(For consistency purposes, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the announcement dated 12 March 2021 in relation to the Proposals, where applicable, unless stated otherwise or defined herein.)

We refer to the earlier announcement in relation to the Proposals dated 12 March 2021.

On behalf of the Board, Mercury Securities wishes to announce that Bursa Securities had, vide its letter dated 29 March 2021, approved the following:-

(i)         listing and quotation of 846,215,000 Placement Shares to be issued pursuant to the Proposed Private Placement; and

(ii)         listing and quotation of such number of new Vsolar Shares, representing up to 30% of the Company's total number of issued shares (excluding treasury shares, if any), to be issued pursuant to the Proposed ESOS.

The approval granted by Bursa Securities for the Proposals are subject to the following conditions:-

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

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

(iii)        Vsolar 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;

(iv)        Mercury Securities is required to submit a confirmation to Bursa Securities of full compliance of the Proposed ESOS pursuant to Rule 6.44(1) of the Listing Requirements and stating the effective date of implementation;

(v)        Mercury Securities is required to submit a certified true copy of the resolution passed by the Shareholders in general meeting approving the Proposed ESOS; and

(vi)        Vsolar is required to furnish Bursa Securities on a quarterly basis a summary of the total number of shares listed pursuant to the Proposed ESOS, as at the end of each quarter together with a detailed computation of listing fees payable.

This announcement is dated 29 March 2021.