The Company wishes to announce that the Company has on 18 November 2024 received a letter from Cheang and Ariff, the solicitors acting on behalf of Bursa Malaysia Berhad (“Bursa”) on an application by Bursa to High Court of Kuala Lumpur for declaratory orders pursuant to Section 41 of the Specific Relief Act 1950 and/or under inherent jurisdiction of the High Court of Kuala Lumpur for, amongst others, the following:

1.       The appointment of interim judicial manager over listed issuers (“Affected Issuers”) admitted to the official list of the stock exchange and whose shares are fully paid and deposited with the central depository as is the case of SCB:

a.       Does not have legal consequence or character of prohibiting steps taken or to be taken or to transfer fully paid shares or to alter the status of any member holding fully paid shares of the Affected Issuers in respect of market contracts; and

b.       Does not attract operation of Section 411(4)(e) of the Companies Act 2016 in respect of fully paid shares of Affected Issuers, the subject matter of market contracts or trades transacted through the facilities established by Bursa under auspices of the Capital Market and Services Act 2007.

2.       Section 411(4)(e) of the Companies Act 2016 is inapplicable to fully paid shares deposited with Bursa Malaysia Depository Sdn Bhd.

The Interim Judicial Manager has appointed Messrs S Ravenesan to represent the Company on this matter. The hearing date for this matter has been fixed on 24 January 2025.

This announcement is dated 19 November 2024.

NOTICE: The affairs, business and property of the Company are being managed by the Interim Judicial Manager appointed by the High Court of Malaya. The Interim Judicial Manager contracts and acts as an agent of the Company and disclaims any personal liability under any contract entered into by the Company which has been adopted by the Interim Judicial Manager and any contract entered into by the Interim Judicial Manager on behalf of the Company.