(For consistency purposes, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the announcement dated 11 December 2020 in relation to the Proposals.)

We refer to the announcements in relation to the Proposals dated 11 December 2020, 12 January 2021 and 9 February 2021.

On behalf of the Board, Mercury Securities wishes to announce that the Company has resolved to fix the exercise price of the Warrants at RM0.16 per Warrant (“Exercise Price”).

The Board had fixed the Exercise Price after taking into consideration, amongst others:-

(i)         the TEAP of the Shares based on the 5-Market Day VWAP of the Shares up to and including 16 February 2021, being the last trading day before the price-fixing date (“LTD”);

(ii)         the prevailing market price and volatility in trading of the Shares; and

(iii)        future prospects and potential funding requirements of the Group, taking into consideration the Group’s future plans to expand its Restaurant Segment and Manufacturing Segment.

The Exercise Price represents a premium of 22.42% to the TEAP of the Shares of RM0.1307, calculated based on the 5-Market Day VWAP of the Shares up to and including the LTD of RM0.3920 and after adjusting for the effects of the Share Split.

This announcement is dated 17 February 2021.