Reference is made to the Company’s announcements on 13 April 2020, 22 June 2020, 10 July 2020, 6 August 2020, 1 September 2020, 1 October 2020, 2 November 2020, 1 December 2020, 4 January 2021, 1 February 2021, 2 March 2021, 1 April 2021, 3 May 2021, 1 June 2021, 1 July 2021, 2 August 2021, 1 September 2021, 1 October 2021, 1 November 2021, 1 December 2021, 3 January 2022, 3 February 2022, 1 March 2022, 1 April 2022, 26 April 2022, 12 May 2022 and 1 June 2022 in relation to the Company triggering Para 8.03A(2)(b) of the Listing Requirements (“LR”) on ground that the Company has an insignificant business or operations and therefore is considered as an affected listed issuer.

Bursa Malaysia Securities Berhad (“Bursa Securities”) had on 26 March 2020 announced additional relief measures to alleviate the impact of COVID-19 on capital market players, the requisite time for submission of a regularisation plan by listed issuers which trigger the criteria under Rule 8.03A of the LR has been extended from 12 months to 24 months from the date of the first announcement. As such, the Company has until 12 April 2022 (i.e. 24 months from 13 April 2020, the date of the first announcement) to submit its regularisation plan to the regulatory authorities.

In view of the above, the Company and M&A Securities are presently evaluating and formulating a proposed regularisation plan to regularise its financial condition and turnaround the Group’s financial position to a stronger position including to undertake the following exercise:

1)      (a)      Proposed settlement of the debt owing to Perak Agro Corporation Sdn Bhd (“Perak Agro” or “Subscriber”), via the issuance of 28,437,950 new ordinary shares in MHB at the issue price of RM0.335 per Settlement Share; and

(b)        Proposed subscription of 28,437,950 new MHB shares (“Subscription Shares”) by Perak Agro, representing approximately 10% of the existing issued shares of MHB at the issue price of RM0.335 per Subscription Share;

as per announcement dated 16 March 2022 and subsequent announcement on the outcome of EGM dated 13 June 2022.

2)   Proposed Acquisition of 49% of Equity Interest in Allied Group Property Services Sdn Bhd (“AGPS”) and Allied Group Property Services (Penang) Sdn Bhd (“AGPSP”) for a total consideration of RM9.8 million as per announcement dated 30 March 2022 and subsequently had on 29 April 2022 entered into a Supplemental Term Sheet to varied, amend and altered the existing Term Sheet in relation to the Proposed Acquisition.

3)   Proposed Acquisition of 51% of Equity Interest in Nexusbase Development Sdn Bhd for a total consideration of RM12.5million as per announcement dated 31 March 2022 and subsequently had on 1 June 2022 entered into an addendum letter with Sloane Infinity Asia Pacific Sdn Bhd (‘the Vendor” or “SIAP” or “Sloane”) to amend the terms of second payment set forth in the Share Sale Agreement.

The Company had on 1 April 2022 submitted an application to Bursa Securities for an extension of time (“EOT”) for a period of 12 months of up to 11 April 2023 to submit its Regularisation Plan to Bursa Securities.

On 26 April 2022, Bursa Securities has granted the Company an extension of time up to 11 October 2022 to submit its regularisation plan to the relevant regulatory authorities.

The Company has approximately 3 months to submit a regularisation plan to the relevant authorities for approval and will make further announcements in relation to any latest development in accordance with the requirements under Rule 8.03A of the LR.

This announcement is dated 1 July 2022.