The Board of Kelfred Holdings Limited announced that on 1 September 2023, the Company has entered into the Master Product Sales Agreement with DEM, pursuant to which the Group agreed to sell the Products and DEM agrees to purchase the Products for a term commencing on 1 September 2023 and ending on 31 December 2025. Term The term of the Master Product Sales Agreement shall commence from 1 September 2023 and expire on 31 December 2025 (both days inclusive). Payment The purchase price payable by DEM to the Group under the Product Sales shall be settled in cash or by way of bank transfer.

The payment terms shall be negotiated and agreed between the parties in the individual agreements to be entered into by DEM and members of the Group pursuant to the Master Product Sales Agreement.