General Announcement::UTILISATION OF PROCEEDS FROM THE RIGHTS CUM WARRANTS ISSUE

ANNAIK LIMITED

(Company Registration No. 197702066M)

(Incorporated in the Republic of Singapore)

UTILISATION OF PROCEEDS FROM THE RIGHTS CUM WARRANTS ISSUE

The board (the "Board") of directors (the "Directors") of AnnAik Limited (the "Company") refers to the announcements on 28 December 2018, 11 July 2019, 29 July 2019, 5 September 2019, 17 September 2019, 9 October 2019, 11 October 2019, 15 November 2019, 14 August 2020, 15 October 2020, 11 November 2020, 26 February 2021, 1 April 2021, 26 July 2021 and the Company's offer information statement dated 17 September 2019 in relation to the Rights cum Warrants Issue (the "Offer Information Statement") relating to, among others, the Rights cum Warrants Issue. Unless otherwise defined, all terms and references used herein shall bear the same meanings ascribed to them in the Offer Information Statement.

The Board wishes to provide an update that the Company has, during the period 26 July 2021 to the date of this announcement, utilised the remaining approximately S$0.159 million for investment in environmental business from the net proceeds.

As at the date of this announcement, the Company has fully utilised the net proceeds from Rights cum Warrant Issue as follows:

	Allocation	Total utilisation as at	Balance
	2 Sep 2021
	S$'000	S$'000	S$'000
Undertake
potential
investment in	1,680	(1,680)	-
distribution and
environmental
business
Working capital	701	(701)*	-
requirement
Repayment of	265	(265)	-
bank borrowings
Total	2,646	(2,646)	-

Note

*S$701,000 relates to settlement of Trust receipts for purchase of inventories.

The above utilisation of the proceeds from the Rights cum Warrant Issue is in accordance to the percentage allocated as disclosed in the announcement on 15 November 2019.

The Company will provide a status report on the use of the Rights cum Warrants issue in its annual reports as may be required under the Catalist Rules.

BY ORDER OF THE BOARD

Ng Kim Keang

Director

2 September 2021

This announcement has been reviewed by the Company's Sponsor, Hong Leong Finance Limited. It has not been examined or approved by the Exchange and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.

The contact person for the Sponsor is Ms Vera Leong, Vice President, Hong Leong Finance Limited, at 16 Raffles Quay, #01-05 Hong Leong Building, Singapore 048581, telephone [phone].