Reference is made to the earlier announcements made in relation to the private placement of 114,926,000 placement shares (Private Placement).

The Company had on 13 January 2021 announced to Bursa Malaysia Securities Berhad on the completion of the Private Placement that the Company raised total proceeds of RM26,624,092.60.

The Board of Directors (Board) of JOE wishes to announce that as at 31 March 2025, JOE has utilised RM6,078,000 from the total proceeds raised from the Private Placement. On 28 May 2025, the Board has approved to vary the utilisation of the proceeds raised from the Private Placement.

Please refer to the attachment for further details. 

This announcement is dated 28 May 2025.