The Board of Directors of the Company wishes to announce that the Outstanding Financial Statements are not able to be issued within 4 months from the financial year end, i.e. 31 October 2024 (“Relevant timeframes”) as required under Rule 6.13 of the LEAP Market Listing Requirements (“Non-Compliance”) of Bursa Malaysia Securities Berhad (“Bursa Securities”).

The reasons for Non-compliance are as follows:

i) Insufficiency and/or lack of experienced accounting personnel (largely due to high turnover) in the preparation and timely finalisation of the financial statements for annual audit purposes; and

ii) the Group is currently undergoing restructuring exercise and re-organising the group resources (such as the restructuring of bank facilities, divestment of non-core assets, etc.) for sustainability.

The Board is aware that such Non-Compliance will result in Bursa Securities suspending the trading of the Company's securities on the 6th market day after the end of the Relevant Timeframes, i.e. 8 November 2024 in addition to any enforcement action which may be taken by Bursa Securities.

Accordingly, the Company must announce the status or progress of steps taken and the expected date of announcement of the Outstanding Financial Statements (“Status Report”) on or before the last market day of each month following the end of the Relevant Timeframes until the announcement of the Outstanding Financial Statements.

If the Company fails to issue the Outstanding Financial Statements within six (6) months from 31 October 2024, Bursa Securities shall commence de-listing procedures against the Company.

In response to the above, the Board has taken or is in the process of taking, among others, the following actions:

a) Outsourced the accounting support to independent service providers in preparation and finalisation of financial statements for annual audit purposes;

b) To identify candidates as new auditors to fill in vacancy caused by the resignation of Messrs. UHY; and

c) Negotiating with sophisticated investor(s) and formulating plans to raise additional funds for operations and administrative purposes.

The Company will make further announcement if there is any material development arising thereto and/or Status Report from time to time.

This announcement is dated 30 October 2024.