Kritsada Tunpow entered into a sale and purchase agreement to acquire a 35% stake in Chokdee Dimsum Corporation Company Limited from NauticAWT Limited (Catalist:42D) for SGD 2.21 million on March 31, 2022. At Completion, Tunpow shall deliver a banker's draft made in favour of the NauticAWT Limited (Catalist:42D) or cash for the Purchase Consideration. Tunpow will buy 0.7 million ordinary shares. Tunpow is currently the director of the Chokdee Dimsum and holds 61.17% stake. For the financial year ended December 31, 2021, the net tangible assets (“NTA”) of the Target was SGD 6.32 million as at December 31, 2021 and the net loss of the Target was SGD 0.49 million. The transaction is subject to all necessary approvals from its board of directors and shareholders (at an extraordinary general meeting of the Company to be convened) and the approval from the SGX-ST. The Company intends to utilise the net proceeds from the Proposed Disposal for the following purposes: (a) Repayment of loan extended by Chirasak Chiyachantana; (b) Working capital and other general corporate purposes. As of June 29, 2022, Kritsada Tunpow and NauticAWT entered into a contract extension agreement to extend the long stop date from June 30, 2022 to August 31, 2022. As of August 30, 2022, Kritsada Tunpow and NauticAWT entered into second extension agreement to extend the long stop date to September 30, 2022. Kritsada Tunpow requires more time to fulfil the condition precedents for completion of the proposed disposal. All other terms and conditions of the original agreement remain unchanged. As of September 30, 2022, Kritsada Tunpow and NauticAWT entered into third extension agreement to extend the long stop date to November 30, 2022.

Shook Lin & Bok LLP acted as legal advisor for NauticAWT.