The Board of Directors of Metech International Limited announced that the Company had, on 25 March 2024, entered into an SGD 1.0 million interest free loan agreement (the "Loan Agreement") with Mr. Cao Shixuan, who is currently employed as a manager of the Company (the "Lender"). Pursuant to the Loan Agreement, the Lender has agreed to extend an interest free loan of up to SGD 1.0 million (the "Loan") to the Company, subject to the terms and conditions set out in the Loan Agreement. The Loan shall be utilised by the Company for general corporate and working capital purposes only and shall not be utilised for any other purpose(s) unless with the prior written approval from the Lender.

The maturity date of the Loan is a date falling 12 months from the date of the Loan Agreement, save for any events of default, pursuant to which moneys shall immediately fall due. Such events of default include but are not limited to, any fact, event or circumstance that would, in the reasonable opinion of the Lender, render the Company unable to pay its indebtedness to the Lender or to perform its obligations under the Loan Agreement, or any insolvency, liquidation or winding-up event occurring in respect of the Company. It is also a condition of the Loan that the Lender shall continue to be employed by the Company at all relevant times, failing which the Loan Agreement will lapse and all moneys shall become immediately due.