The Board of Directors of SGB wishes to announce that the Company have today applied for Judicial Management Order (“JM Order”) pursuant to Sections 404 and 405 of the Companies Act, 2016 with the High Court of Malaya at Kuala Lumpur.

The application for the JM Order immediately puts into effect a moratorium (“Moratorium”) for the period commencing with the application of the JM Order and ending with the grant or dismissal of the application, during which no resolution shall be passed or order shall be made for the winding-up of the Company. In addition, during this Moratorium, the leave of the Court will be required to:-

1. enforce any charge on or security over the property of the Company; and

2. commence or continue any legal proceedings against the Company or their respective property.

The JM Order was applied for as part of proactive measure by SGB to:-

1. get the involvement of an independent professional to facilitate the restructuring of the Company with the assistance of the Board of Directors (“BOD”) and management;

2. rehabilitate and maximize the return to creditors and value to the shareholders of the Company; and

3. give the Company the opportunity to rehabilitate and be restored to profitability.

The Moratorium is not envisaged to have any material financial and operational impact to SGB.

The BOD of the Company are of the view that the application for the JM Order is in the best interest of the Company.

Further development on the above matter will be announced to Bursa Malaysia Securities Berhad in due course.

This announcement is dated 14 April 2021.