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 Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”) (“Listing Requirements”);

(b)   First announcement dated 30 December 2019 in relation to the Company being classified as a PN17 Company pursuant to Practice Note 17 of the Listing Requirements (“PN17”); 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 and 1 October 2021.

The Company is required to submit a regularisation plan to the relevant regulatory authorities on or before 15 October 2021 for approval to implement the regularisation plan.

On behalf of the Board of Directors of FSBM (“Board”), Malacca Securities Sdn. Bhd. (“Malacca Securities”) had on 15 October 2021, made the requisite announcement pursuant to Paragraph 4.2 of PN17, which sets out the Company’s proposed regularisation plan comprising the following:-

(a)   a proposed shares issuance of 60.0 million new ordinary shares in FSBM (“FSBM Shares” or “Shares”) representing approximately 30% of FSBM’s enlarged issued shares after the shares issuance to the subscribers (“Proposed Shares Issuance”);

(b)   the proposed disposal of the following subsidiaries:-

       (i)  FSBM CTech Sdn. Bhd., a wholly-owned subsidiary of FSBM; and

       (ii) Unos Sdn. Bhd., a wholly-owned subsidiary of FSBM,

      for a total cash consideration of RM2.0 million (“Proposed Disposals”);

(c)   a proposed renounceable rights issue of up to 250,006,290 new FSBM Shares on the basis of 1 rights share (“Rights Shares”) for every 1 existing FSBM Share held, together with up to 125,003,145 free detachable warrants (“Warrants”) on the basis of 1 Warrant for every 2 Rights Shares subscribed for, on an entitlement date to be determined and announced later (“Proposed Rights Issue with Warrants”); and

(d)   a proposed capital reduction exercise to be carried out by the Company, pursuant to Section 116 of the Companies Act, 2016 to reduce the share capital of the Company (“Proposed Capital Reduction”),

(collectively, referred to as the “Proposed Regularisation Plan”).

On the same date, Malacca Securities had submitted an appeal to Bursa Securities on behalf of the Board, for an extension of time of 6 months from 15 October 2021 to 15 April 2022 for FSBM to submit its proposed regularisation plan (“Appeal Application”).

The Appeal Application is still pending decision from Bursa Securities.

This announcement is dated 1 November 2021.