Reference is made to the Company’s Requisite Announcements dated 28 April 2022 and 8 November 2022 in relation to the Proposed Regularisation Plan and subsequent announcements dated 14 November 2022, 20 February 2023 and 25 May 2023. Unless stated otherwise, abbreviations and definitions used throughout this announcement shall bear the same meaning as those defined in the Requisite Announcements.

Reference is also made to the Company’s announcement dated 30 October 2023 in relation to the Independent Auditors, HLB Ler Lum Chew PLT have issued an unqualified audit opinion with a material uncertainty related to going concern in the Independent Auditors’ Report for the financial statements of the Company for the FYE 30 June 2023.

Pursuant to the unqualified audit opinion, the existing Proposed Regularisation Plan does not address all the Prescribed Criteria under Paragraph 2.1 of PN17. In line with this development, on behalf of the Board, Malacca Securities wishes to announce that the Company had on 30 October 2023 withdrawn the regularisation plan application submitted to Bursa Securities on 14 November 2022.

On behalf of the Board, Malacca Securities also wishes to announce that the Company and Zainal ‘Abidin Bin Abd Jalil had on 30 October 2023 via an exchange of letters, mutually agreed to terminate the Subscription Agreement between them.

The Company will re-formulate a regularisation plan and submit an extension of time application to Bursa Securities to submit a regularisation plan to the relevant authorities in due course.

This announcement is dated 30 October 2023.