CHASEN HOLDINGS LIMITED

(Company Registration No.: 199906814G)

(Incorporated in the Republic of Singapore)

VARIANCE BETWEEN THE UNAUDITED FULL YEAR FINANCIAL RESULTS ANNOUNCMENT AND AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2021

The Board of Directors of Chasen Holdings Limited (the "Company" or the "Group") refers to the Company's unaudited full year financial statements and related announcement ("Results Announcement") for the financial year ended 31 March 2021 which was released on 30 May 2021.

The Board wishes to announce that subsequent to the Results Announcement, the following reclassification adjustment for bank loans of S$3.1 million from non-current liabilities to current liabilities was made, as three of the Company's subsidiaries at 31 March 2021 had loan gearing ratio of 1.58 times which was above the bank's required ratio of 1.5 times.

Statement of Financial Position

S$'000

Unaudited Results

Audited Results

Variance

Non-current liabilities

Bank loans

24,240

21,115

(3,125)

Current Liabilities

Bank loans

33,576

36,701

3,125

Request to waive the gearing ratio requirement was sought and subsequent to the reporting date, the subsidiaries had obtained the waiver from the said bank.

By Order of the Board

Low Weng Fatt

Managing Director and CEO

13 July 2021

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Chasen Holdings Limited published this content on 13 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2021 14:36:08 UTC.