We refer to the announcements dated 14 October 2019, 25 October 2019, 30 October 2019, 6 December 2019, 17 December 2019 and 18 December 2019 in relation to the Private Placement (“Announcements”). Unless otherwise defined, the definitions set out in the previous announcements shall apply herein.

On behalf of the Board, AmInvestment Bank wishes to announce that the Board has on 28 May 2020 fixed the issue price for 6,042,000 Placement Shares at RM0.24 per Placement Share, being the second tranche of the Private Placement.

The issue price of RM0.24 per Placement Share represents a premium of approximately 1.27% to the 5-days VWAP of Grand-Flo Shares up to and including 27 May 2020, being the last traded day of Grand-Flo Shares immediately preceding the price-fixing date, of RM0.237 per Grand-Flo Share.

For information purposes, the issue price for subsequent tranche(s), if any, will be determined and announced by the Company separately.

In addition, Affin Hwang Investment Bank Berhad has also been appointed by Grand-Flo as Joint Placement Agent (together with AmInvestment Bank) for the Private Placement.

This announcement is dated 28 May 2020.