We refer to the Company’s First Announcement 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, 30 July 2024, 30 August 2024, 30 September 2024, 25 October 2024, 29 October 2024, 18 November 2024 and 28 November 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”)

As announced on 18 November 2024, Bursa Securities had, through its letter dated 15 November 2024, granted a further extension of time of six (6) months up to 30 April 2025 for the Company to submit its regularisation plan to the relevant regulatory authorities for approval. The Group is currently in the process of formulating the Proposed Regularisation Plan.

(b) Trade receivables

The efforts towards the recovery of the awarded sum of RM252.8 million are still ongoing. The Group is actively pursuing recovery action and collaborating with solicitors and relevant authorities in both Abu Dhabi, United Arab Emirates, and Malaysia to facilitate the recovery process.

(c)   Borrowings

The Group has complied with the monthly repayment schedule per the approved rescheduling agreement dated 15 December 2023. The Group is monitoring its cash flow to ensure that all obligations are met promptly.

(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 September 2024.

With the extension of time granted by Bursa Securities until 30 April 2025, the Company has approximately four (4) months to submit its regularisation plan to Bursa Securities for approval to implement the same.

The Company will make the necessary announcement(s) should there be any material developments on its regularisation plan.

This announcement is dated 27 December 2024.