(For consistency purposes, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the Abridged Prospectus dated 23 April 2021 issued by the Company in relation to the Rights Issue with Warrants.)

We refer to the Abridged Prospectus dated 23 April 2021.

On behalf of the Board, Mercury Securities wishes to announce that pursuant to the close of acceptance, excess applications and payment for the Rights Shares with Warrants B at 5.00 p.m. on 11 May 2021, the Company had received valid acceptances and excess applications for a total of 1,568,054,300 Rights Shares. This represents an over-subscription of 2.52% over the total number of Rights Shares available for subscription under the Rights Issue with Warrants.

Details of such valid acceptances and excess applications received are as follows:-

Successful applicants of the Rights Shares will be given Warrants B on the basis of 3 Warrants B for every 5 Rights Shares successfully subscribed for. The Excess Rights Shares with Warrants B will be allotted in a fair and equitable manner in the following priority:-

(i)         firstly, to minimise the incidence of odd lots;

(ii)         secondly, on a pro-rata basis and in board lots, to the Entitled Shareholders who have applied for Excess Rights Shares with Warrants B, taking into consideration their respective shareholdings in the Company as at the Entitlement Date;

(iii)        thirdly, on a pro-rata basis and in board lots, to the Entitled Shareholders who have applied for Excess Rights Shares with Warrants B, taking into consideration the quantum of their respective Excess Rights Shares with Warrants B Applications; and

(iv)        finally, on a pro-rata basis and in board lots, to the transferee(s) and/or renouncee(s) who have applied for Excess Rights Shares with Warrants B, taking into consideration the quantum of their respective Excess Rights Shares with Warrants B Applications.

The Excess Rights Shares with Warrants B will firstly be allocated to minimise the odd lots (if any) held by each applicant of Excess Rights Shares with Warrants B. Thereafter, the allocation process will perform items (ii), (iii) and (iv) in succession. Any remaining balance of Excess Rights Shares with Warrants B will be allocated by performing the same sequence of allocation i.e. items (ii), (iii) and (iv) again in succession until all Excess Rights Shares with Warrants B are allotted.

Notwithstanding the foregoing, the Board reserves the right to allot any Excess Rights Shares with Warrants B applied for under Part I(B) of the RSF in such manner as it deems fit and expedient and in the best interests of the Company subject always to such allocation being made on a fair and equitable basis, and that the intention of the Board as set out in items (i), (ii), (iii) and (iv) above is achieved. The Board also reserves the right at its absolute discretion not to accept any application for Excess Rights Shares with Warrants B, in full or in part, without assigning any reason thereof.

The Rights Shares and Warrants B are expected to be listed on the Main Market of Bursa Securities on 28 May 2021.

In addition, based on the above and referring to the announcement with reference number “ENT-09042021-00007” dated 9 April 2021 in relation to the Warrants A, the actual entitlement ratio of the additional Warrants A to be issued over the existing number of outstanding Warrants A as at the Entitlement Date, remains same as 0.2479:1.

This announcement is dated 20 May 2021.