Link: https://links.sgx.com/1.0.0/corporate-announcements/YNCWSMV96D9CH59S/7ad2cd16d82480a086fdb6fa5503621047d01bad6b6cb310591a481030dee3fb

Summary:

• The EGM was held on 4 June 2025 at Cuppage Road, Singapore, chaired by Mr. Chew Thiam Keng.

• All 10 resolutions tabled were approved by shareholders via poll voting, with overwhelming majorities exceeding 99% for most items.

• Key approvals included:

  • Subscription of new shares to Yin Khing Investments Limited at a significant discount, to raise funds.

  • Grant of options and authority to issue up to 193 billion option shares.

  • Convertible loan agreement of up to S$10.26 million, with provision to issue up to 121 billion conversion shares.

  • Issuance of settlement shares to resolve claims under the scheme of arrangement, including:

    • ~82 billion shares to creditors generally,

    • ~38 billion shares to Ezion Holdings Limited,

    • ~75 million shares to Chairman Chew Thiam Keng, and

    • ~14 billion shares to Mr. Patrick Tan Choon Hock.

  • Transfer of controlling interest to the subscriber following the issue of new shares.

  • A whitewash resolution, waiving shareholders’ rights to a mandatory takeover offer.

  • A 1,000-to-1 share consolidation to rationalize the share capital base.

• The Board assured that proper governance measures were in place, including abstentions and independent shareholder approvals for related party transactions.