JES International : Acquisition of Subsidiary

JES INTERNATIONAL HOLDINGS LIMITED

(Incorporated in the Republic of Singapore on 4 April 2006) (Company Registration Number 200604831K)

ACQUISITION OF A WHOLLY-OWNED SUBSIDIARY IN SINGAPORE

The board of directors of JES International Holdings Limited (the "Company") wishes to announce that it has completed the acquisition of BEBE Singapore Pte Ltd (the "Subsidiary") on 19 May 2017 and pursuant thereto, the Subsidiary has become a wholly-owned subsidiary of the Company.

The issued and paid-up capital of the Subsidiary is S$1.00, comprising of 1 ordinary share of S$1.00 each in the Subsidiary. The Subsidiary was incorporated by Ms Pang Jet Seng (one of the Company's executive director) as a nominee shareholder for and on behalf of the Company in the interest of time. The Company subsequently acquired the entire 1 ordinary share of the Subsidiary from Ms Pang Jet Seng for a cash consideration of S$1.00 (the "Acquisition"), being the equivalent of the entire issued and paid-up capital of the Subsidiary.

The principal activity of the Subsidiary is investment holding.

Ms Pang Jet Seng, being an executive director of the Company as at the date of completion of the Acquisition, is defined as an "Interested Person" whilst the Company is an "Entity at Risk" under Chapter 9 of the Listing Manual of the Singapore Exchange Securities Trading Limited ("Listing Rules"). Accordingly, the Acquisition constitutes an "Interested Person Transaction" within the ambit of Chapter 9 of the Listing Rules. However, as the value at risk is below S$100,000, Rules 905 and 906 of the Listing Rules do not apply.

The Acquisition also does not constitute a disclosable transaction based on the Company's computation of the relevant bases prescribed in Rule 1006 of the Listing Rules.

Other than the abovementioned, none of the directors or the controlling shareholders of the Company have any interest, direct or indirect, in the Acquisition, other than through their respective directorships and/or shareholdings in the Company.

BY ORDER OF THE BOARD JES INTERNATIONAL HOLDINGS LIMITED

JIN YU

Chief Executive Officer 19 May 2017