RAFFLESINTERIOR (01376) issued an announcement regarding the acquisition of 51% of the shares of the target company, Wuhan Erchang Soda Co., Ltd., involving matters relating to the issuance of convertible stock notes under general authorization. All prerequisites under the agreement have been met and completed on January 5, 2024. The convertible notes were issued on the completion date in accordance with the same terms and conditions as those disclosed in such announcements, but the conversion period has been revised to provide flexibility for early exercise of conversion rights. The conversion period begins 12 months from the date the convertible note is issued (or an earlier date determined from time to time by the Board of Directors) and ends on the maturity date (including the first and last two days).
After completion, the target company has become an indirect subsidiary of the company, and the target company's financial data will be comprehensively recorded in the company's financial statements.