Reference is made to the announcements dated 15 October 2021, 15 April 2022, 12 October 2022 and 15 November 2022 in relation to the regularisation plan of FSBM (“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 FSBM proposes to change the sequence of implementation of the Proposed Regularisation Plan, to undertake the Proposed Capital Reduction prior to the Proposed Shares Issuance and Proposed Rights Issue with Warrants.

In view thereof, the Proposed Regularisation Plan will be undertaken in the following sequence:

(a) Proposed Capital Reduction;

(b) Proposed Shares Issuance; and

(c) Proposed Rights Issue with Warrants.

This announcement is dated 21 December 2022.