The Board of Directors of Pacific Star Development Limited announced that the company has on 7 June 2022 entered into: a loan agreement with Cheong Shiang Kiat and a loan agreement with Kingwood Services Limited. In this announcement: Lender 1 and Lender 2 shall be referred to collectively as the "Lenders", and each a "Lender"; Loan Agreement 1 and Loan Agreement 2 shall be referred to collectively as the "Loan Agreements", and each a "Loan Agreement"; and the loans under the Loan Agreements shall be referred to collectively as the "Loans", and each a "Loan". Pursuant to the Loan Agreements, which are identical in form and substance, Lender 1 and Lender 2 have each agreed to grant a loan facility in the principal amount of SGD 100,000 to the company, subject to the terms and conditions set out in the respective Loan Agreements.

Accordingly, the Lenders are lending a total of SGD 200,000 to the company. Availability Period: The period commencing from and including the date of the Loan Agreement up to and ending on and including the date falling one month from the date of the Loan Agreement, or any other date as may be mutually agreed by the Company and the Lender. Purpose: The company shall apply all amounts borrowed by it under the Loan towards repayment of debts owed by the Company to its former wholly-owned subsidiary, LH Aluminium Industries Pte Ltd. (in liquidation).

As at the date of the Loan Agreement, there is a sum of SGD 410,792.17 owing by the Company to LHAI, such amount pertains to advances provided by LHAI to the Company prior to LHAI liquidation.