General Announcement::Monthly Valuation of Assets and Utilisation of Cash for the month of July 2021

SBI Offshore Limited

(In Members' Voluntary Liquidation)

(Incorporated in the Republic of Singapore on 1 October 1994)

(Company Registration Number: 199407121D)

MONTHLY VALUATION OF ASSETS AND UTILISATION OF CASH

FOR THE MONTH OF JULY 2021

The board of directors (the "Board" or "Directors") and the liquidator of SBI Offshore Limited (the "Company", and together with its subsidiaries, the "Group") wish to announce the following pursuant to Rule 1017(1)(b) of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist ("Catalist Rules"):-

Monthly Valuation of Assets and Utilisation of Cash

1. The Group's assets and liabilities as at 31 July 2021 were as follows:-

		US$'000
Assets
Cash and cash equivalents(1)	9,507
Other receivables	137
Plant and equipment	1
Total assets	9,645
Less:-
Liabilities
Other payables	1,207
Deferred tax liabilities	4
Total liabilities	1,211
Net Assets		8,434

1. The Group's utilisation of cash in the month of July 2021 was as follows:-

		US$'000
Opening cash and cash equivalents	9,546
Payments:-
-	Staff costs and related expenses	(13)
-	Directors' remuneration(2)	(15)
-	Professional fees(3)	(5)
-	Rental expenses	(1)
-	Other expenses	(2)
		9,510
Effect of foreign exchange rate changes on cash and cash equivalents(4)	(3)
Closing cash and cash equivalents(1)	9,507

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Notes:-

1. Cash and cash equivalents comprise (i) escrow sum of US$3,268,000 (comprising the escrowed amount as well as interest earned on the escrow account of RMB21,113,483.71) maintained in CIMB Bank Berhad Shanghai Branch; and (ii) non-escrow sum of US$6,239,000. On 24 February 2021, the previous escrow monies maintained by the Company in CIMB Bank Berhad Singapore Branch was released upon the Company's appointment of a Liquidator (as approved by shareholders at the extraordinary general meeting held on 7 January 2021).
2. Directors' remuneration relates to remuneration paid for services rendered by the Directors, to assist in the liquidation of the Company, and matters relating to past affairs of the Company. The liquidator of the Company has approved such payment to the Directors, having considered, among others, that the Company's legal adviser, Harry Elias Partnership LLP, had opined that there is no prohibition under the Companies Act (Chapter 50) of Singapore for the aforementioned payment to the Directors, in view of their intended nature.
3. Professional fees include, inter alia, fee paid to Harry Elias Partnership LLP to prepare for the cash distribution to shareholders on 31 May 2021 and other adhoc legal service fee.
4. The foreign exchange difference arose mainly from translation of balances or transactions denominated in Singapore Dollar and Chinese Renminbi.

All figures set out in this announcement have notbeen reviewed or audited by the Company's auditors.

For and on behalf of the Company (In Members' Voluntary Liquidation)

Don Ho Mun-Tuke

Liquidator

16 August 2021

This announcement has been prepared by SBI Offshore Limited (the "Company") and its contents have been reviewed by the Company's sponsor, ZICO Capital Pte. Ltd. (the "Sponsor"), in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist.

This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Ms. Alice Ng, Director of Continuing Sponsorship, ZICO Capital Pte. Ltd. at 8 Robinson Road, #09-00 ASO Building, Singapore 048544, telephone [phone].

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