The Board of Directors of Sunzen wishes to announce that the Company had on 4 July 2019 entered into the following agreements with Low Yuan Heng [NRIC No. 781205-01-6183] (“Purchaser”) and Amplio Ingredients Sdn. Bhd. [Company No. 1045181-W] (“Amplio”), a 70% owned subsidiary of the Company:-

1. Settlement Agreement between Sunzen and the Purchaser (“Settlement Agreement”);
2. Call Option Agreement between Sunzen and Purchaser;
3. Restated Loan Agreement between Sunzen and Amplio;
4. Personal Guarantee from the Purchaser in favour of Sunzen; and
5. Power of attorney from the Purchaser in favour of Sunzen;  

(collectively referred as “Transaction Documents”), 

to settle and resolve the controversies and disputes arising from the following agreements and the management and operation of Amplio:-

1. Sale of Shares Agreement entered between Sunzen, Purchaser and Cheong Wai Loon [NRIC No. 801201-14-5741] (“CWL”) dated 8 May 2018;
2. Shareholder’s Agreement entered between Sunzen, Purchaser and CWL dated 8 May 2018;
3. Letter of Guarantee issued by Purchaser and CWL dated 8 May 2018; and
4. Loan Agreement entered between Sunzen and Amplio dated 6 July 2018.

Further details of the Settlement Agreement are set out in the attachment.

This announcement is dated 4 July 2019.