The Board of Directors of the Company (“Board”) wishes to announce that its wholly-owned subsidiary, Total IPCO, has lodged a police report against the former Directors of the Company and Total IPCO, namely Chong Wei Chuan, Chong Wei Liang and Khoo Yik Chou (“Former Directors”), following the discovery of irregularities in the moneylending process undertaken during their tenure.

The irregularities identified include, among others:

1. Improper risk assessment on the approval of loans;
2. Over-reliance on recommendations without independent validation;
3. Undisclosed conflicts of interest with related party borrowers;
4. Suspicious loan drawdowns and interconnected repayment activities;
5. Concentration of loan approvals during periods of market volatility; and
6. Non-compliance with internal procedures and certain provisions of the Moneylenders Act 1951.

In addition, to further strengthen governance, internal controls and transparency, the Company has appointed NEK & Associates as its Independent Reviewer to conduct a comprehensive review of the moneylending activities and related matters undertaken by Total IPCO between 1 May 2021 and 10 October 2023.

The Board is of the view that the lodgement of the police report, together with the appointment of an Independent Reviewer, are necessary steps to safeguard the interests of the Company, its shareholders and stakeholders, as well as to uphold accountability and corporate governance standards.

The above measures do not have any immediate material effect on the share capital, net assets, gearing, earnings per share and cash flow of the Group for the financial year ending 31 March 2026.

The Company will make further announcements to Bursa Malaysia Securities Berhad on any material developments in relation to this matter as and when necessary.

This announcement is dated 25 August 2025.