Unless stated otherwise, definitions used in this announcement shall carry the same meaning as defined in the Company’s announcement dated 11 February 2020 pursuant to the Practice Note 17 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.

With reference to the Company’s announcement dated 11 February 2020 in relation to the Company being classified as a PN17 Company pursuant to PN17 of the Listing Requirements of Bursa Malaysia, on behalf of the Board of Directors of the Company, we wish to inform that the Company is presently looking into formulating a regularisation plan to regularise its financial condition.

In summary of significance events happening after the PN17 First Announcement, on 28 February 2020, following the declaration of default by Affin Islamic Bank Berhad for financing extended to Company, the Company received “Cross Default” notice from CIMB Bank Berhad of up to RM90 million “Revolving Credit Facilities” given by CIMB Bank Berhad to the Company and its wholly-owned subsidiary, PCB Taipan Sdn Bhd. Meanwhile, the Company’s wholly-owned subsidiary, PCB Development Sdn Bhd had signed a memorandum of understanding with Team Keris Berhad on the development of Perak Contingent Police Headquarters which potentially can generate up to RM60 million of revenue once completed.

The Company has approximately eleven (11) months to submit its regularisation plan to the relevant authorities for approval.

This announcement is dated 2 March 2020.