We refer to the Company’s following earlier announcements made in relation to the Company being classified as an affected listed issuer pursuant to PN17 of Listing Requirements:-

(i) first announcement dated 30 April 2023 (“First Announcement”); and
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(ii) 30 May 2023, 30 June 2023, 31 July 2023, 28 August 2023, 29 September 2023, 31 October 2023, 30 November 2023, 29 December 2023, 30 January 2024, 29 February 2024, 29 March 2024, 29 April 2024, 2 May 2024, 5 June 2024, 28 June 2024, 30 July 2024, 30 August 2024, 30 September 2024, 25 October 2024, 29 October 2024, 18 November 2024, 28 November 2024, 27 December 2024, 28 January 2025, 25 February 2025, 28 February 2025, 21 March 2025, 2 April 2025, 17 April 2025, 30 April 2025, 2 May 2025, 3 June 2025, 1 July 2025, 1 August 2025, 2 September 2025, 1 October 2025, 3 October 2025, 15 October 2025, 31 October 2025 and 3 November 2025.

(collectively, referred to as the “Earlier Announcements”). 

Unless otherwise defined, the abbreviations and definitions used throughout this announcement shall bear the same meaning as those defined in the Earlier Announcements.

On 3 October 2025, the Board had on behalf of the Company, announced that the Company and 2 of its subsidiaries, Zelan Holdings (M) Sdn Bhd (“Zelan Holdings”) and Zelan Construction Sdn Bhd (“Zelan Construction”) had on 2 October 2025, each filed an application with the High Court of Malaya at Kuala Lumpur (“High Court”) for leave to summon a scheme meeting with their scheme creditors for the purpose of considering a proposed scheme of arrangement (“Proposed Scheme of Arrangement”) pursuant to Section 366 and/or 368D of the Companies Act 2016 (“Act”). The Company and Zelan Holdings further moved for a restraining order pursuant to Section 368 of the Act (“Restraining Order”) (hereinafter refer to as “Applications”).

The High Court Hearing for Zelan and Zelan Construction was held on 27 November 2025 and has been fixed for Continued Hearing on 3 December 2025. In the interim, an ad-interim restraining order has been granted for Zelan until 3 December 2025.

Separately, the Hearing for Zelan Holdings was held on 1 December 2025. On 28 November 2025, a creditor has filed an application to intervene in the proceedings and to set aside any orders granted by the High Court in respect of Zelan Holdings’ Application (“Proposed Intervener’s Application”). The Proposed Intervener’s Application was attended by the High Court during the Hearing for Zelan Holdings on 1 December 2025.

Presently, Zelan Holdings’ Application and the Proposed Intervener’s Application are fixed for Case Management on 13 January 2026. An ad-interim restraining order has been granted for Zelan Holdings until the Zelan Holdings' Application is concluded.

The Company will make the necessary announcements on the updates on the aforementioned matter following the High Court hearings.

On behalf of the Board, Malacca Securities wishes to announce that the Company is still in the midst of formulating the regularisation plan.

Bursa Securities had vide its letter dated 31 October 2025 resolved to grant the Company a further extension of time of 6 months up to 30 April 2026 to submit its regularisation plan to the relevant regulatory authorities for approval.

Further announcements will be made to Bursa Securities with regard to the regularisation plan in due course.

This announcement is dated 1 December 2025.