Reference is made to the Company’s announcement in relation to the abovementioned Provision of Corporate Guarantees on 14 July 2023 and the Company’s initial public offering prospectus dated 27 December 2022, 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.

The Board of Directors of Wellspire (“Board”) is pleased to announce that the Group had completed the discharge of personal guarantees extended by the Promoter and Executive Director, namely Saranjit Wang, in replacement with the corporate guarantees provided by Wellspire and Bai Li Holdings Co., Ltd., in connection with the banking facilities granted by Kasikorn Bank Public Company Limited to Bai Li Enterprise Co., Ltd., a 75.01% owned subsidiary of the Company.

The Board is of the view that the Provision of Corporate Guarantees is fair and reasonable, and not to the detriment of the Company and its shareholders.

This announcement is dated 9 October 2023.