Asset Acquisitions and Disposals::New Associated Company

Issuer & Securities

Announcement Title: Asset Acquisitions and Disposals
Date &Time of Broadcast: 10-Mar-2022 17:33:30
Status: New
Announcement Sub Title: New Associated Company
Announcement Reference: SG220310OTHRPC0I
Submitted By (Co./ Ind. Name): Kimberley Lye Chor Mei
Designation: Director, Corporate Secretarial
Description (Please provide a detailed description of the event in the box below): Golden Agri-Resources Ltd ("GAR" and together with its subsidiaries, the "Group") wishes to announce that the Group has been allotted 13,845,000 new shares having a face value of INR10 each fully paid ("Shares") totaling INR190,450,000 (equivalent to approximately US$2.57 million) ("Total Subscription Amount") in the Share capital of Bluebrahma Clean Energy Solutions Private Limited ("Bluebrahma") (the "Subscription") in the Subscription offer of Shares.

Bluebrahma is a private limited company incorporated in India, and is engaged in ethanol manufacturing and generation of clean energy, through its 100% subsidiary, Sagar Industries and Distilleries Pvt. Ltd.

The Total Subscription Amount was fully settled in cash from internal resources.

Following the Subscription, the Group holds 26% of the total Shareholding in Bluebrahma, which became an associated company of the Group.

By Order of the Board
GOLDEN AGRI-RESOURCES LTD

Rafael Buhay Concepcion, Jr.
Director
10 March 2022

Note: The amount in US$ equivalent using the exchange rate of INR1.00 = US$0.0135