Summary:

• Vibrant Group's subsidiary New Vibrant (Jiangsu) Supply Chain Management entered a second debt transfer agreement on 26 December 2025 with China Railway Construction Engineering Group (CRCE) to acquire RMB 23,365,327 of debt owed by 31%-owned associate Vibrant Pucheng Logistics for RMB 18 million consideration, yielding an immediate gain of RMB 5.4 million​

• This follows a prior January 2025 acquisition of RMB 37.2 million debt for RMB 30 million; the debt stems from unpaid construction progress payments for a Chongqing logistics centre valued at RMB 407 million as of April 2025, with CRCE holding priority security via court judgement​

• CRCE commits to suspending enforcement against Vibrant Pucheng until 30 June 2026 without New Vibrant's consent, providing the Group time to optimise property disposal while gaining future interest and penalties on the principal​

• Funded internally, the combined transactions represent a discloseable deal under SGX rules (8.66% of market cap, 5.69% of profits), boosting pro forma NTA per share to 33.64 cents and EPS to 1.27 cents​

• No director or controlling shareholder interests beyond company holdings; announcement by CFO Francis Lee, reviewed by ZICO Capital​