On 29 November 2021, the shareholders of the Company approved the proposed bonus issue of up to 240,399,720 free Warrants on the basis of 1 Warrant for every 2 existing MCB Shares (“Proposed Bonus Issue of Warrants”). As set out in the circular to shareholders of the Company dated 12 November 2021 in relation to the Proposed Bonus Issue of Warrants , assuming full exercise of all 240,399,720 Warrants at the exercise price of RM0.50, the Company would raise gross proceeds of up to RM120.2 million.

As at 9 September 2024, the Company has raised total proceeds of RM108.3 million from the exercise of 216,512,905 warrants, which were subsequently converted into 216,512,905 ordinary shares in the Company.

The Board of Directors (“the Board”) of the Company wishes to announce that the Board has resolved to vary the utilisation of proceeds raised from the Proposed Bonus Issue of Warrants (“Variation”), further details of the Variation is attached.

This announcement is dated 9 September 2024.