The board of directors of Asia Vets Holdings Ltd. Announced that the veterinary clinics operated by the Group have temporarily closed due to expiry of the licences to operate the clinics on 30 June 2023. The Company has submitted applications to the relevant authority and expects the new Licences to be issued within one week from the date of this announcement, subject to approval from the authority. The Company did not renew the Licences prior to their expiry due to an administrative oversight arising from a change in personnel.

To strengthen its internal control procedures, the Board and the management of the Company will implement the following measures with immediate effect:- - The renewal of key operational licences (including the Licences) will be monitored by the key management of the Company which includes Chief Executive Officer, Chief Financial Officer and Managing Director besides the Operation Manager/Executive; - An auto-alert on renewal of key operational licences will be set up on the Group's computer system and an alert will be sent to the Operation Manager/Executive and the above-mentioned key management at least 30 days prior to expiry of the licences; and - Any change in the Group's contact person for licences shall be notified to the relevant authorities within one week of change, such that the relevant authorities could contact the Group's representative in respect of the licences. The Company will closely monitor the status of the applications of its Licences and make necessary announcements as and when there are further material developments on the status of the applications. Barring unforeseen circumstances, the Board believes that the temporary closure of the two veterinary clinics will not have any material impact on the Group's operations and financials for the financial year ending 31 December 2023.