The Proposed ICO is still at a preliminary stage of discussions with various parties and the entry of any definitive agreement(s) will be subject to, inter alia, completion of the Company’s due diligence exercise, receipt of approval from the shareholders of the Company if necessary, all other necessary approvals and consents from the relevant parties and regulators. The Company will seek professional advice from qualified legal practitioners to ensure that the Proposed ICO is in compliance with all applicable laws, rules and regulations in Singapore, including legislation for combating money laundering and terrorism financing.

The Company will update its shareholders as and when there are any material developments and/or upon execution of definitive agreements in relation to the Proposed ICO.