INITIAL PUBLIC OFFERING (“IPO”) IN CONJUNCTION WITH THE LISTING OF ELSA BERHAD (“ELSA” OR “COMPANY”) ON THE ACE MARKET OF BURSA MALAYSIA SECURITIES BERHAD (“BURSA SECURITIES”) COMPRISING: (A) PUBLIC ISSUE OF 118,400,000 NEW ORDINARY SHARES IN ELSA (“SHARES”) IN THE FOLLOWING MANNER: (I) 26,920,000 NEW SHARES AVAILABLE FOR APPLICATION BY THE MALAYSIAN PUBLIC; (II) 10,768,000 NEW SHARES AVAILABLE FOR APPLICATION BY OUR ELIGIBLE PERSONS; AND (III) 80,712,000 NEW SHARES AVAILABLE BY WAY OF PRIVATE PLACEMENT TO SELECTED INVESTORS, AND (B) OFFER FOR SALE OF 36,400,000 EXISTING SHARES BY WAY OF PRIVATE PLACEMENT TO SELECTED INVESTORS, AT AN ISSUE/OFFER PRICE OF RM0.23 PER SHARE, PAYABLE IN FULL UPON APPLICATION.