The Board of Directors of Bioalpha Holdings Berhad (“Bioalpha” or “the Company”) wishes to announce that Bioalpha (HK) Limited, the wholly-owned subsidiary of Bioalpha had on 26 August 2020 incorporated a new wholly-owned subsidiary in Hainan, China with the name “Bioalpha (Hainan) Health Biotechnology Limited” under the Foreign Enterprise Law of the People’s Republic of China, Company Law of the People’s Public of China and relevant Chinese laws and regulations with the authorised share capital of Renminbi (“RMB”) 15,000,000 and the intended paid up capital of RMB 15,000,000 only (“the Incorporation”).

The principal activities of Bioalpha (Hainan) Health Biotechnology Limited are health food production, import and export; food products trading and selling; pharmaceutical goods production, import and export; production, sales, processing, transportation, storage and other related services of agricultural products.

The incorporation of Bioalpha (Hainan) Health Biotechnology Limited does not have any effect on the issued and paid up capital of the Company and the substantial shareholders’ shareholding. The incorporation also does not have any material effect on earnings per share nor net assets per share of Bioalpha and its Group for year ending 31 December 2020.

None of the Directors and/or Major Shareholders of the Company and/or persons connected with Directors and/or Major Shareholders has any interest, direct or indirect, in the incorporation of Bioalpha (Hainan) Health Biotechnology Limited.

The Board of Directors of the Company is of the opinion that the incorporation of Bioalpha (Hainan) Health Biotechnology Limited is in the best interest of the Bioalpha Group.

This announcement is dated 26 August 2020.