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, 1 November 2022 and 15 November 2022.

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

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

On 15 November 2022, Malacca Securities had, on behalf of the Board, announced the following:

(a) FSBM and Dato’ Tan had on 15 November 2022 vide an exchange of letter, agreed to mutually terminate the CSSA in relation to the Proposed Disposals; and

(b) FSBM proposes to increase the amount of the Proposed Capital Reduction from RM10,800,000 to RM14,292,450.

In view thereof, the Proposed Regularisation Plan has been revised to comprise the following:-

(a) a proposed shares issuance of 60.0 million Subscription Shares to the Subscribers;

(b) a 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, together with up to 118,329,650 free detachable Warrants on the basis of 1 Warrant for every 2 Rights Shares subscribed for, on an entitlement date to be determined and announced later. For information, the maximum number of Rights Shares and Warrants to be issued had been revised from 250,006,290 to 236,659,300 Rights Shares and 125,003,145 to 118,329,650 Warrants respectively, after taking into consideration the actual number of new FSBM Shares which were issued pursuant to the exercise of Warrants 2012/2022, which had expired on 16 May 2022; and

(c) a proposed capital reduction exercise to be carried out by the Company, pursuant to Section 116 of the Act to reduce the share capital of the Company,

collectively referred to as the “Revised Proposed Regularisation Plan”.

As at the date of this announcement, the Revised Proposed Regularisation Plan had been submitted to Bursa Securities and is currently pending decision from Bursa Securities.

This announcement is dated 1 December 2022.