We refer to the Company’s First Announcements dated 30 April 2023 and the subsequent monthly announcements dated 30 May 2023, 30 June 2023, 31 July 2023, 28 August 2023, 29 September 2023, 31 October 2023, 30 November 2023, 29 December 2023 and 30 January 2024, 29 February 2024 and 29 March 2024 made by the Company in relation to the classification of the Company as an affected listed issuer under PN17. 

Unless otherwise defined, the definitions set out in the First Announcement shall apply therein. 

Pursuant to paragraph 4.1 of PN17 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad the Board of Directors of the Company wishes to announce that the Company is in the midst of formulating a regularisation plan to address its financial condition. 

The Group wishes to highlight that in relation to the disclaimer of opinion disclosed in the Independent Auditors’ Report for FYE 31 December 2022, the Group has taken necessary steps as stated below:-

i. Opening balances

The Group has reconciled the opening intercompany balances between certain receivables and payables which will be eliminated at Group level and auditors have completed their audit.

ii. Going concern

(a)     Trade receivables

The efforts towards the recovery of the awarded sum of RM241.76 million are still ongoing. The Group is still pursuing the recovery action and working closely with the solicitors in Abu Dhabi, United Arab Emirates to recover the awarded sum.

(b)      Borrowings

The Group has received the approval for the debt restructuring on 2 October 2023 from the Bank in Dubai, United Arab Emirates. The Group has signed and executed the rescheduling agreement dated 15 December 2023.

iii. Balances Subject to Verification

The Group has formulated an action plan on resolving these issues and has obtained confirmation of balances from respective parties to ensure completeness of outstanding balances for FYE 31 December 2022. The auditors have completed their audit.

There was no material event subsequent to the end of the current financial year ended 31 December 2023.

On behalf of the Board of Directors of the Company, Kenanga Investment Bank Berhad had on 29 March 2024 submitted an application for an extension of time to submit a regularisation plan to Bursa Securities (“EOT Application”).

The EOT Application is currently pending decision from Bursa Securities.

This Announcement is dated 29 April 2024.