Pursuant to Rule 8.04 and Guidance Note 3 (“GN3”) of the ACE Market Listing Requirements (“AMLR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”) and the clarification letters issued by Bursa Securities dated 26 March 2020, 16 April 2020 and 17 February 2021  (“Letters”) pertaining to further relief measures to listed corporations with unsatisfactory financial condition that triggers any of the following criteria under GN3 of the AMLR (“GN3 Suspended Criteria”) from 17 April 2020 to 30 June 2021 (“GN3 Relief Measures”): -

(a) its shareholders’ equity is 25% or less of its share capital of the listed corporation;

(b) it has incurred loss in any 1 full financial year (“FY”) commencing on or after its listing, which is equal to or exceed the amount of its shareholders’ equity at the end of the said FY and its shareholders’ equity is equal to or less than 50% of its share capital at the end of the said FY;

(c) it has incurred aggregated losses in any 2 consecutive full FYs commencing on or after its listing (“said financial period”): -

(i) which exceed the amount of its shareholders’ equity at the end of the said financial period;

(ii) the loss incurred in the 2nd full FY of the said financial period is 50% or more of the loss incurred in the 1st full FY of the said financial period; and

(iii) its shareholders’ equity is equal to or less than 50% of its share capital at the end of the said financial period;

(d) auditors have highlighted a material uncertainty related to going concern or expressed a qualification on the listed corporation’s ability to continue as a going concern in its latest audited financial statements and its shareholders’ equity on a consolidated basis is 50% of less of its share capital (excluding treasury shares); and

(e) default in payment by the listed corporation, its major subsidiary or major associated company, as the case may be, as announced pursuant to Rule 9.19A of the AMLR and the listed corporation is unable to provide a solvency declaration to the Exchange.

The Board of Directors of Rev Asia wishes to announce that the Company has triggered the GN3 Suspended Criteria (c) as set out above.

Pursuant to the GN3 Relief Measures, the Company will not be classified as a GN3 company and will be accorded a relief from complying with the obligations pursuant to Rule 8.04 and GN3 of the AMLR for a period of eighteen (18) months from the date of triggering the aforesaid GN3 Suspended Criteria.

Upon the expiry of the eighteen (18) months from this announcement, the Company will re-assess its condition and announce whether it continues to trigger any of the criteria in GN3 of the AMLR (“GN3 Subsequent Announcement”).

In the event the Company continues to trigger any of the criteria in GN3 of the AMLR after the aforesaid eighteen (18) months period, it will be classified as a GN3 company and will be required to comply with all the obligations under Rule 8.04 and GN3 of the AMLR, including the obligation to submit a regularisation plan to Bursa Securities within twelve (12) months from the date of the GN3 Subsequent Announcement.

The Company is also required to continuously monitor its financial condition as to whether the other criteria in GN3 and Rule 8.03A of the AMLR (other than the GN3 Suspended Criteria) to ensure its compliance to the said requirements.

As announced on 22 January 2021, the Company has submitted its applications in relation to its Proposed Regularisation Plan to Bursa Securities and the application is currently being reviewed. The Company will announce updates in relation to the Proposed Regularisation Plan, where required, in due course.

This announcement is dated 31 March 2021.