General Announcement::MONTHLY CASH POSITION UPDATE AND UPDATE OF MILESTONE IN OBTAINING A NEW BUSINESS

AXINGTON INC.

(Company Registration No.: LL12218)

(A Company incorporated under the Labuan Companies Act 1990, Malaysia)

MONTHLY VALUATION OF ASSETS AND UTILISATION OF CASH FOR THE MONTH OF NOVEMBER 2021 AND UPDATE OF MILESTONE IN OBTAINING A NEW BUSINESS

The Board of Directors (the "Board") of Axington Inc. (the "Company", and together with its subsidiaries, the "Group") wishes 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"):

1. MONTHLY VALUATION OF ASSETS AND UTILISATION OF CASH
   1.1 The Company's assets and liabilities as at 30 November 2021 are as follows:-

	S$'000
Assets
Escrow account	26,620
Cash and cash equivalents	2,055
Trade and other receivables	1,091
Prepayment	47
	29,814
Less:-
Liabilities
Other payables and accruals	478
Net Assets	29,336

1.2 The Company's utilisation of cash and cash equivalents for the period from 1 November 2021 to 30 November 2021 is as follows:-

Opening balance as at 1 November 2021 Add:

- Unrealised gain from FX translation(1)

Less:

• Professional services(2)
• Director fees(3)
• Other expenses(4)

Closing balance as at 30 November 2021

S$'000

2,097

1

18

15

10

2,055

Notes:

1. Adjusted for the unrealised FX movements arising from foreign currency cash holdings.
2. Mainly comprise of payment for legal and consultancy services.

1. Director fees paid to current directors.
2. Mainly comprise of payment on behalf of subsidiary, storage cost and bank charges.

All figures provided in this announcement have not been reviewed or audited by the Company's auditors.

2) UPDATE OF MILESTONE IN OBTAINING NEW BUSINESS

The Company continues to engage potential investors and actively identifies prospective businesses which will be able to meet the requirements of the SGX-ST. The Company will make further announcement(s) of any material developments.

Shareholders of the Company ("Shareholders") and potential investors of the Company are advised to read this announcement and any further announcements by the Company carefully. Shareholders are advised to refrain from taking any action in respect of their securities in the Company, which may be prejudicial to their interests, and to exercise caution when dealing in the securities of the Company. In the event of any doubt, Shareholders and potential investors of the Company should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisers.

By Order of the Board

Ang Chiang Meng

Executive Director

16 December 2021

This announcement has been prepared by the Company and reviewed by the Company's sponsor, Novus Corporate Finance Pte. Ltd. ("SPONSOR"), in compliance 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 Mr. Pong Chen Yih, Chief Operating Officer, 7 Temasek Boulevard, #18-03B Suntec Tower 1, Singapore 038987, telephone [phone].