Reference is made to the Company’s announcement dated 30 January 2023 (“Announcement”). Unless otherwise defined, the definitions set out in the Announcement shall apply herein.

The Board of Directors of the Company ("the Board") wishes to announce that its wholly-owned subsidiary, VRSB, and RMSB (collectively referred to as “the Parties”) had mutually agreed to terminate the Letter of Award from RMSB dated 30 January 2023 (“Letter of Award”) vide a mutual termination agreement entered between the Parties on 10 November 2023. Accordingly, the Letter of Award shall no longer be in force and effect with immediate effect.

The mutual termination of the Letter of Award is not expected to have a material impact on the earnings and net assets of the Company and its subsidiary (collectively referred to as the “Vestland Group”) for the financial year ending 31 December 2023.

The Board, after having considered all aspects, is of the opinion that the termination is in the best interest of the Vestland Group.

This announcement is dated 10 November 2023.