We refer to the Company's announcement made on 13 September 2022 in respect of the Originating Summons for Scheme of Arrangement and Restraining Order pursuant to Section 366 and Section 368 of the Companies Act 2016 (“Enclosure 1”) filed by the Company and its wholly owned subsidiaries, Khee San Food Industries Sdn Bhd, Khee San Marketing Sdn Bhd and Mega Global Confectionary Sdn Bhd (“Applicants”).

The Board of Directors of the Company wishes to inform that on 14 September 2022, the Applicants attended the hearing for Enclosure 1 wherein the hearing has been adjourned to 23 September 2022 due to the following reasons: -

1.         Counsel for the Proposed Interveners, i.e. Alliance Bank Malaysia Berhad, United Overseas Bank Malaysia Berhad, and HSBC Bank Malaysia Berhad, had informed the Court that they support the Applicants’ application in Enclosure 1 for a scheme of arrangement and the restraining order.

2.         Counsel for the Proposed Interveners, i.e. Maybank Islamic Berhad, OCBC Bank Malaysia Berhad, and OCBC Al-Amin Bank Berhad, had informed the Court that they are taking a neutral position in respect of Enclosure 1. However, they reserve their rights to oppose any application file by the Applicants to extend the time to call for the court convened meeting and/or restraining order. Further, they also reserve their rights to vote at the court convened meeting in respect of the Proposed Scheme.

3.         Counsel for the Proposed Intervener, i.e. Standard Chartered Bank Malaysia Berhad, had informed the Court that they are in the midst of obtaining their client’s instructions on whether to make any oral application to intervene in this proceeding. They have also informed the Court that they are taking a neutral position as well in respect of Enclosure 1.

4.         Counsel for the Proposed Intervener, i.e. Bank of China Malaysia Berhad had informed the Court that they are in the midst of obtaining instructions in respect of Enclosure 1. However, Bank of China Malaysia Berhad’s Counsel informed the Court that there is an indication that Bank of China Malaysia Berhad may object to Enclosure 1. Therefore, they requested time to obtain instructions and to file an affidavit in respect of Enclosure 1.

5.         Upon hearing the oral submissions by the Counsel for the respective parties, the Court adjourned the Hearing of Enclosure 1 to 23 September 2022 to enable the Counsel for Bank of China Malaysia Berhad to obtain instructions in respect of Enclosure 1 and for Counsel for Standard Chartered Bank Malaysia Berhad to obtain instructions on whether they are going to intervene in this proceeding.

The Company will announce any further development on the above matter in due course.

This announcement is dated 14 September 2022.