We wish to announce that KOBAY-CG had expired at 9.00 a.m. on 25 March 2024 ("Expiry Date") and the Cash Settlement Amount shall be calculated as set out below:

Cash Settlement Amount
= Number of KOBAY-CG exercised x (1/Exercise Ratio) x (Closing Price - Exercise Price) 
= Number of KOBAY-CG exercised x (1/3) x (RM1.6214 - RM2.5000) 
= Number of KOBAY-CG exercised x RM0.0000 

The Closing Price of RM1.6214 is the average daily volume weighted average price (VWAP) of the ordinary shares of KOBAY on Bursa Malaysia Securities Berhad for the five (5) market days prior to and including the market day immediately before the Expiry Date. The KOBAY-CG is deemed to have been automatically exercised on the Expiry Date.

As the Cash Settlement Amount is less than Zero, warrantholders will not be entitled to receive any payment from us and all outstanding and unexercised KOBAY-CG will cease to be valid and all our obligations in respect to KOBAY-CG shall terminate absolutely.

This announcement is dated 25 March 2024.