(For consistency purposes, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the Abridged Prospectus dated 2 December 2020 issued by the Company in relation to the Rights Issue with Warrants.)

The Board of Directors (the “Board”) of Green Ocean wishes to inform that as at 3 January 2022, the Company has yet to fully utilise the proceeds raised from the Rights Issue with Warrants and the Board requires additional time to utilise the balance proceeds amounting to approximately RM12.903 million for refurbishment of existing factory building for the gloves business (“Extension of Time”).

The Board has resolved to extend the time frame for the utilisation of the said proceeds for another 18 months period from 4 January 2022 to 3 July 2023 (“Revised Time Frame”) to provide additional time for the Group to utilise the balance of proceeds for refurbishment of existing factory building for the gloves business. Details of the Revised Time Frame are as set out in the table below:-

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 regulatory authorities or the shareholders of Green Ocean.

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 with Warrants and will continue to disclose the status of the utilisation in the Company's quarterly results and annual reports until it is fully utilised.

This announcement is dated 4 January 2022.