The Board of Directors of Rex (“the Board”) wishes to inform that  the Company has yet to fully utilise the proceeds raised from the Rights Issue and the Board requires additional time to utilise the balance proceeds amounting to approximately RM2.0 million for upgrade of machineries. (“Extension of Time”).

The Board has resolved to extend the time frame for the utilisation of the said proceeds for another 12 months period to 15 June 2022 ("Revised Time Frame") to provide additional time for the Group to utilise the balance of proceeds for upgrade of machineries. Details of the Revised Time Frame are as set out in the table below:-

Note: * the balance of the unutilised proceeds of RM28,000 for the estimated expenses for the Corporate Exercises had been reclassified and utilised as working capital

The Board is of the opinion that the Revised Time Frame is in the best interest of the Group and will not have material adverse effect on the financial performance of the Group.

The Revised Time Frame does not require the approval of any other regulatory authorities or the shareholders of REX.

The Board, having considered all aspects of the proposed Extension of Time, is of the opinion that it is in the best interest of the Group.

The Company shall continue to be vigilant and prudent in managing the remaining proceeds raised from issuance of Rights Issue and will continue to disclose the status of the utilisation in the Company's quarterly results and annual reports until it is fully utilised.

The announcement is dated 29 September 2021.