The board of directors of Far East Consortium International Limited announced that with effect from 1 January 2024, (i) Ms. Wing Kwan Winnie CHIU ("Ms. Winnie CHIU") and Ms. Jennifer Wendy CHIU ("Ms. Wendy CHIU") will be appointed as Joint Managing Directors of the Company; (ii) Ms. Wendy CHIU will be appointed as an Executive Director of the Company; and (iii) Mr. Cheong Thard HOONG ("Mr. HOONG") will be redesignated as Managing Director of Far East Organization (International) Limited which has a controlling stake in the Company. Mr. HOONG will remain as an Executive Director of the Company focusing on the strategic development of the Company. With effect from 1 January 2024, Ms. Winnie CHIU will also be appointed as the Chairman of Dorsett Hospitality International Limited ("Dorsett").

Ms. Winnie CHIU joined the Group in September 2005 as a Director of Property Development and was later appointed as an Executive Director of the Company in June 2019 after gaining extensive hands-on leadership experience across all businesses of the Group globally. Ms. Winnie CHIU has been the President of Dorsett since June 2010 where she oversees the strategic growth and development of the Group's hotel business. She has been instrumental in driving Dorsett to grow from 11 hotels in 3 geographical locations to more than 40 hotels globally in just 13 years.

The hotel business has been one of the Company's most important source of recurring income in the past decade providing capital to facilitate the Group's expansion in real estate and other businesses globally. Ms. Wendy CHIU, aged 40, joined the Group in September 2005, establishing the Group's inaugural interior design department and subsequently taking the helm as Project Director of all major property developments in June 2016. Currently, Ms. Wendy CHIU is the Managing Director, Global Project of the Company, where she oversees all pipeline property developments within the Group's global portfolio while managing the Company's construction companies in the United Kingdom and Australia.