Further to our announcement made on 28 August 2020, we wish to furnish the following additional information:-

(1)        All Key Audit Matters (“KAM”) disclosed in the external auditors’ report in relation to the audited financial statements for the financial period ended 31 March 2020

            Please refer to the attachment annexed herewith as Appendix I for details of all the KAM.

(2)        Steps taken or proposed to be taken to address the key audit matter that relates to the modified opinion.

            The Directors of the Company will continuously monitor the progress of the associate and engage with its directors on the activities, whilst constantly assessing the possibility of  credit loss arising and need for impairment.

(3)        Timeline for the steps referred to item (2) above

             Barring any unforeseen circumstances, the Board expects the amount to be repaid throughout the property development project and fully settled by March 2025.

This announcement is dated 1 September 2020.