We refer to the Company’s following earlier announcements made in relation to the Company being classified as a PN 17 Issuer pursuant to Practice Note 17 of Listing Requirements of Bursa Securities:-

(i) first announcement dated 17 May 2019 and 21 May 2019 (“First Announcements”); and

(ii) the subsequent announcements dated 3 June 2019, 1 July 2019, 1 August 2019, 3 September 2019, 1 October 2019, 1 November 2019, 2 December 2019, 2 January 2020, 3 February 2020, 2 March 2020, 1 April 2020, 4 May 2020, 1 June 2020, 1 July 2020, 3 August 2020, 1 September 2020, 1 October 2020, 2 November 2020, 1 December 2020, 4 January 2021, 2 February 2021, 1 March 2021, 1 April 2021, 3 May 2021, 1 June 2021, 1 July 2021, 2 August 2021, 1 September 2021, 1 October 2021,  1 November 2021, 10 November 2021, 29 November 2021, 1 December 2021, 7 December 2021, 3 January 2022, 3 February 2022, 1 March 2022, 1 April 2022, 28 April 2022, 5 May 2022,  1 June 2022, 10 June 2022, 1 July 2022, 1 August 2022, 1 September 2022, 3 October 2022, 1 November 2022, 8 November 2022, 14 November 2022, 1 December 2022, 3 January 2023, 2 February 2023 and 20 February 2023.

(collectively, referred to as the “Earlier Announcements”)

The terms herein shall bear the same meaning as defined in the Earlier Announcements.

On 20 February 2023, on behalf of the Board, Malacca Securities further announced that the Company proposes to undertake the following revision to the Proposed Regularisation Plan:-

(i) To undertake the Proposed Capital Reduction as the first proposal of the Proposed Regularisation Plan;

(ii) To undertake a proposed shares consolidation of existing 10 Barakah Shares into 1 consolidated Barakah Share (“Consolidated Share”) (“Proposed Share Consolidation”);

(iii) Pursuant to the Proposed Share Consolidation, the Proposed Shares Issuance shall entail the subscription by Mr Zainal or his nominee for 5,000,000 Subscription Shares at RM0.20 each; and

(iv) Pursuant to the Proposed Share Consolidation, the Company proposes to revise the basis, Rights Issue Price and Warrants Exercise Price in relation to the Proposed Rights Issue with Warrants as follows:-

(a) to amend the basis of the Proposed Rights Issue with Warrants to be 4 Rights Shares for every 1 existing Barakah Share held, together with free detachable Warrants on the basis on 1 Warrant for every 2 Rights Shares subscribed;
 

(b) to amend the Rights Issue Price to RM0.10 per Rights Share; and

(c) to amend the Warrants Exercise Price to RM0.20 per Warrant (“Proposed Rights Issue with Warrants”).

Accordingly, the revised Proposed Regularisation Plan comprises and is proposed to be undertaken in the following sequence:-

(i) Proposed Capital Reduction;

(ii) Proposed Share Consolidation;

(iii) Proposed Shares Issuance;

(iv) Proposed Rights Issue With Warrants;

(v) Proposed ESOS 2013/2023 Termination; and

(vi) Proposed ESS

As at the date of this announcement, the revised Proposed Regularisation Plan had been submitted to Bursa Securities and is currently pending Bursa Securities’ decision.

This announcement is dated 1 March 2023.