Link: https://links.sgx.com/1.0.0/corporate-announcements/ZSB50GRD69S4SUOU/fbc673aff3eca8fde0ce9f328f126349ed2f6d6a8b3355901812cc2c20813dc8

Summary:

• Sunpower Clean Energy, wholly-owned subsidiary, acquired final 10% equity stake in Changshu Suyuan Thermal Power Co., Ltd. from Jiangsu Geqiu Environmental Technology for RMB 16.78 million, increasing ownership from 90% to 100%

• Suyuan Project, established in 2003 in Changshu, Suzhou, operates as exclusive steam supplier to regional industrial park under government permit while selling electricity to State Grid

• Company originally acquired 90% stake in 2019 and has since completed multiple facility upgrades that drove steady improvements in productivity and profitability

• Full ownership expected to enhance overall investment returns and provide greater operational flexibility for future initiatives, including AI technology applications to boost efficiency

• Transaction valued at RMB 16.78 million through arm's-length negotiations; Suyuan Project holds unaudited book value of RMB 270.46 million and net tangible assets of RMB 120.27 million as of June 30, 2025

• Acquisition classified as non-disclosable transaction under SGX Chapter 10 with no material impact expected on net tangible assets or earnings per share for FY2025; consideration funded through internal resources with phased payments