On behalf of the Board of Directors of TXB (“Board”), M&A Securities Sdn Bhd (“M&A Securities”) wishes to announce that the Company proposes to undertake the following:

1. proposed settlement of an aggregate amount of RM37,020,000 debt owing to creditors by the Company (“Settlement Amount”) via the issuance of 1,346,181,818 new ordinary shares in TXB (“TXB Share(s)” or “Share(s)”) (“Settlement Share(s)”) (“Proposed Debt Settlement”);
2. proposed consolidation of every 20 existing Shares into 1 Consolidated Share held by the entitled shareholders on an entitlement date to be determined and announced later (“Consolidated Shares Entitlement Date”) (“Proposed Share Consolidation”);
3. proposed renounceable rights issue of up to 97,252,594 Rights Shares on the basis of 1 Right Share for every 2 Consolidated Shares (“Rights Shares Entitlement Basis”) held by the entitled shareholders on an entitlement date to be determined later (“Rights Shares Entitlement Date”) (“Rights Shares Entitled Shareholder(s)”) (“Proposed Rights Issue”); and
4. proposed bonus issue of up to 145,878,891 free warrants in TXB (“Warrant(s)”) on the basis of 1 Warrant for every 2 Consolidated Shares (“Bonus Warrants Entitlement Basis”) held by the entitled shareholders on an entitlement date to be determined later (“Warrants Entitlement Date”) (“Warrants Entitled Shareholder(s)”) (“Proposed Bonus Issue of Warrants”).

Further details of the Proposals are set out in the attachment.

This announcement is dated 29 November 2022.