1. INTRODUCTION

The Board of Directors of the Company wishes to announce that I-Buildtech Solutions Pte Ltd (“IBT”), a wholly-owned subsidiary of the Company, had on 4 July 2023 applied to the Accounting and Corporate Regulatory Authority of Singapore (“ACRA”) for striking off pursuant to Section 344A of the Companies Act 1967 of Singapore (“Proposed Striking Off”).

2. INFORMATION ON STRIKING OFF ENTITY

IBT is a wholly-owned subsidiary of the Company with an issued share capital of SGD150,080.

3. RATIONALE OF THE PROPOSED STRIKING OFF

IBT is currently dormant and the likelihood of the activation for business purposes in the near future is uncertain. The Proposed Striking Off will reduce the future recurring administrative cost.

4. FINANCIAL EFFECT

The Proposed Striking Off will not have any material effect on the earnings and net assets per share of the Group for the financial year ending 31 December 2023.

5. DIRECTORS’ AND/OR MAJOR SHAREHOLDERS’ INTEREST

None of the Directors and/or major shareholders of the Company have any interest, direct or indirect, in the above striking off other than through their respective shareholdings in the Company.

6. APPROVAL REQUIRED

The Proposed Striking Off is not subject to the approval of the shareholders of the Company. However, the Proposed Striking Off is subject to the approval of the ACRA.

This announcement is dated 4 July 2023.