Reference is made to the Company’s earlier announcements dated 10 March 2022, 26 April 2022, 17 May 2022, 22 June 2022, 1 July 2022, 4 July 2022, 25 October 2022, 10 November 2022, 15 November 2022 and 22 November 2022, circular to shareholders in relation to the Proposals (which includes the Shares Issuance, as defined in the Circular) dated 31 May 2022 (“Circular”) and the outcome of extraordinary general meeting dated 22 June 2022 in relation to Proposals. Unless stated otherwise, abbreviations and definitions used throughout this announcement shall bear the same meaning as those defined in the Circular.

This announcement is dated 16 February 2023.

On 4 July 2022, the Company completed a shares issuance of 20,100,100 MIB Shares at an Issue Price of RM0.8102 per Subscription Share (“Shares Issuance”). The actual proceeds raised from the Shares Issuance amounts to RM16.3 million (“Issuance Proceeds”).

On 10 November 2022, the Company had announced that the SPA in relation to the Proposed Land Acquisition was terminated. Pursuant thereto, the Company is unable to fully utilise the RM6.2 million out of RM16.3 million of the Issuance Proceeds previously earmarked for the Proposed Land Acquisition (“Acquisition Proceeds”). For information, the Company had utilised part of the Acquisition Proceeds to pay for the total deposit of RM2,351,440.83 which was subsequently forfeited pursuant to termination.

In view of the termination of the Proposed Land Acquisition, the Board wishes to announce that the Company proposes to vary the utilisation of proceeds raised from the Shares Issuance (“Proposed Variation”).

Please refer to the attachment for further details of the Proposed Variation.