(Unless otherwise defined in this announcement, all terms used herein shall have the same meaning as those defined in the Prospectus of Minox dated 20 September 2023 in relation to the IPO ("Prospectus"))

1. INTRODUCTION

Reference is made to the proposed utilisation of proceeds raised from the IPO as disclosed in the Prospectus. The Company had raised gross proceeds of RM22.5 million from its IPO ("IPO Proceeds") following its listing on the ACE Market of Bursa Securities on 17 October 2023.

The Board of Directors of Minox ("Board") wishes to announce that it has resolved to extend the timeframe for the utilisation of the remaining IPO Proceeds of approximately RM2.0 million allocated for setting up a new warehouse in Singapore for an additional 12 months, from 36 months to 48 months from the date of listing of the Company.

Further details of the extension of timeframe for the utilisation of IPO Proceeds are set out in the ensuing sections of this announcement.

2. DETAILS OF THE EXTENSION OF TIMEFRAME OF THE UTILISATION OF PROCEEDS

Minox and its subsidiaries ("Minox Group" or the "Group") have utilised approximately RM17.4 million as at 30 April 2026, being the latest practicable date of this announcement ("LPD"), from the total IPO Proceeds of RM22.5 million. The status of the utilisation of IPO Proceeds as at LPD is set out below:-

Note:

^*1The timeframe for utilisation of proceeds allocated to the Construction of Warehouse 4 has been extended from 24 months to 36 months following deliberation by the Board, as announced on 26 August 2025.

The utilisation of IPO Proceeds as disclosed above should be read in conjunction with the Company's Prospectus and the announcement dated 26 August 2025 in relation to the extension of time for utilisation of proceeds allocated to the construction of Warehouse 4. Save for the extension of timeframe for utilisation of IPO Proceeds as disclosed in this announcement and in the announcement dated 26 August 2025, the proposed utilisation of IPO Proceeds as disclosed in the Prospectus remains unchanged.

3. RATIONALE

As disclosed in the Prospectus, the IPO Proceeds allocated for setting up a new warehouse in Singapore comprise, amongst others, staff costs and operating expenses for the Group's operations in Singapore. 

The Group's expansion and operational activities in Singapore have progressed at a more measured pace than initially anticipated, mainly due to slower-than-expected growth in project sales in Singapore. This was attributable partly due to subdued regional economic conditions amid prevailing macroeconomic uncertainties over the past year, including US tariff-related developments, global trade tensions, geopolitical conflicts and supply chain disruptions, which have contributed to more cautious capital expenditure spending, careful decision-making and longer implementation timelines for regional and cross-border industrial projects. In line with the pace of its operational requirements, the Group has also undertaken a gradual approach in recruiting suitable personnel for its Singapore operations.

Consequently, the utilisation of the IPO Proceeds allocated for staff costs and operating expenses for the Group's Singapore operations has been slower than initially anticipated, resulting in approximately RM2.0 million of the IPO Proceeds remaining unutilised as at the LPD.

As such, the Board has resolved to extend the timeframe for the utilisation of the remaining IPO Proceeds allocated for setting up a new warehouse in Singapore for an additional 12 months to allow the Group additional time to utilise the proceeds in a prudent and efficient manner in line with its operational requirements in Singapore. 

The Board is of the opinion that the extension of timeframe is in the best interest of the Company and will not have any material adverse effect on the financial performance of the Group.

4. APPROVALS REQUIRED

The extension of timeframe for the utilisation of IPO Proceeds is not subject to approval from any regulatory authorities or the Company's shareholders. Nevertheless, the Board shall continue to be vigilant and prudent in managing the remaining IPO Proceeds and will continue to disclose the status of utilisation of the IPO Proceeds in the Company's quarterly results and annual reports until the full utilisation of the IPO Proceeds.

This is announcement is dated 21 May 2026