The Board of Directors of Straits ("Board") wishes to announce that CBL International Limited ("CBL International"), being the ultimate holding company of Banle International Group Limited ("BVI”), a 38%-associate company of Straits after the reorganization (as detailed in the attachment) is proposing for a listing on the Nasdaq Capital Market ("Nasdaq") via an Initial Public Offering ("Proposed Listing"), subject to obtaining the relevant approvals from all governing authorities pertaining to the Proposed Listing.

Please refer to the attachment for further details of the Proposed Listing.

This announcement is dated 29 August 2022.