Reference is made to the announcement dated 27 July 2023 in relation to the submission of extension of time application to Bursa Securities Sdn Bhd (“Bursa Securities”) to submit the Company’s Regularisation Plan to the relevant regulatory authorities (“EOT Application”).

M&A Securities Sdn Bhd, on behalf of the Board of Directors of Ivory, wishes to announce that Bursa Securities have after due consideration of all facts and circumstances of the matter have resolved to grant Ivory an extension of time of 6 months up to 28 January 2024 to submit the Company’s regularisation plan to the regulatory authorities.

The aforesaid approval is without prejudice to Bursa Securities' right to proceed to suspend the trading of the listed securities of Ivory and to de-list the Company in the event:

(i) the Company fails to submit the regularisation plan to the regulatory authorities on or before 28 January 2024;

(ii) the Company fails to obtain the approval from any of the regulatory authorities necessary for the implementation of its regularisation plan; or

(iii) the Company fails to implement its regularisation plan within the timeframe or extended timeframes stipulated by the relevant authorities.

Upon occurrence of any of the events set out in paragraphs (i) to (iii) above, Bursa Securities shall suspend the trading of the listed securities of Ivory on the 6th market day after the date of notification of suspension by Bursa Securities and de-list the Company, subject to the Company's right to appeal against the delisting.

This announcement is dated 18 September 2023.