We refer to the announcement made by the Company on 30 April 2023 (Reference Number: GA1-29042023-00002) pursuant to Paragraph 8.04 and Paragraph 2.1(d) of Practice Note 17 (“PN17”) of the Main Market Listing Requirements of Bursa Securities, whereby the Company’s external Auditors, Nexia SSY PLT (LLP0019490-LCA & AF002009) have expressed a disclaimer of opinion in the Company’s audited financial statements for the financial year ended 31 December 2022 (“First Announcement”).

The Board of Directors of ZELAN wishes to announce that the Company has also triggered the Prescribed Criteria under Paragraph 2.1(a) of PN17. Based on the unaudited financial results of ZELAN for the fourth quarter ended 31 December 2024, the shareholders’ equity of ZELAN on a consolidated basis is 25% or less of its issued share capital and the shareholders’ equity is less than RM40.0 million.

With the extension of time granted by Bursa Securities until 30 April 2025, the Company has approximately two (2) months to submit its regularisation plan to Bursa Securities for approval to implement the same.

The Company will take the necessary steps to address its PN17 status. The Company is in the midst of formulating a plan to regularise its financial condition and the announcement on the same will be made in due course in accordance to the Listing Requirements.

This announcement is dated 25 February 2025.