The Board of Directors of PinePac (“Board”) refer to the First Announcement made on 3rd September 2019 and the subsequent monthly announcements  in relation to the Company being classified as an affected listed issuer pursuant to Paragraph 8.03A(2) of the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”).

Unless otherwise stated, all abbreviations and definitions used herein shall have the same meanings as defined in the said announcements.

The Board wishes to inform that subsequent to our announcement dated 1 February 2023, there is no material development on the status of the Company’s regularisation plan. The Company believed the transitioning of the economy from Covid-19 pandemic to endemic in April 2022 augurs well for the company on-going efforts to assess potential investments to be included in its regularisation plan. However, due to uncertainties prevailing on the global economic outlook which is affected by the on-going Ukraine conflict and elevated inflationary conditions with high interest rate environment would result in a challenging outlook in the near term. 

Our on-going efforts to regularise our affected listed issuer conditions, are still subject to key metrics imposed and subsequent approvals from the relevant regulatory bodies.

The Company has until 2nd March 2023 to submit a regularisation plan to the relevant authorities for approval. The Company has on 24th February 2023 submitted an application to Bursa Securities to seek approval for a further extension of time for the Company to submit its proposed regularisation plan (“EOT Application”) pursuant to Paragraph 8.03A of the Main Market Listing Requirements and pending a decision from said application.

The Company will make the relevant announcement should there be any material development in relation to its regularisation plan.

This announcement is dated 1st March 2023.