Reference is made to the Company’s announcements made on 31 October 2019, 12 December 2019, 24 January 2020, 28 February 2020, 30 March 2020 and 29 April 2020 in relation to the Default in Payment (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

The Board of Directors of PWI wishes to inform that the Group is currently in the midst of identifying investors for the private placement as announced on 19 November 2019.  Part of the proceeds raised from the private placement will be utilised to settle the borrowings owing to Bank Rakyat. Currently PWI is liaising with Bank Rakyat for extension of the indulgences granted by the bank which had expired on 26 May 2020.

Further announcement on the development of the above matter will be made as and when necessary in accordance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.

This announcement is dated 29 May 2020.