The board of directors of Khoon Group Limited announced that Mr. Yeo Kwang Maccann ("Mr. Yeo") has resigned as an independent non-executive Director, the chairman of the remuneration committee of the Company (the "Remuneration Committee") and a member of each of the audit committee of the Company (the "Audit Committee") and the nomination committee of the Company (the "Nomination Committee") with effect from 31 August 2023 in order to devote more time to his personal and other business commitments. The Board further announces that, upon the recommendation of the Nomination Committee, Mr. Fok Wai Hung ("Mr. Fok") has been appointed as an independent non-executive Director the chairman of the Remuneration Committee and a member of each of the Audit Committee and the Nomination Committee with effect from 31 August 2023. Mr. Fok, aged 46, obtained a bachelor's degree of commerce from the Hong Kong Shue Yan University in 2009.

He is a fellow member of the Association of Chartered Certified Accountants and a member of Hong Kong Institute of Certified Public Accountants. He has over 14 years of experience in auditing, accounting, and financial management. Mr. Fok has entered into an appointment letter with the Company for an initial term of three years commencing from 31 August 2023, and thereafter from year to year, and may be terminated in accordance with its terms. He will hold office until the first annual general meeting of the Company after his appointment and will be eligible for re-election at such annual general meeting, thereafter, he shall be subject to retirement by rotation and re- election at least once every three years in accordance with the second amended and restated memorandum and articles of association of the Company.