On behalf of the Board of Directors of Green Ocean, Mercury Securities Sdn Bhd wishes to announce that the Company proposes to undertake the following:-

(i)         proposed diversification of the existing business of the Company and its subsidiaries to include the gloves business (“Proposed Diversification”);

(ii)         proposed private placement of up to 95,605,000 new ordinary shares in Green Ocean (“Green Ocean Shares” or “Shares”), representing 30% of the total number of issued shares of Green Ocean, to independent third-party investor(s) to be identified later and at an issue price to be determined later (“Proposed Private Placement”);

(iii)        proposed renounceable rights issue of up to 828,573,600 new Shares (“Rights Shares”) together with up to 621,430,200 free detachable warrants in Green Ocean (“Warrants B”) on the basis of 4 Rights Shares together with 3 free Warrants B for every 2 existing Shares held by the entitled shareholders on an entitlement date to be determined (“Proposed Rights Issue with Warrants”); and

(iv)       proposed establishment of an employees’ share option scheme (“ESOS” or “Scheme”) involving up to 30% of the total number of issued shares of the Company (excluding treasury shares, if any) for eligible directors and employees of the Company and its subsidiaries (“Proposed ESOS”),

(collectively referred to as the “Proposals”).

Please refer to the attachment for further details on the above.

This announcement is dated 1 September 2020.