General Announcement::Update on the use of proceeds from the Placement of 1,079,007,920 New Ordinary Shares

CAPALLIANZ HOLDINGS LIMITED (Formerly known as CWX Global Limited) (Incorporated in the Republic of Singapore) (Company Registration No. 199905693M)

UPDATE ON THE USE OF PROCEEDS FROM THE PLACEMENT OF 1,079,007,920 NEW ORDINARY SHARES IN THE CAPITAL OF CAPALLIANZ HOLDINGS LIMITED

The board of directors (the "Board") of CapAllianz Holdings Limited (formerly known as CWX Global Limited) (the "Company", together with its subsidiaries, referred to as the "Group") refers to the Company's announcements dated 25 February 2021, 19 March 2021 and 29 March 2021 (the "Announcements") in relation to the placement of 1,079,007,920 new ordinary shares at an issue price of S$0.00504 per share in the capital of the Company (the "Placement").

Pursuant to the Placement, the Company raised net proceeds amounting to approximately S$4,119,000 (after deducting all expenses in connection with the Placement and after taking into account the Set Off of Loan (as defined in the Company's announcement dated 25 February 2021) (the "Net Proceeds").

Further to the Announcements, the Company wishes to provide an update on the use of the Net Proceeds as follows:

				Amount utilised	Balance of Net
			Allocation of Net	as at	Proceeds as at the date
Use of Net Proceeds	Proceeds	27 July 2021	of this announcement
			(S$'000)	(S$'000)	(S$'000)
- Funding	of	the	2,059 to 3,089	2,405	-
Group's	Investment	(50% to 75% of Net
and Trading Business	Proceeds)
Segment
- General	Working	1,029 to 2,059	1,714*	-
Capital of the Group	(25% to 50% of Net
			Proceeds)
Total			4,119	4,119	-

*The breakdown of the use of the Net Proceeds for general working capital of the Group is as follows:

	Amount
	(S$'000)
Repayment of bank borrowings and interests	1,340
General and administrative expenses including office	374
expenses, staff costs and administrative expenses
Total
1,714

The Company had fully utilised the Net Proceeds as at the date of this announcement as set out in the table above. The use of the Net Proceeds is in accordance with the intended use as stated in the Company's announcement dated 25 February 2021.

1

By Order of the Board

Pang Kee Chai, Jeffrey

Executive Director and Chief Executive Officer

27 July 2021

This announcement has been prepared by CapAllianz Holdings Limited (the "Company") and its contents have been reviewed by the Company's sponsor (the "Sponsor"), ZICO Capital Pte. Ltd., in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist.

This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement including the correctness of any of the statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Ms Goh Mei Xian, Associate Director, ZICO Capital Pte. Ltd. at 8 Robinson Road #09-00 ASO Building, Singapore 048544, telephone [phone].

2