The board of directors of S&T Holdings Limited informed the shareholders (the "Shareholders") of the Company and potential investors that, based on the preliminary review of the unaudited consolidated management accounts of the Group and the information currently made available to the Board, the Group is expected to record a decrease in revenue and net profit for the six months ended 31 March 2020 of more than 30% and 50%, respectively, as compared to the revenue and net profit (excluding listing expenses) for the six months ended 31 March 2019. Such expected decrease is mainly attributable to (i) some of the sizable projects of the Group substantially completed in the end of 2019 and fewer projects awarded in the six months ended 31 March 2020 as compared to the corresponding period ended 31 March 2019; (ii) the first case of novel coronavirus (the "COVID-19") occurred in Singapore in the end of January 2020 causing slowdown of the progress of the on-going projects of the Group. Due to the outbreak of COVID-19 in China, the Chinese workers from subcontractors were unable to report their duty after the Chinese New Year in 2020 and the Group and its subcontractors failed to find enough number of substitute workers to perform the site works of the on-going projects; and (iii) the Malaysia movement control order (the "cordon sanitaire") implemented as a preventive measure by the federal government of Malaysia in response to the COVID-19. The cordon sanitaire involves prohibition of movement which affected the Group's supply chain in construction materials between Malaysia and Singapore since 18 March 2020 to present (tentatively scheduled to expire on 12 May 2020), thus leading to a slowdown of business operation.