On behalf of the Board of Directors of Saudee (“Board”), Mercury Securities Sdn Bhd (“Mercury Securities” or “Principal Adviser” or “Placement Agent”) wishes to announce that the Company proposes to undertake the following:-

(i)         proposed private placement of up to 61,882,400 new ordinary shares in Saudee (“Shares”), representing up to approximately 30% of the total number of issued Shares, to independent third party investor(s) to be identified later at an issue price to be determined later (“Proposed Private Placement”); and

(ii)         proposed renounceable rights issue of up to 536,314,564 new Shares (“Rights Shares”) together with up to 268,157,282 free detachable warrants in Saudee (“Warrants B”) on the basis of 2 Rights Shares together with 1 free Warrant B for every 1 existing Share held by the shareholders of the Company whose names appear in the Company’s record of securities holders established by Bursa Malaysia Depository Sdn Bhd (“Bursa Depository”) under the rules of Bursa Depository as issued pursuant to the Securities Industry (Central Depositories) Act, 1991 at the close of business on an entitlement date to be determined and announced later by the Board (“Proposed Rights Issue with Warrants”),

(collectively referred to as the “Proposals”).

The details of the Proposals are set out in the attachment.

This announcement is dated 29 January 2021.