The Board of Directors of MSPORTS wishes to announce that Bursa Malaysia Securities Berhad ("Bursa Securities") vide its letter dated 13 March 2020, resolved to :-

a) dismiss the Company's appeal for an extension of time until 31 July 2020 to submit a regularisation plan to the relevant authorities for approval; and

b) dismiss the Company's appeal for Bursa Securities not to de-list the securities of MSPORTS from the official List of Bursa Securities pursuant to paragraph 8.04 of the Main Market Listing Requirements ("Main LR") of Bursa Securities.

In the circumstances, the securities of the Company shall be removed from the Official List of Bursa Securities on Wednesday, 18 March 2020.

In arriving at the aforesaid decision, Bursa Securities had considered, amongst others, the following factors:-

(1)   Notwithstanding the following:

(a) the Company had on 5 November 2019 and 24 January 2020 entered into a memorandum of understanding with Lewre Holdings Sdn. Bhd. (“Lewre Holdings”) and Resta Enteprise Sdn. Bhd. (“Resta”) respectively; and

(b) the Company had on 27 February 2020 appointed TA securities as the Principal Adviser in relation to the Company’s proposed regulation plan,

there was no reasonable justification to allow a further extension of time particularly in view that:-

(i) there was no material development or progress in respect of the formulation/ finalisation/submission of the regularisation plan; and

(ii) the regularisation plan was still at the preliminary stage and lacked certainty/clarity particularly the suitability of the white khights (i.e. Lewre Holdings and Resta) for listing in view of their financial track record. In this respect, TA Securities has also represented that the Company was still identifying assets to be injected or acquired as part of the regularisation plan.

(2) Since the First Announcement on 13 November 2017, MSPORTS has had approximately 2 years and 4 months to regularise the Company’s financial condition in accordance with paragraph 8.04 of the Main LR and Practice Note 17 (“PN17”).

(3) The summary of the key audited and unaudited financial information of MSPORTS as set out in MSPORTS’ letter dated 25 November 2019, in particular, the Company had been loss-making since the financial year ended (“FYE”) 31 December 2015 and did not have any revenue since FYE 31 December 2017.

(4)  All PN 17 companies are required to regularise their financial condition expeditiously within the timeframes prescribed in paragraph 8.04 on the Main LR and PN 17 or extended timeframes as may be granted by Bursa Securities.

(5) The requirements for companies to have an adequate level of financial condition serves to ensure that companies listed on the Official List are of a certain minimum quality as well as to preserve and sustain market integrity and investors’ confidence.

(6)  In the opinion of Bursa Securities, adequate time and opportunity had been accorded to MSPORTS to regularise the Company’s financial condition.

Effect of De-listing from the Official List of Bursa Securities

With respect to the securities of the Company which are currently deposited with Bursa Malaysia Depository Sdn. Bhd. (Bursa Depository), the securities may remain deposited with Bursa Depository notwithstanding the de-listing of the securities from the Official List of Bursa Securities. It is not mandatory for the securities of a company which has been de-listed to be withdrawn from Bursa Depository.

Alternatively, shareholders of the Company who intend to hold their securities in the form of physical certificates can withdraw these securities from their Central Depository System (CDS) accounts maintained with Bursa Depository at anytime after the securities of the company have been de-listed from the Official List of Bursa Securities. This can be effected by the shareholders submitting an application form for withdrawal in accordance with the procedures prescribed by Bursa Depository. These shareholders can contact any Participating Organisation of Bursa Securities and/or Bursa Securities’ General Line at 03-2034 7000 for further information on the withdrawal procedures.

Upon the de-listing of the Company, the Company will continue to exist but as an unlisted entity. The Company is still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the Company’s performance.  However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities.

This announcement is dated 16 March 2020.