(For consistency, the abbreviations used throughout this announcement shall have the same meanings as defined in the announcements dated 29 October 2021, 1 November 2021, 1 December 2021, 16 December 2021 and 24 March 2022 where applicable, unless stated otherwise or defined herein)

Reference is made to the Company’s announcements dated 29 October 2021, 1 November 2021, 1 December 2021, 16 December 2021, 3 January 2022, 3 February 2022 and 1 March 2022.

The Company is in the midst of regularising its financial position via the Proposed Debt Restructuring, Proposed Corporate Restructuring and Proposed Fundraising and thereafter, the Company will implement a revised business plan to turnaround its financial performance. After the completion of these proposals, the Company will submit a regularisation plan pursuant to PN17 of the Listing Requirements to regularise its condition.

On 16 March 2022, an office copy of the Sanction Order had been duly lodged with the Registrar of Companies in accordance with Section 366(5) of the Companies Act, 2016 and accordingly, the Proposed Debt Restructuring took effect on even date. On 24 March 2022, Bursa Securities has, vide its letter dated 24 March 2022, resolved to grant AAX an extension of time until 26 October 2022 to complete the implementation of the Remaining Corporate Exercises. The Company will make the necessary announcement in relation to any material development accordingly.

The Company has approximately 7 months to submit the regularisation plan to the relevant authorities for approval.

This announcement is dated 1 April 2022.