Tat Seng Packaging Group Ltd (SGX:T12) announced the spin-off of Tat Seng Packaging (Suzhou) Co Ltd on February 25, 2021. Pursuant to the terms of the spin-off, Tat Seng Packaging Group Ltd would be listing Tat Seng Packaging (Suzhou) Co Ltd along with other subsidiaries on a suitable stock exchange. The transaction is subject to, inter alia, the requisite approvals and consents from the Singapore Exchange Securities Trading Limited ("SGX-ST"), other relevant regulatory authorities and any other parties being obtained, compliance with the Listing Manual of the SGXST and the then prevailing market conditions. The proposed spin-off is also expected to be subject to the approval of the shareholders of Tat Seng Packaging Group Ltd. Tat Seng Packaging Group Ltd (SGX:T12) cancelled the spin-off of Tat Seng Packaging (Suzhou) Co Ltd on August 12, 2021. Tat Seng Packaging Group Ltd is of the opinion that the current global economic environment, taking into consideration the impact of the global COVID-19 pandemic outbreak, as well as the volatile global equity markets are not conducive for the proposed spin-off and listing. Furthermore, the Board wishes to update that Tat Seng Packaging Group Ltd has not yet received the requisite approval from the Singapore Exchange Securities Trading Limited in respect of the proposed spin-off. Accordingly, Tat Seng Packaging Group Ltd is of the opinion that it would not be in the interests of shareholders of Tat Seng Packaging Group Ltd to proceed with the proposed spin-off under current conditions.