Reference is made to the use of proceeds raised from the initial public offering (“IPO”), as disclosed in the Company’s Prospectus dated 22 February 2023 (“IPO Prospectus”), that was issued in conjunction with the Company’s listing of and quotation for its entire share capital on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) on 15 March 2023. The Company had raised total gross proceeds of approximately RM104.25 million from the IPO (“IPO Proceeds”). 

The Company had on 30 May 2024 announced the variation and extension of timeframe for the utilisation of RM10.60 million of the IPO Proceeds initially earmarked for the establishment of New Penang Office and India Office to New KL Office and Japan Office (“Announcement on Variation and Extension”). Subsequently, on 12 March 2025, the Company announced the extension of timeframe for the utilisation of RM7.38 million allocated for working capital for an additional 18 months up to 15 September 2026 (“Announcement on Extension”). 

As at 28 February 2026, being the latest practicable date prior to the date of this announcement (“LPD”), Oppstar and its subsidiaries (“Group”) have utilised approximately RM55.15 million from the total IPO Proceeds and a balance amount of approximately RM49.11 million has yet to be utilised (“Unutilised IPO Proceeds”). 

The Board of Directors (“Board”) of Oppstar wishes to announce that the Board has deliberated and resolved to vary for the utilisation of RM3.00 million from the Unutilised IPO Proceeds initially earmarked for the establishment of Singapore Office to Japan Office (“Variation II”). 

In addition, the Board has deliberated and resolved to extend the timeframe for utilisation of the following from the Unutilised IPO Proceeds: 
(i) RM23.04 million earmarked for business expansion through expansion of workforce for an additional 24 months; 
(ii) extend RM10.69 million earmarked for establishment of New Penang Office, Singapore Office and Taiwan Office for an additional 24 months; 
(iii) extend RM3.00 million earmarked for establishment of Japan Office for an additional 10 months; 
(iv) extend RM5.11 million earmarked for R&D expenditure for an additional 24 months; and 
(v) extend RM6.04 million earmarked for working capital for an additional 18 months. 
(“Extension II”). 

Please refer to the attached document for further details.

This announcement is dated 13 March 2026.