Axington Inc. entered into a non-binding memorandum of understanding to acquire Mushan Food Industries, Mushan Foods, Vitamax Food International Sdn Bhd and Vitamax Food Beverages Co. from Lim Boon Chay, Tan Soo See, Tan Soo Seng and Wong Sin Ting.

Axington Inc. (Catalist:42U) entered into a non-binding memorandum of understanding to acquire Mushan Food Industries, Mushan Foods, Vitamax Food International Sdn Bhd and Vitamax Food Beverages Co. from Lim Boon Chay, Tan Soo See, Tan Soo Seng and Wong Sin Ting on July 18, 2022. As announced by the Company on 31 March 2022, the Company has received a further 6-month extension of time till 30 September 2022 (the "Extension of Time") to sign a definite sale and purchase agreement and to submit a RTO application to Singapore Exchange Regulation Pte.

Ltd. The Company shall be required to submit a fresh extension of time application of up to 6 months to complete the RTO, upon submission of the RTO application to the Singapore Exchange Regulation Pte. Ltd. The transaction is subject to approval of shareholders by Axington, approval from the Securities Industry Council of Singapore, due diligence and approval from the SGX-ST for the listing and quotation of the new Shares to be issued pursuant to the Agreement.