On behalf of the Board of Directors of the Company (“Board”), Mercury Securities Sdn Bhd (“Mercury Securities” or the “Principal Adviser”) wishes to announce that the Company proposes to undertake the following:-

(i)         proposed acquisition of the remaining 40% equity interest in Avenue Escapade Sdn Bhd, an existing 60%-owned subsidiary of the Company, for a total purchase consideration of RM9,912,467 to be satisfied entirely in cash (“Proposed Acquisition”);

(ii)         proposed consolidation of every 25 existing ordinary shares in Trive (“Trive Shares” or “Shares”) into 1 Share (“Consolidated Share”) (“Proposed Share Consolidation”); and

(ii)         proposed renounceable rights issue of up to 911,041,056 new Shares (“Rights Shares”) together with up to 531,440,616 free detachable warrants in Trive (“Warrants C”) on the basis of 12 Rights Shares together with 7 free Warrants C for every 2 Consolidated Shares held by the entitled shareholders of the Company on an entitlement date to be determined (“Entitled Shareholders”) (“Entitlement Date”) (“Proposed Rights Issue with Warrants”).

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

This announcement is dated 7 October 2020.