We refer to the Company’s announcements dated 8 August 2023 in relation to the Proposed Disposal and Company’s reply dated 10 August 2023 to the additional queries raised by Bursa Malaysia Securities Berhad (“Announcements”), particularly on the salient terms of the Conditional Share Sales and Repurchase Agreements (“CSSA”) with Digital Miracles (“Digital Miracles CSSA”) and Million Saint (“Million Saint CSSA”).

For additional disclosure, pursuant to Digital Miracles CSSA and Million Saint CSSA, IQZAN as the seller has been granted with an option to buy back the Sale Shares from Digital Miracles and Million Saint (collectively, the “Buyers”) which is expiring on 3 February 2024 and 6 February 2024 respectively (“Initial Buyback Period”). Further, as collateral for the buy back option, IQZAN and the Buyers have agreed that upon execution of Digital Miracles CSSA and Million Saint CSSA, the Company shall transfer the agreed Sale Shares to Digital Miracles and Million Saint within 14 days. Subsequently on 15 August 2023, the Company has transferred the Sale Shares to Digital Miracles and Million Saint.

For clarity purpose, the Sale Shares shall be re-transfer back upon IQZAN’s exercise of its option to buy back. The Company did not exercise the option to buy back during the Initial Buyback Period and the Digital Miracles CSSA and Million Saint CSSA are pending completion.

On 23 November 2023, IQZAN entered into addendum to the Digital Miracles CSSA and Million Saint CSSA with Digital Miracles and Million Saint respectively to amend, vary and clarity on the certain terms of the CSSA entered by the parties (“Addendum”).

On 16 January 2024, before the expiry of the Initial Buyback Period, IQZAN entered into two (2) supplemental agreements with Digital Miracles and Million Saint (“Supplemental Agreements”) to extend the Initial Buyback Period from 3 February 2024 to 2 August 2024 and from 6 February 2024 to 5 August 2024 respectively (“Extended Buyback Period”).

IQZAN is proposing to seek for shareholders’ approval for the Proposed Disposal pursuant to Paragraph 10.07 of the Main Market Listing Requirements.

Further details of the Proposed Disposal are set out in the enclosed attachment.

This announcement is dated 22 February 2024.