Asia-Pacific Strategic Investments Limited - Annual Report 2021

RISK MANAGEMENT AND PROCESSES

The Company does not have a Risk Management Committee. However, Management regularly reviews the Group’s business and operational activities to identify areas involving significant business risks as well as appropriate measures to control and mitigate such risks. Management reviews all significant control policies and procedures and highlights all significant matters to the Board and the AC.

SPONSORSHIP

The Company is currently under the SGX‑ST Catalist sponsor-supervised regime. During the financial year ended 30 June 2021, the Company changed its continuing sponsor from Stamford Corporate Services Pte Ltd (“SCSPL”) 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. For the financial year ended 30 June 2021, SCSPL and PPCF did not provide any other non-sponsor services to the Company and no non-sponsor fees were paid during the financial year. However, Morgan Lewis Stamford LLC which is an affiliate of SCSPL, was paid an amount of S$8,000 for legal services provided to the Company for the financial year ended 30 June 2021.

SUSTAINABILITY REPORT

The Company’s fourth sustainability report which covers the period from 1 July 2020 to 30 June 2021 will be published in November 2021 on SGXNet. The report will be prepared with reference to the Global Reporting Initiative Standards and is in line with the requirements of the Catalist Rules. The report highlights the key economic, environmental, social and compliance factors such as anti-corruption, energy and non-discrimination.

WHITEWASH WAIVER

Capitalised terms used below, unless otherwise defined, shall have the same meanings as defined in the circular to shareholders of the Company dated 21 November 2017 (the “2017 Circular”).

In connection with the Rights cum Warrants Issue (as defined in 2017 Circular), the Securities Industry Council of Singapore (the “SIC”) had on 6 November 2017 waived the obligation under Rule 14 of the Singapore Code on Take-overs and Mergers (the “Code”) for Mr Oei Hong Leong (“Mr Oei”) and his concert parties (the “Concert Party Group”) to make a Mandatory Offer for the Company in the event the Concert Party Group increases their aggregate shareholding in the Company to 30% or more based on the Company’s enlarged issued share capital as a result of:

(a) the subscription for Rights Shares (as defined in 2017 Circular) pursuant to the Sub-underwriting Commitment (as defined in 2017 Circular) or the Rights cum Warrants Issue,

(b) the exercise of Warrants (as defined in 2017 Circular) subscribed for pursuant to the Sub-underwriting Commitment or the Rights cum Warrants Issue, or

(c)

the exercise of Adjustment Warrants (as defined in 2017 Circular),

(the “Whitewash Waiver”).

ANNUAL REPORT 2021

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