(Unless otherwise stated, all abbreviations and definitions used herein shall have the same meaning as those defined in the earlier announcements in relation to the Bonus Issue of Warrants)

On behalf of the Board, M&A Securities wishes to announce that the Board had resolved to fix the exercise price for the Warrants at RM0.275 per Warrant (“Exercise Price”).

The exercise price of the Warrants was determined by the Board after taking into consideration, amongst others, the following:

(i)        the historical share price movement of Southern Cable Shares;

(ii)        the 5D-VWAMP of Southern Cable Shares up to and including 11 October 2022 of RM0.3433;

(iii)       the prevailing market conditions; and

(iv)       the future funding requirements of the Group.

The Exercise Price represent a discount of 19.90% and 14.21% to the 5D-VWAMP of Southern Cable Shares up to and including 11 October 2022 of RM0.3433 and the theoretical ex-all price of Southern Cable Shares of RM0.3205, respectively.

Premised on the above, the Board is of the view that the Exercise Price is fair.

This announcement is dated 11 October 2022.