Unless otherwise stated, defined terms in this announcement shall carry the same meanings as defined in the previous announcement dated 17 February 2023 in relation to the Proposals ("Announcement").

Reference is made to the Announcement.

On behalf of the Board, Malacca Securities wishes to announce that the Company will not proceed with the Proposed Bonus Issue of Shares. The Company is not able to submit the listing application for the Proposed Bonus Issue of Shares to Bursa Securities as the Company will not comply with paragraph 6.30(1A) of the Main Market Listing Requirements of Bursa Securities ("Listing Requirements") as a result of the recent decline in the Company's share price. Paragraph 6.30(1A) of the Listing Requirements states that a listed issuer must ensure that its share price adjusted for a bonus issue is not less than RM0.50 based on the daily volume weighted average share price during the 3-month period before the application date.

Nevertheless, the Company still intends to proceed with the Proposed Share Buy-Back. The Company will make a new announcement on the Proposed Share Buy-Back in due course.

This announcement is dated 17 March 2023.