On behalf of the Board of Directors of the Company (“Directors”) (“Board”), Mercury Securities Sdn Bhd (“Mercury Securities”) wishes to announce that the Company proposes to undertake the following:-

(i)         private placement of up to 396,384,000 new ordinary shares in the Company (“Oversea Shares” or “Shares”) (“Placement Shares”), representing 30% of the enlarged total number of issued Shares, to independent third-party investor(s) to be identified and at an issue price to be determined later (“Proposed Private Placement”); and

(ii)         renounceable rights issue of up to 1,717,664,991 new Shares (“Rights Shares”) together with up to 572,554,997 free detachable warrants in the Company (“Warrants B”) on the basis of 3 Rights Shares together with 1 free Warrant B for every 3 existing Shares held by the entitled shareholders of the Company (“Shareholders”) on an entitlement date to be determined (“Entitlement Date”) (“Entitled Shareholders”) (“Proposed Rights Issue with Warrants”).

(i) and (ii) above are collectively referred to as the “Proposals”.

Please refer to the attachment for further details.

This announcement is dated 28 July 2021.