Reference is made to the earlier announcements made in relation to the rights issue of 1,529,559,600 rights shares, 917,735,760 Warrants B and 121,530,954 additional Warrants A (Rights Issue with Warrants).

The Company had on 28 May 2021 announced to Bursa Malaysia Securities Berhad on the completion of the Rights Issue with Warrants that the Company raised total proceeds of RM76,477,980.

The Board of Directors (Board) of JOE wishes to announce that as at 31 March 2025, JOE has utilised RM642,000 from the total proceeds raised from the Rights Issue with Warrants. On 28 May 2025, the Board has approved to vary the utilisation of the proceeds raised from the Rights Issue with Warrants.

Please refer to the attachment for further details. 

This announcement is dated 28 May 2025.