(For consistency, the abbreviations used throughout this announcement shall have the same meanings as defined in the announcement dated 15 July 2020 in relation to the Proposed Private Placement, where applicable, unless stated otherwise or defined herein.)

Reference is made to the earlier announcement dated 15 July 2020.

On behalf of the Board, Mercury Securities is pleased to announce that Bursa Securities has, vide its letter dated 24 July 2020, approved the listing and quotation of up to 813,303,899 Placement Shares to be issued pursuant to the Proposed Private Placement.

The approval by Bursa Securities is subject to the following conditions:-

(i)         Lambo and Mercury Securities must fully comply with the relevant provisions under the ACE Market Listing Requirements pertaining to the implementation of the Proposed Private Placement;

(ii)         Lambo and Mercury Securities to inform Bursa Securities upon the completion of the Proposed Private Placement;

(iii)        Lambo to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the Proposed Private Placement is completed; and

(iv)        Mercury Securities to furnish Bursa Securities with details of the placees as per Rule 6.16 of the ACE Market Listing Requirements for its review, prior to the issuance / allotment of the Placement Shares

This announcement is dated 24 July 2020.