PROPOSED ACQUISITION OF 60% OF THE TOTAL ISSUED AND PAID-UP SHARE CAPITAL OF BAY HOSPITALITY PTE. LTD

RATIONALE FOR THE PROPOSED ACQUISITION

The Target is incorporated in the Republic of Singapore and has a total issued and paid-up share capital of S$1,000.00 comprising 1,000 ordinary shares. The principal activity of the Target is Management Consultancy Services for Hotels.

As at the date of this announcement, Mr Philip is the director of the Target. Mr Philip started his career in the hospitality sector since 1989 and has vast experience in managing hotels&rsquo operation with several international groups throughout his career. One of his latest services, he spearheaded the opening of Bay Hotel Singapore in 2010 and was the General Manager until 2019.

Apart from employment, Mr Philip has also been providing consultancy services and as advisory role for a few boutique hotels located in Singapore and Southeast Asia since 2012. The Group believed that Mr Philip has the specialised skill required and ability to lead the openings of the Group&rsquo s soon-to-open hotel operations in Vietnam. The Target will also be managing both hotels in Da Nang and Hoi An.