The Board of Directors of HGH Holdings Ltd. and together with its subsidiaries (the "Group"), refers to the announcement in relation to the non-binding memorandum of understanding ("MOU") entered between the Company and AAEX Pte. Ltd. on 8 November 2021 ("Announcement"). The Board updated that the Company has served notice by way of its letter of termination dated 21 January 2022 to terminate the MOU ("Termination") and AAEX has acknowledged the notice of termination.

Following the Termination, the Parties will not proceed with entry into any formalised agreement in relation to the Proposed Collaboration.