Reference is made to the earlier announcements in relation to the Private Placements dated 15 December 2020, 13 January 2021 and 15 December 2022.

The Board of Directors of JOE (the Board) wishes to inform that as at 30 September 2023, the Company has yet to fully utilise the proceeds raised from following Private Placements allocated for the investment in the Glove Business:

1.            RM39.7 million raised from Private Placement completed on 15 December 2020; and

2.            RM26.6 million raised from Private Placement completed on 13 January 2021;

(collectively referred as “Proceeds”).

The Board has resolved to extend the timeframe for the utilisation of the said Proceeds for another twelve (12) months respectively (Revised Timeframe) to provide additional time for the Group to utilise the balance of Proceeds for the investment in the Glove Business (Extension of Time).

Details of the Revised Timeframe are set out in the table below:

The reasons that the Company has yet to fully utilise the Private Placement Proceeds

The factory in Ipoh is still pending for power supply and management is in the process of applying relevant licenses and certificates.

Current status of glove business

As of to date four NBR/NR powder free double former dipping lines purchased from Fintec Glove Sdn. Bhd. The machineries are located in factory in Chepor, Ipoh. The factory is still pending for power supply before we can do the test run of the Dipping line. Tenaga Nasional Berhad “TNB" have completed the cabling works and pending security deposit to install meter. Management have successfully applied for ISO 9001 & ISO 13485. In the meantime, management is in the process of applying other relevant licenses and looking forward to conduct pre-commercialization production.

The next 12 months’ plan for Glove Business

The Management have engaged consultant to assist on application of relevant licenses and certificates.
Nonetheless, the Company shall continue to be vigilant and prudent in managing the Private Placement Proceeds and will continue to disclose the status of the utilisation in the Company's quarterly results and annual report until it is fully utilised.

The Board is of the opinion that the Revised Timeframe is in the best interest of the Group and will not have material adverse effect on the financial performance of the Group.

The Revised Timeframe does not require the approval of the Securities Commission Malaysia, or any other regulatory authorities or the shareholders of JOE.

The Company shall continue to be vigilant and prudent in managing the Private Placement Proceeds and will continue to disclose the status of the utilisation in the Company's quarterly results and annual report until it is fully utilised.

This announcement is dated 13 December 2023.