The board of directors of Café de Coral Holdings Limited announced that the Company's long-term succession plan to transiting from owner management to a professional management model has achieved significant progress with the appointment of a new Chief Executive Officer effective from 1 April 2024. The succession of the Company's Chief Executive Officer, with details below, marks a key milestone of the Group's ongoing efforts in management transition. This transformation is designed to effectively adapt to the ever-changing market dynamics and drive the Group's continuous development and sustainable growth.

Mr. Lo Tak Shing, Peter ("Mr Lo") shall retire as Chief Executive Officer of the Company effective from 1 April 2024. He will remain as an Executive Director of the Company and an authorised representative of the Company under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and Part 16 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong). Mr. Lo, aged 62, joined the Group in 1996.

He has been an Executive Director since 1998 and the Chief Executive Officer since April 2016. Mr. Lo has been playing an important role in crafting the Group's long-term strategic plan and overseeing the Group's business development and operations. The Board has appointed Ms Leung Ho Ting, Piony ("Ms Leung") to succeed Mr. Lo as the Chief Executive Officer effective from 1 April 2024.

Ms Leung, aged 52, joined the Group in February 2019 and is currently the Managing Director (Hong Kong). Ms Leung is responsible for managing and developing the Group's business and different functions in Hong Kong. She also serves as a director of various subsidiaries of the Company.

In her new role as the Chief Executive Officer, Ms Leung will oversee the business in Hong Kong and Mainland China, providing visionary leadership to set the strategic direction of the Group for sustainable growth and profitability. Furthermore, she will assume responsibility for the overall management of the organisation, providing oversight of all operational aspects of the Group and driving its overall success. Ms Leung has over 25 years of experience in retail and fast moving consumer goods industries across Asia Pacific region.

Prior to joining the Group, Ms Leung held senior management positions with leading multinational corporations with extensive experience in general management, brand marketing as well as strategic business development. She holds a Bachelor's Degree of Arts from The University of Hong Kong.