1. INTRODUCTION

We refer to the announcement made by the Company on 8 July 2020 (Reference Number: GA1-08072020-00011) pursuant to Paragraph 8.04 and Paragraph 2.1(e) of Practice Note 17 (“PN17”) of the Main Market Listing Requirements of Bursa (“Main LR”), where AAGB's external auditors, Ernst & Young PLT, issued an unqualified audit opinion with material uncertainty relating to going concern ("MUGC") in respect of AAGB's audited financial statements for the financial year ended 31 December 2019 and AAGB's shareholders’ equity on a consolidated basis was 50% or less of its share capital (excluding treasury shares) (“First Relief Announcement”).

The Board of Directors of AAGB wishes to announce that the Company has also triggered the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(a) of PN17 of the Main LR, where AAGB’s shareholders' equity on a consolidated basis is 25% or less of its share capital (excluding treasury shares) and such shareholders' equity is less than RM40 million based on the audited financial statements for the financial year ended 31 December 2020.

2. BURSA’S RELIEF MEASURES

Bursa had via its letters dated 16 April 2020 and 17 February 2021 granted affected listed issuers relief from complying with the obligations under Paragraph 8.04 and PN17 of the Main LR (“PN17 Relief Measures”). The PN17 Relief Measures will be available to a listed issuer that triggers any one of the following criteria under PN17 of the Main LR (“Suspended Criteria”) from 17 April 2020 to 30 June 2021 (“Relief Period”):- 

• its shareholders’ equity on a consolidated basis is 25% or less of its share capital (excluding treasury shares) and such shareholders’ equity is less than RM40 million;
• the auditors have highlighted a material uncertainty relating to going concern or expressed a qualification on the listed issuer’s ability to continue as a going concern in its latest audited financial statement and its shareholders’ equity on a consolidated basis is 50% or less of its share capital (excluding treasury shares); and
• default in payment by the listed issuer, its major subsidiary or major associated company, as the case may be, as announced pursuant to paragraph 9.19A of the Main LR and the listed issuer is unable to provide a solvency declaration to the Exchange.

Under the PN17 Relief Measures:- 

• an affected listed issuer that triggers any of the Suspended Criteria during the Relief Period will not be classified as a PN17 listed issuer and will not be required to comply with the obligations pursuant to Paragraph 8.04  and PN17 of the Main LR for a period of 18 months from the date of triggering the criteria;
• the affected listed issuer will still be required to make an immediate announcement that it has triggered the Suspended Criteria and the relief provided (“Relief Announcement”);
• upon the expiry of the 18 months from the Relief Announcement, the affected listed issuer must re-assess its condition and announce whether it continues to trigger any of the criteria in PN17 of the Main LR (“said Announcement”); and
• if the affected listed issuer continues to trigger any of the criteria in PN17 of the Main LR, it will then be classified as a PN17 listed issuer and must comply with all the obligations under paragraph 8.04 and PN17 of the Main LR, including the obligation to submit a regularisation plan to the relevant authorities within 12 months from the said Announcement.

3. CONCLUSION

For the avoidance of doubt, AAGB will not be classified as a PN17 listed issuer and will not be required to comply with the obligations under paragraph 8.04 and PN17 of the Main LR for a period of 18 months from the date of the First Relief Announcement. The Company will re-assess its condition and announce whether it continues to trigger any of the Suspended Criteria upon the expiry of the 18 months from the date of the First Relief Announcement.

This announcement is dated 27 May 2021.