1. INTRODUCTION
Pursuant to Paragraph 9.19(37) of the Main Market Listing Requirements ("MMLR") of Bursa Malaysia Securities Berhad ("Bursa Securities"), the Board of Directors of GIIB Holdings Berhad ("GIIB" or "the Company") wishes to announce that the Company's External Auditors, Baker Tilly Monteiro Heng PLT, had expressed qualified opinion in the Company's Audited Financial Statements for the financial period ended 31 December 2025. Without further qualifying their opinion, they had indicated the existence of a material uncertainty related to going concern ("MUGC") in respect of the Company's Audited Financial Statements for the financial period ended 31 December 2025.
2. DETAILS OF THE BASIS FOR QUALIFIED OPINION AND MUGC
Please refer to the Appendix 1 for the details of the qualified opinion and MUGC as disclosed in the Independent Auditors' Report of the financial period ended 31 December 2025.
3. STEPS TAKEN OR PROPOSED TO BE TAKEN TO ADDRESS THE ISSUES
- Audit Evidence: The Directors maintain the opinion that the deconsolidation of the glove manufacturing subsidiary and the impairment provided gives a true and fair view of the financial statements of the Company. The Company will continue to assess the recoverability of debt from GIIB Healthcare Products Sdn Bhd ("GHP") and provide future auditors with the documentation if required.
- Going Concern: To address liquidity, the Group is focused on:
- Improving operational profitability and cash flow generation.
- Continuing negotiations for support from financial institutions and creditors.
- Implementing a Proposed Private Placement to funds mainly for working capital.
4. TIMELINE FOR RESOLUTION
The Company expects to resolve the abovementioned matters relating to the audit evidence during the next financial year as the outcomes of material litigations involving GHP become clearer. Barring any unforeseen circumstances, the Company expects to resolve the issue relating to the MUGC within the next financial year upon completion of the private placement and execution of operational plans.
This announcement is dated 29 April 2026.