Reference is made to the Company’s earlier announcement dated 28 April 2022 in relation to the Proposed Regularisation Plan (“Requisite Announcement”). Unless stated otherwise, abbreviations and definitions used throughout this announcement shall bear the same meaning as those defined in the Requisite Announcement.

On behalf of the Board, Malacca Securities wishes to announce the following:

(i) the Company had on 8 November 2022, entered into a subscription agreement with Zainal ‘Abidin Abd Jalil (“Mr Zainal” or “Subscriber”) for Mr Zainal or his nominee to subscribe for 50,000,000 Barakah Shares (“Subscription Shares”) at a Subscription Price of RM0.02 per Subscription Share (“Subscription Agreement”) (“Proposed Shares Issuance”);

(ii) the Company proposes to terminate its existing employee share option scheme upon the Proposed ESS coming into effect (“Proposed ESOS 2013/2023 Termination”);

(iii) that the Company had on even date also decided to fix the basis and issue price of the Proposed Rights Issue with Warrants to be 2 Rights Shares for every 1 existing Barakah Share held, together with free detachable Warrants on the basis of 1 Warrant for every 2 Rights Shares subscribed for at a rights issue price of RM0.02 each (“Rights Issue Price”), on an Entitlement Date to be determined and announced later; and

(iv) that the Board has also decided to fix the exercise price of the Warrants at RM0.03 each (“Warrant Exercise Price”).

Pursuant thereto, the Company wishes to announce that the Proposed Shares Issuance and Proposed ESOS 2013/2023 Termination shall together with the Proposed Rights Issue with Warrants, Proposed Capital Reduction and Proposed ESS, form the “Proposed Regularisation Plan”.

Further details of the Proposed Regularisation Plan are set out in the attachment below.

This announcement is dated 8 November 2022.