Starlite : SUPPLEMENTAL ANNOUNCEMENT IN RELATION TO A DISCLOSEABLE TRANSACTION

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SUPPLEMENTAL ANNOUNCEMENT

IN RELATION TO A DISCLOSEABLE TRANSACTION

Reference is made to the announcement of the Company dated 1 April 2021 (the "Announcement"). Unless otherwise defined in this announcement, all capitalised terms used in this announcement shall have the same meanings as defined in the Announcement.

The Board announces that based on the audited financial statements of the Target Company for the financial year ended 31 March 2020, the net liabilities of the Target Company as at 31 March 2020 was HK$1,595,399 which included, among other things, property, plant and equipment of HK$6,665,376; cash and bank balances of HK$23,888; secured bank mortgage loans in the amount of HK$4,041,110; an amount due to a director of HK$166,502 and an amount due to a related company of HK$4,007,551. Pursuant to the Provisional Agreement, such bank mortgage loans shall be repaid and redeemed by the Vendor on the Completion Date and such amounts due to a director and a related company shall be assigned to the Purchaser on the Completion Date.

Based on the audited financial statements of the Target Company for the financial year ended 31 March 2020, the net loss (both before and after taxation) of the Target Company for the two financial years ended 31 March 2020 and 31 March 2019 was HK$53,862 and HK$78,559 respectively. The abovementioned net loss of the Target Company was mainly attributable to the depreciation of the property, plant and equipment charged for the corresponding year.

On behalf of the Board

Starlite Holdings Limited

Lam Kwong Yu

Chairman

Hong Kong, 12 April 2021

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As at the date of this announcement, the Executive Directors of the Company are Mr. Lam Kwong Yu, Mr. Tin Shing and Mr. Poon Kwok Ching, the Non-Executive Directors is Ms. Yeung Chui, and the Independent Non-Executive Directors are Mr. Chan Yue Kwong, Michael, Mr. Kwok Lam-Kwong, Larry, SBS, JP and Mr. Tam King Ching, Kenny.

* For identification purpose only

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