Reference is made to the utilisation of proceeds raised from the Initial Public Offering (“IPO”) as disclosed in the Company’s prospectus dated 29 June 2016 that was issued in conjunction with the listing of the Company on the ACE Market of Bursa Malaysia Securities Berhad on 10 August 2016, the announcement dated 6 February 2018 in relation to Variations and Extension of timeframe for utilisation of proceeds raised from the IPO and Circular to Shareholders of HEB dated 23 May 2019. As at to-date, the Company remains a balance of RM18.00 million IPO proceeds which has yet to be utilised ("Balance IPO Proceeds").

The Board of Directors of HEB wishes to inform that the Company intends to re-allocate and extend the timeframe for utilisation of Balance IPO Proceeds (“Variation”).

Further details of the Variation are set out in the attachment.

This announcement is dated 23 December 2020.