(For consistency purposes, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the Abridged Prospectus dated 25 November 2020 issued by the Company in relation to the Rights Issue with Warrants.)

The Board of Directors of FINTEC (“the Board”) wishes to inform that as at 30 September 2022, the Company has yet to fully utilise the proceeds raised from the Rights Issue with Warrants and the Board requires additional time to utilise the balance proceeds amounting to approximately RM39.85 million (“Extension of Time”).

The Board has resolved to extend the time frame for the utilisation of the said proceeds for another twelve (12) months period from 28 December 2022 to 27 December 2023 ("Revised Time Frame") to provide additional time for the Group to utilise the balance proceeds. Details of the Revised Time Frame are as set out in the table below:-

Note:

# RM18,670,000 has been reallocated from Capital expenditure for the Gloves Business to Construction of factory building for the Gloves Business.

* the balance of the unutilised proceeds of RM13,000 for the Estimated expenses for the Corporate Exercises had been reclassified into Working capital for the Gloves Business.

The Board is of the opinion that the Revised Time Frame is in the best interest of the Group and will not have material adverse effect on the financial performance of the Group.

The Revised Time Frame does not require the approval of the Securities Commission Malaysia, or any other regulatory authorities or the shareholders of FINTEC.

The Board, having considered all aspects of the proposed Extension of Time, is of the opinion that it is in the best interest of the Group.

The Company shall continue to be vigilant and prudent in managing the remaining proceeds raised from issuance of Rights Issue with Warrants and will continue to disclose the status of the utilisation in the Company's quarterly results and annual reports until it is fully utilised.

This announcement is dated 16 December 2022.