We refer to the announcements dated 22 December 2021 and 3 January 2022 in relation to the disposal of a wholly owned subsidiary company, Cleanway Disposal Services Pte Ltd to Tay Paper Resources Pte Ltd (“the Chargor”) for a total consideration of SGD4,627,754.46 (“Disposal Price”).

Pursuant to the Sale and Purchase Agreement (“SPA”) entered into by the Company and the Chargor, the Disposal Price would be paid in the following manner:-

i) The amount of SGD1,719,955.20 which the Chargor shall pay to the Company in cash on the date of completion

ii) The amount of SGD2,907,799.23 (“Deferred Payment”) which the Chargor shall pay to the Company in cash, in equal monthly instalments of SGD48,463.32 (“Monthly
    Payment”), over a period of five (5) years from the date of completion beginning 1 January 2022.

     The deferred payment is secured by way of a share charge over the shares of Cleanway Disposal Services Pte Lot (now known as Tay Waste Recycling Pte Ltd). In this connection, 
     the Chargor and the Company had entered into a Deed of Share Charge where the Chargor had granted the Company a first fixed charge over all the Sale Shares and all the
     related rights (“the Charged Property”) to secure the Deferred Payment and all costs and expenses incurred by the Company in connection with the enforcement of its rights against
     the Chargor under the Deed of Share Charge.

To-date, the Chargor is in breach of the SPA, out of the aggregate Deferred Payment amount of SGD2,907,799.26, only an aggregate sum of SGD848,108.10 had been paid and these are events of default under the Deed of Share Charge.

Pursuant to the Deed of Share Charge, the Security has become enforceable and accordingly, the Company had appointed Receivers of the Charged Property.

The Company will make an announcement on any material development on this matter.

This announcement is dated 14 December 2023.