(All abbreviations used in this announcement are defined in the announcement dated 16 February 2022)

Reference is made to the announcements dated 16 February 2022, 22 February 2022 and 24 March 2022 in relation to the Bonus Issue of Warrants.

On behalf of the Board, M&A Securities is pleased to announce that the Board of Directors (“Board”) of Sunzen has resolved to fix the exercise price for the Warrants at RM0.20 per Warrant.

The exercise price of the Warrants was determined by the Board after taking into consideration, amongst others, the following:

(i)         the historical share price movement of Sunzen Shares;

(ii)        the 5D-VWAMP of Sunzen Shares up to and including 23 August 2022 of RM0.2205, being the market day immediately preceding the date of this announcement;

(iii)       the prevailing market conditions; and

(iv)       the potential funding benefits of the Warrants in future upon the exercise of the Warrants.

The exercise price of the Warrants represents a discount of RM0.0205 (9.30%) to the 5D-VWAMP of Sunzen Shares up to and including 23 August 2022 of RM0.2205 and a discount of RM0.0137 (6.40%) to the theoretical ex-all price of Sunzen Shares of RM0.2137 per Share.

This announcement is dated 24 August 2022.