The Board of Directors of KHB wishes to announce that it has been informed by KHV, a major shareholder of KHB, that KHV had on 11 October 2022, received a sealed Winding-up Petition and an Affidavit Verifying Petition, served by the shareholders of KHV, namely Great Partner Industries Ltd, Apex Leader (Hong Kong) Ltd and Ong Wan Bing, who collectively hold 49% of the shares in KHV, against KHV, Cheng Ping Keat, Cheng King Fa and Koh Guat Kuan (“Respondents”). The Court hearing of the Winding-up Petition ("Petition") of KHV has been fixed on 8 February 2023.

KHV and Cheng Ping Keat are the major shareholders of KHB who collectively hold 35.702% and 13.994% respectively in KHB.

The Petition served on KHV will not have any effect on the management and operations of KHB as well as the share capital of KHB as it relates to a dispute among the shareholders of KHV. The Petition will not have any material impact on the gearing, earnings and net assets of KHB for the financial year ending 31 December 2022.

Cheng Ping Keat, the Executive Chairman and major shareholder of KHB, holds 50.99% of the issued share capital of KHV.

The Company will make further announcement on any material development on this matter.