We refer to our announcements dated 23 September 2022, 27 September 2022, 30 September 2022, 14 October 2022, 25 October 2022 and 4 November 2022 in relation to the unconditional voluntary take-over offer by Lee Ming Tee, Lee Seng Huang, Lee Seng Hui, Klang Enterprise Sdn Bhd, Sagittarius Management Sdn Bhd, Mount Glory Investments Limited, Magic Unicorn Limited, Mountbatten Corporation and Nautical Investments Limited (collectively, the “Joint Offerors”) to acquire all the remaining ordinary shares in the Company not already held by the Joint Offerors (“Offer Share(s)”) at a cash offer price of RM2.30 per Offer Share (“Offer”), as well as the offer document dated 14 October 2022 (“Offer Document”).  As a result of the Offer, the Joint Offerors have acquired 18.17% of the total issued shares of the Company (based on acceptances which are complete and valid), as per our announcement dated 4 November 2022.  The total shareholding of the Joint Offerors stood at 68.19% on the closing date of the Offer.

The Company wishes to announce that the public shareholding spread of the Company stood at 23.90% based on the Record of Depositors of the Company as at 4 November 2022 i.e. a shortfall of 1.10% from the minimum requirement of 25%. Accordingly, the Company does not comply with the minimum public shareholding spread requirement as set out in Paragraph 8.02(1) of the Main Maket Listing Requirements of Bursa Malaysia Securities Berhad.

 
The shortfall in the public shareholding spread was a direct consequence of the Offer. Under Section 4 of the Offer Document, the Joint Offerors have stated that they intend to maintain the listing status of the Company on the Main Market of Bursa Malaysia Securities Berhad.  As such, the Joint Offerors will work together with the Company to explore options or proposals to rectify the shortfall in the required public shareholding spread. The Company will apply to Bursa Malaysia Securities Berhad for an extension of time to rectify the said shortfall.

This announcement is dated 8 November 2022.