Shengzhou Lv Huan Digital Offset Printing Co., Ltd. entered into an agreement to acquire 60% stake in Matex Chemicals (Taixing) Co., Ltd. from Matex International Limited (Catalist:M15) for CNY 64 million on April 2, 2021. As per the terms, Shengzhou shall pay CNY 6.1 million as equity consideration and shall pay CNY 57.9 million outstanding loans owned by Matex Chemicals to Matex International. A deposit of CNY 5 million has been paid. As of December 31, 2020, Matex Chemicals reported revenue of SGD 11.95 million (CNY 58.87 million). The transaction is subject to obtained the approval from shareholders of Matex International, waivers of first refusal by other two shareholders of Matex Chemicals and other two shareholders of Matex Chemicals agreeing to sell to Shengzhou Lv by signing their respective transfer agreements. Directors of Matex International Limited recommend that Shareholders vote in favour of the ordinary resolution relating to the Proposed Disposal. The long stop date of the transaction is December 31, 2021. Matex International will use the consideration received from disposal for general working capital and to repay intercompany loans other loans and borrowings, dividends due to non-controlling interests, and for general working capital. The Net tangible assets will increase from SGD 0.043 to SGD 0.053 and loss per share will increase from SGD 0.02 to SGD 0.001 per share. Beijing Colliers International Real Estate Valuation Co., Ltd acted as independent valuer for Matex International. RHTLaw Asia LLP acted as legal advisor to Matex. As of November 30, 2021 the Proposed Disposal was approved by shareholders of the Matex International at an extraordinary general meeting held on 28 April 2021. The Board wishes to announce that the Parties to the Agreement have mutually agreed to extend the Long-Stop Date to 30 June 2022 and had on 30 November 2021 signed a supplemental agreement to give effect to the above. As of June 30, 2022, Matex International Limited (Catalist:M15) received CNY 32 million from the purchaser as partial payment of the total consideration. As of August 29, 2022, Shenyang Chemical Research Institute Co., a minority shareholder of MCT has obtained its internal approval for the disposal of its 15% stake in MCT to the purchaser.

Shengzhou Lv Huan Digital Offset Printing Co., Ltd. completed the acquisition of 60% stake in Matex Chemicals (Taixing) Co., Ltd. from Matex International Limited (Catalist:M15) on August 29, 2022. The remaining consideration of CNY 32 million has been received.