On behalf of the Board of Directors of OCK ("Board"), UOB Kay Hian Securities (M) Sdn Bhd ("UOBKH") wishes to announce that the Company proposes to undertake the following:-

i. a renounceable rights issue of up to 122,264,591 new ordinary shares in OCK ("OCK Share(s)" or "Share(s)") ("Rights Shares") on the basis of 1 Rights Share for every 10 existing OCK Shares held, together with up to 122,264,591 free detachable warrants in OCK ("Warrant(s) B") on the basis of 1 Warrant B for every 1 Rights Share subscribed for on an entitlement date to be determined and announced later ("Proposed Rights Issue with Warrants");

ii. an exemption to Aliran Armada Sdn Bhd ("AASB") and Mr Ooi Chin Khoon ("Mr Ooi") and persons acting in concert with them, namely Ooi Cheng Wah, Low Hock Keong, Abdul Halim Bin Abdul Hamid, Chang Tan Chin and Chong Wai Yew ("PACs"), under Paragraph 4.08(1)(b) of the Rules on Take-Overs, Mergers and Compulsory Acquisitions ("Rules") from the obligation to undertake a mandatory offer for all the remaining OCK Shares and outstanding warrants 2015/2020 in the Company ("Warrant(s) A") not already owned by them pursuant to the Proposed Rights Issue with Warrants ("Proposed Exemption"); and

iii. the establishment of an employees' share option scheme ("ESOS") of up to 15% of the total number of issued OCK Shares (excluding treasury shares, if any) at any point in time over the duration of the ESOS for eligible persons ("Proposed ESOS").

Further details of the Proposals are set out in the attachment enclosed.

This announcement is dated 3 July 2020.