We refer to the circular to the shareholders of the Company in relation to, among others, the private placement of up to 20% of the total number of issued shares of Avillion (“Placement”) dated 3 December 2019 (“Circular”) as well as the previous announcements in relation to the Placement. Unless otherwise stated, the terms used herein shall have the same meaning as defined in the said announcements.

In the best interest of the Company, the Board wishes to announce that it has resolved to vary the use of proceeds raised from the Placement. 

The detalied variation is attached herewith for reference.