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Type Announcement

We refer to the announcement on 6 November 2019 (“First Announcement”), 2 December 2019 and its amendment on 4 December 2019, 2 January 2020, 3 February 2020, 2 March 2020, 1 April 2020 and its amendment on 2 April 2020, 4 May 2020, 1 June 2020, 1 July 2020, 3 August 2020, 1 September 2020, 1 October 2020, 2 November 2020, 1 December 2020, 4 January 2021, 2 February 2021, 1 March 2021, 1 April 2021, 3 May 2021, 1 June 2021, 1 July 2021, 2 August 2021 and 1 September 2021 in compliance with the PN17 of Listing Requirements (“LR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”), of which, the Company has entered into PN17 status due to Disclaimer Opinion in the Audited Accounts for the financial period ended 30 June 2019. The Company had obtained clearance from the External Auditor in regard to the matters raised on the Disclaimer Opinion stated in Audited Financial Statements for the financial period ended 30 June 2019. Further, the Audited Financial Statements for the financial period ended 31 March 2020, of which, the External Auditors had highlighted on the material uncertainty status of the going concern. The latest Audited Financial Statements for the financial year ended 31 March 2021 was issued with a disclaimer of opinion. Hence, the Company will remain at PN17 status until the completion of its regularisation plan. 


The COVID-19 outbreak has reached a pandemic level affecting all globally the entire year of 2020. The Malaysian Government has enforced the Movement Control Order (“MCO”) which was issued pursuant to the Prevention and Control of Infectious Diseases Act 1988 (Act 342) (“the PCID Act”) and the Police Act 1967. On 13 January 2021 the Malaysian Government had announced on the MCO 2.0 started from 13 January 2021 until 26 January 2021,1st extended to 4 February 2021, 2nd extension until 18 February 2021 and 3rd extension until 4 March 2021, and subsequent Conditional MCO which depends on the States. With the recent MCO 3.0 started on 6 May 2021 at the Klang Valley followed by the respective States, the Full MCO (“FMCO”) begun on 1 June 2021 and  ended on 28 June 2021 and was subsequently followed by the implementation of the Pelan Pemulihan Negara (“PPN”) by the Malaysia Government based on the condition of the pandemic.  As this has impact on nationwide in consecutive 3 months’ time as most staffs are required to work from home and it has significantly affected the Company’s operations, unless with relevant approval by the Authority, coupled with the continue significant economy uncertainties in Malaysia and market in which the Group and the Company operate.


In order to address the Company’s going concern , the Company had on 10 February 2021 made an application for the Proposed Private Placement up to 20% of the issued and paid-up capital of the Company, which was duly approved by Bursa Securities on 25 February 2021. The Placement Shares were listed on 24 August 2021 and the Company had announced the completion of the Private Placement on the same date.



The Company has announced the Share Sale Agreements both dated 30 April 2021 including the supplemental agreements dated 1 September 2021 entered between Cal-Test Laboratory Sdn. Bhd. [Registration No. 200001020789 (523396-U)] (“Cal-Test” or “Purchaser”), a wholly owned subsidiary of the Company, with Premium Equity Capital Sdn. Bhd. [Registration No. 202001043691 (1400012-W)] (“PECSB”) and Timber Partners Sdn. Bhd. [Registration No. 202001043686 (1400007-T)] (“TPSB”) (Collectively, be referred to as the “Vendor”), for the purchase of 51% of the total issued and paid up capital of Asiawood Lumbers Sdn. Bhd. and RV Woods Sdn. Bhd. respectively (“Acquisitions”), which were completed on 7 September 2021 with the issuance and allotment of the Redeemable Convertible Preference Shares on 6 September 2021 in Cal-Test.


The Company refers to the circular dated 26 March 2020 issued by Bursa Securities which states that in view of the on-going MCO arising from COVID-19 pandemic, PN17 companies whose First Announcement was made between 2 January 2019 to 31 December 2019 will be allowed to submit their regularisation plans within 24 months (instead of 12 months) from the date of the First Announcement made by the Company. Thus, there are approximately another 1 month for the Company to submit its regularisation plan, unless otherwise stated.  


In view of the announcements made on 26 November 2020 and 21 December 2020 respectively on the prospects of the Company moving forward to re-built its businesses by the purchase of new plant and equipment for the manufacturing of pallets and intention of acquisition of the pallet businesses, the Group foresee it would submit a self-regularisation plan in due course once the businesses are in place by 3rd quarter of the financial year 2022 once the abovementioned is in order for execution to generate revenue. 


This announcement is dated 1 October 2021.


Announcement Info

Stock Name IQZAN
Date Announced 01 Oct 2021
Category General Announcement for PLC
Reference Number GA1-01102021-00028

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