On behalf of the Board of Directors of the Company, Kenanga Investment Bank Berhad wishes to announce that the Company proposes to undertake the following:-

(i)         proposed reduction of the issued share capital of Icon by RM830.00 million pursuant to Section 116 of the Companies Act 2016 to eliminate the accumulated losses of Icon and its group of subsidiaries; and

(ii)        proposed consolidation of every 5 existing ordinary shares in Icon (“Icon Shares”) held by the shareholders of Icon, on an entitlement date to be determined and announced later, into 1 Icon Share

(collectively referred to as the “Proposals”).

Please refer to the attachment for the full announcement in relation to the Proposals.

This announcement is dated 7 March 2023.