OEL (Holdings) Limited announced the resignation of Yap Koon Loong as Independent Non-Executive Director. Job Title: Independent Non-Executive Director, Chairman of Audit Committee and a member of Remuneration Committee and Nominating Committee Other DirectorShips Past: Crosspoint Telecom Pte. Ltd; Lighthouse Capital Pte Ltd. Other DirectorShips Present: Chongqing Yuhai Precision Manufacturing (Singapore) Co.

Pte. Ltd; Ooway Technology Pte Ltd; FFC Alliance Pte. Ltd; Asian Unicorn Club Pte.

Ltd; Asian Accounts Receivable Exchange Pte. Ltd; OOLife Holding Pte. Ltd; Cigar Master International Pte.

Ltd. Reason For Cessation: Mr. Yap Koon Loong (‘Mr. Yap') has tendered his resignation as an Independent Director of the Company (‘Resignation') to reorganise his personal and professional commitments. Following his Resignation, Mr. Yap will also cease to be the Chairman of the Audit Committee and a member of the Nominating Committee and Remuneration Committee. After having interviewed Mr. Yap and to the best of its knowledge, the Company's Sponsor, Evolve Capital Advisory Private Limited, is satisfied that saved as disclosed in this announcement, there are no other material reasons for his resignation as Independent Non-Executive Director of the Company.