Placements::ALLOTMENT AND ISSUE OF FIRST TRANCHE OF SUBSCRIPTION SHARES

Issuer & Securities

Announcement Title: Placements
Date &Time of Broadcast: 12-Aug-2022 18:09:48
Status: New
Announcement Sub Title: ALLOTMENT AND ISSUE OF FIRST TRANCHE OF SUBSCRIPTION SHARES
Announcement Reference: SG220812OTHR3XFQ
Submitted By (Co./ Ind. Name): Dr John Chen Seow Phun
Designation: Executive Chairman
Description (Please provide a detailed description of the event in the box below): Please refer to the attachment.

The First Completion Date has taken place with the receipt by the Company of RMB100 million from the Subscriber and the allotment and issue by the Company of 523,609,280 Subscription Shares to the Subscriber. With the completion of the First Tranche and as at the date of this announcement, the issued and paid-up share capital of the Company (excluding treasury shares and subsidiary holdings) is 911,357,980 Shares.

Pursuant to the EGM held on 5 August 2022, all of the resolutions in relation to the Proposed Subscription of 1,047,218,560 new ordinary shares in the capital of the Company at the subscription price of S$0.041 per subscription share by New Development Hotel Management Pte. Ltd. (the "Subscriber") (the "Proposed Subscription") as described in the Circular had been approved.

Total size =69K