties had agreed that the CFA would come into effect on the Sanction Date.

The Company, in collaboration with its advisors, is currently working on the regularisation plan and will issue the necessary announcement(s) should there be any further material development on the above matter.

This announcement is dated 2 April 2025.