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, 30 January 2024, 29 February 2024, 29 March 2024, 29 April 2024, 2 May 2024, 5 June 2024, 28 June 2024 and 30 July 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 (“Regularisation Plan”). 

The Group wishes to highlight that in relation to disclaimer of opinion disclosed in the Independent Auditors’ Report for FYE 31 December 2023, the Group has taken necessary steps as stated below: -

Material uncertainty as regards going concern

(a) Practice Note 17 (“PN 17”)

On 2 May 2024, Bursa Securities granted an extension of time of six (6) months up to 31 October 2024 to submit its regularisation plan to the relevant regulatory authorities. The Group is currently working closely with advisors i.e. to give professional advice and assistance as part of the regularisation plan strategy.

(b) Trade receivables

The efforts towards the recovery of the awarded sum of RM252.8 million are still ongoing. The Group is still pursuing the recovery action and working closely with the solicitors and other relevant authorities both in Abu Dhabi, United Arab Emirates and Malaysia to assist on the recovery of the awarded sum.

(c) Borrowings

The Group has complied with the monthly repayment schedule as per the approved rescheduling agreement dated 15 December 2023.

(d) Use of the going concern assumption

The Group is of the opinion that the Proposed Regularisation Plan once formulated and implemented after obtaining the approval from relevant authorities, will enable the Group to generate sufficient cash flows to meet its obligations and continue sustainable and viable operations.

There was no material event subsequent to the end of the current financial period ended 30 June 2024.

With the extension of time granted by Bursa Securities until 31 October 2024, the Company has approximately two (2) months to submit its regularisation plan to Bursa Securities for approval to implement the same.

The Company will make the necessary announcement(s) regarding the development of the proposed regularisation plan accordingly.

This announcement is dated 30 August 2024.