We refer to the captioned noticed herein referred to as Intention Notice where Bursa Securities Malaysia Berhad (“Bursa”) had on 21 February 2023 vide its email to the  Company requested that an immediate announcement be made by the Company as Bursa has deemed it as a Notice of Requisition when it was merely a Notice of Intention. The said Notice of Intention was copied to the respective regulatory authorities amongst others, Securities Commission of Malaysia (“SC”), Companies Commission of Malaysia (“CCM”) and Bursa.

As the Board of Directors will only be able to convene a board meeting on Friday 24 February 2023 to discuss about the Notice of Intention, this announcement is made on the behest of Bursa for the only purpose of complying with paragraph 9.03 of the Main Market Listing Requirements.

To recap, upon receipt of the said Notice of Intention, several of the Board members opined that it is  believed to be defective and contains errors and in breach of laws as well as is frivolous and vexatious and is not in the best interest of the Company.  Amongst others, it removes the entire board including the independent directors and replace them with 2 persons without any explanations or grounds seeking their removal and raising concerns that there will be no appropriate number of directors to safeguard company’s assets and shareholders’ interest but instead allows the two proposed directors to control the fate of the Company.

Arising from this, the Company had on even date written to Bursa to highlight that at the coming board meeting, this matter of the Notice of Intention will be discussed and the Board would also have to engage legal counsels and seek a legal opinion before any decision can be taken on the next course of action, otherwise any decision which is made rashly or recklessly by the Board would be detrimental to the best interest of the Company.