(Unless otherwise stated, all abbreviations used in this announcement shall have the same meaning as defined in the Company’s announcement dated 25 September 2020 and the Company’s circular to shareholders in relation to the Proposed SCR dated 30 October 2020 ("Circular"))

We refer to the announcements dated 26 August 2020, 28 August 2020, 2 September 2020, 25 September 2020, 29 September 2020, 28 October 2020, 30 October 2020 and 30 November 2020 in relation to the Proposed SCR.

On behalf of the Board, Maybank IB wishes to announce that as at the date of this announcement, the Kwantas Group has yet to obtain the approval and/or consent from all its existing financiers for the Proposed SCR. In view of this, the filing of application to seek the confirmation of the High Court for the reduction of the issued share capital of the Company in accordance with Section 116 of the Act is expected to be made in January 2021, instead of December 2020, as indicated in the Circular. Accordingly, the revised tentative timetable for the implementation of the Proposed SCR is as follows:

Original timing as set out in the Circular

Revised timing

Event

December 2020

January 2021

Filing of application to seek confirmation from the High Court for the reduction of the issued share capital of the Company in accordance with Section 116 of the Act

January 2021

February 2021

- High Court sanction hearing

- Announcement of Entitlement Date

- Announcement of notice of suspension of trading of Kwantas Shares

February 2021

March 2021

- Entitlement Date

- Lodgement of an office copy of the High Court Order with the Registrar of Companies

- Settlement of the SCR Offer Price

- Completion

March 2021

April 2021

De-listing of the Company from the Official List

This announcement is dated 31 December 2020.