PAN MERCHANT BERHAD INITIAL PUBLIC OFFERING ("IPO") IN CONJUNCTION WITH THE LISTING OF PAN MERCHANT BERHAD ("PAN MERCHANT" OR "COMPANY") ON THE ACE MARKET OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") COMPRISING: (I) PUBLIC ISSUE OF 232,187,900 NEW ORDINARY SHARES IN PAN MERCHANT ("PAN MERCHANT SHARES" OR "SHARES") IN THE FOLLOWING MANNER: (a) 45,800,000 NEW PAN MERCHANT SHARES MADE AVAILABLE FOR APPLICATION BY THE MALAYSIAN PUBLIC; (b) 14,603,000 NEW PAN MERCHANT SHARES MADE AVAILABLE FOR APPLICATION BY OUR ELIGIBLE DIRECTORS, EMPLOYEES AND PERSONS WHO HAVE CONTRIBUTED TO THE SUCCESS OF PAN MERCHANT AND ITS SUBSIDIARIES; (c) 57,284,900 NEW PAN MERCHANT SHARES MADE AVAILABLE BY WAY OF PRIVATE PLACEMENT TO SELECTED INVESTORS; AND (d) 114,500,000 NEW PAN MERCHANT SHARES MADE AVAILABLE BY WAY OF PRIVATE PLACEMENT TO IDENTIFIED BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INVESTMENT, TRADE AND INDUSTRY OF MALAYSIA AND (II) OFFER FOR SALE OF 18,000,000 EXISTING PAN MERCHANT SHARES BY WAY OF PRIVATE PLACEMENT TO SELECTED INVESTORS; AT AN IPO PRICE OF RM0.27 PER SHARE, PAYABLE IN FULL UPON APPLICATION.