(Unless otherwise stated or redefined, all abbreviations and definitions used herein shall have the same meanings as those used in the Company’s announcements dated 21 April 2020, 28 May 2020 and 30 June 2020 in relation to the Proposals (“Announcements”))

Reference is made to the announcement dated 30 June 2020 whereby M&A Securities had, on behalf of the Board, announced that the Company has submitted an application to Bursa Securities for the withdrawal of the additional listing application dated 28 May 2020 for new SHIB Shares to be issued pursuant to the proposals set out in the announcement dated 21 April 2020 (“Original Proposals”) in order to review the structure of the Original Proposals.

On behalf of the Board, M&A Securities wishes to announce that after further deliberation, the Board has resolved to revise the Original Proposals as follows:

No

Original Proposals

Revised Proposals

(i)

Proposed Creditors Debt Settlement

 

Remains unchanged

 

(ii)

Proposed AOF and AOF I Settlement

 

Aborted

 

(iii)

Proposed private placement of up to 135,431,300 new Shares, representing approximately 12.07% of the Company’s total number of issued Shares (excluding treasury shares, if any)

Proposed private placement of up to 172,817,600 new Shares (“Placement Shares”), representing approximately 15.13% of the Company’s total number of issued Shares (excluding treasury shares, if any) (“Proposed Private Placement”)

(The revised Original Proposals shall be known as the “Proposals” )

Kindly refer to the attachment for further information on the Proposals.

Please refer attachment below.