On behalf of the Board of SHIB, M&A Securities is pleased to announce that Bursa Securities had vide its letter dated 11 September 2020, resolved to approve the listing and quotation of:

  1. 55,643,880 new SHIB Shares to be issued pursuant to the Proposed Debt Settlement; and
  2. up to 236,461,500 new SHIB Shares to be issued pursuant to the Proposed Private Placement.

The approval by Bursa Securities for the above is subject to the following conditions:

  1. SHIB and M&A Securities must fully comply with the relevant provisions under the MMLR pertaining to the implementation of the Proposed Debt Settlement and Proposed Private Placement;
  2. SHIB and M&A Securities are required to inform Bursa Securities upon the completion of the Proposed Debt Settlement and Proposed Private Placement; 
  3. M&A Securities is required to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities' approval once the Proposed Debt Settlement and Proposed Private Placement are completed;
  4. M&A Securities must submit to Bursa Securities the placees' details in accordance with Paragraph 6.15 of the MMLR 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
  5. SHIB is required to furnish Bursa Securities with a certified true copy of the resolution passed by shareholders at the extraordinary general meeting for the Proposed Debt Settlement.

This announcement is dated 11 September 2020.