We refer to the announcements made on 28 January 2019, 29 January 2019, 28 February 2019, 21 March 2019, 22 March 2019 and 26 April 2019 in relation to the Proposals ("Announcements"). Unless stated otherwise, abbreviations and definitions used throughout this announcement shall be the same as those in the Announcements. 

On behalf of the Board, IPS is pleased to announce that Bursa Securities had, vide its letter dated 16 May 2019 resolved to approve the following: 

1)  admission to the Official List and the listing and quotation of up to 690,031,166 ICPS to be issued pursuant to the Proposed Rights Issue of ICPS and Proposed Private Placement of ICPS;

2)  listing and quotation of 55,000,000 new ordinary shares in SWS to be issued as part of the purchase consideration pursuant to the Proposed Acquisition;

3)  listing and quotation for up to 690,031,166 new ordinary shares to be issued arising from the conversion of ICPS;

4)  listing and quotation of 10,269,351 additional warrants (“Additional Warrants”) to be issued resulting from the adjustment made to the existing warrants arising from the Proposed Rights Issue of ICPS; and

5)  listing and quotation of up to 10,269,351 new ordinary shares to be issued arising from the exercise of the Additional Warrants.

The approval by Bursa Securities for the Proposals are subject to the following conditions:

i)  SWS and IPS, the adviser for the Proposals must fully comply with the relevant provisions under the Main Market Listing Requirements (“LR”);

ii)  SWS and IPS to inform Bursa Securities upon the completion of the Proposals;

iii)  SWS and IPS to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the Proposals are completed;

iv)  SWS to furnish Bursa Securities on a quarterly basis a summary of the total number of shares listed pursuant to the conversion of the ICPS as at the end of each quarter together with a detail computation of listing fees payable; and

v)  to incorporate Bursa Securities’ comments in respect of the draft circular to shareholders of SWS.

This announcement is dated 17 May 2019.