We refer to the announcements dated , 26 January 2023 and 27 January 2023 in relation to, amongst others, the Rights Issue (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

The Board of Directors wishes to announce that the Company had resolved to vary the utilisation of proceeds by re-allocating RM2.93 million or approximately 13.54% of the total proceeds initially allocated for existing business of trading of precision instruments (watches) to expenses relating to the Rights Issue, provision of financing services and working capital requirements.

Kindly refer to the attachment for full details of the announcement.

This announcement is dated 3 March 2023.