Southern Archipelago Ltd. provided preliminary group unaudited earnings guidance for the six months ended 30 June 2022. For the period, the group is expected to report net losses. The expected losses are mainly due to: the recognition of share options expenses in relation to the grant of option pursuant to the Blumont Employee Share Option Scheme 2013 announced by the Company on 17 June 2021; and additional professional fees incurred in relation to the corporate proposal announced by the Company on 1 October 2021 comprising the proposed acquisition of 100% of the issued and paid-up share capital in Mendol Investments Pte.

Ltd. and Hinako Investments Pte. Ltd. and 60% of the issued and paid-up share capital in Prime Holdings Pte. Ltd., Enggano Investments Pte.

Ltd. and Mesawak Investments Pte. Ltd., and the proposed renounceable non-underwritten rights cum warrants issue.