(For consistency purposes, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the announcement dated 29 January 2021 in relation to the Proposals.)

We refer to the announcements in relation to the Proposals dated 29 January 2021 and 24 February 2021.

On behalf of the Board, Mercury Securities wishes to announce that Bursa Securities has, vide its letter dated 25 February 2021, resolved to approve the following:-

(i)         listing of up to 61,882,400 Placement Shares to be issued pursuant to the Proposed Private Placement;

(ii)         listing of up to 536,314,564 Rights Shares to be issued pursuant to the Proposed Rights Issue with Warrants;

(iii)        admission to the Official List and listing of up to 268,157,282 Warrants B to be issued pursuant to the Proposed Rights Issue with Warrants;

(iv)        listing of up to 268,157,282 new shares to be issued arising from the exercise of Warrants B;

(v)        listing of up to 59,828,668 Additional Warrants A to be issued arising from the Adjustments; and

(vi)        listing of up to 59,828,668 new shares to be issued arising from the exercise of the Additional Warrants A.

The approval granted by Bursa Securities is subject to the following conditions:-

(i)         Saudee and Mercury Securities must fully comply with the relevant provisions under the Listing Requirements pertaining to the implementation of the Proposed Rights Issue with Warrants;

(ii)         Saudee is required to furnish Bursa Securities with certified true copy of the resolutions passed by the shareholders at the extraordinary general meeting approving the Proposals;

(iii)        Saudee and Mercury Securities are required to inform Bursa Securities upon the completion of the Proposals;

(iv)        Saudee is required to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the Proposals are completed;

(v)        Mercury Securities is required to furnish Bursa Securities with details of the placees as per Paragraph 6.15 of the Listing Requirements for review, prior to the issuance / allotment of the Placement Shares;

(vi)        Mercury Securities is required to furnish Bursa Securities with details of the placees in accordance with Paragraph 6.15 of the Listing Requirements as soon as practicable after each tranche of placement and before the listing of the new Shares to be issued pursuant to the Proposed Private Placement; and

(vii)       Payment of additional listing fees pertaining to the exercise of Warrants B and Additional Warrants A, if relevant. In this respect, Saudee is required to furnish Bursa Securities on a quarterly basis a summary of the total number of Shares listed pursuant to the exercise of Warrants B and Additional Warrants A respectively as at the end of each quarter together with a detailed computation of listing fees payable.

This announcement is dated 25 February 2021.