The board of directors of Southeast Asia Properties & Finance Limited announced that pursuant to the service contract entered into between Mr. Gilson Chua and the Company commencing from 1 April 2017, the tenure of such contract will expire on 31 March 2020. In this connection, Mr. Chua has indicated in a letter to the Company dated 20 March 2020 that he does not intend to renew such service contract. Accordingly, Mr. Chua will resign as an executive director of the Company on 31 March 2020. Mr. Gilson Chua will remain as the director and deputy general manager of Nan Sing Plastics Limited and the director of certain subsidiaries of the Group, in order to focus on the Group's manufacturing and distribution of plastic packaging materials business. Mr. Gilson Chua has confirmed to the Board that he has no conflict with the Board and there is no matter in relation to his resignation that needs to be brought to the attention of the shareholders of the Company.