Asia-Pacific Strategic Investments Limited - Annual Report 2021

Significant Events

DATE

FINANCIAL CALENDAR Annual General Meeting

30 Dec 2020 10 Feb 2021 26 Aug 2021

Announcement of 1HFY2021 Financial Results

Announcement of 2HFY2021 and FY2021 Financial Results

DATE

SIGNIFICANT ANNOUNCEMENTS

30 Aug 2020

Announced the application to the SGX-ST for an extension of time to announce its unaudited financial statements for financial year ended 30 June 2020 (“FY2020”) from the current deadline of 29 August 2020 to 28 October 2020, and for an extension of time to hold its annual general meeting (“AGM”) for FY2020 from the current deadline of 31 October 2020 to 30 December 2020. An application had also been submitted to the Accounting and Corporate Regulatory Authority of Singapore (“ACRA”) for an extension of time to hold its AGM for FY2020 by 30 December 2020 and to file its annual return for FY2020 by 29 January 2021 (the “ACRA Applications”). The Company has received approval from ACRA for the ACRA Applications on 27 August 2020. Grant of extension of time from the SGX-ST to announce the unaudited financial results of the Company for FY2020 by 28 October 2020 and the Company’s application for an extension of time to hold the AGM for FY2020 by 30 December 2020. Sale and Purchase Agreement (the “28% SPA”) with 中房联合置业集团有限公司 (the “Vendor”) for the proposed acquisition of the remaining 28% issued equity interest in Zhongfang Lianhe Grand Canal Cultural Tourism Group Co., Ltd 中房联合大运河文化旅游集团有限公司 (the “Target Company”) for a consideration of RMB9,800,000 (the “Proposed 28% Acquisition”) - received a Writ of Summons from No. 4 Intermediate People’s Court of Beijing, the People’s Republic of China, whereby the Vendor has made an application to the court seeking the following: i) to compel the Company to complete the Proposed 28% Acquisition and pay to the Vendor the consideration of RMB9,800,000 (approximately S$1,970,000 at an exchange rate of RMB1 = S$0.201) immediately; ii) to pay to the Vendor the late payment penalty of RMB1,930,600 (approximately S$388,000 at an exchange rate of RMB1 = S$0.201); and iii) to pay the Vendor’s cost of action on an indemnity basis. The Company is currently seeking legal advice from its legal counsel, Shanghai Hiways Law Firm 上海市 海华永泰律师事务所 on the above matter with a view to proceed on a course of action that is in the best interest of the Company. Pursuant to legal advice received from its legal counsel, the Board is of the view that the Vendor’s claim is without basis as, inter alia , the 28% SPA has terminated and has ceased to have any force and effect as of 7 April 2020 and the Vendor has in a letter dated 30 April 2020 acknowledged the termination of the Proposed 28% Acquisition. The 28% SPA - the Court has passed a judgement on 27 November 2020, dismissing the applications by the Vendor in its entirety. Announced the change of the Company name to Asia-Pacific Strategic Investments Limited with effect from 31 December 2020 and the change of its trading counter name will take effect from 9.00 a.m. on 6 January 2021. Announced an additional investment of RMB10 million in the registered share capital of its subsidiary in China, Zhongfang Lianhe Grand Canal Cultural Tourism Group Co., Ltd 中房联合大运河文化旅游集 团有限公司 (the “Grand Canal Group”). Following the additional investment, the equity interests of the Company in Grand Canal Group has increased from 72% to 76.7% and the remaining equity interests is held by 中房联合置业集团有限公 司 . Announced the entry into a non-binding term sheet (the “Term Sheet”) with a corporation (the “Seller”) for the acquisition of the Seller’s hospitality business (the “Target”) consistent with the Group’s principal activities. Pursuant to the Term Sheet, the Company will issue new ordinary shares in the capital of the Company for the acquisition of the 100% equity interest in the Target (the “Proposed Acquisition”). The Proposed Acquisition is in the preliminary stage. The Company and the Seller are in the process of negotiating the terms of the Proposed Acquisition and the definitive agreement(s) to be entered into. There is no certainty or assurance that any definitive agreement(s) will be entered into. Announced the change of the Company’s continuing sponsor from Stamford Corporate Services Pte Ltd to PrimePartners Corporate Finance Pte Ltd (“PPCF”). The change of the continuing sponsor is due to commercial reasons, specifically that the Company is of the view that PPCF may be better positioned to advise on future corporate action(s) to be undertaken by the Company.

16 Sep 2020

21 Sep 2020

4 Dec 2020

31 Dec 2020

26 Mar 2021

22 April 2021

18 Jun 2021

ASIA-PACIFIC STRATEGIC INVESTMENTS LIMITED

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