On behalf of the Board of Directors of the Company (“Board”), Mercury Securities Sdn Bhd (“Mercury Securities” or the “Principal Adviser” or the “Placement Agent”) wishes to announce that the Company proposes to undertake the private placement of up to 524,815,000 new ordinary shares in the Company (“Sanichi Shares” or “Shares”), representing 30% of the enlarged total number of issued shares of the Company, to independent third-party investor(s) to be identified later and at an issue price to be determined later (“Placement Shares”) (“Proposed Private Placement”).

Please refer to the attachment for further details on the Proposed Private Placement.

This announcement is dated 25 September 2020.