SCIB Reports Q4FY2023 Financial Results with Revenue of RM33.3 Million, Gross Profit of RM6.5 Million and Highlights Growth Opportunities

KUCHING, MALAYSIA, Aug 29, 2023 – (ACN Newswire) – Industrialised building systems specialist, Sarawak Consolidated Industries Berhad (SCIB), is delighted to announced its financial results for the fourth quarter of fiscal year 2023 (Q4FY2023), reflecting a positive growth trajectory across key financial metrics and strategic business segments.

Ku Chong Hong, Managing Director of SCIB

Revenue for the quarter reached RM33.3 million, a 27% increase from RM26.3 million in Q4FY2022. Gross Profit grew by 73% to RM6.5 million from RM3.8 million in the corresponding period of the previous fiscal year. The Operating Loss was significantly reduced to RM18.2 million from RM47.1 million, and Loss Before Tax (LBT) improved to RM18.5 million from RM47.4 million in Q4FY2022.

In the Manufacturing segment, SCIB reported revenue of RM23.2 million, a year-to-date increase of 10%, with profit before tax of RM2.8 million. The Construction/EPCC segment registered revenue of RM10.2 million, marking a 92% increase year-to-date, with loss before tax narrowed to RM4.5 million. The growth in revenue and profitability across key segments was driven by increased sales volume of foundation piles and the kick-start of two new school projects.

"In the challenging business environment, SCIB has demonstrated resilience and adaptability, successfully navigating the market dynamics," said Mr. Ku Chong Hong, Managing Director of SCIB. "Our growth this quarter reflects our focus on core capabilities in Engineering, Procurement, Construction, and Commissioning (EPCC) and our ability to supply crucial building materials. The future outlook for SCIB is robust, built upon a comprehensive understanding of the broader economic environment. We are well-positioned to seize growth opportunities in the domestic construction industry and benefit from strategic initiatives and prudent financial management."

SCIB's proactive engagement in securing small-to-mid-sized construction projects, Sarawak's construction sector upswing, and the positive view of China's recent RM170 billion investment commitment pave the way for enhanced growth opportunities. The Company also fortified its financial position through a private placement that raised approximately RM12.76 million in gross proceeds, underlining SCIB's prudent financial management.

SCIB's Q4FY2023 results illustrate a company on the move, aligning with broader economic forecasts and positioning itself well within the evolving economic landscape. The strategic approach and unwavering commitment to sustainable growth set the stage for a bright future.

SCIB's financial position is further bolstered by an outstanding orderbook for construction contracts, standing robust at RM275 million. This orderbook reflects a promising pipeline of projects and underscores SCIB's ability to identify and secure valuable opportunities in the market.

Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Mercury Securities Group Berhad to Raise RM39.27 Million from IPO

KUALA LUMPUR, Aug 28, 2023 – (ACN Newswire) – Mercury Securities Group Berhad, unveiled its prospectus today in conjunction with its initial public offering (IPO) and listing on the ACE Market of Bursa Malaysia Securities Berhad.

Mr. Chew Sing Guan, Managing Director of Mercury Securities Group Berhad; Ms. Alynn Lim Geok Lian, Deputy Chief Executive Officer of Public Investment Bank Berhad

Mercury Securities is an investment holding company and through its wholly-owned subsidiary, Mercury Securities Sdn Bhd (a Participating Organisation of Bursa Malaysia Securities Berhad and a Recognised Principal Adviser by the Securities Commission Malaysia) (collectively "Group") is principally involved in the provision of stockbroking, corporate finance advisory services and other related businesses such as margin financing facilities services, underwriting and placement services, as well as provision of nominee and custodian services.

The IPO is projected to raise RM39.27 million via the issuance of 157.09 million shares at the issue price of RM0.25 per share. The proceeds will be allocated in the following manner:

– RM26.86 million used for margin financing facility services;
– RM2.88 million used for enhancement of digitalisation programme and marketing activities for the stockbroking business and operations of the Group;
– RM4.63 million for working capital; and
– RM4.90 million for estimated listing expenses.

Managing Director of Mercury Securities, Mr. Chew Sing Guan said, "We plan to leverage this listing to continue to innovate, digitise and expand our product and service offerings. With our diverse range of products and services that we now offer, which include stockbroking, corporate finance, proprietary trading, margin financing and research advisory, custodian and nominee services, we are embarking on a journey that is not just a corporate milestone, but a springboard for our group to reach higher and deeper into the capital market."

He added, "Mercury has been profitable every single year since it started operations in 1992, despite the ups and downs of the stock market. We will be the first stockbroking company to seek and gain an IPO listing in Bursa in the last 20 years. As we embark on this new chapter, I wish to thank our talented and dedicated team, and also our clients, new and old, as well as the ones we have yet to welcome. This capital market is ever-evolving and Mercury will endeavour to likewise, and for the better."

Deputy Chief Executive Officer, Ms. Alyn Lim Geok Lian of Public Investment Bank Berhad ("PIVB") stated, "Mercury Securities' long-standing presence has not just fortified their market position but also allowed them to create an enduring client base that acts as a springboard for future growth."

She added, "This would not have been possible if it wasn't for the strong leadership of Mr. Chew Sing Guan, the Managing Director of Mercury Securities whom has guided the Group to where it is today. We believe that the Group is in capable hands and will continue to scale greater heights and create more value for all its stakeholders."

Pursuant to the launch of Mercury Securities' prospectus, applications for the Public Issue are open from today and will close on 5 September 2023 at 5.00 p.m. Mercury Securities is scheduled to be listed on the ACE Market of Bursa Securities on 19 September 2023.

Upon its listing on the ACE Market, Mercury Securities will have a market capitalisation of RM223.25 million based on the issue price of RM0.25 per share and its enlarged issued share capital of 893.00 million shares.

PIVB is the Principal Adviser, Sponsor, Sole Underwriter and Sole Placement Agent for this IPO exercise.

Photo 1 [L-R]
1. Mr. Chew Sing Guan, Managing Director of Mercury Securities Group Berhad
2. Ms. Alynn Lim Geok Lian, Deputy Chief Executive Officer of Public Investment Bank Berhad
( https://photos.acnnewswire.com/20230828.SIMY1.jpg )

Photo 2 [L-R]
1. Ms. Himahlini A/P M. Ramalingam, Independent Non-Executive Director of Mercury Securities Group Berhad
2. Datin Chua Suat Khim, Independent Non-Executive Director of Mercury Securities Group Berhad
3. Dato' Baharon Bin Talib, Independent Non-Executive Chairman of Mercury Securities Group Berhad
4. Mr. Chew Sing Guan, Managing Director of Mercury Securities Group Berhad
5. Ms. Alynn Lim Geok Lian, Deputy Chief Executive Officer of Public Investment Bank Berhad
6. Dato' A. Rahman Bin Safar, Non-Independent Non-Executive Director of Mercury Securities Group Berhad
7. Mr. Chan Kim Hing, Independent Non-Executive Director of Mercury Securities Group Berhad
( https://photos.acnnewswire.com/20230828.SIMY2.jpg )

Mercury Securities Group Berhad: https://www.mercurysecurities.com.my/

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Mitrade Receives Three Finance Excellence Awards: A Round-Up of Top-Tier Accomplishments

MELBOURNE, AUSTRALIA, Aug 26, 2023 – (ACN Newswire) – Leading trading broker Mitrade continues its impressive track record and has won several awards and made innovative improvements this year. Recognized with two prestigious awards from the Global Banking Finance Awards: one for the “The Next 100 Global Awards 2023 – Trading Platform” and another for “Forex Customer Satisfaction & Happiness Asia 2023”. On top of that, they’ve also received an award from World Finance as the “Best Multi-Asset Broker”. This solidifies Mitrade’s position as a frontrunner in the industry.

Mitrade receives three fintech awards; Forex Customer Satisfaction & Happiness Asia 2023 (left), The Next 100 Global Awards – Trading Platform (middle), and Best Multi-Asset Broker from World Finance (right).

Earlier this year, Mitrade announced its recent branding upgrade “Trade Faster, Trade Smarter” and received two other awards, “Best Mobile CFD Trading Platform Asia Pacific” and “Fastest Growing Forex Fintech Broker Global” from Global Brands Magazine.

Mitrade’s spokesperson shared: “At Mitrade, we have always believed in pushing boundaries and striving for the highest standards, crafting the ultimate trading experience for our clients. This recognition reaffirms that our efforts are making a positive impact on the industry. We’re grateful to our clients for their ongoing support and for motivating us to keep getting better.”

About Mitrade:

Mitrade is a leading global online CFD trading platform that offers a diverse range of financial instruments to traders worldwide. With over 400 markets to choose from, traders have unparalleled opportunities to engage in various assets, including stocks, commodities, currencies, and indices. Whether it’s exploring the stock market, delving into the intricacies of forex trading, or navigating the world of commodities, Mitrade provides a comprehensive selection of trading products. For more information, please visit www.mitrade.com.

Social Links
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Media Contact
Brand: Mitrade
Contact: Media team
E-mail: branding@mitrade.com
Website: https://www.mitrade.com/

SOURCE：Mitrade

China Everbright Limited Announces 2023 Interim Results, Realises Turnaround of Loss to Profit

HONG KONG, Aug 25, 2023 – (ACN Newswire) – On 25 August 2023, China Everbright Limited ("CEL" or the "Company", stock code: 165.HK) announced its interim results for the six months ended 30 June 2023 ("the reporting period").

Financial Highlights of 2023 Interim Results
— The overall operating revenue was HK$1.54 billion, representing a steady increase in overall operating results
— Profit attributable to shareholders of the Company was HK$313 million, realising a turnaround from loss to profit.
— Fund raising continued and total AUM reached approximately HK$154.8 billion.
— Diversified exits achieved a cash return of approximately HK$3.244 billion
— Maintained strong liquidity with cash and cash equivalents of approximately HK$10.406 billion and unutilised bank facilities available for use of approximately HK$10.222 billion.
— Maintained dividend with interim dividend: HK$0.15 per share

In the first half of 2023, confronted with the challenges of a volatile and intricate global financial environment, CEL steadily adjusted its business strategy, accelerating the Company's transformation and development. With a rebound in the capital market, the performance of the fund management business improved significantly and investment returns markedly increased, driving the steady increase in the Company's overall operating results. During the reporting period, CEL achieved an overall operating revenue of HK$1.54 billion, and the profit attributable to shareholders of the Company was HK$313 million, representing a significant elevation from the same period last year and marking a turnaround from a loss to a profit.

During the reporting period, CEL continued its fundraising efforts and raised new funds of HK$1.302 billion. CEL's total assets under management (AUM) reached HK$154.8 billion with 78 funds. The Company's diversified exit channels resulted in good returns, with a total capital return of HK$3.244 billion from the exit business.

To share the fruits of the Company's development with shareholders and investors, the Board of Directors declared interim dividend of HK$0.15 per share for 2023. (2022 interim dividend: HK$0.15 per share).

Business Highlights of 2023 Interim Results

1. Fund Management Business
In the first half of 2023, CEL reinforced its management in fundraising, investment, management and exit business, strengthened its internal control, and continued to improve its risk-prevention ability to achieve a gradual transition into high-quality development and maintain its leading market position in the field of fund management in China.

Fundraising proceeds steadily. Despite fundraising difficulties in industries, CEL Yixing FoFs was newly established and raised new funds of HK$1.302 billion. The new fund will mainly focus on industries including energy conservation, environmental protection, integrated circuit, and new energy, with a view to serving the economic development of the Yangtze River Delta region.

Capture investment opportunities prudently. During the reporting period, CEL maintained a prudent attitude and invested in key projects including Grit Science and Reforgene Medicine.

Gain remarkable income from exit business. There was a capital return of HK$3.244 billion in total from the exit business in key projects including ASR Microelectronics, Googut, Three's Company Media, Ambrx, and Rici Healthcare, realising an income of approximately HK$1.232 billion against costs, contributing good investment returns and cash inflow for CEL.

2. Key Investee Companies
CALC grows steadily. Since the end of 2022, the number of CALC's aircraft increased by 13 to 189, and now consists of 162 owned aircraft and 27 managed aircraft. CALC's owned and managed aircraft are leased to 42 airlines in 20 countries and regions.

Everbright Senior Healthcare continues improving competitiveness. It constantly optimised the three-level elderly service model featuring institutional, community-based, and home-based elderly services, improved the ability of "Medical + Senior Healthcare", "Insurance + Senior Healthcare" and "Service + Senior Healthcare". It has 190 institutional and community service centers covering over 50 cities across the country, forming a deployment covering the Beijing-Tianjin-Hebei region, Yangtze River Delta, and Chengdu-Chongqing Economic Circle, with more than 32,000 beds under management.

Terminus achieves highly industry recognition. Terminus actively promoted market expansion, focused on high-growth business opportunities, and comprehensively enhanced its overall strength. During the reporting period, in collaboration with The Hong Kong University of Science and Technology (Guangzhou), the "Digital World" Joint Research Center was established to advance major scientific research projects and applications in the field of Artificial Intelligence of Things (AIoT). Terminus received multiple honours and has been widely recognised in the industry, including being awarded the "2023 AIGC Application Scenario Innovation Top 50" by EqualOcean.

3. Rich Resource Reserves
Retain sufficient liquidity reserve. At the end of June 2023, CEL had cash and cash equivalents of approximately HK$10.406 billion and unutilised bank facilities available for use of approximately HK$10.222 billion, representing a sufficient liquidity condition.

Increase the coverage depth of technology innovation resources. The incubator at China Everbright Hong Kong Innovation Centre hit and beat the target earlier than expected by introducing six new enterprises and attracting the first foreign enterprise.

Serve key regional development. CEL carried out in-depth overall planning for the Beijing-Tianjin-Hebei region, the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area, increased investments in real economy, supported and served major national strategies, and served the domestic and international "dual circulation" actively.

4. Continuous Improvement of Environmental, Social and Governance
Fulfil social responsibilities. CEL assisted in launching the "Millions of Youngsters in China and Thousands of Doctors in the Divine Land" programme. The Company also participated in the HKSAR's "Strive and Rise Programme" for youth development and aims to expand the horizon of Hong Kong's youth through the promotion of arts and culture.

Improve ESG management policy on an ongoing basis. CEL issued separate and self-contained ESG reports to disclose information in relation to responsible investment and TCFD. CEL closely followed changes in the industry and was rewarded with a continuous increase of MSCI ESG rating with the latest score of 5.2.

Improve the Company's management policy on an ongoing basis. CEL continued improving the institutional construction of funds establishment and management to promote an operation in compliance with laws and regulations on an ongoing basis. CEL addressed external risk-related issues and strengthened risk prevention and review, and organised training sessions on new regulations for the private equity fund industry to raise awareness about operating in compliance with laws and regulations.

Looking ahead to the second half of 2023, with continued coordinated efforts in macroeconomic policies and the sustained recovery of the economy, there will be significant resilience and potential for development. CEL will insist on the general principle of ensuring stability and promoting high-quality development as a cornerstone, while giving priority to performance in order to continuously improve the core competitiveness of private equity investments.

In terms of fundraising, CEL will develop fund products with a focus on advantageous industries, laying a foundation for the growth of its asset management portfolio and revenue enhancement. In terms of investments, the Company will focus on specialised industries with competitive advantages, particularly technological innovation companies, and strictly select specialised and new enterprises, consumer goods and environmental companies. CEL will continue to strengthen post-investment management and build solid lines of defence against risks to ensure investment projects are "clear, manageable and rewarding". In terms of investment exit, the Company will continue to exit expeditely with better strategies.The Company will continue to increase efforts to exit from existing investment projests through M&A, transfer and IPO, so as to recover funds.

Mr. Zhang Mingao, Executive Director and President of China Everbright Limited, said: "In the first half of 2023, there was steady recovery in the Chinese economy and a significant upturn. CEL upheld a firm development confidence, steadily adjusted business strategies and accelerated transformation and development. The overall operational performance stabilized and rebounded, successfully achieving a turnaround of losses into profits. Going forward, CEL will focus on developing the private equity investment management market and maintaining its strategic focus on long-term investments while continuing to deploy our specialized industries with unique strengths. CEL will seize the fundamentals of Chinese economic recovery, firmly grasp the period with opportunities brought by the industrial policy adjustments and proactively push forward business transformation to optimize the full-chain equity investment system of 'fundraising, investment, management and exit', and achieve high-quality development of the cross-border asset management market to bring long-term sustainable growth returns to shareholders and investors."

For enquiries, please contact:
Citigate Dewe Rogerson
Samantha Wang
Email: samantha.wang@citigatedewerogerson.com
Tel: +852 3103 0125

April Tang
Email: april.tang@citigatedewerogerson.com
Tel: +852 3103 0105

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

As International Revenue Soars to $650M with 45% from SEA; Chiratae Expands SEA Regional Advisory Board with the addition of Mr. Puneet Pushkarna

SINGAPORE, Aug 24, 2023 – (ACN Newswire) – Chiratae Ventures, a leading venture capital firm, announces the appointment of Mr. Puneet Pushkarna to its esteemed Regional Advisory Board, reinforcing its commitment to the Southeast Asia (SEA) market.

The announcement comes soon after Chiratae’s significant milestone -its active portfolio companies surpass $650 million in revenue. Companies focusing on SEA or headquartered now contribute about 45% of the total international revenue across the company’s diverse portfolio. Companies such as Active.ai, Kristala.ai, and Lenskart have driven growth in the SEA market, with Lenskart’s strategic acquisition of Japan’s Own Days last year as a recent highlight.

Given the growing significance of SEA as an investor base and a burgeoning market, Chiratae Ventures has been active in the region, particularly in Singapore and Japan. The appointment of Puneet Pushkarna to the Regional Advisory Board reinforces Chiratae’s dedication to its growth and success in SEA. Puneet will provide strategic guidance to Chiratae’s international operations in this role.

*Mr Puneet Pushkarna (L) joins the Regional Advisory Board of Chiratae Ventures. In the picture with Mr Sudhir Sethi (R), Founder and Chairman of Chiratae Ventures.*

Sudhir Sethi, Founder and Chairman of Chiratae Ventures, shared, “With a strong foothold in the SEA market and our portfolio companies, either focusing on the region or being headquartered there, contributing over 45% of the total revenue, we are thrilled to welcome Puneet Pushkarna to our Regional Advisory Board. Puneet’s addition further bolsters our already formidable Advisory Board, whose collective efforts have significantly established Chiratae as one of India’s premier venture capital funds. His exceptional expertise and diverse background will undoubtedly guide our ventures to even greater heights within the Asian market while fostering stronger connections with our esteemed investors.”

Puneet Pushkarna brings a wealth of experience, currently serving as a General Partner at Solmark, a prominent private equity fund based in Singapore. Throughout his career, Puneet has excelled in nurturing and scaling companies in the competitive global landscape. He previously held the position of President at Headstrong, driving transformative initiatives in the Capital Markets domain through cutting-edge digital technology services. Additionally, Puneet co-founded TechSpan, backed by the prestigious institution Goldman Sachs, where he successfully led business solutions consulting and design thinking ventures, earning recognition as one of the fastest-growing companies in Silicon Valley.

Beyond his business acumen, Puneet is deeply involved in various Boards and Advisory Boards, including his role as Chairman of Core Committee, RIE2025, National Research Foundation, Singapore, Chairman Emeritus of TiE Singapore, and as a Board member of IIM Nagpur and Industry Advisory Board of SP Jain School of Management. Additionally, Puneet serves as a Catalyst at SMART (Singapore MIT Alliance for Research & Technology) and actively engages in philanthropic efforts, supporting initiatives such as the Indian Foundation for the Arts (IFA), the Singapore Indian Fine Arts Society (SIFAS), and the South Asian Heart Society.

Puneet Pushkarna shared his excitement for the new role, adding, “I am honoured to join Chiratae Ventures and contribute to the growth of the platform they have built over close to two decades and its dynamic portfolio in Asia region. There are strong benefits for the Asian block to partner, invest and grow exponentially by understanding each other’s strengths and hope to bridge the gap. The Indian model of solving for population-scale problems using technology-led business models has relevance for the larger region and hoping to help Chiratae and its portfolio expand its regional footprint”

Anoop Menon, Principal-Investments who also leads Investor Relations in the East Asian region, says, “With the changing geo-political environment and India’s blistering economic growth, India has become a strong contender for increased investments and business partnership within Asia. Along with this, there is a strong need to contextualise the India narrative by a leader who has seen both sides closely, and Puneet helps us do that. Having him on our Advisory Board provides a valuable sounding board for our team and founders as we navigate the markets in Singapore, Japan, and other regions of Asia Pacific.”

Chiratae Ventures, recently announced the final close of its first Growth fund at $122 M, oversubscribed by 34% and is in the market for its next flagship Venture capital fund. It will continue looking to cement its presence in SEA and the larger Asian region, and Puneet will help strengthen the firm’s position as a leader in the Venture capital landscape.

About Chiratae Ventures:

Chiratae Ventures is a 16-year-old Indian technology venture capital fund advisor, having advised funds that collectively (across six funds) have $1.1 Bn AUM, 130+ investments, 48 exits, 8 Unicorns, 3 IPOs and a track record of having returned capital to LPs in each of the last 12 years. The funds advised by Chiratae Ventures have investments across sectors such as Consumer-Tech, SaaS, Fintech, and Healthtech and have been early backers of companies such as Bizongo, Fibe, FirstCry, Flipkart, Lenskart, Myntra, Pixis, PolicyBazaar and Uniphore, amongst many others.

For media inquiries, please contact:

Tanvi Dubey
Chiratae Ventures
+91-8792059986

Neha Chaturvedi
Adfactors PR
+65- 87098749

Mitrade Redefines Its Brand Identity, Debuts New Logo and AI Features

MELBOURNE, AUSTRALIA, Aug 16, 2023 – (ACN Newswire) – Mitrade unveils its revamped branding logo along with a new slogan, “Trade Faster, Trade Smarter”, to perfectly embody their vision of crafting the ultimate trading experience for traders. The new branding direction is implemented with a range of innovative enhancements aimed at providing traders with the best tools and resources.

Mitrade changed its logo and slogan to better define its brand identity. With a strategic shift towards “Trade Faster, Trade Smarter”, the new logo shows a modern and AI-inspired design, connecting with traders who are into technology and innovation. The incorporation of updated bright colors not only adds vibrancy but also signifies the dynamic and innovative nature of the trading platform.

Trade Faster, Trade Smarter Anytime, Anywhere

Mitrade enables users to dive into a trading experience that empowers them to act with speed, backed by the insights they need to trade smart – no matter where they are. Building on this brand innovation, Mitrade has masterfully woven in the capabilities of TradingView, ensuring a smooth and integrated user experience. Furthermore, with the introduction of MitradeGPT, users are now equipped with tools to make faster decisions while trading on Mitrade.

Prioritizing speed, Mitrade has flawlessly incorporated TradingView, a platform trusted by over 550 million unique users, into its trading interface. This integration brings TradingView’s sleek and comprehensive interface to Mitrade’s platform, empowering traders to effortlessly conduct technical analysis, make well-informed predictions, and execute trades seamlessly.

To assist traders in keeping in touch with the market pulse, Mitrade has integrated ChatGPT and FXStreet news insights into its platform, making the company first in the CFD world to have this kind of feature. With MitradeGPT, users can access real-time insights, personalized guidance and a quick summary to navigate the complexities of financial markets – filtering out the noise from the bustling news environment. MitradeGPT is available in the brand’s mobile application.

Mitrade Academy Now Available In 10 Languages

Along with the change of the brand’s new slogan, Mitrade reveals the expansion of Mitrade Academy’s educational resources in 10 languages. This launch shows Mitrade’s dedication to helping traders worldwide by giving them easy-to-understand learning materials in their native languages. By offering an extensive range of educational content, including tutorials and trading guides, in languages such as English, Spanish, Thai, Vietnamese, and more, Mitrade aims to break down language barriers and foster a more inclusive and informed trading community.

Social Links

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Media Contact:

Mitrade Media team

E-mail: branding@mitrade.com

Website: https://www.mitrade.com/

SOURCE: Mitrade

VinFast And Black Spade Acquisition Co Complete Business Combination

HONG KONG, Aug 15, 2023 – (ACN Newswire) – VinFast Auto Ltd. ("VinFast") and Black Spade Acquisition Co (NYSE: BSAQ) ("Black Spade") today announced the completion of their previously announced business combination (the "Business Combination"). The listed company following the Business Combination is VinFast Auto Ltd., and its shares and warrants will commence trading on the Nasdaq Stock Market LLC ("Nasdaq") under the ticker symbols "VFS" and "VFSWW," respectively, on August 15, 2023.

Representatives of VinFast and Black Spade

The announcement of the completion of the Business Combination comes after Black Spade's shareholders voted to approve the transaction on August 10, 2023. As a result of the Business Combination, Black Spade became a wholly owned subsidiary of VinFast and is expected to be delisted from the NYSE American LLC.

Madame Thuy Le, Global CEO of VinFast Auto Ltd., said: "Becoming a U.S-listed company marks a significant milestone in VinFast's global expansion. More than just transaction on the stock market, going public reflects a powerful vote of confidence in our vision and potential, as well as fulfills our pledge to make smart, safe and environmentally friendly electric vehicles accessible to everyone. I sincerely appreciate the wonderful collaboration with Black Spade as our respected partners who are joining us in our 'boundless together' journey towards a greener future for us and future generations."

Mr. Dennis Tam, Chairman and Co-CEO, Black Spade Acquisition Co, shared, "We are very pleased to announce the successful completion of the Business Combination with VinFast, an exceptionally fast-growing and scalable company in the electric vehicle ("EV") sector. VinFast has developed an engaging array of smart, safe, and eco-friendly EV models. We are confident that VinFast will maintain its commitment to offering high-quality products accompanied by outstanding after-sales services. A listing on the Nasdaq will enhance VinFast's global outreach by facilitating even wider access to capital. Driven by a shared aspiration to shape a better future through innovation, we anticipate our collaboration with VinFast to bring about a fresh chapter of sustainable mobility."

Additional information about the transaction, including a copy of the business combination agreement, is available in Black Spade's Current Report on Form 8-K, filed on May 12, 2023 with the Securities and Exchange Commission ("SEC") at www.sec.gov.

More information about the transaction is available in VinFast's registration statement on Form F-4 which includes BSAQ's proxy statement and VinFast's prospectus in relation to the business combination, which was first filed with the SEC on June 15, 2023.

About VinFast
VinFast – a member of Vingroup JSC – is Vietnam's leading automotive manufacturer committed to its mission of creating a green future for everyone. VinFast manufactures and exports a portfolio of electric SUVs, e-scooters and e-buses across Vietnam, the United States, and, soon, Europe. Learn more at www.vinfastauto.us.

About Black Spade Acquisition Co
Black Spade Acquisition Co ("BSAQ") is a blank check company incorporated for the purpose of effecting a business combination (Special Purpose Acquisition Company). BSAQ was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio. Learn more at: https://www.blackspadeacquisition.com.

Forward-Looking Statements

This document contains certain forward-looking statements within the meaning of U.S. federal securities laws with respect to the transaction between VinFast Auto Ltd. (the "Company") and Black Spade Acquisition Co ("Black Spade"), including statements regarding the benefits of the transaction, the anticipated benefits of the transaction, the Company or Black Spade's expectations concerning the outlook for the Company's business, productivity, plans and goals for product launches, deliveries and future operational improvements and capital investments, operational performance, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, as well as any information concerning possible or assumed future results of operations of the Company. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are their managements' current predictions, projections and other statements about future events that are based on current expectations and assumptions available to the Company and Black Spade, and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that investors of the Company may not receive the same benefits as an investor in an underwritten public offering, (ii) the risk that the Black Spade securities may experience a material price decline after the transaction, (iii) the adverse impact of any shareholder litigation and regulatory inquiries and investigations on the Company's business, (iv) a reduction of trust account proceeds and the per share redemption amount received by shareholders as a result of third-party claims, (v) the risk that distributions from trust account may be subject to claw back if Black Spade is deemed to be insolvent, (vi) the ability of the Company to get approval for listing of its ordinary shares and warrants and comply with the continued listing standards of the Nasdaq, (vii) the ability of the Company to achieve profitability, positive cash flows from operating activities and a net working capital surplus, (viii) the ability of the Company to fund its capital requirements through additional debt and equity financing under commercially reasonable terms and the risk of shareholding dilution as a result of additional capital raising, if applicable, (ix) risks associated with being a new entrant in the EV industry, (x) the risks that the Company's brand, reputation, public credibility and consumer confidence in its business being harmed by negative publicity, (xi) the Company's ability to successfully introduce and market new products and services, (xii) competition in the automotive industry, (xiii) the Company's ability to adequately control the costs associated with its operations, (xiv) the ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality and volumes acceptable from its suppliers, (xv) the Company's ability to maintain relationships with existing suppliers who are critical and necessary to the output and production of its vehicles and to create relationships with new suppliers, (xvi) the Company's ability to establish manufacturing facilities outside of Vietnam and expand capacity within Vietnam timely and within budget, (xvii) the risk that the Company's actual vehicle sales and revenue could differ materially from expected levels based on the number of reservations received, (xviii) the demand for, and consumers' willingness to adopt EVs, (xix) the availability and accessibility of EV charging stations or related infrastructure, (xx) the unavailability, reduction or elimination of government and economic incentives or government policies which are favorable for EV manufacturers and buyers, (xxi) failure to maintain an effective system of internal control over financial reporting and to accurately and timely report the Company's financial condition, results of operations or cash flows, (xxii) battery packs failures in the Company or its competitor's EVs, (xxiii) failure of the Company's business partners to deliver their services, (xxiv) errors, bugs, vulnerabilities, design defects or other issues related to technology used or involved in the Company's EVs or operations, (xxv) the risk that the Company's research and development efforts may not yield expected results, (xxvi) risks associated with autonomous driving technologies, (xxvii) product recalls that the Company may be required to make, (xxviii) the ability of the Company's controlling shareholder to control and exert significant influence on the Company, (xxix) the Company's reliance on financial and other support from Vingroup and its affiliates and the close association between the Company and Vingroup and its affiliates and (xxx) conflicts of interests with or any events impacting the reputations of Vingroup affiliates or unfavorable market conditions or adverse business operation of Vingroup and Vingroup affiliates. The foregoing list of factors is not exhaustive. Forward-looking statements are not guarantees of future performance. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the Company's registration statement on Form F-4 filed by the Company with the U.S. Securities and Exchange Commission (the "SEC"), Black Spade's Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 10, 2023, Black Spade's Quarterly Report on Form 10-Q for the three-months ended March 31, 2023, which was filed with the SEC on May 15, 2023, and other documents filed by the Company and/or Black Spade from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and all forward-looking statements in this document are qualified by these cautionary statements. The Company and Black Spade assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither the Company nor Black Spade gives any assurance that either the Company or Black Spade will achieve its expectations. The inclusion of any statement in this communication does not constitute an admission by the Company or Black Spade or any other person that the events or circumstances described in such statement are material.

Additional Information and Where to Find It
This document relates to a transaction between the Company and Black Spade. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. In connection with the Business Combination, the Company filed a registration statement on Form F-4 with the SEC (as may be amended from time to time, the "Registration Statement") on June 15, 2023, which included a proxy statement of Black Spade and a prospectus of the Company. The SEC declared the Registration Statement effective on July 28, 2023.

The Registration Statement, including the proxy statement/prospectus contained therein, contains important information about the Business Combination and the other matters voted upon at the meeting of Black Spade's shareholders approving the Business Combination (and related matters). Black Spade also filed other documents regarding the transaction with the SEC. This document does not contain all the information that should be considered concerning the transaction and is not intended to form the basis of any investment decision or any other decision in respect of the transactions.

Investors and shareholders will be able to obtain free copies of the registration statement, proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Black Spade through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by Black Spade may be obtained free of charge from Black Spade's website at https://www.blackspadeacquisition.com/ or by written request to Black Spade at Black Spade Acquisition Co, Suite 2902, 29/F, The Centrium, 60 Wyndham Street, Central Hong Kong.

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Participants in Solicitation
Black Spade and the Company and their respective directors and officers may be deemed to be participants in the solicitation of proxies from Black Spade's shareholders in connection with the transaction. Information about Black Spade's directors and executive officers and their ownership of Black Spade's securities is set forth in Black Spade's filings with the SEC, including Black Spade's Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 10, 2023, and the Registration Statement. Additional information regarding the interests of those persons and other persons who may be deemed participants in the transaction may be obtained by reading the proxy statement/prospectus regarding the transaction. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents as described in the preceding paragraph.

No Offer or Solicitation
This document is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Contact
VinFast Auto Ltd.
Investor Relations Email: ir@vinfastauto.com

Black Spade Acquisition Co
Investor Relations Email: ir@blackspadeacquisition.com

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

ASTI Says Fresh Attempt to Remove 5 Directors Is Invalid; Urges Shareholders to Attend FY2021 AGM on 31 August Instead

SINGAPORE, Aug 14, 2023 – (ACN Newswire) – ASTI Holdings ("ASTI" or the "Company") said today that a second attempt to call for an extraordinary general meeting ("EGM") to replace all 5 current directors, as well as the EGM itself, are invalid. Instead, it urged shareholders to ignore the invalid EGM and to attend the Company's Annual General Meeting for its FY2021 ("FY2021 AGM") scheduled for 31 August 2023.

Acting on the advice of its lawyers, ASTI said 4 requisitioners seeking to hold an EGM on 22 August 2023 had breached Company's constitution.

"The Requisitioning Shareholders are usurping the rights, powers and entitlements of the Board to scrutinize, attend and conduct the Proposed EGM (assuming it was otherwise properly held), and have made and continue to make it impossible for the Proposed EGM (assuming that it was otherwise properly held) to be actually, properly and validly held and conducted by the Board in all respects in compliance with the Constitution and such laws," ASTI said.

ASTI also pointed out that the requisitioners have failed and/or neglected, or deliberately and recklessly without regard to their duty to give such Notice of the EGM to "all Members" as required by the Constitution. Further, no notice was given to the Auditor, which is also a requirement of the Constitution.

The second attempt to overhaul ASTI's board is taking place after a consortium, Prospera Alliance Pte. Ltd. ("Prospera"), has expressed genuine interest to make a pre-conditional voluntary general cash offer (''Potential Exit Offer'') for the Company. The consortium comprises Stock Exchange of Thailand-listed Capital Engineering Network Public Company Limited ("CEN") and a substantial ASTI shareholder, Mr Heah Theare Haw.

Prospera, whose offer ASTI believes remains "the only and most advanced exit offer available at the moment", has said it is deeply concerned about the proposal to remove all current directors, and that it will re-assess the viability of implementing the exit offer.

As such, ASTI said it will continue to work with Prospera to address its concerns and to ensure amicable communications, so as to reach a viable solution in the best interest of the Company and for the benefit of all shareholders.

The 4 – Mr Ng Yew Nam ("Mr Ng"), Mr Lim Chee San, Mr Toh Cheng Hai and Mr Ng Kok Hian – had led an attempt in April 2023 – later deemed invalid – to call for an EGM to overhaul ASTI's board. In their second attempted EGM, being called under section 177 of the Companies Act, they seek to appoint 5 new directors including Mr Ng as Executive Director.

Among the 5 current directors they seek to remove is a CEN-nominated director, Mr Theerachai Leenabanchong. Prospera has informed ASTI that it is concerned whether this indicates that the new board is not receptive to the Potential Offer.

ASTI said that the requisitioners, in breach of the Company's Constitution, "clearly and unequivocally are usurping the right, power and entitlement" of the Board of Directors to conduct the Proposed EGM (assuming that it was otherwise properly held) in a proper manner.

Hence, shareholders should ignore the invalid 22 August 2023 EGM, ASTI said. To minimise disruptions caused by the requisitioners, the Company urged shareholders to focus on the FY2021 AGM 9 days later when they will be able to consider on the audited results, and vote on the election or re-election of directors and the appointment of the auditor for FY2022.

ASTI intends to release the FY2021 results by 16 August 2023 and hold the FY2021 AGM on 31 August 2023. This long-awaited AGM will allow ASTI to comply with and satisfy the requirements of the Second Notice of Compliance issued by the Singapore Exchange Regulation on 21 July 2023.

To address concerns of shareholders and to maintain a spirit of openness and discussion, ASTI has written today to the Securities Investors Association (Singapore) ("SIAS") to facilitate and moderate a Shareholders' Dialogue early next week, ahead of the FY2021 AGM.

ASTI said it intends to invite all shareholders, the requisitioners as well as representatives of the Potential Offeror to the dialogue. "We have been urging a spirit of open communications among all shareholders and with the Potential Offeror. Instead, the requisitioners have so far rebuffed our appeals with a response that they prefer legal correspondence," ASTI said.

"ASTI has already achieved a financial turnaround in the first half of FY2022. The presentation of the FY2021 audited results to shareholders on 31 August 2023 will facilitate the progress of the Potential Exit Offer which can unlock value for all shareholders. Hence, we continue to seek open dialogue with all parties concerned," the Company said.

The Potential Offer is subject to, amongst others, approvals being obtained from the Securities Industry Council ("SIC") of Singapore. ASTI has been informed that the Potential Offeror has submitted an application to the SIC for the necessary approvals.

ASTI recorded an unaudited profit after tax of S$3.0 million for FY2022 which reversed a pre-tax loss of S$8.1 million in FY2021. However, it could not exit the SGX-ST Watch-list by the 5 June 2022 deadline as its six-month average daily market capitalisation was short of the S$40 million threshold. After several attempts to extend the deadline were rejected, ASTI's shares were suspended from 5 July 2022 pending the completion of an exit offer.

Media & Investor Contact
Isaac Tang
WhatsApp (Text): +65 9748 0688 asti@wer1.net

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

INVEST Fair 2023: Growing Wealth with Confidence to be held on 12th & 13th August 2023 at Suntec Exhibition Hall

SINGAPORE, Aug 10, 2023 – (ACN Newswire) – ShareInvestor Pte Ltd, Singapore's largest independent platform for investor relations, market data tools and investor education will co-host INVEST Fair, Singapore's largest investment fair, along with InvestingNote, Singapore's first and largest community for retail investors. Under the timely theme of "Growing Wealth with Confidence", this year's event aims to inspire participants to boldly move forward in their investment journey amidst a challenging external environment.

Held from 10am to 5pm on Saturday (12 August) and Sunday (13 August), INVEST Fair will host more than 50 expert speakers from the field of finance and investment, including fund managers from major financial institutions. These experienced experts will share their wealth of knowledge across two days, covering a broad spectrum of topics including the latest market outlook, sector insights, investment knowledge, trading skills, property and alternative investment.

Mr Christopher Lee, CEO of ShareInvestor Group, said, "We have curated an interactive and educational platform for seasoned and novice investors that aims to inspire confidence amidst the pressures of a high interest rate environment and gloomy global outlook.

This year's event also aims to broaden investors' horizons beyond traditional equities, with opportunities to learn more about growing your wealth through cryptocurrency, property and alternative investments."

Guest of Honour, Mr Michael Syn, Senior Managing Director, Head of Equities at SGX, will deliver the keynote address at 10.15am on Saturday (12 August). He brings deep insights as CEO of the stock market, central depository and futures market with a background in investment banking and investment management.

In addition to the line-up of esteemed speakers, this exciting weekend will be filled with lots of fun activities and challenges, interactive booths and lucky draw prizes to be won!

For more information on the event and registration details, please visit our official website at https://www.invest-fair.com/home.html

For Media Enquiries, please contact:
InvestingNote & ShareInvestor
Ethan Ho, Head of Investor Platforms
ethan.ho@shareinvestor.com
+65 9835 4410

Waterbrooks Consultants
Wayne Koo, Managing Director
wayne.koo@waterbrooks.com.sg
+65 9338 8166

About ShareInvestor (www.shareinvestorholdings.com)

A leading regional media and technology company, ShareInvestor Pte Ltd (SI) was founded in 1999 to empower investors to make informed investment decisions. SI focuses on providing investor relations, market data and investor education services, and operates the largest investor relations network in the region.

SI Group has over 130 employees in four countries (Singapore, Malaysia, Thailand and Indonesia). It has also made strategic investments in investor relations/public relations firm, Waterbrooks Consultants Pte Ltd (www.waterbrooks.com.sg), and Singapore's leading social media platform for investors, Investing Note Pte Ltd (www.investingnote.com).

SI (www.shareinvestor.com) provides online market data for multiple markets across its online platform tools ShareInvestor Station(TM), ShareInvestor WebPro(TM) and ShareInvestor Mobile. Its other products include Investor-One (www.investor-one.com), a website on inverstor education, market news, corporate developments, and data analytics; as well as Inve$t, the e-magazine published weekly in Singapore and Malaysia.

SI organises financial investment seminars and conferences for investors. Its annual large-scale events InvestFair(TM)(www.investfair.com.sg) in Singapore and Malaysia draws thousands of participants.

About InvestingNote (www.investingnote.com)

InvestingNote is the largest and most interactive platform for investments in Singapore and Malaysia. We're here to make investing fun and profitable!

It is a community-driven platform designed specifically to help investors and traders to share ideas on stocks, personal finance, news and insights through social networking and a variety of useful investment tools.

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Kitchen Culture: Business Update on Outstanding Legacy Issues and Strategy to Move Forward

SINGAPORE, Aug 7, 2023 – (ACN Newswire) – The Board of Directors (the "Board") of Kitchen Culture Holdings Ltd. (the "Company" or "Kitchen Culture") hereby provides an interim update to lay out the legacy issues facing the Company that the Board has addressed or is currently addressing, as well as to provide shareholders with full transparency on how the Board intends to navigate the path forward.

The list of legacy issues that fell to the new Board upon handover from the previous Board on 26 June 2023 include the following:

a. the Company's cash balances were so low that that meeting its daily operating expenses has posed significant challenges;

b. the previous Board had informed the new Board that outstanding liabilities as at 26 June 2023 was approximately S$3.1 million. These liabilities are currently being verified by the new Board;

c. no external auditor had been appointed since the previous auditor, Nexia TS Public Accounting Corporation (now known as CLA Global Public Accounting Corporation), did not seek reappointment at the last Annual General Meeting ("AGM") held on 18 March 2022;

d. arising from (c), there is a delay in issuing the Company's annual report for the 18-month period ended 31 December 2022 ("FY2022") containing the audited financial statements for FY2022 and sustainability report for FY2022. Consequently, the Company failed to comply with the disclosure requirements under the Listing Manual Section B: Rules of Catalist ("Catalist Rules") of the Singapore Exchange Securities Trading Limited ("SGX-ST") to issue its unaudited financial statements for the quarter ended 31 March 2023 as well as the unaudited financial statements for the half year ended 30 June 2023 by the timeframe required under the Catalist Rules. On 30 April 2023, the Company has obtained no objection from the SGX-ST to hold its AGM for FY2022 by 16 October 2023 and to issue sustainability report for FY2022 by 30 September 2023;

e. in conjunction with (d), failure to comply with certain provisions of the Companies Act 1967 (the "Companies Act") – No AGM has been held in respect of FY2022 and the Company's application to the Accounting and Corporate Regulatory Authority ("ACRA") for an extension of time to hold the AGM has been rejected on 28 April 2023, which means the Company has breached and is in contravention of Section 175(2) of the Companies Act 1967 in relation to the deadline to hold its AGM in respect of FY2022. The Company has also not filed its annual return with ACRA within the timelines required under the Companies Act;

f. a previous internal audit conducted by Baker Tilly Consultancy (Singapore) Pte. Ltd. in 2021 had identified certain weaknesses in the Company's internal controls that are still outstanding and yet to be rectified; and

g. the report on the special audit conducted by Deloitte & Touche Financial Advisory Services Pte. Ltd. ("Special Auditor") as directed by the Notices of Compliance ("NOC") issued by the SGX-ST on 14 July 2021 and 19 August 2021 had not been issued at the time of change of the Board.

The Board's immediate priority has been to resolve the outstanding legacy issues, including (a) negotiating with creditors to resolve all long overdue liabilities, (b) engaging an external auditor to audit the FY2022 financial statements, (c) working with the Special Auditor to complete the special audit, and (d) strengthening the Company's internal controls, so as to elevate the Company to be in the position of pursuing new business directions. To this end, the Board is pleased to announce the following:

a. on 24 July 2023, the Company announced the full settlement with CDL Properties Ltd. ("CDL") of S$430,662.13 being payment for rental arrears from December 2022 to March 2023, reinstatement cost, the holding rent for the period from April 2023 to 31 May 2023, interest and legal costs. This settlement mitigates the risk of the Company facing penalties by CDL as a result of it occupying the office space with no reinstatement since its eviction in March 2023;

b. on 28 July 2023, the Company completed the first tranche of S$3 million draw-down from the S$4 million loan from Asian Accounts Receivable Exchange Pte. Ltd.. This provides some urgently required cashflow to sustain operations, enabling the new Board room to concurrently negotiate settlement with other creditors;

c. the Company has commenced the process of identifying a new external auditor, with a view to convene an extraordinary general meeting ("EGM") to formally appoint the new external auditor by the 3rd quarter of 2023. In addition, the Company is targeting to convene the FY2022 AGM, as well as releasing the financial results for each of the 1st, 2nd, 3rd and 4th quarters of FY2023 by the 1st quarter of 2024. To make good the previous lapses and eventually bring the Company's financial reporting up to speed to adhere to the timelines under the Catalist Rules, the Company is looking to hold the FY2023 AGM and release the 1st quarter financial results of FY2024 by the 2nd quarter of 2024. The Company will be making the necessary applications to SGX-ST for the respective extensions of time for the release of the financial results and make the necessary announcements in due course.

In addition, the Board would like to inform shareholders that it is actively pursuing the following:

a. negotiating with creditors to settle all outstanding liabilities on terms in the best interests of the Company;

b. reviewing and seeking legal advice where necessary on the terms of the S$1.5 million loan agreement entered into by the Company during the tenure of the previous Board and exploring the best way to repay the loan when due;

c. actively engaging with the Special Auditor to complete phase 2 of the special audit by the 4th quarter of 2023;

d. engaging with the internal auditors to review if previously identified internal control weaknesses have been addressed, and to examine ways to strengthen these internal controls. This will concurrently address the 2 NOCs previously issued;

e. actively sourcing and/or developing new and sustainable businesses to be injected into the Company so as to inject a new lease of life into the Company and to raise additional funding for the continued operations and the development of new businesses for the Company; and

f. upon resolving all outstanding legacy issues with the gradual readiness of the Company to continuing to function as a going concern the Company will, through its continuing sponsor, consult the SGX-ST on the resumption of trading of its securities.

"The Company is committed to addressing the significant challenges and legacy issues inherited from the previous Board in a positive and transparent manner, with full accountability to our shareholders. The multitude of legacy issues, most of them unresolved in the last 2 years, will need time and effort to resolve and we ask for shareholders' patience to allow us to work on getting the Company back on the path of restoration and growth." said Mdm Hao Dongting, Chairperson of the Board. "We have already made some headway in tackling some of the most urgent issues as detailed above and are confident that with the right strategies and execution by the new Board, Kitchen Culture will be able to create sustainable growth and long-term shareholder value."

"On behalf of the Board, we would like to express our deepest gratitude to the Company's employees, customers and partners for their continued support during this period of transition. We look forward to working closely with all stakeholders to ensure a successful future for the Company", added Mdm Hao.

For media queries, please reach out to:
Waterbrooks Consultants
Wayne Koo – wayne.koo@waterbrooks.com.sg +65 9338-8166
Derek Yeo – derek@waterbrooks.com.sg +65 9791-4707

Proud Investor Relations partner:
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This media release has been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). This media release has not been examined or approved by the Singapore Exchange Securities Trading Limited ("SGX-ST") and the SGX-ST assumes no responsibility for the contents of this media release, including the correctness of any of the statements or opinions made or reports contained in this media release. The contact person for the Sponsor is Ms Lee Khai Yinn (Telephone: +65 6232 3210) at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com