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QAF #66 - Full Year Unaudited Financial Statements for the Year Ended 31 December 2020

...Discontinuing operations

As previously announced, the Group intends to focus on the Bakery and the Distribution and Warehousing segments in the core markets of Singapore, Malaysia and the Philippines, catering to a growing 650 million population of ASEAN countries. The sale process for the Group’s Primary Production business, has already started and is ongoing. Several interested parties have been invited to conduct, and are conducting, due diligence on the business. It is expected that following completion of due diligence, negotiation phase for the sale and purchase agreement (SPA) will take place. Subject to successful negotiation and signing of the SPA, completion will take place in the event conditions to be agreed upon, including any requisite regulatory approvals, are satisfied. It is the intention of the Company that upon successful closing of the transaction, the Company will propose payment of a special dividend of 2 cents per share. It is highlighted that there is no assurance that a sale of the Primary Production business or payment of a special dividend will materialise in due course. Shareholders and other investors are reminded to exercise caution when dealing in the securities of the Company and should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisers if they are in doubt about the actions that they should take.