The Board of Directors of RED IDEAS HOLDINGS BERHAD (“RIHB” or “the Company”) wishes to announce that the Company had on 5 April 2024 received the letter of resignation as Auditors of the Company from Messrs. Russell Bedford LC & Company (“Russell Bedford” or “the Auditors”).

Russell Bedford was last re-appointed as Auditors at the AGM of the Company held on 27 June 2023 to hold office until the conclusion of the next AGM.

The intended resignation of Russell Bedford is due to the Malaysian Institute of Accountants' ("MIA") by-laws whereby they are not permitted to audit a public listed company for more than five (5) years and that their tenure as the Company's Auditors has already been five (5) years from 2019 until 2023. Therefore in order to comply with the said by-laws, Russell Bedford have to tender their resignation as Auditors of the Company and the said resignation has created a vacancy for the office of Auditors of the Company. Russell Bedford has confirmed that there are no circumstances in addition to that stated above in connection with their resignation that needs to be brought to the attention of the shareholders of the Company.

RIHB will identify and appoint an auditor to fill the casual vacancy pursuant to Section 271(2)(b) of the Companies Act, 2016. An announcement will be released to Bursa Malaysia Securities Berhad upon the appointment of the new Auditors by the Board.

This announcement is dated 5 April 2024.