Unless otherwise defined, the definitions used herein shall have the same meaning as those defined in the previous announcements in relation to the Acquisition.

Reference is made to the announcements dated 27 November 2019, 26 March 2020, 25 June 2020, 22 December 2020 and the Circular dated 25 September 2020 in relation to the Acquisition.

On behalf of the Board, MIDF Investment wishes to announce that the Purchaser had issued a letter of termination of the SSA dated 19 March 2020 (“Letter of Termination”) to the Vendors and was accepted by the Vendors on even date.

Pursuant to written notification by the Vendors’ solicitors dated 16 March 2021, the Vendors have provided their confirmation that the conditions precedent in the SSA will not be met by the extended cut-off date, i.e. 23 March 2021, and all parties do not wish to extend further the extended cut-off date.

Accordingly, the Purchaser and Vendors have mutually agreed to terminate the SSA and the SSA shall be terminated with effect from 19 March 2021 in accordance with Clause 9.3 (c) of the SSA, whereby the Purchaser may give a letter of termination to the Vendor in the event that any of the Vendors fails, neglects, refuses or is unable to perform or comply with any of his/its undertakings and covenants on his/its part herein to be performed including, but not limited to, completing the conditions precedent as stipulated in the SSA by the cut-off date or extended cut-off date.

Thus, in accordance to Clause 9.4 (d) of the SSA, the Vendors shall refund the deposit paid by the Purchaser to the Vendors’ solicitors and/or the Vendors within three (3) days of termination date.

Accordingly, pursuant to Clause 9.7 of the SSA, in view of the issuance of the Letter of Termination, neither party will have any further obligation under the SSA to the other party, except in respect of:

(a) their respective obligations under Clause 9;

(b) any obligation under the SSA which is expressed to apply after the termination of the SSA; and

(c) any rights or obligations which have accrued in respect of any breach of any of the provisions of the SSA to either party prior to such termination.

The termination of the Acquisition will not have any material impact on the existing business or financial position of the Company.

This announcement is dated 19 March 2021.