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The Company met the profit requirements for listing on the Main Market on 31 December 2024 based on its audited financial statements for the financial year ended ("FYE") 31 December 2024 and hence has until 31 December 2025 to comply with the Bumiputera Equity Condition. Based on figures as disclosed in the financial statements of KJTS and its subsidiaries ("KJTS Group" or the "Group"), which reflect the combination of entities under common control from 1 January 2022. In this regard, the Board intends to undertake the Proposed Special Issue of up to 102,050,000 Special Issue Shares, representing 14.82% of the existing share capital of the Company, to Bumiputera investors to be identified and/ or approved by the MITI. Further details of the Proposed Special Issue are set out in the ensuing sections of this announcement.
KJTS plans to use the proceeds with 60 per cent allocated for expanding its cooling energy (CE) segment, 36.1 per cent for working capital, 3.8 per cent for loan repayments, and 0.1 per cent for other purposes.