Reference is made to the Company’s announcement dated 26 February 2020, pursuant an unsolicited letter of offer made by Guangxi East Hangyang Investment Group (“Guangxi”) to the Company, indicating Guangxi’s interest to purchase certain lands (“offer”) owned by Avillion. Unless otherwise stated, the definitions used in this announcement are the same as those previously defined in the announcement 26 February 2020.

The Board of Avillion wishes to announce that Company had on 27 February 2020 replied in writing to the offer made by Guangxi in writing but did not receive a follow up response thereafter. The Company had once again on 13 May 2020 followed up with a letter requesting Guangxi to respond by 31 May 2020.

The Board at its meeting held on 26 June 2020 deliberated on the matter and concluded that if the Company did not receive any response from Guangxi by 30 June 2020, then it would not be possible for the Company to pursue the offer any further due to the lack of response from Guangxi. To-date, no response has been received from Guanxi on their offer.

In the event of any material developments in the future pursuant to the said offer by Guangxi, the Board shall provide the necessary update as and when required.

This announcement is dated 30 June 2020.