(For consistency, the abbreviations used throughout this announcement shall have the same meanings as defined in the announcements dated 1 September 2020 in relation to the Proposals, where applicable, unless stated otherwise or defined herein.)

We refer to the earlier announcements in relation to the Proposals dated 1 September 2020, 8 September 2020 and 23 September 2020.

Reference is made to the 4 Subscription Agreements dated 1 September 2020 entered into between GPA and the Subscribers (Dato’ Eddie Ong, Ang Lin Chu, Lim Poh Yit and Dato’ Tee Tiam Hock) for the subscription of a total of 294,146,000 Placement Shares to be issued pursuant to the Proposed Private Placement.

On behalf of the Board, Mercury Securities wishes to announce that the Company and the Subscribers have mutually agreed to terminate the Subscription Agreements on 8 October 2020. Following the termination, the Subscription Agreements shall be terminated and rescinded and none of the parties shall have any further rights or obligations whatsoever under the Subscription Agreements save for the surviving provisions in Clause 16.3 of the Subscription Agreements and neither party to the Subscription Agreements shall have any claim whatsoever against the other. 

The abovementioned is not expected to have any effect on the earnings per share and net assets per share of the Company and the Group for the financial year ending 31 March 2021.

Pursuant to the above, on behalf of the Board, Mercury Securities wishes to announce that the Company has submitted an application to Bursa Securities today for an extension of time of another 14 market days from 13 October 2020 until 30 October 2020 for the Company to issue the circular to its shareholders in relation to the Proposals (“Proposed Extension of Time”). The relevant announcements on any changes to the details of the Proposed Private Placement pursuant to the termination of the Subscription Agreements shall be made in due course.

This announcement is dated 8 October 2020.