The Board of Directors of Perisai wishes to announce that its external auditors, Messrs Baker Tilly Monteiro Heng PLT have issued a statement on "Material Uncertainty Related to Going Concern" in respect of Perisai's Audited Financial Statements for the financial year ended 30 June 2019 which is in similar state as of previous financial period ended 30 June 2018.

In relation to the above, the Board of Directors of Perisai wishes to advise on the following:-

i)   that the Independent Auditors have expressed unqualified opinion of the Audited Financial Statements for the financial year ended 30 June 2019 and that their opinion is not modified in respect of the Statement on the matter;

ii)  that the process of addressing the key issues by the Group and the Company are as follows:

a) Bursa Securities has granted an extension of time until 31 December 2019 to submit a new regularisation plan. The Group would submit its new regularisation plan by 31 December 2019 and would address its net current liabilities positions and PN17 status; and

b)The right of indemnity of the Company as the corporate guarantor against the borrower/principal debtor is specifically stated under Section 98 of the Contract Acts 1950.

Please refer to the announcement attached for further information.

This announcement is dated 26 September 2019.