The Board of Target Insurance (Holdings) Limited and Dr. Ng Yu, on 8 March 2023, the Group entered into a new revolving facility agreement with Smart Neo. Pursuant to the Revolving Facility Agreement, Smart Neo shall grant a revolving loan up to the principal amount of AED 100,000,000 (equivalent to approximately HKD 210,000,000) to the Group for a term of 24 months effective from the date of the Revolving Facility Agreement. The Revolving Facility is unsecured and the repayment terms of loans drawn thereunder shall be subject to mutual agreement between Smart Neo and the Group upon draw-down of each tranche.

The Revolving Facility will bear simple interest on its outstanding principal amount at the rate of 4% per annum. The funds drawn down from the Revolving Facility shall be used strictly for the development of the international insurance business via the UAE insurer Himalayas Insurance FZE-LLC.