(Unless the context otherwise requires, the defined terms used herein shall have the same meanings as defined in the offer document dated 4 January 2021 in relation to the Unconditional Mandatory Take-Over Offer by Datuk Tiah Thee Kian (“the Offeror”), through TA Securities Holdings Berhad (“TA Securities”), to acquire all the remaining ordinary shares in TAE not already held by the Offeror (“Offer Document”))

The Board of TAE wishes to announce that the Company has received a press notice from TA Securities, acting on behalf of the Offeror, that the Offeror has received valid acceptance up to 11 January 2021 of 446,298,927 TAE Shares via the Offer. As such, the Offeror and persons acting in concert with the Offeror collectively hold 77.72% of the total issued TAE Shares.

Following the above, TAE’s public shareholding spread as at 11 January 2021 was 22.27% of the total issued TAE Shares taking into consideration the shareholdings of the Directors and substantial shareholders of TAE in TAE as well as their associates’ shareholdings in TAE. Accordingly, TAE does not comply with the Public Spread Requirement pursuant to Paragraph 8.02(1) of the LR whereby a listed issuer must ensure that at least 25% of its total listed shares are in the hands of public shareholders.

The shortfall in the Public Spread Requirement arose as a direct consequence of the Offer and the shortfall may increase further as a result of additional valid acceptances under the Offer until it is closed for acceptances on 5.00 p.m. (Malaysian time), 25 January 2021.

Under Section 4.1 of the Offer Document, the Offeror has stated if there is any non-compliance with the Public Spread Requirement arising from the Offer, the Offeror does not intend to maintain TAE’s listing status on the Main Market of Bursa Securities. As such, if more than 75% but less than 90% of the TAE Shares are held by the Offeror and the persons acting in concert with him pursuant to the Offer, the Offeror will not be taking steps to address any shortfall in the Public Spread Requirement and may request TAE to make the necessary application to withdraw its listing status from the Official List via a general meeting to be convened to obtain approval from the majority shareholders of TAE in accordance with Paragraph 16.06 of the LR.

This announcement is dated 12 January 2021.