INTRODUCTION

On behalf of the Board of Directors of SHIB (“ Board” ), M&A Securities Sdn Bhd (“M&A Securities”) wishes to announce that the Company is proposing to undertake the following:

(i) proposed settlement of an aggregate amount of RM3.5 million debt owing to creditors (“Creditors Settlement Amount”), namely, Chan Kok San (“CKS”), Jaleeludeen Bin Abu Baker (“JAB”) and Ong Sing Eng (“OSE”) (collectively referred to as “Creditors” or each a “Creditor”) by the Company and/or its subsidiary, via the issuance of 55,643,880 new ordinary shares in SHIB (“SHIB Share(s)” or “Share(s)”) (“Creditors Settlement Share(s)”), representing approximately 4.96% of the total number of issued Shares (excluding treasury shares, if any) (“Proposed Creditors Debt Settlement”);

(ii) proposed settlement of an aggregate RM2.1 million amount owing to Advance Opportunities Fund (“AOF”) and Advance Opportunities Fund I (“AOF I”) by the Company, via the issuance of up to 33,386,328 new ordinary shares in SHIB, representing approximately 2.97% of the total number of issued Shares (excluding treasury shares, if any) (“Proposed AOF And AOF I Settlement”); and

((i) and (ii) collectively referred to as the “Proposed Debt Settlement” )

(iii) proposed private placement of up to 135,431,300 new Shares (“Placement Share(s) ”), representing approximately 12.07% of the Company’s total number of issued Shares (excluding treasury shares, if any) (“Proposed Private Placement ”).

((i), (ii) and (iii) collectively referred to as the “Proposals” )

Kindly refer to the attachment for further information.