We refer to the announcements dated 8 October 2019 and 16 October 2019 (“Announcements”).

(Unless otherwise defined, the abbreviations used throughout this announcement are the same as those previously defined in the Announcements).

On behalf of the Board, Affin Hwang IB wishes to announce that Bursa Securities had vide its letter dated 23 October 2019, resolved to approve the following:

(i) listing of and quotation for up to 250,000,000 Bonus Shares to be issued pursuant to the Proposed Bonus Issue; and

(ii) listing of and quotation for such number of new Mi Technovation Shares, representing up to 10% of the total number of issued shares of Mi Technovation (excluding treasury shares), to be issued pursuant to the Proposed SGS.

The approval granted by Bursa Securities for the Proposals is subject to the following conditions: 

Proposed Bonus Issue

(i) Mi Technovation and Affin Hwang IB must fully comply with the relevant provisions under the Listing Requirements pertaining to the implementation of the Proposed Bonus Issue;

(ii) Mi Technovation and Affin Hwang IB to inform Bursa Securities upon the completion of the Proposed Bonus Issue;

(iii) Mi Technovation to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the Proposed Bonus Issue is completed; and

(iv) Mi Technovation and Affin Hwang IB are required to make the relevant announcements pursuant to Paragraph 6.35(2)(a) & (b) and 6.35(4) of the Listing Requirements.

Proposed SGS

(i) Affin Hwang IB is required to submit a confirmation to Bursa Securities of full compliance of the Proposed SGS pursuant to Paragraph 6.43(1) of Listing Requirements and stating the effective date of implementation together with a certified true copy of the resolution passed by the shareholders in general meeting; and

(ii) Mi Technovation is required to furnish Bursa Securities on a quarterly basis a summary of the total number of shares listed pursuant to the Proposed SGS, as at the end of each quarter together with a detailed computation of listing fees payable.

This announcement is dated 23 October 2019.