On 14 December 2022, Min Xin Holdings Limited as the borrower has entered into a new facility letter with a bank as the lender whereby the Bank has agreed to make available to the Company a revolving loan facility of up to HKD 390,000,000. The Bank may at any time without prior notice modify, cancel or suspend the Facility at its sole discretion including, without limitation, cancelling any unutilised facility, and declaring any outstanding amount to be immediately due and payable. The Bank may also, at its sole discretion, by notice to the Company vary, amend or supplement any of the terms of the Facility Letter or any applicable general terms and conditions.

If the Company does not agree to the variation, amendment or supplement, the Facility shall be terminated immediately and shall immediately cease to be available for further utilisation and all accrued or outstanding liabilities of the Company under the Facility shall become immediately due and payable. Pursuant to the Facility Letter, amongst other things, the Company undertakes to procure Fujian Investment & Development Group Co. Ltd., the controlling shareholder of the Company, shall beneficially own not less than 50% of the issued share capital of the Company during the term of the Facility Letter.

Breach of such undertaking will constitute an event of default and all amounts (including principal and interest) due and owing by the Company to the Bank under the Facility Letter shall become immediately due and payable. As at the date of this announcement, FIDG is beneficially interested in approximately 59.53% of the issued share capital of the Company.