Reference is made to the First Announcement made on 6 November 2019 and the monthly announcements made by the Company in relation to the Company being classified as a PN17 Issuer pursuant to the requirements under PN17 of the Listing Requirements (collectively referred to as “Announcements”). The terms herein shall bear the same meaning as defined in the Announcements.

The Board of Directors of the Company wishes to announce that Malacca Securities had, on behalf of IQZAN, submitted an application to Bursa Securities on 20 June 2023 for a further extension of time of approximately six (6) months until 29 December 2023 to submit its regularisation plan to the relevant regulatory authorities (“Application”).
 
Following the Application, Bursa Securities, via its letter dated 7 September 2023, has decided to reject the Application after considering all facts and circumstances of the matter. The Company has not demonstrated to the satisfaction of Bursa Securities any material development towards the finalisation and submission of the regularisation plan to the regulatory authorities.
 
The Board of Directors of IQZAN announced that the Company submitted an appeal to Bursa Securities against the commencement of de-listing procedures on the securities of the Company (“Appeal”) on 14 September 2023.
 
Given that the Appeal was submitted within the Appeal Timeframe (i.e. on or before 14 September 2023), the removal of the securities of the Company from the Official List of Bursa Securities on 19 September 2023 shall be deferred pending the decision by Bursa Securities on the Appeal.
 
Malacca Securities has then on 18 September 2023 announced their termination of service and will not act as the Principal Adviser to IQZAN in relation to the Company's Proposed Regularisation Plan, which was announced to Bursa Securities on 30 March 2023, with effect from 18 September 2023. IQZAN will engage a new Principal Adviser pending Bursa Securities' decision on the Appeal.

Referred to Company announcement made on 8 December 2023, Bursa Securities has decided to allow the Appeal and grant IQZAN a further extension of time until 8 June 2024 to submit the regularisation plan to the relevant authorities for approval ("Extended Timeframe"), subject to the appointment of a Principal Adviser on or before 8 January 2024. 

On 4 January 2024, Malacca Securities Sdn Bhd announced that it had been appointed as the Principal Adviser in relation to the Company's regularisation plan. 

The Company is in the midst of preparing and formulating its regularisation plan and will make the necessary announcement with regards to any development on the regularisation plan.

On 29 May 2024, the Company had submitted an application for further extension of time of approximately six (6) months until 8 December 2024 to submit its regularisation plan to Bursa Securities. The Company will make the necessary announcement on the outcome of the application to Bursa Securities for the extension of time in due course.

The announcement is dated 1 July 2024.