Asia Enterprises : Application For Extension Of Time To Hold Agm For The Fye 31 December 2019

ASIA ENTERPRISES HOLDING LIMITED

(Company Registration No. 200501021H)

(Incorporated in Singapore)

(the "Company")

APPLICATION FOR EXTENSION OF TIME TO HOLD ANNUAL GENERAL MEETING

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019

1. INTRODUCTION
   The Board of Directors of Asia Enterprises Holding Limited (the "Company" and together with its subsidiaries, the "Group") wishes to announce that the Company has made an application to the Singapore Exchange Securities Trading Limited (the "SGX-ST") to seek a waiver from complying with the requirements of Rule 707(1) of the Listing Manual of the SGX-ST (the "Listing Manual"), and an extension of time to hold the Company's annual general meeting ("AGM") for the financial year ended 31 December 2019 ("FY2019"). The Company also had, on 30 March 2020, made an application to the Accounting and Corporate Regulatory Authority ("ACRA") for an extension of time to hold its AGM by 29 June 2020 and to file its annual return by 30 July 2020, under Sections 175(2) and 197(1B) of the Companies Act, Chapter 50 of Singapore ("Companies Act"), respectively.
2. DETAILS OF THE APPLICATION

2.1. Singapore Exchange Regulation ("SGX RegCo") had announced on 27 February 2020 that it will grant an extension of up to 30 June 2020 to issuers to hold AGMs to approve their 31 December

2019 financial results, if they fulfil the following criteria:

1. their financial year-end is 31 December 2019; and
2. approval of a similar application for extension of time by ACRA or other relevant regulatory authorities (where applicable).

2.2. The Board confirms that:

1. the Company's financial year-end for FY2019 is 31 December 2019;
2. the Company had on 30 March 2020, made an application to ACRA for an extension of time to hold its AGM by 29 June 2020 and to file its annual return by 30 July 2020, under Sections 175(2) and 197(1B) of the Companies Act, respectively;
3. the extension of time, if granted by the SGX-ST and ACRA, will not be in contravention of any laws and regulations governing the Company and its Constitution; and
4. the Company will upload its FY2019 annual report onto the Singapore Exchange website ("SGXNet") and also submit the same to the SGX-ST by 15 April 2020. Shareholders are advised to check SGXNet and the Company's website for updates regarding the despatch of the Company's annual report, which will be mailed to shareholders at least 14 days before the date of AGM.

1. The reason for making the applications to ACRA and SGX-ST is due to the stricter safe distancing measures announced by the Ministry of Health on 24 March 2020 to reduce further spread of Covid-19. In view of the current situation, the Company is taking a cautious approach by extending the time to hold its AGM before 29 June 2020. Upon receiving the responses from ACRA and SGX- ST, the Company will consider the appropriate measures and arrangements to facilitate the holding of an AGM, as required or recommended by government agencies to minimise the risk of community spread of Covid-19.
2. The Company will update shareholders on the outcome of the applications to ACRA and SGX-ST in due course.

By order of the Board

Lee Yih Chyi

Managing Director

31 March 2020