Reference is made to the utilisation of proceeds raised from the initial public offering ("IPO") as disclosed in the Company's Prospectus dated 26 April 2021 ("Prospectus"), that was issued in conjunction with the Company's listing on the Main Market of Bursa Malaysia Securities Berhad ("Listing") on 19 May 2021.

The Company had raised total gross proceeds of RM56.00 million from the IPO ("IPO Proceeds"), of which RM8.00 million was allocated for the purpose of the purchase of land and construction of storage facilities within a period of 36 months from the Listing date.

To-date, the Company has utilised RM2.705 million from the IPO Proceeds for the acquisition of a parcel of land and submission of applications to the relevant authorities for the conversion of land use from agricultural to industrial. The approval process is currently ongoing. In view of the foregoing, the Company has previously extended the timeframe from 36 months to 60 months from the Listing date.      

The Board of Directors of TSB ("Board") wishes to announce that after due deliberation, the Board has resolved to:

(i)    vary RM3.00 million, representing approximately 5.36% of the total IPO Proceeds, from the balance unutilised proceeds originally earmarked for the purchase of land and construction of storage facilities (amounting to RM5.295 million) to fund TSB's and its subsidiaries' working capital requirements (the "Variation"); and

(ii)    extend the timeframe for the utilisation of the remaining proceeds allocated for purchase of land and construction of storage facilities, after taking into account the Variation, amounting to RM2.295 million, from 60 months to 84 months from the Listing date. 
 

Please refer to the attachment for further details.

This announcement is dated 5 June 2026.