JY Grandmark Holdings Limited announced that on 29 December 2022, the Company as borrower, Hang Seng Bank Limited as agent and certain other financial institutions as lenders, among others, entered into a facility agreement in relation to a term loan facility in the aggregate principal amount of HKD 517,470,000 for a term of 36 months after the date of the Facility Agreement subject to the terms and conditions as set out therein. Pursuant to the Facility Agreement, if the family trust of Mr. Chan Sze Ming Michael ceases to beneficially own directly or indirectly more than 50% of the issued shares in or to control the Company; or Mr. Chan ceases to remain or continue to act as chairman and executive director of the Company or to maintain control over the management and business of the Company and its subsidiaries, the Company shall promptly notify the Agent upon becoming aware of that event; a lender shall not be obliged to fund the utilization; and the Facility will be immediately and automatically cancelled and all outstanding loans together with accrued interest and all other amounts accrued or outstanding under the finance documents will become immediately due and payable within ten days of demand by the Agent. As at the date of this announcement, IQ EQ (BVI) Limited is a trustee of the family trust of Mr. Chan, a discretionary trust with Mr. Chan as the settlor and protector.

IQ EQ (BVI) Limited indirectly held approximately 72.90% of the total issued share capital of the Company as at the date of this announcement.