KEONG HONG HOLDINGS LIMITED

Incorporated into the Republic of Singapore

(Company registration number: 200807303W)

CONCLUSION OF A MEMORANDUM OF UNDERSTANDING WITH CONTINENTAL HOPE SINGAPORE INDUSTRIAL DEVELOPMENT PTE. LTD. FOR THE JOINT EXPLORATION AND DEVELOPMENT OF HOTEL PROJECTS

  1. INTRODUCTION
    The Board of Directors of Keong Hong Holdings Limited (the “Society” and with its subsidiaries, the “Group“) wishes to announce that the Company entered into a memorandum of understanding on February 7, 2022 (the “PE“) with Continental Hope Singapore Industrial Development Pte. Ltd. (“continental hope“) (collectively with the Company, the “Parties“and each one”Party“) within the framework of its business cooperation in the hotel industry to share their respective strengths in the hotel industry and networks in the Maldives, Japan, Singapore, mainland China and other countries. (the “Cooperation“).
  2. CONTINENTAL HOPE INFORMATION
    Continental Hope (Company Registration Number: 201115361W) was incorporated in Singapore on June 30, 2011 with its registered office at 51, Changi Business Park Central 2, #09-03, The Signature, Singapore 486066. Continental Hope is a 100% subsidiary of Continental Espoir
    Group (‘CHG“) based in Chengdu, China. Continental Hope is mainly engaged in the development of overseas markets. CHG is expanding its cultural and tourist activities in mainland China, and Continental Hope plans to leverage CHG’s resources for cooperation.
  3. RATIONALE AND BENEFITS FOR COOPERATION
    The purpose of cooperation is to establish a long-term and mutually beneficial relationship, to collaborate in good faith in potential and future hotel projects. It is expected that the Parties will share their respective strengths in the hotel industry and networks in the Maldives, Japan, Singapore, mainland China and other countries.
    The Chinese market has become an important source of tourists and business tourists in the Asia-Pacific region, especially for the Maldives and Singapore markets, and is the main destination for Chinese tourists and business travelers. With the gradual relaxation of COVID-19 rules, the tourism industry will recover for the foreseeable future. Signing the MOU enables both parties to leverage each other’s business advantages to generate greater business profits. The Company expects this cooperation to bring long-term positive growth benefits to its business.
    Shareholders should note that the parties will enter into such definitive agreement(s) relating to the foregoing as may be required in due course and the Board will make such announcements thereon to advise shareholders when such agreements have been reached.

1

For the avoidance of doubt, the entering into by either party of any other definitive agreement relating to the purposes consistent with this Memorandum of Understanding will be subject to such approval as may be necessary to obtain from their shareholders. respective and/or Board of Directors under applicable laws.

  1. MORE INFORMATION
    The Memorandum of Understanding sets out the initial intentions of the parties with respect to the fundamental objectives and scope of the cooperation and is subject to the execution of subsequent agreements between the parties. Except for clauses relating to exclusivity, taxes, costs and expenses, confidentiality, termination, governing law, dispute resolution, binding effect and effectiveness, the protocol agreement is non-binding.
    The MOU exclusivity period lasts 90 business days from the signing of the MOU. During this period, the Parties shall have the exclusive right to negotiate on matters covered by the final agreement(s). If the Parties fail to perform the definitive agreement(s) upon expiration of the aforementioned exclusivity period, each Party shall be entitled to terminate the MOU.
  2. INTERESTS OF DIRECTORS AND SIGNIFICANT SHAREHOLDERS
    The reputed significant shareholder, LJHB Holdings (S) Pte. is linked to Continental Hope. Ms. Liu Hai Yan directly owns 100% of LJHB Holdings (S) Pte. Ltd., which in turn owns 100% of Continental Hope.
    Mr. Xu Quanqiang, a non-independent non-executive director of the company, is the managing director of LJHB Holdings (S) Pte Ltd and Continental Hope.
    Except as set forth above, none of the directors or majority shareholders have any interest, direct or indirect, in the memorandum of understanding, other than their equity interest in the company.
  3. CAUTION
    Shareholders and potential investors are advised to exercise caution when trading in securities of the Company. Shareholders and potential investors should note that the conclusion of the MOU may or may not lead to the conclusion of other definitive agreements with the parties involved. There is no certainty or assurance that definitive agreements will be reached. Shareholders are urged to read this announcement and any other Company announcement carefully. Shareholders should consult their stockbrokers, bankers, lawyers or other professional advisers if they are in any doubt as to what action to take.

By order of the council

Lo Swee Oi

Company Secretary

February 7, 2022

Warning

Keong Hong Holdings Ltd. published this content on February 07, 2022 and is solely responsible for the information contained therein. Distributed by publicunedited and unmodified, on February 08, 2022 01:00:08 UTC.

Public now 2022

All news about KEONG HONG HOLDINGS LIMITED

Sales 2020 82.9 million
61.7 million
61.7 million
Net result 2020 -18.0M
-13.4M
-13.4M
Net debt 2020 103M
76.9 million
76.9 million
2020 PER ratio -4.30x
2020 performance
Capitalization 90.5 million
67.3 million
67.3 million
EV / Sales 2019 1.06x
EV / Sales 2020 2.18x
# of employees 300
Floating 7.61%

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