We refer to the announcements dated 23 February 2022, 20 April 2022, 21 June 2022, 15 August 2022, 25 August 2022, 26 September 2022, 25 October 2022, 11 November 2022 and 5 January 2023 in relation to the Rights Issue of ICULS (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

On behalf of the Board, AmInvestment Bank wishes to announce the following:

(i)         the issue price and nominal value of ICULS had been fixed at RM0.235 per ICULS (“Issue Price”); and

(ii)        the conversion price of ICULS had been fixed at RM0.235 per ICULS (“Conversion Price“) based on the conversion ratio of 1 ICULS for 1 new E&O Share.

The Issue Price and Conversion Price represent a discount of RM0.100 or approximately 29.85% to the TERP of E&O Shares of RM0.335, calculated based on the 5-day VWAP of E&O Shares up to and including 10 January 2023, being the last day of trading before 11 January 2023 (“Price-Fixing Date”), of RM0.410.

The Issue Price and Conversion Price of the ICULS were determined by the Board, after taking into consideration, amongst others, the following:

(i)         the funding requirements of the Group as disclosed in the table below;

(ii)        the prevailing share price movement of E&O Shares preceding the Price-Fixing Date; and

(iii)       the TERP of E&O Shares calculated based on the 5-day VWAP of E&O Shares immediately preceding the Price-Fixing Date and discount of the Conversion Price to the TERP of E&O Shares as stated above.

Based on the Issue Price, the gross proceeds to be raised from the Rights Issue of ICULS are intended to be utilised in the following manner:

This announcement is dated 11 January 2023.