We refer to our announcements dated 8 November 2022, 30 November 2022 and 8 December 2022 in relation to the Company’s non-compliance with the Public Spread Requirement pursuant to Paragraph 8.02(1) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”). 

The Company wishes to make this status announcement in conjunction with the release of the Company’s quarterly results for the 4th quarter ended 31 December 2022, pursuant to Paragraph 3.3 of Practice Note 19 of the Main Market Listing Requirements of Bursa Securities. 

The public shareholding spread of the Company as at 31 December 2022 stood at 23.8%, which is 1.2% below the minimum requirement of 25%.  On 8 December 2022, the Company announced that Bursa Securities had vide its letter dated 8 December 2022, granted the Company an extension of time of 6 months until 3 May 2023 to comply with the Public Spread Requirement.  

The substantial shareholders of the Company have been informed of the non-compliance with the Public Spread Requirement and were advised to consider taking the necessary corrective actions, taking into consideration factors such as the market conditions and sentiment, as well as performance of the Company. The Company will also consider and explore the feasibility of a corrective private placement or other options to comply with the Public Spread Requirement. 

This announcement is dated 27 February 2023.