We refer to our announcements dated 31 May 2022 (“the First Announcement”), 1 July 2022, 1 August 2022, 1 September 2022, 3 October 2022, 1 November 2022, 1 December 2022, 3 January 2023, 2 February 2023, 1 March 2023, 30 March 2023, 3 April 2023, 2 May 2023, 19 May 2023, 1 June 2023, 13 June 2023, 3 July 2023, 1 August 2023, 1 September 2023, 7 September 2023, 2 October 2023, 1 November 2023, 1 December 2023, 2 January 2024, 2 February 2024, 1 March 2024, 1 April 2024, 2 May 2024, 4 June 2024, 1 July 2024, 1 August 2024, 2 September 2024, 1 October 2024 , 1 November 2024, 2 December 2024 and 2 January 2025 (“Announcements”) in relation to the Company being classified as an affected listed issuer and the disclosure requirements under Paragraph 4.1(c) of PN17. Unless otherwise stated, all abbreviations and terms used in this announcement shall have the same meanings as those defined in the Announcements. 

The Board of Directors of the Company (“Board”) wishes to provide a status update on the Company’s efforts to address its PN17 status. Since the First Announcement, the Company has been advancing its plan to regularise the financial position of its group of companies. 

As announced on 17 December 2024, Bursa Securities had, through its letter dated 16 December 2024, granted the Company a further extension of time of 6 months up to 31 May 2025 to submit its Regularisation Plan (“Plan”) to the relevant regulatory authorities.  

As announced on 13 January 2025, the Company and the MCF Financiers had, on 11 January 2025, received a written confirmation dated 10 January 2025 from the CDRC stating that, in accordance with Section 8.10 of the CDRC Participants’ Code of Conduct, at least seventy-five percent (75%) of the MCF Financiers have provided their requisite additional approval-in-principle in respect of certain refinements to the terms of the Proposed Restructuring Scheme. 

On 27 January 2025, in relation to the Proposed Restructuring Scheme, the Company and its 22 subsidiaries (collectively, the “Scheme Companies”) issued Notices of Court Convened Meetings (“CCMs”) (the “Notices”), along with the Explanatory Statement (“ES”) and the Scheme papers (collectively, the “Scheme Documents”) to their respective Scheme Creditors. This was carried out pursuant to the terms of the Restraining and Convening Order dated 7 March 2024 (as extended on 6 June 2024) and in accordance with Section 369 of the Companies Act 2016. 

The CCMs are scheduled to be held between 21 February 2025 and 27 February 2025. An announcement regarding the issuance of the Notices and the Scheme Documents was duly made on 27 January 2025. This marks a critical step in the Company’s debt restructuring efforts, paving the way for its successful completion, subject to favorable outcomes of the CCMs, Court sanction, and the required regulatory and shareholders’ approvals to implement the Proposed Restructuring Scheme. 

While awaiting the conclusion and outcome of the CCMs, the Company, together with its advisors, will continue to actively refine and finalise the Plan to ensure that it is sufficiently robust to address its business and financial conditions.  

The Company will make the necessary announcement(s) should there be any further material development on the above matter. 

This announcement is dated 3 February 2025.