(Unless otherwise stated, all abbreviations used herein shall have the same meaning as the requisite announcement dated 24 September 2019)

We refer to the requisite announcement dated 24 September 2019 and announcement dated 13 December 2019 in relation to the Proposed Regularisation Scheme.

On behalf of the Board, M&A Securities wishes to announce that the High Court of Malaya at Kuantan has, at the hearing on 6 January 2020, approved the Proposed SOA under Section 366 of the Companies Act, 2016. As such, the Proposed SOA shall be binding on Kinsteel, all of its contributories, its liquidator and all of its creditors effective from 6 January 2020. The said Proposed SOA was approved by more than 75% of the total value of the Scheme Creditors present and voting either in person or by proxy at the Court Convened Meeting which was held on 13 December 2019.

This announcement is dated 6 January 2020.