Reference is made to the following announcements made by FSBM:

(a) First announcement dated 16 October 2019 in relation to the Company being classified as an affected listed issuer pursuant to Paragraph 8.03A(2)(b) of the Listing Requirements;

(b) First announcement dated 30 December 2019 in relation to the Company being classified as a PN17 Company pursuant to PN 17 of the Listing Requirements; and

(c) the subsequent announcements dated 1 November 2019, 2 December 2019, 2 January 2020, 3 February 2020, 2 March 2020, 1 April 2020, 4 May 2020, 1 June 2020, 1 July 2020, 3 August 2020, 1 September 2020, 1 October 2020, 2 November 2020, 1 December 2020, 4 January 2021, 2 February 2021, 1 March 2021, 1 April 2021, 3 May 2021, 1 June 2021, 1 July 2021, 2 August 2021, 23 August 2021, 1 September 2021, 23 September 2021, 1 October 2021, 15 October 2021, 1 November 2021, 8 November 2021, 9 November 2021, 1 December 2021, 3 January 2022, 3 February 2022, 1 March 2022, 1 April 2022, 15 April 2022, 21 April 2022, 26 April 2022, 5 May 2022, 19 May 2022, 1 June 2022 , 1 July 2022, 1 August 2022, 1 September 2022, 3 October 2022, 12 October 2022, 1 November 2022, 15 November 2022, 1 December 2022, 21 December 2022, 3 January 2023, 13 January 2023, 2 February 2023, 1 March 2023 and 3 April 2023.

(collectively, referred to as the “Earlier Announcements”)

The terms herein shall bear the same meaning as defined in the Earlier Announcements.

On behalf of the Board, Malacca Securities wishes to announce that Bursa Securities had vide its letter dated 7 April 2023, resolved to approve:

(a) the Proposed Regularisation Plan of FSBM comprising the following:

     (i) Proposed Capital Reduction exercise to be carried out by FSBM, pursuant to Section 116 of the Act to reduce the share capital of FSBM;

     (ii) Proposed Shares Issuance of 60.0 million Subscription Shares to Tan Sri Syed Zainal, Mr Pang and Mr Low at the subscription price of RM0.08 per Subscription Share; and

     (iii) Proposed renounceable rights issue of up to 236,659,300 Rights Shares on the basis of 1 Rights Share for every 1 existing FSBM Share held, at an issue price of RM0.03 per Rights Share, together with up to 118,329,650 free Warrants on the basis of 1 Warrant for every 2 Rights Shares subscribed for, on an entitlement date to be determined and announced later; and

(b) the listing of and quotation for:

     (i) 60,000,000 Subscription Shares pursuant to the Proposed Shares Issuance;

     (ii) up to 236,659,300 Rights Shares and up to 118,329,650 Warrants to be issued pursuant to the Proposed Rights Issue with Warrants; and

     (iii) up to 118,329,650 new FSBM Shares to be issued pursuant to the exercise of the Warrants,

     on the Main Market of Bursa Securities.

The approval granted by Bursa Securities for the Proposed Regularisation Plan is subject to the following conditions:

(a) FSBM and Malacca Securities must fully comply with the relevant provisions under the Listing Requirements pertaining to the implementation of the Proposed Regularisation Plan;

(b) FSBM and Malacca Securities to confirm all approvals of relevant authorities have been obtained for the implementation of the Proposed Regularisation Plan and furnish a copy of all approval letters from the relevant authorities;

(c) FSBM and Malacca Securities to furnish Bursa Securities with a certified true copy of the resolutions passed by the shareholders at the general meeting for the Proposed Regularisation Plan;

(d) FSBM and Malacca Securities to ensure compliance with Paragraph 8.02 of the Listing Requirements prior to the quotation for the Subscription Shares and Rights Shares to be issued pursuant to the Proposed Regularisation Plan and furnish Bursa Securities with the public shareholding spread pursuant to Appendix 8E of the Listing Requirements upon allotment and issuance of all the Subscription Shares and Rights Shares to be issued pursuant to the Proposed Regularisation Plan; and

(e) FSBM and Malacca Securities to inform Bursa Securities upon the completion of the Proposed Regularisation Plan and furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the Proposed Regularisation Plan is completed.

This announcement is dated 10 April 2023.