The Liquidators wish to inform shareholders of the status of the liquidation as of to date, the following:-

1. Pending Legal Proceedings

Pursuant to the Order of the Court of Appeal dated 6 October 2021, the High Court shall determine the application filed by Raintree F&B Sdn Bhd (“Raintree”) vide Motion No. WA-28PW-626-11/2019 (“Motion 626”), wherein Raintree seeks to set aside or vary the Order of the High Court dated 14 October 2019 granted in Motion No. WA-28PW-382-05/2019.

Separately, Raintree also filed an application in the High Court vide Motion No. WA-28PW-315-11/2021 (“Motion 315”), seeking for orders/reliefs in connection with the procedural matters to be followed subsequent to the said Order of the Court of Appeal.

Please refer to the Company’s announcements dated 7 October 2021, 22 October 2021, 11 November 2021, 30 November 2021, 7 December 2021, 21 December 2021, 14 March 2022 and 17 March 2022 for more details. Motion 626 has been fixed for case management on 1 April 2022 and for hearing on 30 May 2022, while Motion 315 has been fixed for hearing on 30 May 2022.

2. Receipts and Payments (“R&P”)

The Liquidators had lodged “Liquidator’s Account of Receipts & Payments and Statements of the Position in the Winding-up” with the Companies Commission of Malaysia on 8 February 2022.

A summary of R&P for the period from 16 January 2021 to 15 January 2022 is set out below:-

Note:-

* - Including expenses for Bursa listing fee, legal fees and other professional charges.

Kindly be informed that the final distribution and the conclusion of the winding-up is pending the completion of, inter alia but not limited to, the satisfactory conclusion of tax and legal proceedings.

This announcement is dated 25 March 2022.