Propel Global's PN17 Status Uplifted Effective 31 May

Bursa Securities' decision on upliftment based on the Group's financial performance and fulfilment of regularisation plan

KUALA LUMPUR (31 May) – PROPEL GLOBAL BERHAD ("Propel Group" or the "Group"), a provider of oil and gas (“O&G”) services as well as downstream specialty chemicals to the O&G industry, is pleased to announce that the Group will be uplifted from the PN17 classification of the listing requirements effective 31 May 2023.

Propel Global received a letter dated 30 May 2023 in which Bursa Securities Malaysia Berhad ("Bursa Securities") had decided to grant the Group a modification of compliance based on the net profit for the three-month financial period ended ("FPE") 31 December 2022 and three-month FPE 31 March 2023, following the completion of its regularisation plan on 7 October 2022.

Bursa Securities also noted that Propel Global no longer triggers any of the criteria under Paragraph 2.1 of PN17 of the listing requirements as the Group has regularised its financial condition and level of operations.

Ms. Angeline Lee, Group Chief Executive Officer of Propel Global said, "This is indeed good news. We have worked really hard to be uplifted from the PN17 status. Our financial performance speaks for itself as we have seen three straight quarters of profitability. We would like to thank our team for their efforts on the upliftment."

Propel Global applied for the uplifting of the PN17 status on 23 February 2023.