Unless otherwise stated, all abbreviations used herein shall have the same meaning as those mentioned in the announcement dated 16 April 2019 in relation to the Proposed Acquisition. 

We make reference to the announcements dated 16 April 2019, 30 May 2019, 3 July 2019 and 13 August 2019 in relation to the above matter.

The Board of Directors of Handal (“Board”) wish to announce that the audited loss after tax of BSO Engineering for the financial year ended 30 June 2020 is RM533,139 and this represents a shortfall from the Guaranteed Amount of RM5,000,000 as per the terms of the SSA.

The Company had on even date received a letter from Seaoffshore Capital Sdn Bhd (“Seaoffshore Capital”), requesting for an extension of time to meet the Guaranteed Amount citing the unprecedented effects of the COVID-19 pandemic which has affected their clients activities schedule and execution of their contracts (“EOT Request”). A formal proposal on the EOT Request will be submitted by Seaoffshore Capital within the next two (2) weeks.

Upon receipt of the formal proposal, the Board (save for the Interested Directors) will be evaluating and deliberating the EOT Request. Any deviation from the SSA, where necessary, shall be put forth to the non-interested shareholders of the Company for approval in accordance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad. 

The Company will make further announcement(s) as and when appropriate upon any development in respect of this matter.

This announcement is dated 30 October 2020