We refer to our announcement dated 24 February 2020 in respect of the above Proposed Transfer.

In connection to this, we wish to announce that the Proposed Transfer is completed upon the fulfillment of all the conditions precedent, among others, approvals and/or consents obtained from the bank, VSIP Hai Phong Co., Ltd (the “Lessor”), and signing of the following agreements with the Lessor on 18 March 2020:

1. Tri-Party Agreement [between Kein Hing Industry Vietnam Co., Ltd (“KHIV”), Kein Hing Muramoto (Vietnam) Co., Ltd (“KHMV”) and the Lessor];
2. Termination Agreement [between KHIV and the Lessor]; and
3.  Land Sublease Agreement [between KHMV and the Lessor].

In accordance with the above, KHMV now owns the land-use rights and factory with effect from 18 March 2020.

This announcement is made on 18 March 2020.