(I) The Board of Directors of PinePac (“Board”) refer to the First Announcement made on 3rd September 2019 and the subsequent monthly announcements in relation to the Company being classified as an affected listed issuer pursuant to Paragraph 8.03A(2) of the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”).

Unless otherwise stated, all abbreviations and definitions used herein shall have the same meanings as defined in the said announcements.

The Board wishes to inform that subsequent to our announcement dated 2nd February 2024, there is no material development on the status of the Company’s regularisation plan. The Board of Directors is cognizant of the timeline to regularize its financial conditions and will endeavour to source for opportunities as per the listing requirements.

Our on-going efforts to regularise our affected listed issuer conditions, are still subject to key metrics imposed and subsequent approvals from the relevant regulatory bodies.

The Company has until 2nd March 2024 to submit a regularisation plan to the relevant authorities for approval.

(II) We refer to the announcements dated 13th August 2021, 9th September 2021, 11th February 2022, 1st March 2022, 24th August 2022, 21st September 2022, 24th February 2023, 3rd March 2023, 21st August 2023 and 5th October 2023 respectively in relation to the applications for extension of time to submit a regularisation plan to Bursa Securities.

The Company has on 1st March 2024 submitted an application to Bursa Securities to seek approval for a further extension of time for the Company to submit its proposed regularisation plan (“EOT Application”) pursuant to Paragraph 8.03A of the Main Market Listing Requirements (MMLR) and pending a decision from said application.

The Company will make the relevant announcement should there be any material development in relation to its regularisation plan and upon a decision from Bursa Malaysia from its EOT Application.

This announcement is dated 1st March 2024.