Reference is made to the Company’s announcement dated 23 August 2023 (“Previous Announcement”). Unless otherwise stated, the abbreviations and definitions used herein shall have the same meanings as those used in the Previous Announcement.

As stated in Paragraph 2.6 of the Previous Announcement, Wellspire Global Trading Sdn. Bhd. (“Wellspire Global Trading”) and Khee San Food Industries Sdn. Bhd. (“Khee San”) shall within a period of six (6) months from the date of the Agreement negotiate in good faith and enter into one or more exclusive distribution agreements that shall set forth the specific commercial terms governing the distribution of the specific lines, classes or categories of “Khee San” brand products (“Products”) by Wellspire Global Trading.  

As at the date of this announcement, Wellspire Global Trading is still in the midst of negotiating with Khee San on the exclusive distribution agreement(s), in which the registration of Khee San’s intellectual property (including but not limited to trademarks, service marks, trade names, patents, know-how, copyrights, designs and software if applicable) (“Intellectual Property”) for the purpose of distributing the Products in Thailand will take approximately up to eighteen (18) months for completion, before entering into the exclusive distribution agreement(s). The strategic cooperation agreement dated 23 August 2023 remains effective.

The Company will make an immediate announcement should there be any further developments on entering the exclusive distribution agreement(s) between Wellspire Global Trading and Khee San.

This announcement is dated 23 February 2024.