Unless otherwise stated, all definitions and terms used in this announcement shall have the same meanings as defined in Comcorp’s announcement dated 22 July 2020.

Reference is made to the Company’s announcement dated 22 July 2020 in relation to the Proposed Regularisation Plan.

On behalf of the Board of Directors of Comcorp (“Board”), Public Investment Bank Berhad wishes to announce that as the SSA Conditions Precedent, the Subscription Agreement Conditions Precedent and the Agreement to Award Conditions Precedent have not been fulfilled on or before the cut-off date i.e. 22 April 2021 (“Cut-Off Date”):

(a) pursuant to clause 2.3 of the SSA, the SSA has now terminated whereupon the parties shall not have any further rights under the SSA except any obligations under the SSA which is expressed to apply after the termination of the SSA and any antecedent breach;

(b) pursuant to clause 4.3 of the Subscription Agreement, the Subscription Agreement has lapsed without any of the parties being liable to any other party in any way whatsoever save and except for any antecedent breaches; and

(c) pursuant to clause 3.2 of the Agreement to Award, the Agreement to Award has now terminated and is null and void and of no effect whatever and neither party shall have any right or claim against the other save for any antecedent breach.

Accordingly, the Proposed Disposal, Proposed Share Capital Reduction, Proposed Private Placement and Proposed Acceptance of Contract which are inter-conditional upon each other will be aborted.

In view that the Proposed Regularisation Plan is aborted, the Company is currently in the midst of formulating a revised regularisation plan to regularise its financial conditions. Further announcement will be made upon finalisation of the revised regularisation plan.  

This announcement is dated 26 April 2021.