Reference is made to the Company’s initial public offering (“IPO”) prospectus dated 27 December 2022 (“IPO Prospectus”), that was issued in conjunction with the listing of and quotation for the Company’s entire issued share capital on the ACE Market of Bursa Malaysia Securities Berhad on 16 January 2023.

As stated in Section 10.2.2 of the IPO Prospectus, Bai Li Enterprise Co., Ltd. (“Bai Li Enterprise”) (a 75.01% owned subsidiary of the Company) had intended to replace the personal guarantees extended by the Promoter and Executive Director, Saranjit Wang, with the corporate guarantees to be provided by Wellspire and Bai Li Holdings Co., Ltd. (“Bai Li Holdings”), in connection with the banking facilities granted by Kasikorn Bank Public Company Limited (the “Bank”) to Bai Li Enterprise. The Group had expected the discharge of the above-mentioned personal guarantees to be completed within 6 months upon the listing of the Company, i.e., by 15 July 2023.

As at the date of this announcement, Bai Li Enterprise and the Bank are in the midst of finalising the agreement and necessary documentations, for the discharge of the above-mentioned personal guarantees in replacement with the corporate guarantees.

The Company will make an immediate announcement upon the completion of the discharge of personal guarantees in replacement with the corporate guarantees.

This announcement is dated 14 July 2023.