We refer to the announcements dated 13 August 2019, 30 August 2019, 16 October 2019, 20 November 2019 and 20 March 2020 in relation to the Company’s non-compliance with the public shareholding spread requirement pursuant to Paragraph 8.02(1) of the LR of Bursa Securities (“Announcement”).

Unless otherwise defined herein, the abbreviations used in this announcement is the same as those previously defined in the Announcement.

The Company had on 26 March 2020 and subsequent correspondence dated 31 March 2020 submitted applications to seek the approval of Bursa Securities for a further extension of time to address and to resolve the non-compliance with public spread requirement.

The Board of Directors of DeGem wishes to announce that Bursa Securities, vide its letter dated 16 April 2020 (which the Company received on the even date), granted the Company an extension of time of three (3) months until 8 July 2020 to comply with the public shareholding spread requirement. 

Based on the Record of Depositors as at 23 March 2020, the Company’s public shareholding spread is 16.86%, which is still below the minimum public shareholding spread requirement percentage of 25% of the total listed shares (excluding treasury shares) to be in the hands of public shareholders.

The Company will use the extension of time granted by Bursa Securities to complete the implementation of the Proposed SCR.

The Company will make the necessary announcements in relation to the status of its effort to comply with the public shareholding spread requirement.

This announcement is dated 20 April 2020.