The board of directors of ES Group (Holdings) Limited announced that ES Chartering Pte. Ltd. (the "Buyer", being the Company's wholly-owned subsidiary) had, on 4 February 2021, entered into a Memorandum of Agreement (the "MOA") with Aulac Corporation (an unrelated third party) (the "Seller", and together with the Buyer, the "Parties") in relation to the proposed acquisition of a vessel (the "Vessel") from the Seller (the "Proposed Acquisition"). The Vessel is a Vietnamese flagged oil product tanker with a cargo capacity of 13,654 DWT (deadweight tonnage) that was built in China in 2008. Pursuant to the MOA, the Vessel shall be acquired by the Buyer without any encumbrance and underlying chartering contract. The purchase consideration of the Vessel is USD 4.15 million (equivalent to approximately SGD 5.52 million1) (the "Consideration"), to be satisfied fully in cash.