Asset Acquisitions and Disposals::Sale of Shares in Straits Energy Resources Berhad, a Company Listed on Bursa Malaysia

AVARGA LIMITED

(Formerly known as UPP Holdings Limited) (Incorporated in the Republic of Singapore) (Company Registration Number: 196700346M) (the "Company")

SALE OF SHARES IN STRAITS ENERGY RESOURCES BERHAD (FORMERLY KNOWN AS STRAITS INTER LOGISTICS BERHAD) (THE "TARGET COMPANY"), A COMPANY LISTED ON BURSA MALAYSIA

Unless otherwise defined herein, all capitalised terms used herein shall have the same meanings as ascribed to them in the Company's announcement dated 1 March 2021 (the "Announcement").

The Board of Directors (the "Board") of Avarga Limited (the "Company", and with its subsidiaries, the "Group") refers to the Announcement in relation to the Acquisition by the Company's wholly-owned subsidiary, Avarga Investment Pte. Ltd..

Pursuant to Rules 704(18)(a) and 704(18)(b) of the Listing Manual of the Singapore Exchange Securities Trading Limited, the Board wishes to announce that Avarga Investment Pte. Ltd. has today sold an aggregate of 19,500,000 ordinary shares ("Sale Shares"), representing 2.5% of the issued and paid-up share capital of the Target Company, at average price of RM0.19756 per Sale Share (the "Sale"). The aggregate consideration for the Sale Shares is RM3,852,000 (which is equivalent to S$1,246,000 at the exchange rate of RM3.09 : S$1.00), which constitutes 0.5% of the latest audited consolidated net tangible assets of the Company.

Further information in respect of the Sale and the Group's aggregate cost of investment in quoted securities as at 7 September 2021 are set out below:

		Before the Sale	After the Sale
(i)	Aggregate cost of the Group's quoted	S$4,499	S$3,376
	investments (S$'000)
	Aggregate cost of the Group's quoted	1.8%	1.4%
	investments as a percentage of the latest
	audited consolidated net tangible assets
	of the Company as at 31 December
	2020(1)
(ii)	Total market value of the Group's quoted	S$5,061	S$3,797
	investments (S$'000)
(iii)	Amount of any provision for diminution in	S$Nil	S$Nil
	value of investments (S$'000)
Note:

1. The latest audited consolidated net tangible assets of the Company as at 31 December 2020 was S$245,709,000.

None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the Sale, other than through their shareholding interests, if any, in the Company.

By Order of the Board

Tong Ian

Chief Executive Officer and Executive Director

7 September 2021