The Board of Directors of WSC wishes to announce that WSIPL Australia Pty Ltd (“WSIPL Australia”), an indirect wholly-owned subsidiary of the Company, has been deregistered on 23 February 2023 pursuant to the regulations of the Australian Securities & Investments Commission. The notice of dissolution from the Australian Securities & Investments Commission was obtained by WSC on 21 March 2023.

WSIPL Australia was incorporated in Australia on 10 May 1976. WSIPL Australia had an issued and paid-up share capital of AUD5,510,000.00 comprising 10,000 ordinary shares and 5,500,000 Non-Cumulative Preference Shares of AUD1.00 each and was wholly-owned by Wah Seong International Pte Limited, an indirect wholly-owned subsidiary of the Company.

The deregistration of WSIPL Australia will not have any effect on the share capital and shareholdings of the substantial shareholders of the Company and will not have any financial impact on the gearing, earnings and net assets of WSC Group for the financial year ending 31 December 2023.

None of the Directors, major shareholders, chief executive of the Company and/or persons connected to them have any interest, direct or indirect, in the deregistration of WSIPL Australia.

This announcement is dated 21 March 2023.