We refer to the First Announcement dated 24 August 2016 made by the Company in relation to the Company being classified as a PN17 Issuer and the subsequent announcements dated 1 September 2016, 4 October 2016, 1 November 2016, 23 November 2016, 1 December 2016, 3 January 2017, 2 February 2017, 1 March 2017, 3 April 2017, 2 May 2017, 1 June 2017, 3 July 2017, 1 August 2017, 8 August 2017, 5 September 2017, 2 October 2017, 1 November 2017, 4 December 2017, 2 January 2018, 2 February 2018 and 1 March 2018 made pursuant to the requirements under PN17, the announcement dated 7 September 2017 in relation to the approval for an extension of time from Bursa Securities until 28 February 2018 for the Company to submit its regularisation plan ("Regularisation Plan") to the regulatory authorities for approval and the announcement dated 9 February 2018 in relation to the application for a further extension of time up to 31 October 2018 for the Company to submit the Regularisation Plan ("Application") ("Earlier Announcements").

Unless otherwise stated, the definitions used throughout this announcement shall have the same meanings as defined in the Earlier Announcements.

The Board of Directors of the Company hereby announce that Bursa Securities had, after due consideration of all the facts and circumstances of the Application, vide its letter dated 14 March 2018, decided to reject the Application as the Company has not demonstrated to the satisfaction of Bursa Securities any material development towards the finalisation and submission of the regularisation plan to the regulatory authorities ("Decision").

The Board will submit an appeal on the Decision and will announce any development in due course.