The Board of Directors of AAGB wishes to announce that the Company has triggered the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(e) of Practice Note 17 (“PN17”) of the Main Market Listing Requirements of Bursa (“Main LR”), where AAGB's external auditors, Messrs Ernst & Young PLT, have issued an unqualified audit opinion with emphasis of matter on material uncertainty relating to going concern ("MUGC") in respect of AAGB's audited financial statements for the financial year ended 31 December 2019 and AAGB's shareholders’ equity on a consolidated basis is 50% or less of its share capital (excluding treasury shares). AAGB's shareholders’ equity on a consolidated basis as at 31 March 2020 is 37% of its share capital (excluding treasury shares). 

Bursa had via its letter dated 16 April 2020 granted affected listed issuers relief from complying with the obligations under Paragraph 8.04 and PN17 of the Main LR (“PN17 Relief Measures”) from 17 April 2020 to 30 June 2021 (“Relief Period”). The PN17 Relief Measures will be available to the listed issuer if it triggers any one of the following criteria under PN17 of the Main LR (“Suspended Criteria”):-

1. its shareholders’ equity on a consolidated basis is 25% or less of its share capital (excluding treasury shares) and such shareholders’ equity is less than RM40 million;
2. the auditors have highlighted a MUGC or expressed a qualification on the listed issuer’s ability to continue as a going concern in its latest audited financial statement and its shareholders’ equity on a consolidated basis is 50% or less of its share capital (excluding treasury shares); and
3. default in payment by the listed issuer, its major subsidiary or major associated company, as the case may be, as announced pursuant to paragraph 9.19A of the Main LR and the listed issuer is unable to provide a solvency declaration to the Exchange.

Under the PN17 Relief Measures:-

1. an affected listed issuer that triggers any of the Suspended Criteria during the Relief Period will not be classified as a PN17 listed issuer and will not be required to comply with the obligations pursuant to Paragraph 8.04  and PN17 of the Main LR for a period of 12 months from the date of triggering the criteria;
2. the affected listed issuer will still be required to make an immediate announcement that it has triggered the Suspended Criteria and the relief provided (“Relief Announcement”);
3. upon the expiry of the 12 months from the Relief Announcement, the affected listed issuer must re-assess its condition and announce whether it continues to trigger any of the criteria in PN17 of the Main LR (“said Announcement”); and
4. if the affected listed issuer continues to trigger any of the criteria in PN17 of the Main LR, it will then be classified as a PN17 listed issuer and must comply with all the obligations under paragraph 8.04 and PN17 of the Main LR, including the obligation to submit a regularisation plan to the relevant authorities within 12 months from the said Announcement.

For the avoidance of doubt, AAGB will not be classified as a PN17 listed issuer and will not be required to comply with the obligations pursuant to Paragraph 8.04 and PN17 of the Main LR for a period of 12 months from the date of this announcement. AAGB will re-assess its condition and announce whether it continues to trigger any of the criteria in PN17 of the Main LR upon the expiry of the 12 months from the date of this announcement.

This announcement is dated 8 July 2020.