# EDGAR Filing Document

**Accession Number:** 0001905511
**File Stem:** 0001493152-26-021923
**Filing Date:** 2026-5
**Character Count:** 708283
**Document Hash:** e49ffe0c79fc0be85d797de09d00f9ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-021923.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0001493152-26-021923

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 111

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260508

**DATE AS OF CHANGE**: 20260508

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JE Cleantech Holdings Ltd
- **CENTRAL INDEX KEY:** 0001905511
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS MANUFACTURING INDUSTRIES [3990]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41335
- **FILM NUMBER:** 26957664

**BUSINESS ADDRESS:**
- **STREET 1:** 3 WOODLANDS SECTOR 1
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 738361
- **BUSINESS PHONE:** 65-6368-4198

**MAIL ADDRESS:**
- **STREET 1:** 3 WOODLANDS SECTOR 1
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 738361

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 20-F**

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL
 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-41335

**JE CLEANTECH HOLDINGS LIMITED**

(Exact name of Registrant as specified in its charter)

**Cayman Islands**

(Jurisdiction of incorporation or organization)

**3 Woodlands Sector 1**

**Singapore 738361**

(Address of principal executive offices)

**Bee Yin Hong, CEO**

**Tel: +65 6368 4198**

**Email: Elise.hong@jcs-echigo.com.sg**

**3 Woodlands Sector 1**

**Singapore 738361**

(Name, Telephone, email and/or fax number and address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| **Class A Ordinary Shares, par value US$0.003** | **JCSE** | **The Nasdaq Stock Market LLC** |

---

Securities registered pursuant to Section 12(g) of the Act: **None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:1 **None**

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

1,752,720 Class A Ordinary Shares and 3,500,000 Class B Ordinary Shares at December 31, 2025.

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act of 1933.

Yes ☐ No ☒

If the report is an annual or transition report, indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15D of the Securities Exchange Act of 1934.

Yes ☐ No ☒

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.

Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated filer ☒ <br> Emerging Growth Company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the Registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☒ International Financial Reporting Standards as issued by the International Accounting Standards Board ☐ Other ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the Registrant has elected to follow:

Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)

Yes ☐ No ☒

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| [PART I](#cy_001) |  | 3 |
| Item 1. | [Identity of Directors, Senior Management and Advisors](#cy_002) | 3 |
| Item 2. | [Offer Statistics and Expected Timetable](#cy_003) | 3 |
| Item 3. | [Key Information](#cy_004) | 3 |
| Item 4. | [Information on the Company](#cy_005) | 20 |
| Item 4A. | [Unresolved Staff Comments](#cy_006) | 53 |
| Item 5. | [Operating and Financial Review and Prospects](#cy_007) | 53 |
| Item 6. | [Directors, Senior Management and Employees](#itm_001) | 79 |
| Item 7. | [Major Shareholders and Related Party Transactions](#itm_002) | 87 |
| Item 8. | [Financial Information](#itm_003) | 89 |
| Item 9. | [The Offer and Listing](#itm_004) | 89 |
| Item 10. | [Additional Information](#itm_005) | 89 |
| Item 11. | [Quantitative and Qualitative Disclosures about Market Risk](#itm_006) | 99 |
| Item 12. | [Description of Securities Other Than Equity Securities](#itm_007) | 100 |
| [PART II](#itm_008) |  | 100 |
| Item 13. | [Defaults, Dividend Arrearages and Delinquencies](#itm_009) | 100 |
| Item 14. | [Material Modifications to the Rights of Security Holders and Use of Proceeds](#itm_010) | 100 |
| Item 15. | [Controls and Procedures](#itm_011) | 100 |
| Item 16. | [Reserved](#itm_012) | 101 |
| Item 16A. | [Audit Committee Financial Expert](#itm_013) | 101 |
| Item 16B. | [Code of Ethics](#itm_014) | 101 |
| Item 16C. | [Principal Accountant Fees and Services](#itm_015) | 101 |
| Item 16D. | [Exemptions from the Listing Standards for Audit Committees](#itm_016) | 102 |
| Item 16E. | [Purchases of Equity Securities by the Issuer and Affiliates Purchasers](#itm_017) | 102 |
| Item 16F. | [Changes in Registrant's Certifying Accountants](#itm_018) | 102 |
| Item 16G. | [Corporate Governance](#itm_019) | 102 |
| Item 16H. | [Mine Safety Disclosure](#itm_020) | 102 |
| Item 16I. | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#itm_021) | 102 |
| Item 16J. | [Insider Trading Policies](#itm_022) | 102 |
| Item 16K. | [Cybersecurity](#itm_023) | 102 |
| [PART III](#itm_024) |  | 103 |
| Item 17. | [Financial Statements](#itm_025) | 103 |
| Item 18. | [Financial Statements](#itm_026) | 103 |
| Item 19. | [Exhibits](#itm_027) | 104 |
| [SIGNATURES](#itm_028) | [SIGNATURES](#itm_028) | 105 |

---

**FORWARD-LOOKING STATEMENTS**

This Annual Report on Form 20-F contains forward-looking statements. A forward-looking statement is a projection about a future event or result, and whether the statement comes true is subject to many risks and uncertainties. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. The actual results or activities of the Company will likely differ from projected results or activities of the Company as described in this Annual Report, and such differences could be material.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results and performance of the Company to be different from any future results, performance and achievements expressed or implied by these statements. In other words, our performance might be quite different from what the forward-looking statements imply. You should review carefully all information included in this Annual Report.

You should rely only on the forward-looking statements that reflect management's view as of the date of this Annual Report. We undertake no obligation to publicly revise or update these forward-looking statements to reflect subsequent events or circumstances. You should also carefully review the risk factors described in other documents we file from time to time with the Securities and Exchange Commission (the "SEC"). The Private Securities Reform Act of 1995 contains a safe harbor for forward-looking statements on which the Company relies in making such disclosures. In connection with the "safe harbor," we are hereby identifying important factors that could cause actual results to differ materially from those contained in any forward-looking statements made by us or on our behalf. Factors that might cause such a difference include, but are not limited to, those discussed in the section titled "Risk Factors" under Item 3. - "Key Information."

**FINANCIAL STATEMENTS AND CURRENCY PRESENTATION**

We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America and publish our financial statements in United States Dollars.

**REFERENCES**

In this Annual Report, "China" refers to all parts of the People's Republic of China other than the Special Administrative Region of Hong Kong. The terms "we," "our," "us," "the Group" and the "Company" refer to JE Cleantech Holdings Limited and, where the context so requires or suggests, our direct and indirect subsidiaries. References to "dollars," "U.S. Dollars" or "US$" are to United States Dollars and "SGD" are to Singaporean Dollars.

**OVERVIEW**

Our Group is based in Singapore and is principally engaged in: (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Our cleaning systems business, which started in 2006, includes the design, development, manufacture and sale of cleaning systems for various industrial end-use applications to customers mainly in Singapore and Malaysia. We have also provided centralized dishwashing services since 2013 and general cleaning services since 2015, mainly for food and beverage establishments in Singapore.

**PART I**

**Item 1. Identity of Directors, Senior Management and Advisors**

Not Applicable

**Item 2. Offer Statistics and Expected Timetable**

Not Applicable

**Item 3. Key Information**

**A. Reserved**

**B. Capitalization and Indebtedness**

Not applicable

**C. Reasons for the Offer and Use of Proceeds.**

Not applicable

**D. Risk Factors**

You should carefully consider the following risks, together with all other information included in this Annual Report. The realization of any of the risks described below could have a material adverse effect on our business, results of operations and future prospects.

**Risks Related to Our Business and Industry**

 

***We have a limited number of customer groups and our business is significantly dependent on our major customer groups' needs and our relationships with them. We may be unsuccessful in attracting new customers.***

Our aggregate sales generated from our top five customer groups amounted to approximately 66.1%, 70.1% and 73.7% of our revenue for the years ended December 31, 2023, 2024 and 2025, respectively. In particular, sales to our largest customer group, which is principally engaged in the manufacture of hard disk drives ("HDD") and semiconductors, amounted to approximately SGD4.4 million, SGD7.8 million and SGD9.5 million, representing approximately 24.2%, 40.4% and 46.8% of our revenue, for the years ended December 31, 2023, 2024 and 2025, respectively.

Accordingly, our sales would be significantly affected by changes in our relationship with or in the needs of our major customer groups, particularly our largest customer group, as well as other factors that may affect their purchases from us, many of which are beyond our control. Any adverse changes in the economic conditions in the markets in which our customer groups operate and in their business expansion plans may negatively affect their purchasing practices and result in a reduction in demand for our products and services. Furthermore, we have a limited number of customer groups for both our sale of cleaning systems and other equipment business and our centralized dishwashing and general cleaning services business. If our major customer groups do not place their new orders with us, our business, financial condition, results of operations and prospects could be materially and adversely affected. In addition to maintaining and growing our business with existing customers, the success of our business also depends on our ability to attract new customers. If we are unable to attract new customers, our business growth will be hampered and our business, financial condition, results of operations and prospects may be materially and adversely affected.

 ****

***We are dependent upon our largest customer group for a substantial amount of our revenue.***

We derived a significant portion of our revenue from our largest customer group during the years ended December 31, 2023, 2024 and 2025. Our sales to that customer group amounted to approximately SGD4.4 million, SGD7.8 million and SGD9.5 million for the years ended December 31, 2023, 2024 and 2025, respectively, which accounted for approximately 24.2%, 40.4% and 46.8% of our total revenue for those years. We expect that this customer group will continue to account for a significant portion of our total revenue for a considerable period of time if we cannot expand our customer base and our geographic coverage. There is no assurance that we will be able to maintain the same or achieve even higher sales amounts to that customer group. Our sales to such customer group will be affected by the results of operations of the companies within that group, which may in turn be affected by many factors such as global and/or regional political, economic or social conditions, foreign trade or monetary policies, legal or regulatory requirements or taxation or tariff regime, demand for their products and implementation of sales and marketing strategies for their products. If the companies within our largest customer group are unable to launch their marketing plans for their products successfully, or if there is any material and adverse change in political, economic or social conditions, foreign trade or monetary policies, legal or regulatory requirements or taxation or tariff regime or if the demand for their products weakens materially, and if we are unable to develop new customers and secure purchase orders of comparable size or under substantially the same terms, our business, financial condition, results of operations and prospects may be materially and adversely affected. Further, if we fail to achieve more diversified income or reduce our reliance on such customer group, or if we fail to secure a similar level of business from other customers on comparable commercial terms, such that the reduction in revenue from our largest customer group could be partly or wholly offset, our business, financial condition, results of operations and prospects may be materially and adversely affected.

In addition, there is generally no long-term commitment from customers of our cleaning systems and other equipment business to purchase an agreed amount from us. Therefore, any material change in a customer's product development plan may also directly affect its demand for our products. If we fail to quote a competitive price to our customer, if the quality of our products does not meet our customer's specifications or if there is any disruption to our business relationship with our customer, we may be unable to secure further business from such customer. Any significant decrease in sales to any of our customers for any reason, including any disruption to our business relationship with them, may materially and adversely affect our business, financial condition, results of operations and prospects.

***We are subject to risks relating to the operation of our production and centralized dishwashing facility.***

We are dependent on our JCS Facility for our operations, which houses both our production and our centralized dishwashing operations. Our combined production and centralized dishwashing facility is subject to the risk of operational breakdowns caused by accidents occurring during the production and centralized dishwashing processes, including, but not limited to, faulty machines, suspension of utilities, human error or subpar output or efficiency. Any interruption in, or prolonged suspension of any part of production at, or any damage to or destruction of, our production and centralized dishwashing facility arising from unexpected or catastrophic events or otherwise may prevent us from carrying out our businesses of the sale of cleaning systems and other equipment and provision of centralized dishwashing services to our customers, which in turn may result in a material adverse effect on our results of operations and financial condition. In addition, any interruption or suspension of the production process or any failure to supply our products and/or services to our customers in a timely manner may result in breach of contract, loss of sales and loss of customers, as well as expose us to liability and the requirement to pay compensation under the relevant contracts with our customers, lawsuits and damage to our reputation, which may have a material and adverse effect on our business, financial condition, results of operations and prospects.

The operation of our production and centralized dishwashing facility is also subject to risks and issues in respect of our production and dishwashing processes, such as mechanical and system failures, equipment upgrades and delays in the delivery of machinery and equipment, any of which could cause interruption or suspension of the production and dishwashing processes and reduced output.

Additionally, there may be accidents or injuries to our workers caused by the use of machinery or equipment at our production and centralized dishwashing facility, which could interrupt our operations and result in legal and regulatory liabilities. While none of our workers were involved in any work-related accidents or suffered any work-related injuries during the years ended December 31, 2023, 2024 or 2025 or during the period from January 1, 2026 through the present date, there is no assurance that there will not be any such accidents or injuries in the future, which could cause operational breakdowns. Any such operational breakdowns, interruptions or suspensions may affect our business, financial condition, results of operations and prospects.

***The non-recurring nature of our cleaning systems and other equipment business means that there is no guarantee that we will be able to secure new orders, leading to fluctuations in revenue.***

We do not enter into any long term agreements with our customers for sale of cleaning systems and other equipment, and sell cleaning systems and other equipment on an order-by-order basis. Therefore, our customers are under no obligation to continue to award contracts to or place orders with us and there is no assurance that we will be able to secure new orders in the future. In this regard, the number of contracts and orders and the amount of revenue that we are able to derive therefrom are affected by a series of factors including but not limited to changes in our customers' businesses and changes in market and economic conditions.

Accordingly, there is uncertainty as to whether we will be able to secure new contracts and orders in the future and in the event that our Group fails to secure new contracts or orders of contract values, size and/or margins comparable to previous orders, our business, financial condition, results of operations and prospect may be materially and adversely affected.

***We do not enter into long-term agreements for the provision of centralized dishwashing and general cleaning services and there is no assurance that such agreements will be renewed in the future.***

The term of our agreements for our provision of centralized dishwashing services and general cleaning services is usually for a period of one to two years. Our customers are not obliged to renew the agreement or engage us again for the provision of such services upon the expiration of the agreement. We do not have any long-term agreements with our customers.

There is no assurance that our existing customers will renew their agreements or that we will be able to secure new contracts from our existing and new customers with similar or better terms. In the event that we are unable to secure new contracts from existing or new customers, there may be a significant decrease in revenue and our business, financial condition, results of operations and prospects may be materially and adversely affected.

 ****

***We depend on our key management team and our experienced and skilled personnel and our business may be severely disrupted if we are unable to retain them or to attract suitable replacements.***

Our performance depends on the continued service and performance of our directors and senior management because they play an important role in guiding the implementation of our business strategies and future plans. We also depend on our key employees, Mr. Wui Chin Hou and Mr. Zhao Liang. The relationships that our experienced management team has developed with our customers over the years are important to the future development of our business. If any of our directors, any members of our senior management or either of our key employees were to terminate their services or employment, there is no assurance that we would be able to find suitable replacements in a timely manner. The loss of services of either of these key personnel and/or the inability to identify, hire, train and retain other qualified engineering, technical and operations personnel in the future may materially and adversely affect our business, financial condition, results of operations and prospects.

As Ms. Hong Bee Yin, our Chairman, Executive Director and Chief Executive Officer, contributes significantly to various key aspects of our business, including business development and operations, the continued success and growth of our Group is dependent on our ability to retain her services. Although we carry key person life insurance on the life of Ms. Hong, the loss of Ms. Hong's services as our Chairman, Executive Director and Chief Executive Officer may materially and adversely affect our business, future plans and prospects.

We also rely on experienced and skilled personnel for our operations and our ability to design and manufacture quality products and provide good customer care service depends to a large extent on whether we are able to secure adequately skilled personnel for our operations. In particular, we rely on our team of qualified engineers for the design and manufacture of our cleaning systems. If we are unable to employ suitable personnel, if our personnel do not fulfill their roles or if we experience a high turnover of experienced and skilled personnel without suitable, timely or sufficient replacements, the quality of our products and/or services may decline, which may adversely affect our business, financial condition, results of operations and prospects.

***We may be affected by the prospects of the industries in which our customers are engaged.***

Our cleaning systems and other equipment sales business is largely dependent on orders and contracts from our major customers, which are primarily in the hard-disk drive, semiconductor and industrial electronics equipment/product manufacturing industries in Singapore and Malaysia. Our provision of centralized dishwashing services and ancillary services is dependent on contracts from our customers in the food and beverage industry in Singapore. We are therefore dependent on the outlook for these industries, and are indirectly exposed to the uncertainties and business fluctuations of these industries. Accordingly, our business may be adversely affected if there is any slowdown in the growth and development of such industries that compels industry participants to reduce their capital expenditures and budgets. These industries are also subject to the impact of the industry cycle, general market and economic conditions and government policies and expenditures, which are factors beyond our control. A decline in the number of new contracts and orders due to these factors may cause us to operate in a more competitive environment, and we also may be required to be more competitive in our pricing which, in turn, may adversely impact our business, financial condition, results of operations and prospects.

***The war in Ukraine and the conflicts in the Middle East, including the recent war in Iran, could materially and adversely affect our business and results of operations.***

The uncertainties regarding the effects and duration of global hostilities, including the outbreak of war in Ukraine, the Israel-Gaza and Hezbollah conflict and, most recently, the war in Iran, and any associated military campaigns has affected global economic markets, including a dramatic increase in the price of oil and gas, and the uncertain resolution of these conflicts could result in protracted and/or severe damage to the global economy. Russia's military interventions in Ukraine have led to, and may lead to, additional sanctions being levied by the United States, European Union and other countries against Russia. Russia's military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect our customers' businesses and our business, even though we do not have any direct exposure to Russia or the adjoining geographic regions. In addition, Russia and Ukraine are major exporters of critical minerals needed for semiconductors, which could have a significant negative impact on many of our customers. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but have already been substantial. Any such disruptions caused by Russian military action or resulting sanctions may magnify the impact of other risks described in this section. We cannot predict the progress or outcome of the situation in Ukraine, as the conflict and governmental reactions are rapidly developing and beyond our control.

In addition, the recent armed conflict between Israel and Hamas is highly unpredictable, and this conflict could lead to further significant market and other disruptions, including significant volatility in commodity prices, supply of energy resources, instability in financial markets and political and social instability, as well as increases in cyberattacks and espionage. Prolonged unrest, intensified military activities or more extensive sanctions impacting the region could have a material adverse effect on the global economy, and such effect could in turn have a material adverse effect on our business, financial condition, results of operations and prospects.

On February 28, 2026, the United States and Israel launched coordinated military strikes against Iran, including attacks on strategic military infrastructure and leadership targets, with the stated aim of degrading Iran's capacity to conduct or support hostile operations against them. In response, Iran has fired missiles and drones toward population centers and military installations in Israel*,* Europe and neighboring countries in the Gulf region, and has launched counter-strikes against U.S. forces and allied bases throughout the Gulf region. Ongoing political instability and heightened geopolitical tensions involving Iran, including the potential for military escalation and broader regional conflict, may adversely affect global economic conditions, disrupt markets and supply chains, adversely alter supplies and the price of oil and other minerals and create uncertainties that could negatively impact our business operations, financial condition and results of operations. A broader regional conflict involving additional state and non-state actors remains a significant risk.

***We may be unable to meet the specifications of our customers or keep up with fast-changing technological developments.***

The needs of our customers may change as a result of new developments in technology. Our future success depends on our ability to launch better cleaning systems that meet evolving market demands of our customers, and in particular, new cleaning systems that are compatible with new products sold by our customers. The preferences and purchasing patterns of our customers can change rapidly due to technological developments in their respective industries. There is no assurance that we will be able to respond to changes in the specifications of our customers in a timely manner. Our success depends on our ability to adapt our products to the requirements and specifications of our customers. There is also no assurance that we will be able to sufficiently and promptly respond to changes in customer preferences to make corresponding adjustments to our products or services, and failing to do so may have a material and adverse effect on our business, financial condition, results of operations and prospects.

***We are vulnerable to fluctuations in the cost or supply of our raw materials.***

Expenses for raw materials, such as stainless steel, aluminum and electronic components, are the largest component of our cost of revenues, representing approximately 40.5%, 40.7% and 38.5% of our total cost of revenues for the years ended December 31, 2023, 2024 and 2025, respectively. Expenses for raw materials as a percentage of our total cost of revenue have not materially changed through the present date. A shortage of raw materials or material increases in the cost of raw materials may materially and adversely affect our operations and profitability, and there is no assurance that we will be able to identify suitable alternatives at comparable prices and quality in order to meet our contract requirements.

As our contract price is fixed at the time that our customer confirms an order, it is difficult for us to manage the pricing of our cleaning systems and other equipment to pass on any increase in costs to our customers. In the event of a shortage of raw materials, there may be a resultant material increase in the purchase prices of such key materials. In such event, if we are unable to pass on such price increases to our customers, our cost of production will increase whereupon our gross margin and profitability may be adversely affected.

The prices at which we purchase such raw materials are determined principally by market forces such as the relevant supply of and demand for such raw materials, as well as our bargaining power with our suppliers. During the fiscal year ended December 31, 2025, the majority of our raw materials were commonly available from the market, although their prices are affected by market forces. We monitor supply and cost trends of these raw materials and take appropriate action to obtain the materials we need for production. We expect fluctuations in the cost of key materials to continue to affect our margins, although not materially.

All of the raw materials we procure, including stainless steel, aluminum and electronic components, are purchased from a number of suppliers to ensure adequate supply and efficient delivery to our production and processing facilities.

 ****

***We are subject to risks relating to computer hardware or software systems and potential computer system failure and disruptions.***

Part of our work is carried out by computers and software systems used for design and engineering works such as the ANSYS Discovery, SolidWorks and AutoCAD software systems. During the years ended December 31, 2023, 2024 and 2025, we engaged third party information technology service providers to provide support services for our various hardware and software systems. The computer systems of our Group are currently located at our office in Singapore, with access restricted to authorized personnel. A physical breakdown of and/or damage to our computer hardware and software systems and/or data storage facilities may lead to a loss of data. In addition, our software systems may be vulnerable to interruptions due to events beyond our control, including, but not limited to, telecommunications or electricity failure, computer viruses, hackers and other security issues, and any such interruption or failure could disrupt our business and operations. There is no assurance that we have sufficient ability to protect our computer hardware and software systems and data storage facilities from all possible damage, including telecommunications or electricity failure or other unexpected events.

 ****

***We are subject to environmental, health and safety regulations and penalties, and may be adversely affected by new and changing laws and regulations.***

We are subject to laws, regulations and policies relating to the protection of the environment and to workplace health and safety. We are required to adopt measures to control the discharge of polluting matters, toxic substances or hazardous substances and noise at our production and processing facilities in accordance with such applicable laws and regulations and to implement such measures that ensure the safety and health of our employees. Changes to current laws, regulations or policies or the imposition of new laws, regulations and policies in the cleaning systems or the dishwashing industry could impose new restrictions or prohibitions on our current practices. We may incur significant costs and expenses and need to budget additional resources to comply with any such requirements, which may have a material and adverse effect on our business, financial condition, results of operations and prospects.

 ****

***We may be unable to successfully implement our business strategies and future plans.***

As part of our business strategies and future plans, we intend to expand our product portfolio, expand our research and development and engineering team, strengthen our production capability for cleaning systems and other equipment and improve the production efficiency of our centralized dishwashing services business. While we have planned such expansion based on our outlook regarding our business prospects, there is no assurance that such expansion plans will be commercially successful or that the actual outcome of those expansion plans will match our expectations. The success and viability of our expansion plans are dependent upon our ability to successfully implement our research and development projects, hire and retain skilled employees to carry out our business strategies and future plans and implement strategic business development and marketing plans effectively and upon an increase in demand for our products and services by existing and new customers in the future.

Further, the implementation of our business strategies and future plans may require substantial capital expenditures and additional financial resources and commitments. There is no assurance that these business strategies and future plans will achieve the expected results or outcome such as an increase in revenue that will be commensurate with our investment costs or the ability to generate any costs savings, increased operational efficiency and/or productivity improvements to our operations. There is also no assurance that we will be able to obtain financing on terms that are favorable, if at all. If the results or outcome of our future plans do not meet our expectations, if we fail to achieve a sufficient level of revenue or if we fail to manage our costs efficiently, we may not be able to recover our investment costs and our business, financial condition, results of operation and prospects may be adversely affected.

***Increased labor costs could affect our financial performance.***

Both the cleaning equipment industry and the dishwashing industry face labor shortages and rising labor costs in Singapore. This may result in a need to employ more foreign workers for companies involved in the manufacturing sector in Singapore. If we are unable to recruit and retain sufficient and qualified staff, including foreign workers, for us to execute our business, or if we have to increase our costs to attract and maintain such staff, our results of operations and financial performance may be materially and adversely affected and our future growth may be inhibited. Further, we may be unable to recruit additional staff necessary to implement our business strategies. We incurred employee benefit expenses of approximately SGD4.0 million, SGD5.9 million and SGD5.2 million, representing approximately 22.2%, 30.5% and 25.6% of our total revenue, for the years ended December 31, 2023, 2024 and 2025, respectively. Although our labor costs will increase upon recruitment of additional staff, there is no assurance that our revenue or gross profit will increase accordingly. As such, in the event we are unable to obtain more orders for both our sale of cleaning systems and other equipment business and our centralized dishwashing and ancillary services business after implementation of such planned investment, our business, financial position and profitability may be adversely affected.

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***Non-renewal of permits and business licenses would have a material adverse effect on our operations.***

In order to carry on our business operations, we are required to obtain certain permits, licenses and certificates from various governmental authorities and organizations. As of the date of this Annual Report, we have obtained all material permits and licenses for our business operations. However, certain of these permits and licenses are subject to periodic renewal and reassessment by the relevant government authorities and organizations, and the standards of compliance required in relation thereto may be subject to change. Non-renewal of our permits, licenses and certificates would have a material adverse effect on our operations. We would be unable to carry on our business without such permits, licenses and certificates being granted or renewed. In addition, if there are any subsequent modifications of, additions or new restrictions to compliance standards for our permits, licenses or certificates, it may be costly for us to comply with such subsequent modifications of, additions or new restrictions to, these compliance standards. In such event, we may incur additional costs to comply with such new or modified standards which may adversely affect our profitability.

***We depend on the quality of the work of our sub-contractors.***

We engage third party sub-contractors, mainly for specific works during the production and manufacturing of our cleaning systems and other equipment and for the provision of labor for our centralized dishwashing operations and on-site cleaning services from time to time. We generally select our sub-contractors based on their pricing, quality of services, capacity and market reputation. However, there is no assurance that the sub-contractors will meet the requirements of our Group and our customers. We may be unable to monitor the performance of our sub-contractors as directly and efficiently as with our own staff. As we remain contractually responsible for the delivery of products and/or services in accordance with the requirements and contract terms of our customers, any delay, non-performance or poor performance by our sub-contractors may cause us to breach our contracts with our customers and expose us to the risk of damages. If such events were to occur, there may be a material and adverse effect on our business, financial condition and results of operations, as well as reputational damage to our Group.

***We are exposed to the credit risks of our customers.***

We extend credit terms to our customers. Our average accounts receivable turnover days were approximately 96.7 days, 87.7 days and 107.0 days for the years ended December 31, 2023, 2024 and 2025, respectively. The decrease in our average receivables turnover days from approximately 96.7 days for the year ended December 31, 2023 to approximately 87.7 days for the year ended December 31, 2024 was mainly due to a decrease in sales during the year ended December 31, 2024. The increase in our average receivables turnover days from approximately 87.7 days for the year ended December 31, 2024 to approximately 107.0 days for the year ended December 31, 2025 was mainly due to increase in sales closer to year ended December 31, 2025.

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Our customers may be unable to meet their contractual payment obligations to us, either in a timely manner or at all. The reasons for payment delays, cancellations or default by our customers may include insolvency or bankruptcy, or insufficient financing or working capital due to late payments by their respective customers. While we did not experience any material order cancellations by our customers during the years ended December 31, 2023, 2024 or 2025, there is no assurance that our customers will not cancel their orders and/or refuse to make payment in the future in a timely manner or at all. We may not be able to enforce our contractual rights to receive payment through legal proceedings. In the event that we are unable to collect payments from our customers, we are still obliged to pay our suppliers in a timely manner and thus our business, financial condition and results of operations may be adversely affected.

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***If we are unable to maintain and protect our intellectual property, or if third parties assert that we infringe on their intellectual property rights, our business could suffer.***

Our business depends, in part, on our ability to identify and protect proprietary information and other intellectual property such as our client lists and information and business methods. We rely on trade secrets, confidentiality policies, non-disclosure and other contractual arrangements and copyright and trademark laws to protect our intellectual property rights. However, we may not adequately protect these rights, and their disclosure to, or use by, third parties may harm our competitive position. Our inability to detect unauthorized use of, or to take appropriate or timely steps to enforce, our intellectual property rights may harm our business. Also, third parties may claim that our business operations infringe on their intellectual property rights. These claims may harm our reputation, be a financial burden to defend, distract the attention of our management and prevent us from offering some services. Intellectual property is increasingly stored or carried on mobile devices, such as laptop computers, which increases the risk of inadvertent disclosure if the mobile devices are lost or stolen and the information has not been adequately safeguarded or encrypted. This also makes it easier for someone with access to our systems, or someone who gains unauthorized access, to steal information and use it to our disadvantage. Advances in technology, which permit increasingly large amounts of information to be stored on mobile devices or on third-party "cloud" servers, may increase these risks.

***If we fail to maintain an effective system of internal controls, we may be unable to accurately or timely report our results of operations or prevent fraud, and investor confidence and the market price of our Ordinary Shares may be materially and adversely affected.***

Although our management has concluded that our internal control over financial reporting is effective, our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. After conducting its own independent testing, it may issue a report that is qualified if it is not satisfied with our internal controls or the level at which our controls are documented, designed, operated or reviewed, or if it interprets the relevant requirements differently from us. Our reporting obligations as a public company may also place a burden on our management, operational and financial resources and systems for the foreseeable future such that we may be unable to timely complete our evaluation testing and any required remediation.

Effective internal control over financial reporting is necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, is designed to prevent fraud. There can be no assurance that our internal controls will continue to be effectively implemented.

Our failure to implement and maintain effective internal controls over financial reporting could result in errors in our financial statements that could result in a restatement of our financial statements, cause us to fail to meet our reporting obligations and cause investors to lose confidence in our reported financial information, which may result in volatility in and a decline in the market price of our Class A Ordinary Shares.

Upon the completion of our Initial Public Offering in April 2022, we became a public company in the United States subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002, or Section 404, requires that we include a report of management on our internal control over financial reporting in our annual report on Form 20-F. In addition, when we cease to be an "emerging growth company" as such term is defined in the JOBS Act, our independent registered public accounting firm will be required to attest to and report on the effectiveness of our internal control over financial reporting on an annual basis.

During the course of documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404, we may identify material weaknesses and deficiencies in our internal control over financial reporting. The Public Company Accounting Oversight Board, or PCAOB, has defined a material weakness as "a deficiency, or a combination of deficiencies in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim statements will not be prevented or detected on a timely basis."

In addition, if we fail to maintain the adequacy of our internal control over financial reporting, as these standards are modified, supplemented or amended from time to time, we may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404. Generally speaking, if we fail to maintain an effective internal control environment, we could suffer material misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our results of operations and lead to a decline in the trading price of our Class A Ordinary Shares. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud, misuse of corporate assets and legal actions under the United States securities laws and subject us to potential delisting from Nasdaq, to regulatory investigations and to civil or criminal sanctions.

***We may be unable to detect, deter and prevent all instances of fraud or other misconduct committed by our employees or other third parties.***

We are exposed to the risk of fraud or other misconduct by our employees and other third parties. Misconduct by such parties may include theft, unauthorized business transactions, bribery or breaches of applicable laws and regulations, which may be difficult to detect or prevent. We are not aware of any instances of fraud, theft or other misconduct involving employees and other third parties that had any material and adverse impact on our business and results of operations during the years ended December 31, 2023, 2024 or 2025; however, we were the victim of fraud in January 2026. (See Item 4. "Information on the Company –Recent Developments — Cybersecurity/Fraud Incident") In addition, there can be no assurance that there will not be any such instances in the future. We may be unable to prevent, detect or deter all instances of misconduct. Any misconduct committed against our interests, which may include past acts that have gone undetected or future acts, could subject us to financial losses and harm our reputation and may have a material and adverse effect on our business, financial condition, results of operations and prospects.

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***We may be harmed by negative publicity.***

We operate in highly competitive industries and there are other companies in the market that offer similar products and services. We derive most of our customers through word of mouth and we rely on the positive feedback of our customers. Thus, customer satisfaction with our cleaning systems and other equipment, and with our centralized dishwashing and ancillary services, is critical to the success of our business as this will also result in potential referrals from our existing customers. If we fail to meet our customers' expectations, there may be negative feedback regarding our products and/or services, which may have an adverse impact on our business and reputation. In the event we are unable to maintain a high level of customer satisfaction or any customer dissatisfaction is inadequately addressed, our business, financial condition, results of operations and prospects may also be adversely affected.

Our reputation may also be adversely affected by negative publicity in reports, publications such as major newspapers and forums, or any other negative publicity or rumors. There is no assurance that our Group will not experience negative publicity in the future or that such negative publicity will not have a material and adverse effect on our reputation or prospects. This may result in our inability to attract new customers or retain existing customers and may in turn adversely affect our business and results of operations.

***Our insurance coverage may be inadequate.***

We maintain insurance coverage for our major assets and operations, including insurance covering plant and machinery, fire, theft, accident and key person life insurance. However, we do not have or are unable to obtain insurance in respect of losses arising from certain operating risks, such as acts of terrorism. Our insurance policies may be insufficient to cover all of our losses in all events. The occurrence of certain incidents, including fraud, confiscation by investigating authorities or misconduct committed by our employees or third parties, severe weather conditions, war, flooding and power outages may not be covered adequately, if at all, by our insurance policies. If our losses exceed the insurance coverage or are not covered by our insurance policies, we may be liable to bear such losses. Our insurance premiums may also increase substantially due to claims made. In such circumstances, our business, financial condition, results of operations and prospects may be materially and adversely affected.

***We are exposed to risks in respect of acts of war, terrorist attacks, epidemics, political unrest, adverse weather conditions and other uncontrollable events.***

Unforeseeable circumstances and other factors such as power outages, labor disputes, adverse weather conditions or other catastrophes, epidemics or outbreaks of communicable diseases such as COVID-19, Severe Acute Respiratory Syndrome, Middle East Respiratory Syndrome, Ebola or other contagious diseases, may disrupt our operations and cause loss and damage to our production and processing facilities, and acts of war, terrorist attacks or other acts of violence may further materially and adversely affect the global financial markets and consumer confidence. Our business may also be affected by macroeconomic factors in the countries in which we operate, such as general economic conditions, market sentiment, social and political unrest and regulatory, fiscal and other governmental policies, all of which are beyond our control. Any such events may cause damage or disruption to our business, markets, customers and suppliers, any of which may materially and adversely affect our business, financial condition, results of operations and prospects.

***We are exposed to risks arising from fluctuations of foreign currency exchange rates.***

Our business is exposed to certain foreign currency exchange risks as our reporting currency is Singapore dollars and our overseas sales and procurement are denominated in United States dollars during the years ended December 31, 2023, 2024 and 2025. To the extent that our Group's sales, purchases and operating costs are not denominated in the same currency and to the extent that there are timing differences between invoicing and payment from our customers and to our suppliers, we may be exposed to foreign currency exchange gains or losses arising from transactions in currencies other than our reporting currency.

***We may be affected by adverse changes in the political, economic, regulatory or social conditions in the countries in which we and our customers and suppliers operate or into which we intend to expand.***

We and our customers and suppliers are governed by the laws, regulations and government policies in each of the countries in which we and our customers and suppliers operate or into which we intend to expand our business and operations, such as Singapore, Malaysia, Thailand, Belgium and South Korea. Our business and future growth are dependent on the political, economic, regulatory and social conditions in these countries, which are beyond our control. Any economic downturn, changes in policies, currency and interest rate fluctuations, capital controls or capital restrictions, labor laws, changes in environmental protection laws and regulations, duties and taxation and limitations on imports and exports in these countries may materially and adversely affect our business, financial condition, results of operations and prospects.

***Adverse conditions in the global financial markets and the general economy may adversely affect our business, financial condition, results of operations and prospects.***

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Adverse conditions in the global financial markets and the general economy may adversely affect our business, financial condition, results of operations and prospects.

While our current business operates in Singapore, our business, financial condition, results of operations and prospects may be adversely affected by political, economic, social and legal developments in Singapore and globally that are beyond our control. Such political and economic uncertainties include, but are not limited to, the risks of war, terrorism, changes in interest rates, rates of economic growth, fiscal and monetary policies of the government, inflation, deflation, methods of taxation and tax policy, unemployment trends and other matters that influence consumer confidence, spending and tourism.

Further, negative developments in geo-political events such as the US-China trade issues may bring uncertainty to the global economy. Any of such issues may lead to retaliatory and/or threat of retaliatory measures being imposed on the relevant countries. This may lead to volatility in the financial markets. Although discussions continue regarding global trade policies, there remains significant uncertainty over whether tariffs, surtaxes, or other restrictive trade measures or countermeasures will ultimately be implemented and, if so, the scope, impact and duration of any such measures. The imposition of restrictive trade measures or countermeasures, if implemented for any period of time, could have adverse effects on the Company's operations and overall financial performance and could have a material adverse effect on the U.S. and/or global economies. Any retaliatory measures by other countries or prolonged trade disputes may further increase regulatory uncertainty. While the Company continues to monitor trade policies and adapt its strategies, any prolonged restrictive trade measures could negatively impact overall market conditions. The nature and extent of such changes are difficult to predict, and may bring uncertainty to the global economy and/or political environment. There is no assurance that we will be able to grow our business, or that we will be able to react promptly to any change in economic conditions. If we fail to react promptly to the changing economic conditions, our performance and profitability could be adversely affected. Our business, financial condition, results of operations and prospects may be materially and adversely affected if these conditions deteriorate in the future.

***We may face the risk of inventory obsolescence.***

As of December 31, 2023, 2024 and 2025, we had inventories of SGD14.1 million, SGD12.6 million and SGD9.2 million, respectively. The lower inventory for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily the result of lower purchases of material as of year ended December 31, 2024. The lower inventory for the year ended December 31, 2025 compared to the year ended December 31, 2024 was primarily the result of increase in sales closer to year ended December 31, 2025.

Our inventory turnover days for the years ended December 31, 2023, 2024 and 2025 were 346.7 days, 346.2 days and 290.3 days, respectively.

Our business relies on customer demand for our products. Any reduction in customer demand for our products may have an adverse impact on our product sales, which may in turn lead to inventory obsolescence, decline in inventory value or inventory write-off. In that case, our business, financial condition, results of operations and prospects may be materially and adversely affected.

***Our business is subject to various cybersecurity and other operational risks.***

We face various cybersecurity and other operational risks relating to our businesses on a daily basis. We rely heavily on financial, accounting, communication and other data processing systems as well as the experienced staff who operate them to securely process, transmit and store sensitive and confidential customer information, and to communicate with our staff, customers, partners and suppliers. We also depend on various third-party software and cloud-based storage platforms as well as other information technology systems in our business operations. These systems may fail to operate properly or become disabled as a result of tampering or a breach of our network security systems or otherwise, including for reasons beyond our control.

Our customers typically provide us with sensitive and confidential information as part of our business arrangements. We are susceptible to attempts to obtain unauthorized access to such sensitive and confidential customer information. We also may be subject to cyber*-*attacks involving leaks and destruction of sensitive and confidential customer information and our proprietary information, which could result from an employee's or agent's failure to follow data security procedures or from actions by third parties, including actions by government authorities. Although cyber-attacks have not had a material impact on our operations to date, breaches of our or third-party network security systems on which we rely could involve attacks that are intended to obtain unauthorized access to and disclose sensitive and confidential customer information and our proprietary information, destroy data or disable, degrade or sabotage our systems, often through the introduction of computer viruses and other means, and could originate from a wide variety of sources, including state actors or other unknown third parties. The increase in using mobile technologies can heighten these and other operational risks.

While we have implemented various measures to manage risks associated with cybersecurity breaches, including establishing a business continuity plan and systems designed to prevent cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks (including any ongoing breaches) have not been identified.

Moreover, we cannot assure you that we or the third parties on which we rely will be able to anticipate, detect or implement effective preventative measures against frequently changing cyber-attacks. We may incur significant costs in maintaining and enhancing appropriate protections to keep pace with increasingly sophisticated methods of attack. In addition to the implementation of data security measures, we require our employees to maintain the confidentiality of the proprietary information that we hold. If an employee's failure to follow proper data security procedures results in the improper release of confidential information, or our systems are otherwise compromised, malfunctioning or disabled, we could suffer a disruption of our business, financial losses, liability to customers, regulatory sanctions and damage to our reputation.

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**Risks Related to Our Securities**

***We may not be able to maintain compliance with Nasdaq's continued listing requirements.***

On December 14, 2023, we received a written notification from the Listing Qualifications Department of The Nasdaq Stock Market LLC (the "Nasdaq Notification") stating that our Ordinary Shares (now our Class A Ordinary Shares) failed to maintain a minimum bid price of $1.00 over the last 30 consecutive business days as required by the Minimum Bid Price Requirement under Nasdaq rule 5550(a)(2) (the "Listing Rule."). Receipt of the Nasdaq Notification did not result in the immediate delisting of our Ordinary Shares and had no immediate effect on the listing or the trading of our Ordinary Shares on the Nasdaq Capital Market under the symbol "JCSE."

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), we had a compliance period of 180 calendar days from the date of the Nasdaq Notification, or until June 11, 2024, to regain compliance with the Minimum Bid Requirement. If at any time before June 11, 2024, the closing bid of our Ordinary Shares was at least $1.00 for a minimum of 10 consecutive business days, we would have been deemed to have regained compliance with the Minimum Bid Requirement following which Nasdaq would have provided a written confirmation of compliance and the matter would be closed.

The Company did not regain compliance with the Listing Rule by June 11, 2024 and was not eligible for a second 180-day remediation period. The staff, therefore, determined to delist the Company's Ordinary Shares, suspend trading of the Company's Ordinary Shares at the open of trading on June 26, 2024 and file a Form 25-NSE with the Securities and Exchange Commission (the "SEC"), which would remove the Company's securities from listing and registration on The Nasdaq Stock Market (the "Delisting Determination"). The Company requested a hearing based on written submissions for a fee of $20,000 and proposed a share consolidation at a ratio of 1-for 3 to remedy non-compliance with the Minimum Bid Price Requirement.

Subsequently, as of August 1, 2024, we informed Nasdaq that the trading price of our Ordinary Shares had closed for ten consecutive days at or above the $1.00 minimum bid price and therefore satisfied the Minimum Bid Price Requirement.

On August 27, 2024, we received a letter dated August 27, 2024 (the "Compliance Letter") from the Listing Qualifications Department of Nasdaq. The Compliance Letter informed us that we had regained compliance with Nasdaq's Minimum Bid Price Requirement in Listing Rule 5550(a)(2), as required by the Nasdaq Hearing Panel's decision dated July 15, 2024. Accordingly, our Ordinary Shares continued to be listed on The Nasdaq Capital Market and Nasdaq considered the matter closed.

If in the future our Class A Ordinary Shares are delisted from Nasdaq, we could face significant material adverse consequences, including:

● limited availability of market quotations for our Class A Ordinary Shares;

● reduced liquidity for our Class A Ordinary Shares;

● a determination that our Class A Ordinary Shares are "penny stock," which will require brokers trading in our shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our Class A Ordinary Shares;

● a limited amount of news and analyst coverage; and

● decreased ability to issue additional securities or obtain additional financing in the future.

In addition, as long as our Class A Ordinary Shares are listed on Nasdaq, U.S. federal law prevents or preempts the states from regulating their sale, although the law does allow the states to investigate companies if there is a suspicion of fraud and, if there is a finding of fraudulent activity, then the states can regulate or bar their sale. If we were no longer listed on Nasdaq, we would be subject to regulations in each state in which we offer our shares.

***Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial.***

Our authorized and issued Ordinary Shares are divided into Class A Ordinary Shares and Class B Ordinary Shares. Holders of Class A Ordinary Shares are entitled to one vote per share, while holders of Class B Ordinary Shares are entitled to 20 votes per share. Each Class B Ordinary Shares is convertible into one Class A Ordinary Shares at any time by the holder thereof, while Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. The holders of Class B Ordinary Shares have the ability to control matters requiring shareholder approval, including any amendment to our memorandum and articles of association and approval over any change of control transactions. Any conversions of Class B Ordinary Shares into Class A Ordinary Shares may dilute the percentage ownership of the existing holders of Class A Ordinary Shares within their class of Ordinary Shares.

Our founder, Chairman of the Board of Directors and Chief Executive Officer, Ms. Hong Bee Yin, and JE Cleantech Global Limited, which is 100% directly owned by Ms. Hong, beneficially own all of our issued and outstanding Class B Ordinary Shares. These Class B Ordinary Shares constitute approximately 66.6% of our total issued and outstanding share capital and approximately 97.6% of the aggregate voting power of our total issued and outstanding share capital as of the date of this Annual Report. As a result of the dual-class share structure and the concentration of ownership, holders of Class B Ordinary Shares have considerable influence over matters such as decisions regarding mergers and consolidations, election of directors and other significant corporate actions. Such holders may take actions that are not in the best interest of us or our other members. This concentration of ownership may discourage, delay or prevent a change in control of our Company, which could have the effect of depriving our other members of the opportunity to receive a premium for their shares as part of a sale of our Company and may reduce the price of our Class A Ordinary Shares. This concentrated control will limit your ability to influence corporate matters and could discourage others from pursuing any potential merger, takeover or other change of control transactions that holders of Class A Ordinary Shares may view as beneficial.

***Certain companies with public floats comparable to our public float have experienced extreme volatility that was seemingly unrelated to the underlying performance of their businesses and that may have resulted from market manipulation activities by unrelated third parties. We have experienced similar volatility, which makes it difficult to assess the value of our Class A Ordinary Shares and may result in a significant decline in the value of our Ordinary Shares.***

Our Class A Ordinary Shares have been subject to extreme volatility that is seemingly unrelated to the underlying performance of our business. Recently, companies with public floats comparable to ours have experienced instances of extreme stock price run-ups followed by rapid price declines, and such stock price volatility was seemingly unrelated to the respective companies' underlying performance. Although the specific cause of such volatility is unclear, it may be the direct result of unrelated third parties engaged in prohibited market manipulation activities. Some factors that may underlie extreme stock price run-ups followed by rapid price declines include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. General
 market and industry conditions including the following:

● tariffs;

● disruptions in logistics; and

● global geopolitical and military actions such as currently occurring in Ukraine and the Middle East.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Company's own operations including the following:

● fluctuations in our revenues, earnings and cash flow;

● changes in financial estimates by securities analysts;

● additions or departures of key personnel;

● release of transfer restrictions on our outstanding equity securities or sales of additional equity securities; and

● potential litigation or regulatory investigations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Actions
 by unrelated third parties over whom the Company has no control including:

● Coordinated social media "pump and dump" schemes whereby third party adverse actors seek to artificially increase the price of a stock, which immediately causes a price collapse potentially resulting in adverse effects on our financial condition and operations, loss of investor confidence, regulatory scrutiny and potential trading suspensions.

Any of these factors may result in significant and sudden changes in the volume and price at which our shares will trade.

The relatively small size of our public float may amplify the impact that actions taken by a few unrelated shareholders, over whom we have no control, have on the price of our Class A Ordinary Shares. Such actions may cause our share price to deviate, potentially significantly, from a price that better reflects the underlying performance of our business. Our Class A Ordinary Shares have experienced a decline, and may continue to experience either run-ups or declines that are seemingly unrelated to our actual or expected operating performance and financial condition or prospects, and which may have resulted or may, in the future result, from market manipulation activities by unrelated third parties over whom we have no control or from such unrelated their parties engaging in prohibited market manipulation activities, such as "pump and dump" schemes. Prospective investors may have difficulty assessing the rapidly changing value of our Class A Ordinary Shares. In addition, investors of our Class A Ordinary Shares may experience losses, which may be material, if the price of our Class A Ordinary Shares declines or if such investors purchase our Class A Ordinary Shares prior to any price decline.

Holders of our Class A Ordinary Shares may not be able to readily liquidate their investments or may be forced to sell at depressed prices due to low trading volume and, therefore, investors may experience losses on their investment in our Class A Ordinary Shares. Furthermore, extreme volatility may confuse public investors regarding the value of our stock, distort the market perception of our stock price and our financial performance and public image and negatively affect the long-term liquidity of our Class A Ordinary Shares, regardless of our actual or expected operating performance. If we continue to encounter such volatility, including any rapid stock price increases and declines seemingly unrelated to our actual or expected operating performance and financial condition or prospects, it will likely make it difficult and confusing for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares and understand the value thereof.

In the past, shareholders of public companies have often brought securities class action suits against those companies following periods of instability in the market price of their securities, even if such instability was the result of third parties over whom the company had no control and who had engaged in prohibited market manipulation activities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

***An active trading market for our Class A Ordinary Shares may not continue.***

We cannot assure you that an active public market for our Class A Ordinary Shares will continue. If an active public market for our Ordinary Shares does not continue, the market price and liquidity of our Class A Ordinary Shares may be materially and adversely affected. As a result, investors in our Class A Ordinary Shares may experience a significant decrease in the value of their Class A Ordinary Shares.

***The conversion by the holders of Class B Ordinary Shares into Class A Ordinary Shares will result in a dilution of the percentage ownership of the existing holders of Class A Ordinary Shares within their class of Ordinary Shares.***

Holders of Class B Ordinary Shares may convert each Class B Ordinary Share into one fully paid Class A Ordinary Share at any time. The right to convert is exercisable by the holder of the Class B Ordinary Shares by delivering a written notice to the Company that such holder elects to convert a specified number of Class B Ordinary Shares into Class A Ordinary Shares. In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares.

Accordingly, the conversion by any holder of Class B Ordinary Shares held by it into Class A Ordinary Shares will result in a dilution of the percentage ownership of the existing holders of Class A Ordinary Shares within their class of Ordinary Shares.

***The trading price and trading volume of our Class A Ordinary Shares has been volatile, which could result in substantial losses to investors.***

Since our Class A Ordinary Shares commenced trading on April 22, 2022, the trading price of our Class A Ordinary Shares has been volatile and has fluctuated widely due to factors beyond our control. This may continue in the future because of broad market and industry factors, such as the performance and fluctuation of the market prices of other companies with business operations located mainly in Singapore that have listed their securities in the United States. In addition to market and industry factors, the price and trading volume for our shares may be highly volatile due to factors specific to our own operations. Such volatility may result in the loss by our investors of part of all of their investment in our shares.

***If securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume could decline.***

The trading market for our Class A Ordinary Shares will be influenced by research or reports that industry or securities analysts publish about our business. If one or more analysts downgrade our Class A Ordinary Shares, the market price for our shares would likely decline. If one or more of these analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause the market price or trading volume for our shares to decline.

***The sale or availability for sale of substantial amounts of our Class A Ordinary Shares could adversely affect their market price.***

Sales of substantial amounts of our Class A Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the market price of our Class A Ordinary Shares and could materially impair our ability to raise capital through equity offerings in the future. We currently have 1,751,619 Class A Ordinary Shares outstanding (not including 55,047 shares held in treasury), all of which are freely tradable without restriction or further registration under the Securities Act. In addition, the 3,500,000 Class B Ordinary Shares could be made available for sale through registration under the Securities Act or pursuant to Rule 144. We cannot predict what effect, if any, the market sale of securities held by any shareholder or the availability of these securities for future sale will have on the market price of our Class A Ordinary Shares.

***Short selling may drive down the market price of our Class A Ordinary Shares.***

Short selling is the practice of selling shares that the seller does not own but rather has borrowed from a third party with the intention of buying identical shares back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the shares between the sale of the borrowed shares and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale. As it is in the short seller's interest for the price of the shares to decline, many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its business prospects in order to create negative market momentum and generate profits for themselves after selling the shares short. These short attacks have, in the past, led to selling of shares in the market. If we were to become the subject of any unfavorable publicity, whether such allegations are proven to be true or untrue, we could have to expend a significant amount of resources to investigate such allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of commercial confidentiality.

***Although our Board of Directors declared and paid cash dividends during 2024 and 2026, respectively, we do not expect to pay dividends in the foreseeable future; therefore, you must rely on price appreciation of our Class A Ordinary Shares for a return on your investment.***

Cash dividends of Nil, US$500,000 and Nil were paid by the companies comprising our Group for the years ended December 31, 2023, 2024 and 2025. The US$500,000 dividend paid in 2024 amounted to US$0.09 per Ordinary Share and was payable to shareholders of record at the close of business on December 10, 2024 (New York Time). In February 2026, a cash dividend in the amount of US$2,314,514, or US$0.44 per Ordinary Share, was paid by the companies comprising our Group to shareholders of record at the close of business on January 21, 2026 (New York Time). See Item 4. "Information on the Company – Recent Developments - Cybersecurity/Fraud Incident," below.

Although the Company paid dividends in 2024 and 2026, as of the date of this Annual Report, we intend to retain all of our available funds and any future earnings to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our shares as a source for any future dividend income. Our Board of Directors has complete discretion as to whether to distribute dividends, subject to certain requirements of Singapore law. Even if our Board of Directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors as determined by our Board of Directors. Accordingly, the return on your investment in our Class A Ordinary Shares will likely depend entirely upon any future price appreciation of our Class A Ordinary Shares. There is no guarantee that our Class A Ordinary Shares will appreciate in value or even maintain the price at which you purchase our shares. You may not realize a return on your investment in our shares and you may even lose your entire investment.

***If we are classified as a passive foreign investment company, United States taxpayers who own our securities may have adverse United States federal income tax consequences.***

We are a non-U.S. corporation and, as such, we will be classified as a passive foreign investment company, which is known as a PFIC, for any taxable year if, for such year, either

● At least 75% of our gross income for the year is passive income; or

● The average percentage of our assets (determined at the end of each quarter) during the taxable year that produce passive income or that are held for the production of passive income is at least 50%.

Passive income generally includes dividends, interest, rents, royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets.

If we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. taxpayer who holds our securities, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.

It is possible that, for our current taxable year or for any subsequent year, more than 50% of our assets may be assets which produce passive income. We will make this determination following the end of any particular tax year. We treat our affiliated entities as being owned by us for United States federal income tax purposes, not only because we exercise effective control over the operation of such entities but also because we are entitled to substantially all of their economic benefits, and, as a result, we consolidate their operating results in our consolidated financial statements. For purposes of the PFIC analysis, in general, a non-U.S. corporation is deemed to own its pro rata share of the gross income and assets of any entity in which it is considered to own at least 25% of the equity by value.

For a more detailed discussion of the application of the PFIC rules to us and the consequences to U.S. taxpayers if we were determined to be a PFIC, see "Material Tax Considerations - Passive Foreign Investment Company Considerations."

***As a "controlled company," we are exempt from certain Nasdaq corporate governance requirements, which may result in our independent directors not having as much influence as they would if we were not a controlled company.***

We are currently a "controlled company," as defined under the Nasdaq Stock Market Rules, because one of our shareholders holds more than 50% of our voting power. As a result, for so long as we remain a controlled company as defined under that rule, we are exempt from, and our shareholders generally are not provided with the benefits of, some of the Nasdaq Stock Market corporate governance requirements, including that: (i) a majority of our Board of Directors must be independent directors; (ii) our compensation committee must be composed entirely of independent directors; and (iii) our nomination committee must be composed entirely of independent directors.

Although we intend to have a majority of independent directors and for our compensation and our nomination committees to be composed entirely of independent directors, that may change in the future so long as we remain a controlled company.

***As a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from Nasdaq corporate governance listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with Nasdaq corporate governance listing standards.***

As a foreign private issuer whose Class A Ordinary Shares are traded on Nasdaq, we rely on a provision in the Nasdaq corporate governance listing standards that allows us to follow Cayman Islands law with regard to certain aspects of corporate governance. This allows us to follow certain corporate governance practices that differ in significant respects from the corporate governance requirements applicable to U.S. companies listed on Nasdaq.

For example, we are exempt from Nasdaq regulations that require a listed U.S. company to:

● have a majority of the board of directors consist of independent directors;

● require non-management directors to meet on a regular basis without management present;

● have an independent compensation committee;

● have an independent nominating committee; and

● seek shareholder approval for the implementation of certain equity compensation plans and dilutive issuances of Class A Ordinary Shares, such as transactions, other than a public offering, involving the sale of 20% or more of our Class A Ordinary Shares for less than the greater of book or market value of the shares.

As a foreign private issuer, we are permitted to follow home country practice in lieu of the above requirements. Although we intend to have a majority of independent directors and for our compensation and our nomination committees to be composed entirely of independent directors, that may change in the future.

However, our audit committee is required to comply with the provisions of Rule 10A-3 of the Exchange Act, which is applicable to U.S. companies listed on Nasdaq. Therefore, we intend to maintain a fully independent audit committee in accordance with Rule 10A-3 of the Exchange Act. However, because we are a foreign private issuer, our audit committee is not subject to additional Nasdaq corporate governance requirements applicable to listed U.S. companies, including the requirements to have a minimum of three members and to affirmatively determine that all members are "independent," using more stringent criteria than those applicable to us as a foreign private issuer.

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***You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.***

We are an exempted company incorporated under the laws of the Cayman Islands with limited liability. Our corporate affairs are governed by our Amended and Restated Memorandum of Association (our "Amended and Restated Memorandum") and our Amended and Restated Articles of Association (our "Amended and Restated Articles"), the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take action against our directors and us, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law, which are generally of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a different body of securities laws than the United States, and provide significantly less protection to investors. In addition, Cayman Islands companies may not have the standing to initiate a shareholder derivative action in a federal court of the United States. There is no statutory recognition in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will generally recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than the Amended and Restated Memorandum and Amended and Restated Articles) or to obtain copies of lists of shareholders of these companies. Our directors are not required under our Amended and Restated Memorandum or our Amended and Restated Articles to make our corporate records available for inspection by our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder resolution or to solicit proxies from other shareholders in connection with a proxy contest.

Certain corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other jurisdictions such as U.S. states. Currently, we do not plan to follow home country practice with respect to most corporate governance matters. However, if we so choose, we may do so in the future. Accordingly, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.

As a result of all of the above, shareholders may have more difficulty in protecting their interests in the face of actions taken by our management, members of the Board of Directors or controlling shareholder than they would as shareholders of a company incorporated in a U.S. state.

***Certain judgments obtained against us by our shareholders may not be enforceable.***

We are a Cayman Islands exempted company and substantially all of our assets are located outside of the United States. In addition, all of our current directors and officers are nationals and residents of countries other than the United States and substantially all of the assets of these persons are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon these persons or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands and Singapore may render you unable to enforce a judgment against our assets or the assets of our directors and officers. As a result of all of the above, our shareholders may have more difficulties in protecting their interests through actions against us or our officers, directors or major shareholders than would shareholders of a corporation incorporated in a jurisdiction in the United States.

***We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.***

We are an "emerging growth company," as defined in the JOBS Act, and we may take advantage of certain exemptions from various requirements applicable to other public companies that are not emerging growth companies including, most significantly, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act for so long as we are an emerging growth company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information they may deem important.

The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the extended transition period, although we have early adopted certain new and revised accounting standards based on transition guidance permitted under such standards. As a result of this election, our future financial statements may not be comparable to other public companies that comply with the public company effective dates for these new or revised accounting standards.

***We are a foreign private issuer within the meaning of the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic public companies.***

Because we are a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including:

● the rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;

● the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act;

● the sections of the Exchange Act requiring insiders to file public reports of their trading activities under Section 16(a) of the Exchange Act and liability for insiders who profit from trades made in a short period of time; and

● the selective disclosure rules by issuers of material non-public information under Regulation FD.

We are required to file an annual report on Form 20-F within four months after the end of each fiscal year. In addition, we intend to publish our financial results on a semi-annual basis through press releases distributed pursuant to the rules and regulations of Nasdaq. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you if you were investing in a U.S. domestic issuer.

***We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses to us.***

As discussed above, we are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last Business Day of an issuer's most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect to us on June 30, 2026. In the future, we would lose our foreign private issuer status if (i) more than 50% of our outstanding voting securities are owned by U.S. residents; and (ii) a majority of our directors or executive officers are U.S. citizens or residents, or we fail to meet additional requirements necessary to avoid the loss of foreign private issuer status. If we lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to comply with U.S. federal proxy requirements, and our officers, directors and 10% shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the listing rules of Nasdaq. As a U.S. listed public company that is not a foreign private issuer, we would incur significant additional legal, accounting and other expenses that we do not incur as a foreign private issuer.

***Increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our environmental, social and governance ("ESG") policies may impose additional costs on us or expose us to additional risks.***

Companies across all industries are facing increasing scrutiny relating to their ESG policies. Investor advocacy groups, certain institutional investors, investment funds, lenders and other market participants are increasingly focused on ESG practices and in recent years have placed increasing importance on the implications and social cost of their investments. The increased focus and activism related to ESG and similar matters may hinder access to capital, as investors and lenders may decide to reallocate capital or to not commit capital as a result of their assessment of a company's ESG practices. Companies which do not adapt to or comply with investor, lender or other industry shareholder expectations and standards, which are evolving, or which are perceived to have not responded appropriately to the growing concern for ESG issues, regardless of whether there is a legal requirement to do so, may suffer from reputational damage and the business, financial condition and/or stock price of such a company could be materially and adversely affected.

We may face increasing pressures from investors, lenders and other market participants, who are increasingly focused on climate change, to prioritize sustainable energy practices, reduce our carbon footprint and promote sustainability. As a result, we may be required to implement more stringent ESG procedures or standards so that our existing and future investors and lenders remain invested in us and make further investments in us. If we do not meet these standards, our business and/or our ability to access capital could be harmed.

Additionally, certain investors and lenders may exclude companies, such as us, from their investing portfolios altogether due to environmental, social and governance factors. These limitations in both the debt and equity capital markets may affect our ability to grow as our plans for growth may include accessing the equity and debt capital markets. If those markets are unavailable, or if we are unable to access alternative means of financing on acceptable terms, or at all, we may be unable to implement our business strategy, which would have a material adverse effect on our financial condition and results of operations and impair our ability to service our then indebtedness. Further, it is likely that we will incur additional costs and require additional resources to monitor, report and comply with wide ranging ESG requirements. The occurrence of any of the foregoing could have a material adverse effect on our business and financial condition.

 ****

**Item 4. Information on the Company**

**Recent Developments**

***New Orders***

 ****

On March 30, 2026, we announced that, in the first quarter of 2026, our wholly-owned subsidiary, JCS, secured new orders totaling approximately US$12 million for precision cleaning systems from an existing customer. Barring any unforeseen circumstances, deliveries are expected to be carried out progressively over the next 12 months.

***Purchase of Motor Vehicle***

 ****

On March 23, 2026, the members of the Board of Directors received an offer from our Chief Executive Officer, Ms. Hong Bee Yin, to sell her motor vehicle, a 2024 BMW 520i Mild Hybrid M-Sport, SCH3663P, (the "Motor Vehicle") to JCS for a purchase price of S$285,000, and for the Company to subsequently provide the Motor Vehicle to Ms. Hong for business and daily use, thus terminating the S$5,000 monthly car allowance being paid to Ms. Hong pursuant to her Amended Employment Agreement dated August 12, 2024 (the "Employment Agreement"). The Audit Committee and Compensation Committee believe that the purchase of the Motor Vehicle and the provision of it for Ms. Hong's use pursuant to her Employment Agreement will provide cost savings and be in the best interests of the Company and its shareholders. On March 30, 2026, JCS purchased the Motor Vehicle from Ms. Hong and the Employment Agreement was amended. See "Item 6. Directors, Senior Management and Key Employees – Employment Agreement with Executive Directors – Employment Agreement with Ms. Hong Bee Yin" on page 85, below.

***Re-Designation and Re-Classification of Ordinary Shares***

 ****

On November 18, 2025, we held our Annual General Meeting (the "AGM") at which our members approved, among other matters, a special resolution pertaining to the re-designation and re-classification of our share capital and adoption of our Second Amended and Restated Memorandum and Articles of Association. As a result, the 5,306,666 then issued and outstanding Ordinary Shares (plus 52,946 Ordinary Shares that constituted treasury shares as of that date) were re-designated and re-classified into 1,806,666 Class A Ordinary Shares, of which 52,946 were treasury shares, each with 1 vote per share, and 3,500,000 Class B Ordinary Shares, each with 20 votes per share. As of the date of this Annual Report, due to additional share repurchases by the Company, we have 1,751,619 Class A Ordinary Shares and 3,500,000 Class B Ordinary Shares issued and outstanding, plus 55,047 Class A Ordinary Shares held in treasury.

See "Item 7. Major Shareholders and Related Party Transactions - Major Shareholders" for information on the current shareholdings of our major shareholders on page 87, below.

***Sale of a Leasehold Property***

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On November 18, 2025, JCS, our wholly-owned subsidiary, completed the sale of its leasehold interest in an industrial property located at 17 Woodlands Sector 1 Singapore 738354 for approximately SGD7.39 million (US$5.68 million). The property had been the site of our centralized dishwashing operations since 2014. The sale was to an unaffiliated third party, under the option to purchase agreement previously announced on December 17, 2024. Since November 2025, our centralized dishwashing operations have been relocated to our JCS Facility, where we also conduct our manufacturing operations.

The leasehold interest was sold in order to reduce costs by consolidating all of the Company's operations in one facility. Both our manufacturing and our centralized dishwashing operations are now conducted at our JCS Facility.

***Declaration of Cash Dividend***

On January 5, 2026, our Board of Directors approved a cash dividend in the aggregate amount of US$2,314,514, or US$0.44 per Ordinary Share (the "2026 Cash Dividend"). The 2026 Cash Dividend was payable to shareholders of record at the close of business on January 21, 2026 (New York Time). The payment date was expected to be on or around January 28, 2026. See "Cybersecurity/Fraud Incident," below.

***Cybersecurity/Fraud Incident***

On January 5, 2026, our Board of Directors announced the approval of the 2026 Cash Dividend. On February 7, 2026, we discovered that we had been the victim of fraud in connection with our payment of the 2026 Cash Dividend. The fraud was carried out by means of a fraudulent email, purporting to be from The Depository Trust Company ("DTC"), which contained false wire instructions. As a result of the fraud, DTC had not received the funds, the 2026 Cash Dividend had not been paid to our street-name shareholders and we lost the amount of US$794,934.04 (approximately S$1,009,000). The 2026 Cash Dividend was paid to DTC for payment to our street-name shareholders on February 20, 2026. The fraud was reported to the U.S. Federal Bureau of Investigation's Internet Crime Complaint Center (the "IC3") and the Singapore Police Force as well as to both the sending and the receiving banks.

***Stock Repurchase Program***

On September 6, 2023, the Company announced that its Board of Directors had authorized a stock repurchase program of up to $1,000,000 of the Company's outstanding Ordinary Shares. Since then and as of the date of this Annual Report, the Company has repurchased 55,047 shares at an average purchase price of US$1.08 or a total of US$59,351. As of the date of this Annual Report, the Company is authorized to repurchase up to an additional US$940,649 of its Ordinary Shares under the stock repurchase program.

**History of the Company**

Our Group's history can be traced back to November 1999 when JCS-Echigo Pte. Ltd. ("JCS") was founded by Ms. Hong Bee Yin, our Chairman, Executive Director and Chief Executive Officer. Our Group commenced business in the selling of cleaning systems in 2005, before starting our business in the design, development, manufacture and sale of cleaning systems in Singapore in 2006. We manufacture a broad range of cleaning systems, including aqueous washing systems, plating and cleaning systems, train cleaning systems and other equipment for our customers. Since 2013, we have also been in the business of providing centralized dishwashing services for the food and beverage industry, mainly for food and beverage establishments in Singapore such as food courts, hawker centers, restaurants, cookhouses, eldercare homes and an inflight catering service provider. We have also provided general cleaning services since 2015, mainly for food courts in Singapore.

As of the date of this Annual Report, our Group is comprised of the Company and its subsidiaries, JE Cleantech International Limited, JCS-Echigo Pte Ltd., Hygieia Warewashing Pte. Ltd. and Evoluxe Pte. Ltd.

**Corporate Structure**

Our Company was incorporated in the Cayman Islands on January 29, 2019 under the Companies Act as an exempted company with limited liability. As of the date of this Annual Report, our authorized share capital is US$100,000 divided into 23,333,333.33 Class A Ordinary Shares of a nominal or par value of US$0.003 each, 5,000,000 Class B Ordinary Shares of a nominal or par value of US$0.003 each and 5,000,000 shares of a nominal or par value of US$0.003 each of such class or classes (however designated) as the Board of Directors of the Company may determine in accordance with the articles of association of the Company.

Prior to a group reorganization, JE Cleantech International Limited was the holding company of our group of companies comprised of JCS-Echigo Pte. Ltd., Hygieia Warewashing Pte. Ltd. and Evoluxe Pte. Ltd. JE Cleantech International Limited was held 80% by JE Cleantech Global Limited (which is wholly-owned by Ms. Hong Bee Yin, our CEO), 14% by Triple Business Limited, 4% by Ever Bloom Properties Company Limited and 2% by Aqua Lady Group Limited. Upon completion of our reorganization on December 28, 2021, we were owned as to 9,600,000, 1,680,000, 480,000 and 240,000 Ordinary Shares by JE Cleantech Global Limited, Triple Business Limited, Ever Bloom Properties Company Limited and Aqua Lady Group Limited, respectively, and JE Cleantech International Limited, JCS-Echigo Pte. Ltd., Hygieia Warewashing Pte. Ltd. and Evoluxe Pte. Ltd. became our direct and indirect subsidiaries.

In April 2022, we closed on the sale of 3,020,000 newly issued Ordinary Shares and Triple Business Limited sold 750,000 of our Ordinary Shares in our Initial Public Offering. See "Item 7. Major Shareholders and Related Party Transactions - Major Shareholders" for information on the current shareholdings of our major shareholders.

 **

***Organization Chart***

 **

The chart below sets out our corporate structure as of the date of this Annual Report.

![](form20-f_001.jpg)

***Entities***

A description of our subsidiaries is set out below.

***JE Cleantech International Limited ("JEC International")***

On April 9, 2018, JEC International was incorporated in the BVI as a BVI business company with limited liability. JEC International is authorized to issue a maximum of 50,000 shares of a single class of US$1.00 par value each. As part of a group reorganization on December 28, 2021, JEC International became a direct wholly-owned subsidiary of our Company.

JEC International has been an investment holding company with no business operations since its incorporation.

***JCS-Echigo Pte. Ltd. ("JCS")***

On November 25, 1999, JCS was incorporated in Singapore as a private company with limited liability. JCS commenced business in 2005 and is principally engaged in the manufacture and sale of cleaning systems and other equipment. As part of a group reorganization on December 28, 2021, JCS became an indirect wholly-owned subsidiary of our Company.

***Hygieia Warewashing Pte. Ltd. ("Hygieia")***

On December 29, 2010, Hygieia was incorporated in Singapore as a private company with limited liability. Hygieia commenced business in 2013 and is principally engaged in the provision of centralized dishwashing services, general cleaning services and leasing of dishwashing equipment, and is currently operational at the JCS Facility. As part of an internal reorganization on December 28, 2021, Hygieia became an indirect wholly-owned subsidiary of our Company.

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***Evoluxe Pte. Ltd. ("Evoluxe")***

On May 6, 2016, Evoluxe was incorporated in Singapore as a private company with limited liability. Evoluxe has been dormant since incorporation and has not engaged in any business activities since its incorporation. As part of an internal reorganization on December 28, 2021, Evoluxe became an indirect wholly-owned subsidiary of our Company.

**Key Milestones**

 

The key milestones in the development of our Group are highlighted chronologically below:

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| | |
|:---|:---|
| **Year** | **Milestones** |
| 1999 | JCS was established. |
| 2005 | JCS began its business in the sale of cleaning systems. |
| 2006 | We established the JCS Facility and commenced the business of the design, development, manufacture and sale of cleaning systems. |
|  | We completed our first order for a cassette washing system for a customer in the HDD industry. |
| 2007 | We registered our first patent in Singapore under JCS for a cleaning process and apparatus. |
| 2010 | Hygieia was established. |
| 2011 | We completed our first order for a medical cleaning system. |
| 2012 | We completed our first order for a dish cleaning system. |
| 2013 | Hygieia commenced provision of centralized dishwashing services at a customer's premises. |
| 2014 | We established the Hygieia Facility. |
| 2018 | We received an invitation from a statutory board in Singapore to showcase a prototype of a robot floor scrubber for the interior of public trains. |
| 2022 | We completed our Initial Public Offering. |
|  | Our Company was listed on Nasdaq. |
| 2025 | Completion of the sale of our leasehold interest in the Hygieia Facility for approximately SGD7.39 million (US$5.68 million). |

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**Business of Our Operating Subsidiaries**

***Overview***

Our Group is based in Singapore and is principally engaged in: (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Our cleaning systems business started in 2006 and we design, develop, manufacture and sell cleaning systems for various industrial end-use applications to customers mainly in Singapore and Malaysia. We have also provided centralized dishwashing since 2013 and general cleaning services since 2015, mainly for food and beverage establishments in Singapore. We are also a leading centralized dishwashing services provider in Singapore.

For the years ended December 31, 2023, 2024 and 2025, our Group generated approximately SGD11.0 million, SGD12.0 million and SGD12.5 million of revenue, respectively, from our sale of cleaning systems and other equipment business, representing approximately 61.0%, 62.1% and 61.6% of our total revenue, respectively.

For the years ended December 31, 2023, 2024 and 2025, our Group generated approximately SGD7.0, SGD7.3 million and SGD7.8 million of revenue, respectively, from our provision of centralized dishwashing and ancillary services business, representing approximately 39.0%, 37.9% and 38.4% of our total revenue, respectively.

The portion of our revenue from each business line has not changed substantially through December 31, 2025.

**Our Products and Services**

***Our Products***

The cleaning systems and other equipment we manufacture and sell can be categorized into four different categories, namely aqueous washing systems, plating and cleaning systems, train cleaning systems and other equipment, such as filtration units. The product lives of our cleaning systems and other equipment range from two to ten years.

While the focus of our sale of cleaning systems and other equipment business is on precision cleaning, we are also able to design, develop and manufacture other cleaning systems for various industrial end-use applications using our R&D and engineering capabilities.

Depending on our customers' requirements and specifications, our cleaning systems are designed to enable our users to monitor various parameters and control the cleaning system or equipment. This enables our customers to monitor critical data and information such as water level, wash and rinse tank temperatures, flow rate of water and chemicals, megasonic or ultrasonic generator power, ultrasonic or megasonic frequency and pH value of the chemicals and waste water. Such critical data and information are crucial to our customers for their cleaning systems, particularly in the HDD, semiconductor and industrial electronic equipment/product manufacturing industries.

Our cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high pressure drying technology, high flow rate spray and deionized water rinses, which are designed for effective removal of contaminants and to minimize particle generation and entrapment. In particular, precision cleaning systems to be installed in cleanrooms (enclosed spaces in which airborne particulates, contaminants and pollutants are kept within strict limits), such as those sold to HDD customers, will need to meet stringent cleanliness standards and requirements, and are also equipped with High Efficiency Particulate Air (HEPA) filters to trap particles that are 0.3 microns and larger in size and/or Ultra Low Particulate Air (ULPA) filters to trap particles that are 0.12 microns and larger in size, in order to ensure stringent cleanliness performance.

Our cleaning systems are designed and developed for megasonic cleaning or ultrasonic cleaning, and have megasonic or ultrasonic generators to generate rinses with a wide range of frequencies. In particular, megasonic cleaning uses higher frequencies to produce controlled cavitations, with cleaning bubbles that are smaller and less energetic but more numerous, thereby providing more gentle cleaning of fragile and delicate components and the removal of microscopic contaminants. Megasonic cleaning also reduces or eliminates cavitation erosion and the likelihood of surface damage to the product being cleaned.

The table below sets forth the revenue generated from our sale of cleaning systems and other equipment by product type during the years ended December 31, 2023, 2024 and 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **%** | **SGD'000** | **%** | **SGD'000** | **%** |
| Aqueous washing systems | 5600 | 55.0 | 8478 | 76.2 | 10018 | 84.8 |
| Other equipment | 4581 | 45.0 | 2652 | 23.8 | 1802 | 15.2 |
| Total | 10181 | 100.0 | 11130 | 100.0 | 11820 | 100.0 |

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The table below sets out the features and major types of industrial end-use applications of the different types of cleaning systems:

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Our cleaning systems are designed and customized based on our customers' requirements and specifications, and accordingly the cleaning systems that we manufacture and sell are of varying sizes and have different features and functions. Our cleaning systems also are comprised of different modules and components, parts and materials and the production and manufacturing process for each cleaning system will vary between orders, depending on the complexity of the design and the component lead time.

In addition, we also provide repair and servicing of the cleaning systems that we sell to our customers, and we also sell related parts used in such cleaning systems which we purchase from third party suppliers such as proximity sensors and transducer plates. Provision of repair and servicing of cleaning systems and sale of related parts amounted to approximately SGD0.8 million, SGD0.8 million and SGD0.7 million in revenue, representing approximately 4.5%, 4.4% and 3.3% of our total revenue, for the years ended December 31, 2023, 2024 and 2025, respectively.

We are the sole distributor of STICO anti-slip shoes in Singapore, and our customers are mainly food and beverage establishments in Singapore. The STICO anti-slip shoes are made of ethylene-vinyl acetate (EVA) material and are light with an anti-slip resistance function, making them suitable for wear on wet and oily surfaces. Sale of such STICO anti-slip shoes amounted to approximately SGD92,000, SGD23,000 and SGD44,000 in revenue, recognized as other income, for the years ended December 31, 2023, 2024 and 2025, respectively.

We generally provide a one-year warranty period for the cleaning systems manufactured and sold to our customers from acceptance of delivery of such cleaning systems. During the warranty period, we offer free replacement for components and related parts, as well as repair and servicing of our cleaning systems. After expiry of the warranty period, repair and maintenance services will be provided with additional charges, based on the complexity of the services and cost of components required for any such repair or maintenance. Other equipment is warranted to be in good working order without faulty workmanship or faulty materials. We generally do not offer any product return or refunds for our cleaning systems and other equipment as our customers acknowledge that our products are functional and met their technical specifications upon delivery and inspection by them.

***Our Services***

We provide centralized dishwashing services at our JCS Facility in Singapore. Leveraging on our expertise in designing, developing and manufacturing cleaning systems, we originally set up a centralized dishwashing facility (our "Hygieia Facility") in 2014 with semi-automated washing lines, which are designed and manufactured in-house, for our centralized dishwashing operations. When we sold our leasehold interest in the Hygieia Facility in November 2025, we moved our centralized dishwashing operations to our JCS Facility, where we also conduct our manufacturing operations. As of the date of this Annual Report, four semi-automated dishwashing lines are installed at our JCS Facility, two of which are for washing Halal dishware and another two of which are for washing non-Halal dishware. Our dishwashing lines have the flexibility to process dishware made of different materials including melamine, stainless steel, porcelain and glass. The Halal washing lines have obtained a Halal certification, and are thus suitable for the washing of Halal dishware.

Incorporating our experience and know-how from precision cleaning, each of our in-house designed semi-automated washing lines are over 20 meters in length and are designed for automated cleaning and washing of dishware, with high capacity to handle large volume and each washing line can wash up to 20 to 30 tubs per hour, depending on the size and number of items in each tub.

Our washing lines also have proper segregation to minimize cross contamination. Each of the washing lines at our JCS Facility is standalone and separate, and the configuration is such that all the soiled dishware is loaded on the respective washing lines at the same end and the cleaned dishware is removed and unloaded from the washing lines at the other end, thus keeping the soiled dishware and tubs completely separate from the cleaned dishware and tubs and Halal dishware completely separate from the non-Halal dishware. Our technical support team at our JCS Facility oversees our centralized dishwashing operations and provides maintenance services for our washing lines in order to ensure high reliability for our customers.

Soiled dishware is collected from our customers' premises and transported to our JCS Facility for centralized dishwashing and then sent back to our customers' premises daily throughout the year. As the soiled dishware can be loaded into our washing lines without the need for pre-rinsing, this removes the need for dishwashers at our customers' premises and saves time and labor costs. The risks of contamination due to food remnants or cleaning detergent is also eradicated. Our off-site centralized dishwashing services also allow our customers to cut down on manpower needed to wash dishware as well as the space allocated to dishwashing in order to maximize the dining area.

Since 2015, we also provide general cleaning services to food courts and hawker centers in Singapore, which comprise off-site centralized dishwashing services and on-site cleaning services. For such general cleaning services, we provide the off-site centralized dishwashing services at our JCS Facility and generally outsource the on-site cleaning services to third party sub-contractors. Such customers enter into general cleaning service contracts with our Group to appoint us as the main contractor to provide integrated cleaning solutions and services for their food courts or hawker centers, thereby reducing their administrative burden in having to liaise with various service providers for the cleaning of different aspects of the food and beverage establishment. As our Group specializes in centralized dishwashing services, we generally outsource the labor-intensive on-site cleaning services to our sub-contractors in order to focus our resources on our core competencies. Such on-site cleaning services include, among others, cleaning and maintenance of the entire food and beverage establishment and pest control, as well as the removal and disposal of food waste, litter, rubbish and refuse.

We typically enter into contracts for our provision of centralized dishwashing and general cleaning services with our customers for a term of one to two years. In view of the continued long-term relationship of at least three to four years with most of the customer groups with whom the Group has expiring contracts, we are confident that the Group will be able to renew those contracts upon expiry.

We generally charge our customers a fixed monthly fee for both our centralized dishwashing services and general cleaning services, and additional fees if extra services are required. Such extra services include ad hoc logistics services and extra manpower for the decolorization or de-staining of the dishware. Our sub-contractors are then paid a monthly fee for their on-site cleaning services, depending on the number of on-site staff required to work at the relevant food and beverage establishment during the relevant period. For further details, please refer to the paragraphs headed "Key contract terms with customers - Provision of general cleaning services" and "Sub-contracting" in this section.

***Dishwashing equipment that we lease to customers***

We also provide leasing services of dishwashing equipment to our customers, mainly for use at food and beverage establishments in Singapore. The terms of such leases are typically for a period of one to two year(s) and renew automatically, and our customers are charged a fixed monthly fee for such leasing services. For further details, please refer to the paragraphs headed "Key contract terms with customers- Provision of dishwashing equipment leasing services." The dishwashing equipment leased to our customers typically enables a food and beverage establishment to wash up to 150 racks of items per hour, depending on the size of the equipment. Such dishwashing equipment is designed and manufactured in-house and can be customized to accommodate the needs of different customers.

**Sale of Cleaning Systems**

The cleaning systems designed, developed, manufactured and sold by our Group can generally be divided into two categories, namely precision cleaning systems and other cleaning systems, and are designed and customized based on our customers' requirements and specifications. Precision cleaning systems consist of equipment and machines designed for the cleaning of critical surfaces in precision equipment with minimal particle generation and entrapment. Such cleaning processes aim to meet a measured limit of contaminants such as the particle count and/or non-volatile residue requirements, which are supplied by the customer or industry standards. Our cleaning systems are generally sold to HDD, semiconductor manufacturers or industrial electronic equipment/product manufacturers and are designed for cleaning of surfaces and product parts in various industrial end-use applications. Leveraging on our engineering know-how and expertise, we are able to design, develop and manufacture quality and customized products that suit our customers' varying needs. Ancillary to our sale of cleaning systems, our Group also manufactures and sells other equipment such as filtration units, provides repair and servicing of cleaning systems and sells related parts.

**Design, Development and Sale Process**

A brief description of our design and development process of our cleaning systems is set out as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Customers contact our sales team to inquire about our cleaning systems or we submit tenders to potential customers to bid for contracts*

Generally, customers will approach our sales team to inquire about the purchase of our cleaning systems and may inform us of their specifications or requirements. In addition, when suitable opportunities arise, we will also submit tenders to potential customers to bid for certain contracts based on customers' tender requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) Our R&D and engineering team will evaluate our customer*'*s requirements and specifications*

Based on the customer's initial instructions, our R&D and engineering team will evaluate and will have internal discussions on the design and development plan for the proposed cleaning system. Such discussions include product functions, fabrication and assembly requirements, components, parts and materials required and any customized designs and/or functions required to be implemented in order to develop and manufacture the proposed cleaning system according to our customer's requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3) Our R&D and engineering team will discuss the feasibility, design and specifications of the proposed cleaning system with our customer*

Our R&D and engineering team will discuss the feasibility, design and specifications of the proposed cleaning system with our customer, in order to understand their specific needs and requirements, the proposed budget and intended usage for such cleaning systems. We will also discuss market developments and trends with our customer, in order to better understand the latest cleaning systems technology utilized in its industry, so that we can provide a comprehensive proposal to our customer.

After such discussions with our customer, we will provide a proposal, which may include draft designs with suggestions on the technical specifications and materials to be used for the cleaning system. The technical specifications of any cleaning system largely depend on its intended use, type and desired outcome of our customer, including washing or rinsing frequency, spray rinse flow rate, drying speed, cleanroom standards, desired residual liquid or air particle count or non-volatile residual levels. It generally takes approximately one to two weeks for us to deliver a proposal to a customer, depending on the complexity of the design.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(4) Our sales team will provide a price quotation to our customers*

After the proposal and the designs of the cleaning system have been finalized and confirmed by our customer, our R&D and engineering team will discuss the proposed requirements with our procurement team in order to provide a price quotation to our customer. The quotation will take into account the complexity of the cleaning system to be manufactured and sold, the cost of the relevant parts and materials and the expected duration of the project. It generally takes approximately one to two weeks for us to deliver a quotation to a customer, depending on the complexity of the design and the time required to source for and obtain quotations from our suppliers for certain parts and components.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5) After receiving confirmation from our customer, we will prepare detailed drawings, 3D designs and/or model simulations*

After the quotation has been accepted by our customer, our R&D and engineering team will prepare the designs and detailed drawings for fabrication, manufacture and assembly of the cleaning system. Depending on the nature of the project, we may also use our software systems to prepare design simulations to enable the customer to have a preview of the proposed cleaning system upon the request of the customer, and to demonstrate the feasibility and functionality of the design. It generally takes approximately one to two weeks for our R&D and engineering team to prepare such detail drawings and designs and/or model simulations for our customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(6) Once the drawings and designs are finalized, we will procure the relevant parts, materials and components*

Once the design and development plan for the cleaning system has been finalized, our R&D and engineering team will prepare the finalized list of relevant parts, materials and components required for the manufacturing and production process, which will then be handed over to our procurement team. Our procurement team will then proceed to source for and place orders for such parts, materials and components from our suppliers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(7) Production and manufacturing*

Generally, our production process begins with the fabrication of the outer enclosure or tank for the cleaning system or equipment while we wait for the necessary parts, materials and components to be delivered. Once we have the necessary supplies on hand, our engineering and technical support team manufactures and assembles the various modules and components, which will comprise the cleaning system or equipment based or the detailed drawings and designs.

Our JCS Facility is well-equipped for the fabrication, production, assembly and in-house testing of our cleaning systems and equipment. In particular, our JCS Facility is fitted with machines, which utilize the CNC manufacturing process for automated control of tools and machinery using pre- programmed computer software. We also have various machinery and tools at our JCS Facility which are used in the production and manufacturing of the modules and components of the cleaning systems, including laser cutting machines and welding machines. Once the various modules and components have been produced, they are sent to our sub-assembly and system integration units for assembly and implementation. Once the final product has been assembled and completed, we conduct in-house testing on the cleaning system or equipment prior to delivery to our customer.

A brief description of the flow of our production and manufacturing process of cleaning systems and equipment is set out as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Fabrication of outer body of the cleaning system or equipment*

Once the design and development plan for the cleaning system or equipment has been finalized, our engineers and technical support team will commence the production and manufacturing process by starting the fabrication of the outer body, which is usually the structure, enclosure or tank for the cleaning system or equipment, mainly using stainless steel. Such fabrication of the outer body is done in-house using (a) laser cutting machines which cut the metal sheets; (b) hydraulic press brake machines which bend the metal sheets to form the shape of the enclosure or tanks; and (c) welding machines to join the material together by welding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Delivery of components, parts and materials which undergo quality checks*

Once the relevant components, parts and materials required for the manufacture of the cleaning system and equipment have been delivered to our JCS Facility, our quality control team will conduct an inspection upon their arrival to determine whether such components, parts and materials conform to our quality standards and the requirements stated in our purchase orders, or whether there are any defects, dents or scratches.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) Production and manufacturing of modules and components*

Once the relevant components, parts and materials have been inspected, we will proceed to produce and manufacture the cleaning system or equipment. Our engineers and technical support team will use the designs created for our customer to start fabrication of the cleaning system or equipment. The production and manufacturing process utilizes CNC machines for automated control of tools and machinery using pre-programmed computer software, thus minimizing the manual operation and labor required and enabling us to manufacture each component more efficiently. Once the software program has been input, we will conduct a trial run to ensure that the cleaning system or equipment meets our customer's requirements and specifications.

The production and manufacturing processes for the modules and components of our cleaning systems and equipment include (a) laser cutting machines to cut metal sheets to form the machine cover and various parts required to assemble the cleaning system or equipment, such as brackets and air knives; (b) welding machines to weld together and assemble the fabricated tanks or enclosures with the various parts manufactured; and (c) machining tools to manufacture precision parts such as robotic arms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) Sub-assembly and system integration of modules and components*

Once each module and component has been manufactured, it is sent to our sub-assembly and system integration units for assembly and implementation. At this stage, the various manufactured modules and components are assembled together, together with the additional related parts such as pipings, pumps and filters, as well as the control panels and electrical wiring to establish the electrical connection for the cleaning systems and equipment. Certain modules and components will also undergo electropolishing prior to assembly to provide additional protection to their stainless steel surface.

At the sub-assembly stage, our engineers and technical support team also conduct quality checks on the functionality and performance of each cleaning system module and component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e) In-house testing of assembled cleaning systems and modules*

Once the final product has been assembled and completed, the cleaning system or equipment is sent for in-house testing prior to delivery to our customer. Our technical support team will conduct functionality tests to ensure that the overall performance of the cleaning system or equipment is satisfactory and that none of the modules and components are malfunctional, perform in-house quality checks and ensure that the final product functions and performs in accordance with our customer's order and specifications. A programmer will also check all the input/output points with an electrician, before conducting the program testing and testing the cleaning system or equipment for load and dryness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(f) Delivery, implementation and inspection by our customer*

After production, manufacturing and in-house testing have been completed, the cleaning system or equipment will be delivered to our customer's designated location. Our technical support team will assist with the implementation of the cleaning system or equipment at our customer's premises and assist our customer during any inspection or tests conducted. Our customers will typically use cleanliness testing devices, such as a liquid particle counter which is an analytical instrument used to size and count particles in a liquid, to verify that the cleaned item achieves the desired limit of post-cleaning residual contaminants and meets their standards. After our customer conducts its inspections or tests, it is required to sign on a checklist to acknowledge that the cleaning system was functional and met their technical specifications. If required, we will also provide on-site training to our customer on the use and maintenance of the cleaning system or equipment.

The lead time from confirmation of an order by our customer to delivery of the final product generally takes approximately eight to 18 weeks, depending on the complexity of the design and the component lead time.

**Provision of Centralized Dishwashing Services**

We provide centralized dishwashing services at our JCS Facility, which has four semi-automated dishwashing lines, of which two are for washing Halal dishware and the other two are for washing non-Halal dishware.

A brief description of the flow of the centralized dishwashing process is set out as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Customers contact our sales team and inquire about our centralized dishwashing services or we may submit tenders to potential customers to bid for contracts*

Generally, customers will approach us to inquire about the scope and fees for our centralized dishwashing services and request a quotation for such services. In addition, when suitable opportunities arise, we will also submit tenders to potential customers to bid for certain contracts.

Some customers may also request a quotation for general cleaning services for the food and beverage establishments, which will comprise both off-site centralized dishwashing services and on-site cleaning services. In such instances, we may request a quotation for such on-site cleaning services from our sub-contractors or may undertake such on-site cleaning services ourselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) Our sales team conducts site visit at our customer*'*s premises and assesses the services required*

Our sales team will conduct a site visit at the customer's premises, to inspect the space and the logistical arrangements to be made for collection of the soiled dishware from the customer and delivery to our JCS Facility, where our centralized dishwashing services are now provided, and delivery of the cleaned dishware from our JCS Facility to the customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3) Our sales team will provide a price quotation to our customer. After receiving confirmation, we proceed with provision of centralized dishwashing services*

Based on our customers' requirements, our sales team will prepare a price quotation, which will take into account, among other things, (a) the size of the food and beverage establishment, number of seats and expected customer turnover, (b) frequency of collection and delivery of dishware on a daily basis; (c) whether thermo stickers are required; (d) whether the services of a third party logistics provider for collection and return of the dishware are required; and (e) whether the services of our sub-contractor for on-site cleaning services are required.

After the quotation has been accepted by our customer and the service contract has been entered into, we will proceed with the provision of centralized dishwashing services based on the agreed terms of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(4) We or a third party logistics services provider will collect and deliver the soiled dishware from our customer and deliver it to our JCS Facility where our centralized dishwashing services are now provided.*

On a daily basis, the soiled dishware will be placed in tubs and trolleys provided by us at our customer's premises, with Halal dishware being separated from non-Halal dishware. Generally, we or a third party logistics services provider will collect the soiled dishware from our customer's premises and deliver it to our JCS Facility for our centralized dishwashing services, usually one to two times per day depending on the customers' needs. Upon arrival at our JCS Facility, the soiled dishware will be unpacked from the tubs by our staff and food remnants will be removed, if necessary, before the dishware is placed onto the respective Halal and non-Halal semi-automated washing lines for washing, rinsing and blow-drying. The rinsing is performed with high temperatures to sanitize the dishware. In addition, our customers may also request that thermo stickers be placed on a random sample of dishware to ensure that the temperature during the dishwashing process is maintained at a certain minimum temperature for sanitization purposes.

The lead time from collection of the soiled dishware from our customer's premises to completion of the dishwashing process takes approximately four to 12 hours, depending on the location of our customer's premises and frequency of collection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5) Our team will perform quality checks, and any dishware that requires further washing will be put back onto the washing lines. Cleaned dishware will be packed for delivery*

After the dishware has been washed, rinsed and dried, the cleaned dishware is inspected by our staff before it is packed for delivery back to our customer's premises. If any of the dishware does not pass our quality checks, the dishware will be put back onto the washing lines for re-washing. Once the cleaned dishware has passed our quality checks, it will be packed into clean tubs and trolleys, and moved to the centralized dishwashing operation's storage area at our JCS Facility and will be ready for delivery back to our customers' premises according to the delivery schedule, usually one to two times per day depending on our customers' needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(6) The cleaned dishware will be packed and delivered by us or the third party logistics services provider to our customer*'*s premises*

At the scheduled time, we or our third party logistics services provider will pick up the cleaned dishware from our JCS Facility for delivery back to our customer's premises.

The lead time from the inspection and quality checks on the cleaned dishware to the delivery of the cleaned dishware back to our customers' premises takes approximately three to 12 hours, depending on the delivery schedule for each customer.

**Pricing Policy**

In respect of the sale of cleaning systems and other equipment, we generally determine the price on a cost-plus basis for each cleaning system or equipment that we manufacture and produce as our cleaning systems are customized. The unit selling price and gross profit margin of each product may fluctuate significantly from order to order, depending on various factors and considerations, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● complexity of the design, particularly for aqueous washing systems and train cleaning systems, as the cleaning systems may include different features and various modules, components and parts, such as ultrasonic wash and rinse stations, spray rinse stations, vacuum oven, cleaning stations with robotic transfer functions, washing baskets, pneumatic control systems, heaters, sensors and pumps;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the type and availability of the components and materials, such as stainless steel or aluminum, used for the cleaning system or equipment, which would vary in terms of cost price and component lead time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● technical requirements for the production, including whether the customer's approval is required for any changes to the processes, products or services for the production and manufacturing process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● size and dimensions of the cleaning system or equipment, including the overall machine dimension, tank dimension and the size and number of modules, components and parts installed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● level and number of functionality tests to be conducted, including whether test reports and certificates are to be provided to the customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the customer's specifications for certain designated suppliers and/or sub-contractors to be used for the production and manufacture of the cleaning system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● purchase quantity, as certain customers may place orders for more than one unit of the same cleaning system or equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● timeline for the production and manufacture of the cleaning system or equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● provision of installation, testing and commissioning services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● provision of on-site training by our technical personnel for our customer's employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the expected number of units to be placed by our customer in the future.

The selling price and the corresponding profit margin for each cleaning system or equipment which we manufacture and sell will depend on the above factors and considerations, and in particular, the complexity of the cleaning system or equipment to be manufactured and sold, the cost of the relevant parts and materials and the expected duration of the project. Complex aqueous washing systems and train cleaning systems which are generally larger in size and comprised of various modules, components and parts will require a longer time for our R&D and engineering team to prepare the detailed drawings, designs and/or model simulations and will also require a longer time for production and manufacture, with a corresponding increase in the cost of production and the number of relevant parts and materials. Less complex aqueous washing systems such as standalone cleaning machines will require a comparatively shorter time for design, production and manufacture, as well as lower cost of production. From a commercial perspective, our Group will usually quote an initial higher selling price taking into consideration the aforesaid factors and with reference to the range of selling prices for similar cleaning systems and equipment sold by our Group with an aim to maximizing our profit. During the price negotiation process, our Group will adopt different negotiation strategies for different customers and our pricing is affected by various factors, such as the budget and cost consciousness of the customer, size of the customer, our relationship with the customer, the customer's specifications and requirements, the features and functions of each product and the needs of the customer. The final selling price for each cleaning system or equipment will be arrived at after arm's length negotiation and largely dependent on the respective bargaining power of our Group and the customer.

In respect of the sale of related parts used in our cleaning systems, we generally determine the price based on the selling price suggested by our suppliers or at a mark-up of our own costs.

In respect of the provision of centralized dishwashing services and general cleaning services, we generally charge our customers a fixed monthly fee which is determined with reference to factors such as the size, number of seats and expected customer turnover of the food and beverage establishment, frequency of delivery and collection of dishware on a daily basis, our costs of dishwashing (including staff costs, cleaning detergent costs and utilities costs), sub-contracting costs, logistic costs, expected costs to be incurred by our customers if they had the capacity and were to engage their own staff to wash the dishware, duration of the contract and the capacity and utilization rate of our dishwashing lines. We may charge our customers additional fees if extra services are required.

In respect of the dishwashing equipment leasing services, the rental of our dishwashing equipment to our customers is determined with reference to prevailing market rates. In respect of our wholesale sale of STICO anti-slip shoes, the prices are determined with reference to the suggested retail price under our distributorship arrangement and the purchase quantity.

**Credit period and payment methods**

In respect of the manufacture and sale of cleaning systems, depending on, among other things, the technical requirements, project amount and size, project costs, relationship with our customers and the credit period offered by our suppliers to our Group in respect of the materials and components used in the cleaning systems, our customers may be required to pay a deposit and settle the remaining purchase price upon delivery and acceptance of the product, according to the terms of the contract. In other cases, our customers are generally offered credit terms of 30 days to 90 days from delivery. In respect of the sale of other equipment, our customers are generally offered credit terms of 30 days to 45 days from the day on which the order is completed.

In respect of the sale of related parts used in our cleaning systems, our customers are generally offered credit periods ranging from 30 days to 60 days.

In respect of the provision of centralized dishwashing services and general cleaning services, our customers are generally offered credit terms of 7 days to 45 days upon the receipt of invoice. In respect of the provision of dishwashing equipment leasing services, our customers are generally offered credit terms of 30 days upon receipt of invoice.

Settlements with our customers who purchase cleaning systems and other equipment from us are mainly in SGD or US$ by way of check or telegraphic transfers. Settlements with our customers who use our centralized dishwashing services, general cleaning services and dishwashing equipment leasing services are mainly in SGD by way of check or telegraphic transfers.

**Seasonality**

Our directors believe that both our sale of cleaning systems and other equipment operations and our provision of centralized dishwashing services and ancillary services operations are not subject to any seasonality.

**Our Customers**

During the years ended December 31, 2023, 2024 and 2025, our customers were from various industries, including HDD manufacturing, semiconductor manufacturing, food and beverage and public transportation. As of the date of this Annual Report, our customers continue to be from such various industries. Our cleaning systems and other equipment are mainly sold in Singapore and Malaysia, and we provided centralized dishwashing and ancillary services to customers in Singapore.

***Top five customers***

For the years ended December 31, 2023, 2024 and 2025, our top five customers accounted for approximately 66.1%, 75.9% and 73.3% of our total revenue, respectively. Our Group's largest customer accounted for approximately 24.2%, 40.4% and 46.4% of our total revenue, respectively, for the corresponding year. During the years ended December 31, 2023, 2024 and 2025 and up to the date of this Annual Report, we have not experienced any material disputes with our customers.

The following tables set forth information on our top five customers for the periods indicated:

**For the year ended December 31, 2023**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Customer\*** | **Country of Incorporation/Establishment** | **Product/Services** | **Year of Commencement of Business Relationship** | **Credit Terms** | **General Payments** | **Transaction Amounts**<br> **(SGD'000)** | **% of Total Sales** |
| Group A<sup>(1)</sup> | Malaysia and the United States | Cleaning systems | 2009 | 90 days | Telegraphic transfer | $1212 | 6.7 |
| Group B<sup>(2)</sup> | South Korea, Thailand, Belgium and the United States | Other equipment & related parts | 2008 | 90 days | Telegraphic transfer | $3495 | 19.4 |
| Group C<sup>(3)</sup> | Singapore | Cleaning systems | 2016 | 60 days | Telegraphic transfer | $4372 | 24.2 |
| Group D<sup>(4)</sup> | Singapore | General cleaning services & leasing of dishwashing equipment | 2015 | 60 days | Telegraphic transfer | $1200 | 6.7 |
| Group E<sup>(5)</sup> | Singapore | Centralized dishwashing & general cleaning services | 2015 | 30 days | Telegraphic transfer | $1642 | 9.1 |
|  |  |  |  |  | TOTAL | $11921 | 66.1 |

---

<sup>\*</sup> Alphabetical designations of customer groups comport with the designations used internally by the Company.

<sup>(1)</sup> Three of the entities in Customer Group A, which are principally engaged in the manufacture of HDD, were our customers for the year ended December 31, 2023. The ultimate holding company of Customer Group A is headquartered in the United States with international offices, and is listed on Nasdaq.

<sup>(2)</sup> Four entities in Customer Group B, which are principally engaged in the provision of engine and industrial solutions, were our customers for the year ended December 31, 2023. The ultimate holding company of Customer Group B is headquartered in the United States with international offices, and is listed on the New York Stock Exchange.

<sup>(3)</sup> One entity in Customer Group C, which is principally engaged in the provision of customized commercial and industrial solution services, was our customer for the years ended December 31, 2021, 2022 and 2023. The parent company of Customer Group C is headquartered in Switzerland and is listed on the Mainboard of the SIX Swiss Exchange.

<sup>(4)</sup> Four, four, three of the entities in Customer Group D, all of which are principally engaged as operators of food courts and retail malls or health and eldercare service providers, were our customers for the years ended December 31, 2021, 2022 and 2023, respectively. The holding entity of Customer Group D is headquartered in Singapore.

<sup>(5)</sup> Two entities in Customer Group E, which are principally engaged as ground-handling and in-flight catering services providers, were our customers for the years ended December 31, 2021, 2022 and 2023. The parent company of Customer Group F is headquartered in Singapore and is listed on the Mainboard of the Singapore Exchange Securities Trading Limited.

**For the year ended December 31, 2024**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Customer\*** | **Country of Incorporation/Establishment** | **Product/Services** | **Year of Commencement of Business Relationship** | **Credit Terms** | **General Payments** | **Transaction Amounts**<br> **(SGD'000)** | **% of Total Sales** |
| Group A<sup>(1)</sup> | Malaysia and the United States | Cleaning systems | 2009 | 90 days | Telegraphic transfer | $7795 | 40.4 |
| Group B<sup>(2)</sup> | South Korea, Thailand, Belgium and the United States | Other equipment & related parts | 2008 | 90 days | Telegraphic transfer | $2652 | 13.8 |
| Group D<sup>(3)</sup> | Singapore | General cleaning services & leasing of dishwashing equipment | 2015 | 60 days | Telegraphic transfer | $738 | 3.9 |
| Group E<sup>(4)</sup> | Singapore | Centralized dishwashing & general cleaning services | 2015 | 30 days | Telegraphic transfer | $1532 | 7.9 |
| Group F<sup>(5)</sup> | Singapore | Cleaning systems | 2016 | 60 days | Telegraphic transfer | $798 | 4.1 |
|  |  |  |  |  | TOTAL | $13515 | 70.1 |

---

<sup>\*</sup> Alphabetical designations of customer groups comport with the designations used internally by the Company.

<sup>(1)</sup> Three of the entities in Customer Group A, which are principally engaged in the manufacture of HDD, were our customers for the years ended December 31, 2022, 2023 and 2024, respectively. The ultimate holding company of Customer Group A is headquartered in the United States with international offices, and is listed on Nasdaq.

<sup>(2)</sup> Five, four and six entities in Customer Group B, which are principally engaged in the provision of engine and industrial solutions, were our customers for the years ended December 31, 2022, 2023 and 2024, respectively. The ultimate holding company of Customer Group B is headquartered in the United States with international offices, and is listed on the New York Stock Exchange.

<sup>(3)</sup> Three, three and two of the entities in Customer Group D, all of which are principally engaged as operators of food courts and retail malls or health and eldercare service providers, were our customers for the years ended December 31, 2022, 2023 and 2024, respectively. The holding entity of Customer Group D is headquartered in Singapore.

<sup>(4)</sup> Two, two and three entities in Customer Group E, which are principally engaged as ground-handling and in-flight catering services providers, were our customers for the years ended December 31, 2022, 2023 and 2024, respectively. The parent company of Customer Group F is headquartered in Singapore and is listed on the Mainboard of the Singapore Exchange Securities Trading Limited.

<sup>(5)</sup> The entity in Customer Group F, which is principally engaged as an operator of food courts, was our customer for the years ended December 31, 2022, 2023 and 2024, respectively. The shares of Customer Group F's parent company were listed on the Mainboard of the Singapore Exchange Securities Trading Limited prior to March 29, 2022. The company is now privatized.

**For the year ended December 31, 2025**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Customer\*** | **Country of Incorporation/Establishment** | **Product/Services** | **Year of Commencement of Business Relationship** | **Credit Terms** | **General Payments** | **Transaction Amounts**<br> **(SGD'000)** | **% of Total Sales** |
| Group A<sup>(1)</sup> | Malaysia and the United States | Cleaning systems | 2009 | 60 days | Telegraphic transfer | $9497 | 46.8 |
| Group B<sup>(2)</sup> | South Korea, Thailand, Belgium and the United States | Other equipment & related parts | 2008 | 60 days | Telegraphic transfer | $1738 | 8.6 |
| Group D<sup>(3)</sup> | Singapore | General cleaning services & leasing of dishwashing equipment | 2015 | 45 - 60 days | Telegraphic transfer | $1390 | 6.8 |
| Group E<sup>(4)</sup> | Singapore | Centralized dishwashing & general cleaning services | 2015 | 30 days | Telegraphic transfer | $1700 | 8.4 |
| Group G<sup>(5)</sup> | Singapore | General cleaning services & leasing of dishwashing equipment | 2016 | 30 days | Telegraphic transfer | $628 | 3.1 |
|  |  |  |  |  | TOTAL | $14953 | 73.7 |

---

<sup>\*</sup> Alphabetical designations of customer groups comport with the designations used internally by the Company.

 

<sup>(1)</sup> Three of the entities in Customer Group A, which are principally engaged in the manufacture of HDD, were our customers for the years ended December 31, 2023, 2024 and 2025, respectively. The ultimate holding company of Customer Group A is headquartered in the United States with international offices, and is listed on Nasdaq.

<sup>(2)</sup> Four, six and five entities in Customer Group B, which are principally engaged in the provision of engine and industrial solutions, were our customers for the years ended December 31, 2023, 2024 and 2025, respectively. The ultimate holding company of Customer Group B is headquartered in the United States with international offices, and is listed on the New York Stock Exchange.

<sup>(3)</sup> Three, three and three of the entities in Customer Group D, all of which are principally engaged as operators of food courts and retail malls or health and eldercare service providers, were our customers for the years ended December 31, 2023, 2024 and 2025, respectively. The holding entity of Customer Group C is headquartered in Singapore.

<sup>(4)</sup> Two, two and three entities in Customer Group E, which are principally engaged as ground-handling and in-flight catering services providers, were our customers for the years ended December 31, 2023, 2024 and 2025, respectively. The parent company of Customer Group E is headquartered in Singapore and is listed on the Mainboard of the Singapore Exchange Securities Trading Limited.

<sup>(5)</sup> Two, two and one of the entities in Customer Group G, which are principally engaged as operators of food courts, were our customers for the years ended December 31, 2023, 2024 and 2025, respectively. The shares of Customer Group G's parent company were listed on the Mainboard of the Singapore Exchange Securities Trading Limited prior to June 5, 2020. The company is now privatized.

**Competitive Strengths**

***Long and proven track record in precision cleaning in Singapore***

We have been providing cleaning systems to our customers for over 20 years and have accumulated extensive industry experience. We believe our strong R&D and engineering capabilities enable us to design, develop and manufacture quality precision cleaning systems and other cleaning systems for various industrial end-use applications, which are customized to each of our customers' needs.

In April 2018, JCS was awarded the Singapore Quality Class Certification by Enterprise Singapore, which validates JCS's commitment towards continuous improvement and sustainable business performance and commendable management practices. The management system of JCS has also been assessed as conforming to ISO 9001: 2015 and ISO 45001: 2018 for design, manufacture, supply, installation and serving of integrated cleaning systems.

We believe our strong track record in precision cleaning will facilitate the promotion and demand for our products with both existing and new customers, as well as the expansion of our business. We will continue to develop products for different industrial end-use applications and to meet the needs of our customers across various industries by expanding our product portfolio.

***Stable relationships with our major customers***

Since 2006, we have developed stable relationships with our major customers and we believe that our engineering know-how and ability to design, develop and manufacture customized cleaning systems to meet our customers' requirements and specifications and our ability to provide centralized dishwashing services have been the key drivers for them to appoint us as their suppliers over the years.

We have maintained stable business relationships with a majority of our major customers. During the years ended December 31, 2023, 2024 and 2025, our top five customers included renowned HDD manufacturers, an international engine and industrial solutions provider and food and beverage establishment operators in Singapore, three of which have more than 12 years of business relationships with us. As of the date of this Annual Report, our customers continue to be from such various industries. We believe that certain customers, such as multinational corporations, may have stringent selection processes for their suppliers and we have had to meet certain criteria and audit checks before becoming an approved qualified supplier.

 

***Experienced R&D and engineering team***

We have an experienced R&D and engineering team led by Mr. Zhao Liang, who is also a member of our senior management team. Our Directors believe that our Group has strong in-house R&D and engineering capabilities to design high quality precision cleaning systems and other cleaning systems customized to meet the standards and particular needs of our customers, including HDD, semiconductors and industrial electronic equipment/product manufacturers. As of the date of this Annual Report, our R&D and engineering team has 11members, six of whom have obtained a bachelor's degree in engineering.

With our strong R&D and engineering team, we are able to design and develop customized cleaning systems catered to our customers' requirements and specifications. Against the backdrop of Industry 4.0 and an increasing demand for digitized and automated machinery in the manufacturing space, we have entered into collaborations with a customer, as well as other parties, to develop new customized cleaning solutions. In addition to previously co-developing a high performance dryer with one of our customers, we have also developed an initial prototype of a robot floor scrubber, which comprises a robotic enhancement that can be attached to floor cleaning equipment, which will then enable such floor cleaning equipment to be used without manual operation. Following from this, we have entered into a collaboration with a statutory board whose functions and duties include the management and operation of the segment of the public transportation system in Singapore ("Collaboration Partner") to co-develop an autonomous train interior cleaning robot, which is capable of cleaning the floor of the interior of public trains autonomously based on the train type and car configuration. Our Directors believe that such customized cleaning systems and collaborations demonstrate our customers' belief in the strength of our R&D and engineering capabilities.

***Experienced management team***

We have an experienced management team, led by Ms. Hong Bee Yin, our Chairman, Executive Director, Chief Executive Officer and founder, who has been instrumental in spearheading the growth of our Group. Ms. Hong has over 20 years of experience in the cleaning solutions industry in Singapore and she is primarily responsible for planning and execution of our Group's business strategies, including product development, as well as managing our Group's relationships.

Our Group is supported by a senior management team with substantial experience in the cleaning solutions industry. Our senior management team includes members such as Mr. Zhao Liang, who is the head of our R&D and engineering team and has over 18 years of experience in the precision cleaning equipment industry.

For details of the profiles of the senior management team, please refer to "Management" in this Annual Report.

**Business Strategies**

We intend to expand our business and strengthen our market position in the cleaning systems industry in Singapore, Malaysia and other countries and in the centralized dishwashing services industry in Singapore by implementing the following business strategies and future plans.

***Expand our product portfolio and R&D and engineering team***

We believe that our R&D capabilities and engineering expertise are vital in maintaining our long-term competitiveness and driving our business growth. We expect Industry 4.0 and artificial intelligence is the current trend for automation of industrial manufacturing and it has been an ongoing process in Singapore. As part of the Industry 4.0 and robotic initiatives, the Singapore government has allocated investment in R&D projects that speed up industry transformation projects to help local manufacturers undergo the industry transformation. Such ongoing initiatives help create the demand for both digitized and automated machinery in the manufacturing space.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(1) Expand our product portfolio***

We have a long track record in the manufacture and sale of precision cleaning systems and other equipment and we are committed to continuing to increase our R&D and engineering capabilities so as to align ourselves with the Industry 4.0 initiatives and to cope with the continuously increasing standards and requirements of our customers. Going forward, against the backdrop of Industry 4.0, we expect an increase in demand for total automation products and solutions and we intend to leverage on our established reputation and engineering know-how, as well as industry expertise to capture opportunities arising therefrom. In this regard, we intend to further grow our automated cleaning systems and equipment business by expanding our product portfolio and developing cleaning systems which can be used across various industries for industrial and/or commercial uses.

To expand our product portfolio and as part of our R&D efforts, we have developed a robotic floor scrubber, which integrates various types of technology, such as sensors, cameras and navigation systems, to clean floors without human intervention. We are now in the development stage of an autonomous cleaning robot that will be capable of cleaning windows and other applications based on the configuration of the object being cleaned. Our directors believe that such customized cleaning systems and collaborations demonstrate our customers' belief in the strength of our R&D and engineering capabilities.

In particular, we believe that we will be able to market and sell the autonomous robot floor scrubbers to our existing customers in the food and beverage industry for our centralized dishwashing and ancillary services, given that such customers are already using our products and services to automate the dishwashing process at their respective food and beverage establishments and commercial properties. There is a push by the Singapore government for Industry 4.0 initiatives to elevate productivity in the food and beverage services sector, including the introduction of centralized dishwashing services at hawker centers, allocating investment into R&D projects that speed up industry transformation projects and strengthening the workforce's skillsets, to boost productivity in the face of manpower challenges in the food and beverage industry. In light of the fact that such push will drive growth in the dishwashing cleaning sector, our directors believe that there also will be a corresponding increase in demand for other automation cleaning products and solutions by food and beverage establishments. On the other hand, our existing customers, such as cookhouses, eldercare homes and hospitals for which we have provided centralized dishwashing and ancillary services, may become our potential customers for the sale and marketing of the autonomous robot floor scrubbers in the future.

We believe that we can leverage on our existing customer base to market and sell the autonomous robot floor scrubbers in place of or to supplement our on-site cleaning services, while still retaining the customer base for our centralized dishwashing services. We believe that there will be sufficient demand for the autonomous robot scrubbers, which will also reduce our reliance on third party sub-contractors given that our on-site cleaning services are generally outsourced to third party sub-contractors in order to focus our resources on our core competencies, and therefore the autonomous robot scrubbers will not cannibalize our general cleaning services business. The autonomous robotic cleaning equipment industry is relatively new in Singapore. This is seen as a potential solution for the labor squeeze in Singapore's cleaning force, especially for the commercial property and food and beverage cleaning sectors. Since the industry was still in its fast-growing stage in 2021, with a strong push due to the COVID-19 pandemic which increased the demand for unmanned cleaning solutions for commercial properties and public spaces in Singapore, the overall industry is expected to grow at a CAGR of 30.5% from 2021 to 2025. With the launch of grants and incentives to companies for adoption of the technology (for example, the Ministry of Education of Singapore has put out a tender to have these cleaning robots in schools), the growth of the industry is supported by the Singapore government. It is also expected that there will be further advancement in cloud infrastructure, artificial intelligence and 5G that will make the robots more attractive and cost competitive. Accordingly, we believe that there will be sufficient market demand for the commercial sale of the autonomous robot floor scrubbers for the public transportation, food and beverage and other industries.

**Real Property**

A description of our leased real property is below:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Location** | **Usage** | **Lease period** | **Annual Rent**<br> **(SGD)** | **Approximate gross floor area (sq. ft.)** |
| JCS Facility\* <br> 3 Woodlands Sector 1 <br> Singapore 738361 | Manufacturing and centralized dishwashing facility and office | To November 15, 2027, with a further term of 30 years from expiry | 36759 | 33785.6 |

---

\* On November 18, 2025, JCS, our wholly-owned subsidiary, completed the sale of its leasehold interest in the industrial property that was the site of our Hygieia Facility. Since November 2025, our centralized dishwashing operations have been conducted at our JCS Facility, where we also conduct our manufacturing operations.

***Sale of a Leasehold Property***

 

On November 18, 2025, JCS, our wholly-owned subsidiary, completed the sale of its leasehold interest in an industrial property located at 17 Woodlands Sector 1 Singapore 738354 for approximately SGD7.39 million (US$5.68 million). The property had been the site of our centralized dishwashing operations since 2014. The sale was to an unaffiliated third party, under the option to purchase agreement previously announced on December 17, 2024. Since November 2025, our centralized dishwashing operations have been conducted at our JCS Facility, where we also conduct our manufacturing operations.

**Production Capacity and Utilization Rate**

***Manufacturing***

It is difficult to quantify the production capacity and utilization rates of our JCS Facility with respect to our manufacturing operations as the cleaning systems and other equipment manufactured by us at our JCS Facility are customized depending on our customers' specific requirements, and are therefore of varying sizes, scale and capacity. Our JCS Facility is fitted with various types of machinery and equipment and the manufacturing process for each cleaning system utilizes different types of machinery and equipment with different components, parts and materials. The production and manufacturing process will also vary between orders, depending on the complexity of design and component lead time. We periodically monitor the overall usage and capacity of the machinery and equipment at our JCS Facility.

Our directors are of the view that our JCS Facility has sufficient capacity to process the orders for cleaning systems and other equipment for at least the next 12 months for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● during the production process, the most time-consuming process is engineering. Engineering work includes machine set up and pre-programming for laser cutting and machining, and jig and fixture preparation. All the above work could generally take more than 60% of the machine's total production lead time. The average production lead time for the production and manufacturing of bulk orders for the same cleaning system/module is shorter as less time is required to use the relevant machinery and equipment for the aforesaid engineering work. In general, our Group can reduce the engineering process time of the subsequent units by about 90% as compared to the first machine built; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the operating hours of our JCS Facility may be increased from time to time in order to meet the delivery schedule of the orders for cleaning systems and other equipment as needed.

The utilization rates of the CNC lathe machine and the laser cutting machine are calculated based on 8.5 operating hours per working day on weekdays and 3.5 operating hours on Saturdays. In the event that the current hours of usage cannot meet the demand, our management will consider adding one or two more shifts on weekdays, and/or increasing the number of working hours on weekends to increase the production capacity of the CNC lathe machine and the laser cutting machine to meet the production schedule.

The production floor at our JCS Facility has a total usable floor area of approximately 1,470.1 square meters; the total estimated usable floor area which is utilized by our machinery and equipment is approximately 1,219.4 square meters, representing approximately 83.0% of the available space.

***Centralized Dishwashing***

The utilization rates of our washing lines at our previous Hygieia Facility, which are now located at our JCS Facility, was optimal from the year ended December 31, 2023 through the year ended December 31, 2025 as (i) the number of food establishments utilizing our centralized dishwashing services increased; (ii) there was higher footfall and demand for dine-in services at our customers' food and beverage establishments as a result of the resumption of dine-in services after Covid-19 restrictions were lifted, which resulted in a higher volume of soiled dishware from our customers; and (iii) additional customers contracted for our centralized dishwashing services.

As diners in food and beverage establishments usually finish their meals at approximately the same time, customers of our centralized dishwashing services business generally require the soiled dishware to be washed and returned to their food and beverage establishments during the day and particularly after mealtimes, with the peak hours being from 3:30 p.m. to 9:30 p.m. on weekdays, even though our centralized dishwashing business operates in three shifts and 20.5 hours per day. Therefore, the average utilization rate of our Halal and non-Halal washing lines during peak hours reaches 100%, calculated based on the number of tubs washed divided by the processing capacity of the respective washing lines, as we generally have more tubs arriving at our centralized dishwashing facility than we can process during peak hours.

Although our centralized dishwashing operations have been relocated from our previous Hygieia Facility to our JCS Facility, management does not anticipate a change in the utilization rates of the washing lines at the new location.

**Licenses and Permits**

The following licenses are material for our Group's operations:

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| | | | |
|:---|:---|:---|:---|
| **Description** | **Issuing Authority** | **Expiry Date** | **Issued to** |
| License to operate a cleaning business | NEA | February 26, 2028 | Hygieia |
| License / Certificate issued under the Radiation Protection Act | NEA | July 2, 2026 | JCS |

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**Certifications**

As of the date of this Annual Report, we have received the following certifications:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Relevant authority/organization** | **Recipient** | **Relevant list/category** | **Qualification/ License/Grading** | **Date of grant/registration** | **Date of expiry** |
| Workplace Safety and Health Council | Hygieia | BizSAFE | Level 3 | August 7, 2021 | July 29, 2027 |
| Workplace Safety and Health Council | JCS | BizSAFE | Level Star | August 23, 2017 | June 22, 2026 |
| Islamic Religious Council of Singapore | Hygieia | Storage management | Halal Certificate | N/A | June 30, 2026<br>|
| SGS | Hygieia | Food safety management | ISO 22000: 2005 | August 26, 2021 | August 25, 2027 |
| SOCOTEC Certification International | JCS | Occupational Health and Safety Management | ISO 45001: 2018 | July 7, 2017 | June 22, 2026 |
| SOCOTEC Certification International | JCS | Quality management system | ISO 9001: 2015 | June 23, 2017 | June 22, 2026 |

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We intend to apply for the renewal of the above relevant certifications prior to their respective expiry dates and based on past experience, our directors do not foresee any material difficulties in renewing the certifications of our Group.

**Awards and Accreditations**

Throughout our operating history, our Group has received a number of awards and accreditations in recognition of our performance and quality products and services. The following table sets forth the awards and accreditations we have been granted up to the date of this Annual Report.

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| | | | |
|:---|:---|:---|:---|
| **Year** | **Award** | **Organized/Granted By** | **Recipient** |
| 2013 | Enterprise 50 Award | KPMG and the Business Times | JCS |
| 2016 | SME 1000 Ranking - Top companies ranked by sales/turnover (745th), net profit (443th) and return on equity (680th) | Experian | JCS |
| 2017 | SME 1000 Ranking - Top companies ranked by return on equity (631st) | Experian | JCS |
| 2017 | SME 1000 Ranking - Emerging 500 companies ranked by sales turnover (1134th) | Experian | JCS |
| 2018 | Singapore Quality Class - Recognition of Commendable Performance in Business Excellence | Enterprise Singapore | JCS |
| 2018 | Clean Mark Silver Award | NEA | Hygieia |
| 2018 | SME 1000 Ranking - Emerging 500 companies ranked by sale turnover (1118th) | Experian | JCS |
| 2019 | SME 1000 Ranking - Emerging 500 companies ranked by sales turnover (1490th) | Experian | Hygieia |
| 2021 | Clean Mark Silver Award | NEA | Hygieia |
| 2022 | Clean Mark Silver Award | NEA | Hygieia |
| 2023 | Clean Mark Silver Award | NEA | Hygieia |

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**Competition**

The precision cleaning equipment market in Singapore is niche and relatively consolidated with just over 10 companies in play comprised of a handful of larger global companies that operate offices in Singapore, as well as several small and medium-sized players, with high barriers to entry in the form of high set-up and operating costs, and track record. We are of the view that there is a trend towards consolidation in the wider precision cleaning market by industry players, as companies move towards offering total solutions in the value chain of both cleaning equipment and cleaning services in order to stand out from the competition.

We are of the view that the precision cleaning manufacturing industry in Malaysia is highly consolidated, with the top five companies in the industry accounting for more than 80% of industry sales. The leading players in the industry are primarily present in the electronics industry. These manufacturers benefit from the robust growth of Malaysia's position as a global hub for semiconductor manufacturing.

We are also of the view that the dishwashing services market in Singapore currently has a low penetration rate, and that approximately 80% of the potential food and beverage market remains untapped and relatively consolidated to about 10 players, with four bigger companies, including our Group, dominating the market, and several other smaller players making up the remainder. In particular, there is keen competition for dishwashing services in the food and beverage industry due to low barriers to entry and low switching costs, the relatively low set-up and labor costs compared to other industries and clients being able to easily switch service providers given the relatively short span of contracts, with quality of service as the key differentiating factor.

**Sales And Marketing**

As of the date of this Annual Report, our sales and marketing team consists of one full-time employee based in Singapore. Our Chairman, Ms. Hong Bee Yin, oversees our sales and marketing department.

One of our key channels for marketing is through word of mouth as our new customers are usually referred by our existing customers or business contacts. Our Group and our Chairman, Ms. Hong, have participated in overseas exhibitions, trade shows and industry forums to promote our Group's products and services. Our Chairman, Ms. Hong has also taken interviews from magazines and newspapers to promote our Group's products and services. Our Group has also participated in overseas exhibitions and trade shows where we showcase our products to potential customers in order to increase our publicity and presence in the cleaning solutions industry.

Our sales and marketing team also communicates with our existing customers to understand their needs and markets trends, so as to improve our cleaning systems and equipment. We consider customer feedback a valuable tool for improving our products and services. Our sales and marketing team is also responsible for handling customers' complaints and any complaints arising from product defects or service quality and will relay such feedback internally to the relevant teams for follow up.

Our Group relates to a few industry associations, with JCS being a member of the Singapore Precision Engineering & Technology Association and a Technology Extension Partner of Singapore Institute of Manufacturing Technology, and Hygieia being a member of the Association of Catering Professionals Singapore.

Our Group has developed a strong existing customer base in Singapore and overseas. Our customers are corporate groups with their respective group members incorporated or established in various jurisdictions, such as Malaysia, Australia, the U.S., Thailand, Belgium, Philippines, India, South Korea, Taiwan, Japan and the PRC, for our sale of cleaning systems and other equipment business during the years ended December 31, 2023, 2024 and 2025. Please refer to the paragraph headed "Our Customers - Top five customers" in this section for further details of our top five customers and their respective countries of incorporation or establishment. We have established stable business relationships with our customers, with three out of our top five customers having more than 12 years of business relationships with us. The profile of our existing customer base, coupled with the stable business relationships we have with our customers, allowed our Group (i) to secure orders from repeat customers, which contributed to approximately 100% of the total sales of our cleaning systems and other equipment for the years ended December 31, 2023, 2024 and 2025 ; and (ii) to gain referrals from our existing customers. Our Group also strives to maintain good customer relationships by producing high quality products and providing professional technical support, and therefore it is not necessary for our Group to actively engage in significant sales and marketing efforts for maintaining such business relationships with our existing customers.

The following tables set forth the breakdown of our revenue contributed from the sale of precision and other cleaning systems and equipment from each geographic region during the years ended December 31, 2023, 2024 and 2025:

**Year ended December 31, 2023**

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| | | | |
|:---|:---|:---|:---|
| **Geographical Region** | **Method of Procurement** | **Transaction Amount**<br> **(SGD'000)** | **% of Total Sales** |
| Singapore | Orders from existing customers | 5609 | 55.1 |
| Malaysia | Orders from existing customer | 758 | 7.4 |
| Thailand | Orders from existing customer | 1945 | 19.1 |
| Belgium | Orders from existing customer | 1470 | 14.4 |
| Taiwan | Orders from existing customer | 43 | 0.5 |
| United States | Orders from existing customer | 356 | 3.5 |
| **Total** |  | **10181** | **100.0** |

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**Year ended December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **Geographical Region** | **Method of Procurement** | **Transaction Amount**<br> **(SGD'000)** | **% of Total Sales** |
| Singapore | Orders from existing customers | 852 | 7.7 |
| Malaysia | Orders from existing customer | 7046 | 63.3 |
| Thailand | Orders from existing customer | 979 | 8.8 |
| Belgium | Orders from existing customer | 1533 | 13.8 |
| South Korea | Orders from existing customer | 101 | 0.9 |
| Taiwan | Orders from existing customer | 16 | 0.1 |
| United States | Orders from existing customer | 603 | 5.4 |
| **Total** |  | **11130** | **100.0** |

---

**Year ended December 31, 2025**

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| | | | |
|:---|:---|:---|:---|
| **Geographical Region** | **Method of Procurement** | **Transaction Amount**<br> **(SGD'000)** | **% of Total Sales** |
| Singapore | Orders from existing customers | 858 | 6.9 |
| Malaysia | Orders from existing customer | 9076 | 72.5 |
| Thailand | Orders from existing customer | 980 | 7.8 |
| Belgium | Orders from existing customer | 910 | 7.4 |
| South Korea | Orders from existing customer | 177 | 1.4 |
| Taiwan | Orders from existing customer |  |  |
| Indonesia | Orders from existing customer | 3 | 0.0 |
| Japan | Orders from existing customer | 11 | 0.1 |
| Philippines | Orders from existing customer | 14 | 0.1 |
| China | Orders from existing customer | 81 | 0.6 |
| United States | Orders from existing customer | 400 | 3.2 |
| **Total** |  | **12510** | **100.0** |

---

For the years ended December 31, 2023 and 2024 and 2025, 100% of our sales were comprised of orders from existing customers.

**Inventory**

As we generally manufacture and sell our cleaning systems and other equipment to our customers on an order-by-order basis, we maintain minimal levels of raw materials and components required for the manufacture of cleaning systems and other equipment and we source for raw materials and other components and parts based on the orders made by our customers. In addition, during the first quarter of our financial year ending December 31, 2026, an existing customer placed orders for the aggregate amount of US$12 million. Barring any unforeseen circumstances, deliveries are expected to be carried out progressively over the next 12 months.

**Intellectual Property**

Our Group's intellectual property rights are important to its business. As of the date of this Annual Report, the Group has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● registered eight trademarks in Singapore and one trademark in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● registered 24 patents in Singapore, Malaysia, the United States, Taiwan and the PRC, and applied for the registration of 9 patents in Singapore, Malaysia and Thailand; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● registered one design in Singapore.

As of the date of this Annual Report, we were not involved in any proceedings with regard to, and we have not received notice of any claims of infringement of, any intellectual property rights that may be threatened or pending, in which we may be involved either as a claimant or respondent.

**Employees**

As of December 31, 2025, we employed a total of 91 persons, all of whom were located in Singapore, as compared to 85 persons as of December 31, 2024 and 103 as of December 31, 2023, who were also all located in Singapore. As of the date of this Annual Report, we employ a total of 91 persons who are all located in Singapore. Employees are not covered by collective bargaining agreements. We consider our global labor practices and employee relations to be good.

**Insurance**

We maintain property insurance policies covering our equipment and facilities in accordance with customary industry practice. We carry occupational injury, medical, pension, maternity and unemployment insurance for our employees, in compliance with applicable regulations. We also carry key person life insurance on the life of Ms. Hong Bee Yin, our Chairman, Executive Director and Chief Executive Officer. We will continue to review and assess our risk portfolio and make necessary and appropriate adjustments to our insurance practices to align with our needs and with industry practice in Singapore and in the markets in which we operate.

**Litigation And Other Legal Proceedings**

As of the date of this Annual Report, we do not have any knowledge of any material, active, pending or threatened proceeding against us or our subsidiaries, nor are we, or any of our subsidiaries, involved as a plaintiff or defendant in any material proceeding or pending litigation.

We may from time to time be subject to various legal or administrative claims and proceedings arising in the ordinary course of business. Litigation, or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including our management's time and attention.

**Laws And Regulations Relating To Our Business In Singapore**

This section sets forth a summary of the material laws and regulations that affect our Group's business and operations in Singapore. Information contained in this section should not be construed as a comprehensive summary nor a detailed analysis of laws and regulations applicable to the business and operations of our Group. This overview is provided as general information only and not intended to be a substitute for professional advice. You should consult your own advisers regarding the implication of the laws and regulations of Singapore on our business and operations.

Our business operations are not subject to any special legislation or regulatory controls other than those generally applicable to companies and businesses incorporated and/or operating in Singapore.

***Environmental Public Health Act***

The Environmental Public Health Act 1987 of Singapore (the "EPHA") is administered by the NEA and regulates, among other things, the disposal and treatment of industrial waste and public nuisances. Under the EPHA, the Director-General of Public Health of Singapore (the "DGPH") may, upon receipt of any information with respect to the existence of a nuisance liable to be dealt with summarily under the EPHA and if satisfied of the existence of a nuisance, serve a nuisance order on the person by whose act, default or sufferance the nuisance arises or continues, or if the person cannot be found, on the owner or occupier of the premises on which the nuisance arises. Some of the nuisances which are liable to be dealt with summarily under the EPHA include any factory or workplace which is not kept in a clean state, any place where there exists or is likely to exist any condition giving rise, or capable of giving rise to the breeding of flies or mosquitoes, any place where there occurs, or from which there emanates noise or vibration as to amount to a nuisance and any machinery, plant or any method or process used in any premises which causes a nuisance or is dangerous to public health and safety. If the DGPH receives any information in respect of the existence of a nuisance liable to be dealt with under the EPHA, a nuisance order may be served on the person responsible for the nuisance prescribing the measures to be taken to remedy the nuisance. Any failure to comply with the nuisance order served is an offense and such person is liable upon conviction for a fine not exceeding SGD10,000 for the first offense and to a further fine not exceeding SGD1,000 for every day during which the offense continues after conviction.

 ****

***Cleaning Business License***

The EPHA also regulates the cleaning standards and productivity of the cleaning industry through the licensing of cleaning businesses which comprises the provision of cleaning work, being work carried out in Singapore that involves, as its main or only component, the bringing of premises or any public place into, or keeping of premises or any public place in, a clean condition, and includes supervising the carrying out of such work but excludes any work that the Minister for the Environment and Water Resources declares not to be cleaning work. Any person who fails to obtain and maintain a cleaning business license while carrying on a cleaning business in Singapore will be guilty of an offense and liable on conviction for a fine not exceeding SGD10,000 or to imprisonment for a term not exceeding 12 months or both, and in the case of a continuing offense, for a further fine not exceeding SGD1,000 for every day or part thereof during which the offense continues after the conviction.

Prior to being licensed, cleaning businesses must meet several track record, training and salary requirements which include (a) in respect of an existing cleaning business, having at least one cleaning contract ongoing or completed in the 12 months preceding the license application (for renewal of an existing cleaning business) and in respect of new start-ups, having at least one employee with no less than 2 years of practical experience in supervising cleaning work or who has attended the requisite training modules under the Environmental Cleaning (EC) Singapore Workforce Skills Qualifications (the "WSQ"); (b) having training for its cleaning workforce, where cleaners attend at least one module under the WSQ framework or the Institute of Technical Education Skills Certificate in Housekeeping Operations (Healthcare). At the point of license application and throughout the license period, at least 50% of the cleaners are to be trained and at the point of license renewal and throughout the license period, 100% of the cleaners are to be trained; and (c) submitting and implementing a progressive wage plan for resident (i.e. Singapore citizens or permanent residents) cleaners employed.

***Progressive wage model***

To obtain a cleaning business license, companies must, among other things, submit a progressive wage plan that covers employed resident cleaners (being Singapore citizens and permanent residents) whether they are full-time, part-time or casual employees, and such plan must (a) specify the basic wage for each class of cleaners; and (b) conform to the wage levels specified under the progressive wage model by the Commissioner for Labor, based on the recommendations of the Tripartite Cluster for Cleaners. A tripartite effort which is made up of seven unions, whose members are representatives from the National Trades Union Congress, Singapore National Employers Federation, Employment and Employability Institute, Building Construction and Timber Industries Employees' Union, Environmental Management Association of Singapore, ISS Facility Services Private Limited, Integrated Property Management Pte Ltd, CapitaLand Mall Asia Limited, City Developments Limited, town councils, the Singapore Ministry of Manpower ("MOM"), the National Environmental Agency of Singapore ("NEA") and Workforce Singapore. The progressive wage model was introduced in 2014 as a productivity-based wage progression pathway that helps to increase wages of workers through upgrading skills and improving productivity, and is regulated for the cleaning industry in Singapore by the NEA. The progressive wage model covers three broad categories of cleaning jobs: offices and commercial buildings, food & beverage establishments (which includes hawker centers and food courts), and the conservancy sector (which includes town councils and public cleansing).

In December 2016, the Tripartite Cluster of Cleaners recommended the introduction of (i) yearly wage adjustments to each wage point in the progressive wage model from 2017 to 2019; (ii) scheduled wage increases from 2020 to 2022; and (iii) an annual bonus equivalent to two weeks of basic monthly wages, for all wage points from 2020 onwards.

On June 7, 2021, the Tripartite Cluster of Cleaners recommended the introduction of a six-year schedule of sustained wage increases from July 1, 2023 to June 30, 2029, which will be reviewed in 2025.

***EC WSQ Qualification***

Cleaners employed by a cleaning business are required to attend at least one module under the EC WSQ framework. The WSQ is a national credentialing system. The EC WSQ is one of the 33 WSQ industry frameworks developed to date, and is designed to help workers in the cleaning industry improve their employability as well as progress in their careers. This framework caters to the training of cleaning crew, stewards and supervisors in two sub-sectors: (a) commercial and private residential cleaning; and (b) public cleaning. The types of EC WSQ qualifications available include (i) the WSQ Certificate in Environmental Cleaning, which aims to equip cleaning professionals with skills needed to perform basic cleaning activities; (ii) the WSQ Higher Certificate in Environmental Cleaning, which is suitable for cleaning professionals who want to advance their skills with in-depth training and gain the soft skills required of a cleaning steward; and (iii) WSQ Advanced Certificate in Environmental Cleaning, which aims to equip cleaning professionals with skills needed for supervisory positions. Upon the completion of each unit, the worker will be awarded a statement of attainment ("SOA"). The WSQ qualifications will be awarded after the worker completes the required number of SOAs.

To help employers meet the challenge of having to release workers for training, Workforce Singapore has introduced the Assessment Only Pathway ("AOP") qualifying criteria, aimed at allowing workers to obtain their EC WSQ qualification through assessment without having to attend classroom training. These workers would either have some prior training in cleaning or have a number of years of relevant working experience, and will be screened before they are allowed to enroll in the AOP.

On June 7, 2021, the Tripartite Cluster of Cleaners recommended the introduction of enhanced mandatory training requirements under the Skills Framework for Environmental Services and that the number of WSQ training modules be increased as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Job Roles** | **Current** | **By December 31, 2023** | **Beyond 2025** |
| All cleaners | Minimum of 1 WSQ module (for licensing conditions) | 2 modules in total (1 mandatory workplace safety and health related module and 1 core module that is endorsed by the Tripartite Cluster of Cleaners) | 3 modules in total |
| Multi-skilled cleaners |  |  | 4 modules in total |
| Mechanical Driver |  |  |  |
| Supervisor |  |  |  |

---

**Environmental Protection and Management Act**

The Environmental Protection and Management Act 1999 of Singapore and its subsidiary legislation are administered by the NEA, which provide for, among other things, laws relating to pollution control in Singapore through the regulation of various industries. Pursuant to the Environmental Protection and Management (Boundary Noise Limits for Factory Premises) Regulations (the "EPM Regulations"), the owner or occupier of any factory premises shall ensure that the level of noise emitted from his premises does not exceed the maximum permissible noise levels as set out in the First Schedule to the EPM Regulations. The permissible noise levels may vary depending on the type of affected premises, which include, among others, noise sensitive premises that require peace and quiet, residential premises and commercial premises not including factory premises. Any person who fails to comply with the requirements under the EPM Regulations is guilty of an offense and liable upon conviction for (a) a fine not exceeding SGD5,000 on the first conviction, and in the case of a continuing offense, to a further fine not exceeding SGD200 for every day or part thereof the offense continues after the conviction; and (b) a fine not exceeding SGD10,000 on a subsequent conviction, and in the case of a continuing offense, to a further fine not exceeding SGD300 for every day or part thereof during which the offense continues after conviction.

**Radiation Protection Act**

The Radiation Protection Act 2007 of Singapore (the "RPA") controls and regulates, among other things, the possession and use of radioactive materials and irradiating apparatus. The RPA provides that no person shall, except under and in accordance with a license, have in his possession or under his control or use or otherwise deal in any radioactive material or irradiating apparatus. Any person who contravenes the aforementioned requirement under the RPA is guilty of an offense and liable upon conviction for a fine not exceeding SGD100,000 or imprisonment for a term not exceeding five years or both.

Such licenses are issued by the Radiation Protection and Nuclear Science Department under the RPA and its subsidiary legislation, such as the Radiation Protection (Non-Ionizing Radiation) Regulations of Singapore (the "Non-Ionizing Radiation Regulations"), which regulate, among other things, the licenses and requirements for the manufacture or dealing with, keeping or possession for use and the import of a consignment of certain controlled irradiating apparatus, such as ultrasound apparatus and high power lasers. Ultrasound apparatus means any industrial apparatus designed to generate and emit ultrasonic power at acoustic frequencies above 16kHz. High power lasers means any laser apparatus from Class 3b and Class 4 based on the classification set out in the Second Schedule of the Non-Ionizing Radiation Regulations, being those emitting visible and/or invisible laser radiation with specified maximum accessible emission levels and those exceeding the accessible emission limits respectively.

The Non-Ionizing Radiation Regulations further set out the requirements for (a) ultrasound apparatus, including the requirement that every ultrasound apparatus shall be designed and constructed in such a manner that all marks, labels and signs are permanently affixed thereon and clearly visible and all user controls, meters, lights or other indicators are clearly visible, readily discernible and clearly labeled to indicate their function; and (b) high power lasers, including the requirement that every high power laser shall have a protective housing that prevents human access during operation to laser and collateral radiation that exceed the specified accessible emission limits, a safety interlock for each portion of the protective housing that is designed to be removed or displaced during operation or maintenance, a readily available remote control connector, a key-actuated master control and an emission indicator which provides a visible or audible signal during emission of accessible laser radiation in excess of the specified accessible emission limits. Any person who contravenes any of the provisions of the Non-Ionizing Radiation Regulations is guilty of an offense and liable on conviction for a fine not exceeding SGD2,000 or imprisonment for a term not exceeding six months or both.

Our subsidiary, JCS, has a license issued under the RPA for the possession of four industrial ultrasound apparatus and one high powered industrial laser.

**Workplace Safety and Health Act**

The Workplace Safety and Health Act 2006 of Singapore (the "WSHA") provides that every employer has the duty to take, so far as is reasonably practicable, such measures as are necessary to ensure the safety and health of its employees at work. These measures include providing and maintaining for the employees a work environment that is safe, without risk to health, and adequate with regards to facilities and arrangements for employees' welfare at work, ensuring that adequate safety measures are taken in respect of any machinery, equipment, plant, article or process used by the employees, ensuring that the employees are not exposed to hazards arising out of the arrangement, disposal, manipulation, organization, processing, storage, transport, working or use of things in or near their workplace and under the control of the employer, developing and implementing procedures for dealing with emergencies that may arise while those persons are at work and ensuring that the employees at work have adequate instruction, information, training and supervision as is necessary for them to perform their work. The relevant regulatory body is the MOM.

Any person who breaches his duty under the WSHA is guilty of an offense and will be liable on conviction, in the case of a body corporate, to a fine not exceeding SGD500,000 and if the contravention continues after the conviction, the body corporate shall be guilty of a further offense and will be liable to a fine not exceeding SGD5,000 for every day or part thereof during which the offense continues after conviction. For repeat offenders, where a person has on at least one previous occasion been convicted of an offense under the WSHA that causes the death of any person and that person is subsequently convicted of the same offense that causes the death of another person, the court may, in addition to any imprisonment, if prescribed, punish the person, in the case of a body corporate, with a fine not exceeding SGD1 million and, in the case of a continuing offense, with a further fine not exceeding SGD5,000 for every day or part thereof during which the offense continues after conviction.

Under the WSHA, it is the duty of any person who manufactures any machinery, equipment or hazardous substance ("MEHS"), which includes, among other things, welding equipment, for use at work to ensure, so far as is reasonably practicable, that (a) information regarding the safe use of the MEHS is supplied for use at work (which should include precautions to be taken for the proper use and maintenance of such MEHS, the health hazards associated with the MEHS and the information relating to and the results of any examinations or tests of the MEHS that are relevant to its safe use); (b) the MEHS are safe, and without risk to health, when properly used; and (c) the MEHS are examined and tested in compliance with the obligation imposed by paragraph (b). The duties imposed on any person in respect of the aforementioned shall (i) apply only if the MEHS are manufactured or supplied in the course of a trade or business carried on by the person (whether for profit or not); (ii) apply whether the MEHS are exclusively manufactured or supplied for use by persons at work; (iii) extend to the supply of the MEHS by way of sale, transfer, lease or hire and whether as principal or agent, and to the supply of the MEHS to a person for the purpose of supply to others; and (iv) not apply to a person by reason only that the person supplies the machinery or equipment under a lease-purchase agreement, conditional sale agreement or credit-sale agreement to another ("customer") in the course of a business of financing the acquisition of the machinery or equipment by the customer from others. In the event any person contravenes the relevant provision in the WSHA that imposes the aforementioned duty on such person, that person is guilty of an offense, and liable on conviction (in the case of a natural person) for a fine not exceeding SGD200,000 or imprisonment for a term not exceeding two years or both, or (in the case of a body corporate) for a fine not exceeding SGD500,000.

Further, the Commissioner for Workplace Safety and Health (the "CWSH") may serve a remedial order or a stop-work order in respect of a workplace if he is satisfied that (a) the workplace is in such condition, or is so located, or any part of the machinery, equipment, plant or article in the workplace is so used, that any work or process carried on in the workplace cannot be carried on with due regard to the safety, health and welfare of persons at work; (b) any person has contravened any duty imposed by the WSHA; or (c) any person has done any act, or has refrained from doing any act which, in the opinion of the CWSH, poses or is likely to pose a risk to the safety, health and welfare of persons at work. The remedial order shall direct the person served with the order to take such measures, to the satisfaction of the CWSH, to, among other things, remedy any danger so as to enable the work or process in the workplace to be carried on with due regard to the safety, health and welfare of the persons at work, whereas a stop-work order will direct the person served with the order to immediately cease to carry on any work or process indefinitely or until such measures as are required by the CWSH have been taken, to the satisfaction of the CWSH, to remedy any danger so as to enable the work or process in the workplace to be carried on with due regard to the safety, health and welfare of the persons at work, and shall specify the date on which such order is to take effect.

Pursuant to the Workplace Safety and Health (Noise) Regulations 2011 of Singapore (the "WSHNR"), the occupier of a workplace must take reasonably practicable measures to reduce or control the noise from any machinery or equipment used or from any process, operation or work carried out by him in the workplace, so that no person at work in the workplace is exposed or likely to be exposed to excessive noise. This may include replacing noisy machinery, equipment, processes, operations or work with less noisy machinery, equipment, processes, operations or work, and such other measures as prescribed under the WSHNR. Where it is not practicable to reduce the noise, the occupier of a workplace shall limit the duration of time persons at work are exposed to the noise in accordance with the time limits prescribed in the Schedule under the WSHNR. Any person who contravenes the aforementioned is guilty of an offense and is liable on conviction for a fine not exceeding SGD10,000, and in the case of a second or subsequent conviction, for a fine not exceeding SGD20,000 or imprisonment for a term not exceeding six months or both.

Pursuant to the Workplace Safety and Health (Risk Management) Regulations, the employer in a workplace is supposed to, among other things, conduct a risk assessment in relation to the safety and health risks posed to any person who may be affected by his undertaking in the workplace, take all reasonably practicable steps to eliminate or minimize foreseeable risks, implement measures or safety procedures to address the risks, and to inform workers of the same, maintain records of such risk assessments and measures/safety procedures for a period of not less than three years and submit such records to the CWSH when required by the CWSH from time to time. Any employer who fails to comply with the aforementioned requirements is guilty of an offense and is liable on conviction for a fine not exceeding SGD10,000 for the first offense, and for a fine not exceeding SGD20,000 for a subsequent offense or imprisonment for a term not exceeding six months or both.

**Work Injury Compensation Act**

The Work Injury Compensation Act 2019 of Singapore (The "WICA"), which is regulated by the MOM, applies to all employees who are engaged under a contract of service or apprenticeship with an employer regardless of their level of earnings. The WICA does not cover self-employed persons or independent contractors. However, as the WICA provides that, where any person (referred to as the principal) in the course of or for the purpose of his trade or business contracts with any other person (referred to as the subcontractor employer), the principal shall be liable to compensate those employees of the subcontractor employer who were injured while employed in the execution of work for the principal.

The WICA provides that if an employee dies or sustains injuries in a work-related accident or contracts occupational diseases in the course of the employment, the employer shall be liable to pay compensation in accordance with the provisions of the WICA. An injured employee is entitled to claim medical leave wages, medical expenses and lump sum compensation for permanent incapacity or death, subject to certain limits stipulated in the WICA.

An employee who has suffered an injury arising out of and in the course of his employment can choose to either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) report the accident to his employer in order to submit a claim for compensation through the MOM without needing to prove fault or negligence on anyone's part. There is a fixed formula in the WICA for the amount of compensation to be awarded; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commence legal proceedings to claim damages under common law against the employer for breach of duty or negligence.

Damages under a common law claim are usually more than an award under the WICA and may include compensation for pain and suffering, loss of wages, medical expenses and any future loss of earnings. However, the employee must show that the employer has failed to provide a safe system of work, or breached a duty required by law or that the employer's negligence caused the injury.

Under the WICA, every employer is required to insure and maintain insurance under approved policies with an insurer against all liabilities which he may incur under the provisions of the WICA in respect of all employees employed by him, unless specifically exempted. Further, every employer is required to maintain work injury compensation insurance for all employees engaged in manual work labor regardless of their salary level, as well as all employees doing non-manual work who earn SGD2,100 or less a month. Failure to provide adequate insurance is an offense carrying a fine of up to SGD10,000 or imprisonment for a term of up to 12 months, or both. For further information on our Group's insurance policies, please refer to "Information on the Company - Insurance."

**Employment Act**

The Employment Act 1968 of Singapore (the "Employment Act") is the main legislation governing employment in Singapore and is administered by the MOM. The Employment Act covers every employee who is under a contract of service with an employer and includes a workman (as defined under the Employment Act) but does not include, among others, any person employed in a managerial or executive position (subject to the exceptions set out below). The definition of "employee" under the Employment Act does not extend to freelance contractors who have entered into a contract for service. Accordingly, freelance contractors are not considered to be employees of our Group.

A workman is defined under the Employment Act as including, among others, (a) any person, skilled or unskilled, who has entered into a contract of service with an employer in pursuance of which he is engaged in manual labor, including any apprentice; and (b) any person employed partly for manual labor and partly for the purpose of supervising in person any workman in and throughout the performance of his work.

Core employment provisions of the Employment Act, such as public holiday and sick leave entitlements, minimum days of annual leave, payment of salary and allowable deductions and release for wrongful dismissal, cover all employees, including persons employed in a managerial or executive position, except public servants, domestic workers, seafarers and those who are covered separately.

In addition to the core employment provisions of the Employment Act, Part IV of the Employment Act contains provisions relating to, among other things, working hours, overtime, rest days, holidays, annual leave, payment of retrenchment benefit, priority of retirement benefit, annual wage supplements and other conditions of work or service ("Part IV"). However, such Part IV provisions only apply to: (a) workmen earning basic monthly salaries of not more than SGD4,500; and (b) employees (excluding workmen) earning basic monthly salaries of not more than SGD2,600.

An employer who breaches any provision of Part IV of the Employment Act is guilty of an offense and is liable on conviction for a fine not exceeding SGD5,000, and for a second or subsequent offense a fine not exceeding SGD10,000 or imprisonment for a term not exceeding 12 months or both.

From April 1, 2016, employers are required to issue to their employees who are covered by the Employment Act and who are employed for 14 days or more a written record of the key employment terms of the employee. The key employment terms required to be provided (unless inapplicable to such employee) include, among other things, working arrangements (such as daily working hours, number of working days per week and rest day(s)), salary period, basic salary, fixed allowances and deductions, overtime rate of pay, types of leave and other medical benefits.

**Employment of Foreign Manpower Act**

The employment of foreign employees in Singapore is governed by the Employment of Foreign Manpower Act 1990 of Singapore (the "EFMA") and is regulated by the MOM. The EFMA prescribes the responsibilities and obligations of employers of foreign employees in Singapore.

The EFMA provides that no person shall employ a foreign employee unless the foreign employee has obtained a valid work pass from the MOM in accordance with the Employment of Foreign Manpower (Work Passes) Regulations 2012, which allows the foreign employee to work for him. Any person who fails to comply with or contravenes this provision of the EFMA is guilty of an offense and will: (a) be liable on conviction for a fine not less than SGD5,000 and not more than SGD30,000 or imprisonment for a term not exceeding 12 months or both; and (b) on a second or subsequent conviction: (i) in the case of an individual, be liable for a fine of not less than SGD10,000 and not more than SGD30,000 and imprisonment for a term of not less than one month and not more than 12 months; or (ii) in any other case, be punished with a fine of not less than SGD20,000 and not more than SGD60,000.

In Singapore, the work pass to be issued to a foreigner is contingent on, among other things, the type of work and salary being received by the foreigner in question. Foreign professionals, managers and executives earning a fixed monthly salary of at least SGD4,500 with acceptable qualifications (such as a good university degree, professional qualifications or specialist skills) may apply for an employment pass, whereas older and more experienced candidates will need higher salaries. Mid-level skilled staff earning a fixed monthly salary of at least SGD2,500 who possess a degree, diploma or technical certificate and have the relevant work experience may apply for an S-pass; and semi-skilled foreign workers from approved source countries working in, among others, the manufacturing sector may apply for a work permit.

Further, under the Employment of Foreign Manpower (Work Passes) Regulations 2012, an employer is required to purchase and maintain medical insurance with coverage of at least SGD15,000 per 12-month period of a foreign workers' employment (or for such shorter period where the foreign workers' period of employment is less than 12 months) for the foreign workers' in-patient care and day surgery except as the Controller of Work Passes may otherwise provide by notification in writing.

In addition, the employment of foreign workers is also subject to sector-specific rules regulated by the MOM through the following policy instruments: (a) business activity; (b) approved source countries; (c) the imposition of security bonds and levies; and (d) quota (or dependency ratio ceilings) based on the ratio of local to foreign workers.

***Business activity***

To be considered to be under the manufacturing sector, a company must have a valid factory notification or registration, use machinery to manufacture or produce items from raw materials and operate in a designated industrial setting area.

***Approved source countries***

The approved source countries for manufacturing workers are Malaysia, the PRC, and NAS countries. The minimum age for all foreign workers (other than domestic foreign workers) is 18, and all workers can only work up to 60 years of age. In addition, Malaysian foreign workers must be under 58 years of age and non-Malaysian foreign workers must be under 50 years of age in order to apply for a work permit.

Further, for the manufacturing sector, the maximum number of years a foreign worker can work in Singapore on a work permit is as follows:

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| | | |
|:---|:---|:---|
| **Nationality** | **Type of worker** | **Maximum period of employment** |
| PRC | Basic skilled | 14 years |
| PRC | Higher skilled | 22 years |
| NAS, Malaysia | All | No maximum period of employment |

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***Quota and levies***

The number of foreign workers that employers can hire under a work pass is limited by the quota or dependency ratio ceiling, and employers pay the requisite levy according to the qualification of the foreign worker employed. The levy rates are tiered so that employers who hire close to the maximum quota will be required to pay a higher levy, and the levy rates are subject to changes as and when announced by the Singapore government. The levy rates for the manufacturing sector are set out in the table below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Basic skilled** | **Basic skilled** | **Higher skilled** | **Higher skilled** |
|  | **Monthly** | **Daily<sup>(1)</sup>** | **Monthly** | **Daily<sup>(1)</sup>** |
| **Quota** |  |  |  |  |
| Tier 1: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Up to 25% of the total workforce | SGD370 | SGD12.17 | SGD250 | SGD8.22 |
| Tier 2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Above 25% of the total workforce | SGD470 | SGD15.46 | SGD350 | SGD11.51 |
| Tier 3: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Above 50% to 60% of the total workforce | SGD650 | SGD21.37 | SGD550 | SGD18.09 |

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The levy rates for the services sector are set out in the table below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Basic skilled** | **Basic skilled** | **Higher skilled** | **Higher skilled** |
|  | **Monthly** | **Daily<sup>(1)</sup>** | **Monthly** | **Daily<sup>(1)</sup>** |
| Tier 1: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Up to 10% of the total workforce | SGD450 | SGD14.80 | SGD300 | SGD9.87 |
| Tier 2: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Above 10% to 25% of the total workforce | SGD600 | SGD19.73 | SGD400 | SGD13.16 |
| Tier 3: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Above 25% to 35% of the total workforce | SGD800 | SGD26.31 | SGD600 | SGD19.73 |

---

<sup>(1)</sup> The daily levy rate only applies to work permit holders who did not work for a full calendar month. The daily levy rate is calculated as follows: (Monthly levy rate X 12)/365 = rounding up to the nearest cent.

The quota for the services sector is set at 35%. A Singaporean or Permanent Resident employee employed under a contract of service, including the company's director, is counted as (a) one local employee if they earn the LQS of at least SGD1,600 per month; and (b) 0.5 local employee if they earn half the LQS of at least SGD800 to SGD1,600 per month.

Employers pay less levy for higher skilled foreign workers. Foreign workers with the following certificates will qualify as higher skilled workers:

---

| | |
|:---|:---|
| **Type of qualification** | **Certificates needed** |
| Academic qualifications | - Malaysia: Sijil Pelajaran Malaysia<br> - NAS: High school certificates<br> - PRC: Diploma Skills |
| Evaluation Test ("SET") conducted by the Institute of Technical Education ("ITE") | SET Level 1 or National ITE Certificate (Nitec) |
| Workforce skills qualification | Composite Assessment for Generic Manufacturing |
| Market-Based Skills Recognition Framework | Earn a fixed monthly salary of at least SGD1,600 and worked at least four years in Singapore as a work permit holder |

---

***Required safety courses***

For the manufacturing sector, foreign workers who handle metals and machinery in the metalworking industry, such as our foreign workers employed under JCS, must take a Metalworking Safety Orientation Course or an Apply Workplace Safety and Health in Metal Work course before their work permits can be issued, and such courses may be conducted by either the Occupational Safety and Health Training and Promotion Centre or other training institutions approved by the Chief Inspector appointed by the Minister of Manpower.

A work permit cannot be issued to the foreign worker until he has taken the safety course. Employers are responsible for their workers passing the test. If the foreign workers fail the course, they should retake it as soon as possible and are required to pass the course within three months of their arrival or their work permit could be revoked. Foreign workers in the metalworking industry that have worked in the metalworking industry for (a) less than six years must pass the safety course once every two years; and (b) more than six years must pass the safety course once every four years.

Employers renewing a work permit must ensure that the foreign worker's safety course certificate has a validity period of more than one month on the day of renewal, otherwise the work permit will not be renewed.

**Infectious Diseases Act 1976**

The Infectious Diseases Act 1976 of Singapore (the "IDA") relates to the quarantine and the prevention of infectious diseases. Under the IDA, if the Director of Medical Services (the "DMS") has reason to believe that there exist on any premises conditions that are likely to lead to the outbreak or spread of any infectious disease, he may, among other things, by written notice, order the closure of the premises for a period not exceeding 14 days, and require the owner or occupier of the premises to cleanse or disinfect the premises in the manner and within the time specified in the notice or carry out such additional measures as the DMS may require in the manner and within the time specified in the notice. Such notice directing the owner or the occupier of the premises to close the premises may be renewed by the DMS from time to time for such period, not exceeding 14 days, as the DMS may, by written notice, specify.

In addition, the DMS may order any person who is, or is suspected to be, a case or carrier or contact of an infectious disease to be detained and isolated in a hospital or other place for such period of time and subject to such conditions as the DMS may determine. The DMS may also direct any person carrying on any occupation, trade or business in a manner as is likely to cause the spread of infectious disease to take preventative action that the DMS reasonably believes is necessary to prevent the possible outbreak or prevent or reduce the spread of the infectious disease. Under the IDA, "preventative action" in the case of such direction, includes, among other things, requiring the person to stop carrying on, or not carry on, the occupation, trade or business during a period of time specified in the direction.

Any person who, without reasonable excuse, fails to comply with any requirement of such notice or direction given to that person by the DMS is guilty of an offense. While there are no specific penalties for such offense, any person guilty of an offense under the IDA for which no penalty is expressly provided shall (a) in the case of a first offense, be liable on conviction for a fine not exceeding SGD10,000 or imprisonment for a term not exceeding 6 months or both; and (b) in the case of a second or subsequent offense, be liable on conviction for a fine not exceeding SGD20,000 or imprisonment for a term not exceeding 12 months or both.

**Central Provident Fund Act**

The Central Provident Fund ("CPF") system is a mandatory social security savings scheme funded by contributions from employers and employees. Pursuant to the Central Provident Fund Act 1953 of Singapore ("CPFA"), an employer is obliged to make CPF contributions for all employees who are Singapore citizens or permanent residents who are employed in Singapore by an employer (save for employees who are employed as a master, a seaman or an apprentice in any vessel, subject to an exception for non-exempted owners). CPF contributions are not applicable for foreigners who hold employment passes, S passes or work permits. CPF contributions are required for both ordinary wages and additional wages (subject to an ordinary wage ceiling and a yearly additional wage ceiling) of employees at the applicable prescribed rates which is dependent on, among other things, the amount of monthly wages and the age of the employee. An employer must pay both the employer's and employee's share of the monthly CPF contribution. However, an employer can recover the employee's share of CPF contributions by deducting it from their wages when the contributions are paid for that month.

Where the amount of the contributions which an employer is liable to pay under the CPFA in respect of any month is not paid within such period as may be prescribed, the employer shall be liable for the payment of interest on the amount for every day the amount remains unpaid commencing from the first day of the month succeeding the month in respect of which the amount is payable and the interest shall be calculated at the rate of 1.5% per month or the sum of SGD5, whichever is greater. Where any employer who has recovered any amount from the monthly wages of an employee in accordance with the CPFA fails to pay the contributions to the CPF within such time as may be prescribed, he will be guilty of an offense and will be liable on conviction for a fine not exceeding SGD10,000 or imprisonment for a term not exceeding seven years or both. Where an offense has been committed under the CPFA but there are no penalties provided, the offender may be liable for a fine not exceeding SGD5,000 or imprisonment for a term not exceeding six months or both, and where the offense is repeated by the same offender, the offender may be liable for a fine not exceeding SGD10,000 or imprisonment for a term not exceeding 12 months or both.

**Customs Regulations**

Goods exported from Singapore are regulated under the Customs Act 1960 of Singapore (the "Customs Act"). To export goods from Singapore, the exporter is required to declare the goods to Singapore Customs, a department under the Ministry of Finance, which is the lead agency for trade facilitation and revenue enforcement. The Singapore Goods and Services Tax (the "GST") is not levied on goods exported from Singapore. A Customs export permit is required for, among other things, the export of locally manufactured goods or local GST paid goods, the export of goods from free trade zones, dutiable goods from licensed warehouses and non-dutiable goods from a zero-rated warehouse. The exporter will be the party that issues the commercial invoice to his overseas customer. Exporters who intend to engage in import and/or export activities in Singapore or appoint a declaring agent to apply for Customs import, export and transhipment permits or certificates will need to activate their Customs Account with Singapore Customs, further to which a declaring agent may be appointed to apply for Customs permits on their behalf. Declaring agents have to be registered with Singapore Customs. Exporters may be penalized if they do not comply with the requirements and conditions imposed under the Customs Act. Making an incorrect declaration or failing to make a declaration of goods imported into, exported from or transhipped in Singapore will result in being liable on conviction for a fine not exceeding SGD10,000, or the equivalent of the amount of the customs duty, excise duty or GST payable, whichever is the greater amount, or imprisonment for a term not exceeding 12 months, or both.

**Intellectual Property Rights**

The protection of industrial designs is provided for under the Registered Designs Act 2000 of Singapore. There are two key criteria for registration: the subject matter must be (a) a 'design', which means features of shape, configuration, pattern or ornament applied to article by any industrial process; and (b) 'new', being a design that is not the same, or substantially the same, as any other design that has been registered or published in Singapore or elsewhere, and publication includes sale or use of any article which embodies the design.

Inventions are protected in Singapore under the Patents Act 1994 of Singapore and may be registered either through a domestic application filed with the Registry of Patents within the Intellectual Property Office of Singapore (the "IPOS") or an international application filed in accordance with the Patent Cooperation Treaty, with the Registry of Patents acting as the receiving office for the application. A patent may be granted for an invention which is a product or a process, and such invention must (a) be new; (b) involve an inventive step (being a step that is not obvious to a person who is skilled in the relevant art); (c) be capable of industrial application; and (d) not encourage offensive, immoral or anti-social behavior through its publication or exploitation.

Trademarks may be protected both under the Trade Marks Act 1998 of Singapore (the "TMA") and under common law. These two systems are independent of each other. Protection under the TMA is conditional upon registration of the trademark with the Registry of Trade Marks within the IPOS. There are three key criteria for registration: the subject matter must be (a) a 'trademark', which is any sign capable of being graphically represented that is used, or proposed to be used, by a trader to distinguish his goods or services from those of other traders; (b) 'distinctive,' if it is not descriptive of those goods or services. It is a question of degree in every case whether the sign is so descriptive of the goods or services in question that it will be refused registration; and (c) does not conflict with an earlier trademark, that is an earlier registered trade mark or a trademark (whether registered or not) which is well known in Singapore.

**Item 4A. Unresolved Staff Comments**

Not Applicable

**Item 5. Operating and Financial Review and Prospects**

The following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements included elsewhere in this Annual Report.

**Overview**

Our Group is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Our Group commenced business in the selling of cleaning systems in 2005, before starting our business in the design, development, manufacture and sale of cleaning systems in Singapore in 2006. We design, develop, manufacture and sell cleaning systems for various industrial end-use applications to our customers mainly in Singapore and Malaysia. We also have provided centralized dishwashing services since 2013 and general cleaning services since 2015 mainly for food and beverage establishments in Singapore.

For the years ended December 31, 2023, 2024 and 2025, our revenue amounted to approximately SGD18.0 million, SGD19.3 million and SGD20.3 million, respectively. Our net income amounted to approximately SGD0.5 million, SGD0.1 million and SGD3.9 million for the years ended December 31, 2023, 2024 and 2025, respectively.

The following table shows our Statement of Operations data for the years ended December 31, 2023, 2024 and 2025 in SGD and, for 2025, in US$. For further information regarding the results of our operations, see our consolidated financial statements appearing elsewhere in this Annual Report.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **SGD'000** | **US$'000 (1)** |
| **Revenues** | **18032** | **19279** | **20296** | **15783** |
| Cost of revenues | (13666) | (14085) | (14521) | (11292) |
| **Gross profit** | **4366** | **5194** | **5775** | **4491** |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | (53) | (122) | (125) | (97) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (3303) | (5102) | (5040) | (3918) |
| **Total operating expenses** | **(3356)** | **(5224)** | **(5165)** | **(4015)** |
| **Income (loss) from operations** | **1010** | **(30)** | **610** | **476** |
| Other income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gain on disposal of property, plant and equipment |  |  | 4168 | 3241 |
| &nbsp;&nbsp;&nbsp;Other income | 728 | 1073 | 628 | 489 |
| &nbsp;&nbsp;&nbsp;Interest expense | (511) | (516) | (412) | (320) |
| &nbsp;&nbsp;&nbsp;Other expense | (597) | (264) | (1585) | (1235) |
| &nbsp;&nbsp;&nbsp;Change in fair value in financial instruments | - | 19 | (16) | (12) |
| **Total other (loss) income** | **(380)** | **312** | **2783** | **2163** |
| **Income before tax expense** | **630** | **282** | **3393** | **2639** |
| &nbsp;&nbsp;&nbsp;Income tax expense | (111) | (250) | (157) | (122) |
| **Net income** | **519** | **32** | **3236** | **2517** |
| **Other comprehensive income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation gain/(loss), net | (69) | (27) | 52 | 40 |
| **Total comprehensive income** | **450** | **5** | **3288** | **2557** |

---

(1) Calculated
 at the rate of US$1.00 = SGD1.2859 as set forth in the statistical release of the Federal Reserve System on December 31, 2025.

**Key Factors Affecting the Results of Our Group's Operations**

Our financial condition and results of operations have been and will continue to be affected by a number of factors, many of which may be beyond our control, including those factors set out in the section headed "Risk Factors'' in our Annual Report for the fiscal year ended December 31, 2025 and those set out below :

***Dependence on our major customer groups***

Our aggregate sales generated from our top five customers were approximately 66.1%, 70.1% and 73.7% of our revenue for the years ended December 31, 2023, 2024 and 2025, respectively. In particular, sales to our largest customer amounted to approximately SGD4.4 million, SGD7.8 million and SGD9.5 million, representing approximately 24.2%, 40.4% and 46.8% of our revenue for the years ended December 31, 2023, 2024 and 2025, respectively. Accordingly, our sales would be significantly negatively affected by a reduction in orders from our top five customer groups. Maintaining a certain level of customer orders is subject to certain inherent risks, many of which are beyond our control, including, among others, risks related to changes and developments in the local political, regulatory and business conditions that may affect customers' purchases from us. A reduction in demand for our products and services by our top customer groups could have a material adverse effect on our business, results of operations and financial condition, and could affect our ability to remain profitable and achieve business growth.

In addition to maintaining and growing our business with existing customers, the success of our business also depends on our ability to attract new customers. If we are unable to attract new customers, our business growth will be hampered and our business, financial condition, results of operations and prospects may be materially and adversely affected.

***Non-recurring nature of our sale of cleaning systems and other equipment business***

We design, manufacture and sell cleaning systems and other equipment on an order-by-order basis. Our customers are under no obligation to continue to award contracts to or place orders with us and there is no assurance that we will be able to secure new orders in the future. Moreover, our Group generally must go through a tendering or quotation process to secure new orders, and the number of orders and the amount of revenue that we are able to derive therefrom are affected by a series of factors including but not limited to changes in our clients' businesses and changes in market and economic conditions. The result of such process is beyond our control and there is no assurance that our Group will secure new projects from future tender submissions or new orders. Accordingly, our results of operations, revenue and financial performance may be adversely affected if our Group is unable to obtain new orders from our customers of contract values, size and/or margins comparable to previous orders.

***Fluctuations in the cost of our raw materials***

Raw materials, such as steel and electronic components, are the largest component of our cost of revenues, representing approximately 40.1%, 40.7% and 40.1% of our total cost of revenues for the years ended December 31, 2023, 2024 and 2025, respectively. As our contract price is fixed once our customer confirms an order for a cleaning system or other equipment, it is difficult for us to manage the pricing of our cleaning systems and other equipment to pass on any increase in costs to our customers. Any fluctuations in the cost of raw materials would affect our profitability.

The prices at which we purchase such raw materials are determined principally by market forces, such as the relevant supply of and demand for such raw materials and by our bargaining power with our suppliers. During the years ended December 31, 2023, 2024 and 2025, the majority of our raw materials were commonly available from the marketplace, and their prices are affected by market forces. We monitor supply and cost trends of these raw materials and take appropriate actions to obtain the materials we need for production. We expect fluctuations in the cost of key materials to continue to affect our margins.

All of the raw materials we procure, including stainless steel, aluminum and electronic components, are purchased from a number of suppliers to ensure adequate supply and efficient delivery to our production and processing facilities.

**Description and Analysis of Principal Components of Our Results of Operations**

The following discussion is based on our Group's historical results of operations and may not be indicative of our Group's future operating performance.

***Comparison of Years Ended December 31, 2024 and 2025***

---

| | | | |
|:---|:---|:---|:---|
|  | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **US$'000<sup>(1)</sup>** |
| **Revenues** | **19279** | **20296** | **15783** |
| Cost of revenues | (14085) | (14521) | (11292) |
| **Gross profit** | **5194** | **5775** | **4491** |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | (122) | (125) | (97) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (5102) | (5040) | (3918) |
| **Total operating expenses** | **(5224)** | **(5165)** | **(4015)** |
| **Income (Loss) from operations** | **(30)** | **610** | **476** |
| Other income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;Gain on disposal of property, plant and equipment |  | 4168 | 3241 |
| &nbsp;&nbsp;&nbsp;Other income | 1073 | 628 | 489 |
| &nbsp;&nbsp;&nbsp;Interest expense | (516) | (412) | (320) |
| &nbsp;&nbsp;&nbsp;Other expense | (264) | (1585) | (1235) |
| &nbsp;&nbsp;&nbsp;Change in fair value in financial instruments | 19 | (16) | (12) |
| **Total other (loss) income** | **312** | **2783** | **2163** |
| **Income before tax expense** | **282** | **3393** | **2639** |
| Income tax expense | (250) | (157) | (122) |
| **Net income** | **32** | **3236** | **2517** |
| **Other comprehensive income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation (loss) gain, net | (27) | 52 | 40 |
| **Total comprehensive income** | **5** | **3288** | **2557** |

---

<sup>(1)</sup> Calculated at the rate of US$1.00 = SGD1.2859, as set forth in the statistical release of the Federal Reserve System on December 31, 2025.

***Revenue***

During the years ended December 31, 2024 and 2025, our customers were from various industries, including HDD manufacturing, semiconductor manufacturing, food and beverage and industrial electronic. As of the date of this Annual Report, our customers continue to be from such various industries. Our cleaning systems and other equipment are mainly sold in Singapore and Malaysia, and we provided centralized dishwashing and ancillary services to customers in Singapore.

Our revenue was derived from (i) our sale of cleaning systems and other equipment business; and (ii) our provision of centralized dishwashing and ancillary services business. The following table sets out the revenue generated from each of our business sectors during the years ended December 31, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Financial Years ended December 31,** | **For the Financial Years ended December 31,** | **For the Financial Years ended December 31,** | **For the Financial Years ended December 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **%** | **SGD'000** | **%** |
| **Sale of cleaning systems and other equipment business** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sale of precision cleaning systems | 8478 | 44.0 | 10018 | 49.4 |
| &nbsp;&nbsp;&nbsp;Sale of other cleaning systems and other equipment | 2652 | 13.8 | 1802 | 8.9 |
| &nbsp;&nbsp;&nbsp;Repair and servicing of cleaning systems and sale of related parts | 849 | 4.3 | 690 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-total | 11979 | 62.1 | 12510 | 61.6 |
| **Provision of centralized dishwashing and ancillary services business** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Provision of centralized dishwashing and general cleaning services | 6843 | 35.5 | 7287 | 35.9 |
| &nbsp;&nbsp;&nbsp;Leasing of dishwashing equipment | 457 | 2.4 | 499 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-total | 7300 | 37.9 | 7786 | 38.4 |
| **Total** | 19279 | 100.0 | 20296 | 100.0 |

---

Our total revenue increased by approximately SGD1.0 million or 5.3% to approximately SGD20.3 million for the year ended December 31, 2025 from approximately SGD19.3million for the year ended December 31, 2024. The increase was primarily attributable from the increase in revenue generated from our sale of cleaning systems and other equipment business of approximately SGD0.5 million, which resulted primarily from increase in revenue from our precision cleaning systems approximately SGD1.5 million. The increase in revenue generated from our sale of precision cleaning systems for the year ended December 31, 2025 was primarily due to increase in sales to a group of key customers in Malaysia due rescheduling of delivery and commissioning from 2024 to 2025 of major orders.

The following table sets forth the movement in orders backlog for our sale of cleaning systems and other equipment in terms of approximate contract value of orders during the years ended December 31, 2024 and 2025.

---

| | | |
|:---|:---|:---|
|  | **Financial Years ended December 31,** | **Financial Years ended December 31,** |
|  | **2024** | **2025** |
|  | **(SGD'000)** | **(SGD'000)** |
| Outstanding contract value as of beginning of period<sup>(1)</sup> | 25280 | 14551 |
| New contract value for the period | 401 | 23641 |
| Revenue recognized for the period | (11130) | (11820) |
| Outstanding contract value as of period end<sup>(2)</sup> | 14551 | 26372 |

---

<sup>(1)</sup> Outstanding contract value as of beginning of period represents the contract value of orders which were not completed as of the beginning of the relevant period.

<sup>(2)</sup> Outstanding contract value as of period-end represents the contract value of ongoing orders as of the end of the relevant year or period that will be carried forward to the next year or period.

For the years ended December 31, 2024 and 2025, approximately 45.3% and 42.4% of our total revenue, respectively, was generated from customers located in Singapore and approximately 37.8% and 44.7% of our total revenue, respectively, was generated from customers located in Malaysia. For the same years, our revenue generated from customers located in other countries accounted for approximately 16.9% and 12.9% of our total revenue, respectively.

***Revenue by geographic locations***

Our Group's provision of centralized dishwashing and ancillary services business is located in Singapore. During the years ended December 31, 2024 and 2025, the customers for our cleaning systems and other equipment were mainly located in Singapore and Malaysia. The following table sets out a breakdown of our revenue by geographic location of our customers for the years ended December 31, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **%** | **SGD'000** | **%** |
| **Singapore** |  |  |  |  |
| Sale of precision cleaning systems | 840 | 4.4 | 328 | 1.6 |
| Sale of other cleaning systems and other equipment | 12 | 0.1 | 49 | 0.2 |
| Repair and servicing of cleaning systems and sale of related parts | 572 | 3.0 | 436 | 2.2 |
| Provision of centralized dishware washing and general cleaning services | 6843 | 35.5 | 7287 | 35.9 |
| Leasing of dishware washing equipment | 457 | 2.3 | 499 | 2.5 |
| **Sub-total** | **8724** | **45.3** | **8599** | **42.4** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **%** | **SGD'000** | **%** |
| **Malaysia** |  |  |  |  |
| Sale of precision cleaning systems | 6804 | 35.3 | 8867 | 43.7 |
| Repair and servicing of cleaning systems and sale of related parts | 476 | 2.5 | 209 | 1 |
| **Sub-total** | **7280** | **37.8** | **9076** | **44.7** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **%** | **SGD'000** | **%** |
| **Other countries<sup>(1)</sup>** |  |  |  |  |
| Sale of precision cleaning systems | 834 | 4.3 | 823 | 4.1 |
| Sale of other cleaning systems and other equipment | 2165 | 11.2 | 1544 | 7.6 |
| Repair and servicing of cleaning systems and sale of related parts | 276 | 1.4 | 254 | 1.2 |
| **Sub-total** | **3275** | **16.9** | **2621** | **12.9** |
| **Total** | **19279** | **100.0** | **20296** | **100.0** |

---

<sup>(1)</sup> For the years ended December 31, 2024 and 2025, other countries include the U.S., Thailand, Belgium, Philippines, Indonesia, South Korea and Taiwan.

***Singapore***

 ****

The marginal decrease in revenue in Singapore for the year ended December 31, 2025 was mainly due to a decrease in revenue generated from sales of precision cleaning systems from our existing customers due to projects completion.

***Malaysia***

The increase in revenue in Malaysia for the year ended December 31, 2025 was primarily attributable to an increase in revenue from subsidiaries of a certain customer group in Malaysia of approximately SGD9.5 million.

***Other countries***

The decrease in revenue in other countries for the year ended December 31, 2025 was mainly due to lower sale of other cleaning systems and other equipment as a result of lower repeated orders.

 ****

***Cost of revenues***

During the years ended December 31, 2024 and 2025, our Group's cost of revenues was mainly comprised of raw materials costs, labor costs, sub-contracting costs and production overhead. For the years ended December 31, 2024 and 2025, our cost of revenues amounted to approximately SGD14.1 million and SGD14.5 million, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Years ended December 31,** | **Financial Years ended December 31,** | **Financial Years ended December 31,** | **Financial Years ended December 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **%** | **SGD'000** | **%** |
| Cost of sale of cleaning systems and other equipment | 7686 | 54.6 | 7855 | 54.1 |
| Cost of provision of centralized dishwashing and ancillary services | 6399 | 45.4 | 6666 | 45.9 |
| Total | 14085 | 100.0 | 14521 | 100.0 |

---

The cost of revenues increased mainly due to the increase in the cost of provision of centralized dishwashing and ancillary services arising from increase in sub-contracting costs and labor costs.

 ****

***Gross profit and gross profit margin***

The table below sets forth our Group's gross profit and gross profit margin by business sector during the years ended December 31, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  |<br>**Gross**<br>**Profit** | **Gross**<br>**Profit**<br>**Margin** |<br>**Gross**<br>**profit** | **Gross**<br>**Profit**<br>**Margin** |
|  | **SGD'000** | **%** | **SGD'000** | **%** |
| **Sale of precision cleaning systems and other equipment business** | 4293 | 35.8 | 4655 | 37.2 |
| Provision of centralized dishwashing and ancillary services business | 901 | 12.3 | 1120 | 14.4 |
| **Total/overall** | 5194 | 26.9 | 5775 | 28.5 |

---

Our total gross profit amounted to approximately SGD5.2 million and SGD5.8 million for the years ended December 31, 2024 and 2025, respectively. Our overall gross profit margins were approximately 26.9% and 28.5% for the years ended December 31, 2024 and 2025, respectively.

Our total gross profit increased by approximately SGD0.6 million. This increase was mainly due to the increase in our revenue from the sales of precision cleaning systems and other equipment business, which is our most profitable business sub-segment.

 ****

 ****

***Selling and marketing expenses***

Our selling and marketing expenses mainly included promotion and marketing expenses and transportation expenses. The following table sets forth the breakdown of our selling and marketing expenses for the years ended December 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2024** | **2025** |
|  | **SGD'000** | **SGD'000** |
| Promotion and marketing expenses | 90 | 95 |
| Transportation expenses | 32 | 30 |
| **Total** | **122** | **125** |

---

Our selling and marketing expenses amounted to approximately SGD122,000 and SGD125,000 for the years ended December 31, 2024 and 2025, respectively. The marginal increase for the year ended December 31, 2025 was mainly due to increase in promotion and marketing participation activities by participation in exhibition of our precision cleaning systems in Singapore and overseas.

***General and administrative expenses***

Our general and administrative expenses primarily consist of (i) staff cost; (ii) depreciation; (iii) office supplies and upkeep expenses; (iv) travelling and entertainment; (v) legal and professional fees; (vi) corporate secretarial and administrative fees; (vii) public relation fees, (viii) Nasdaq annual listing fee; (ix) directors' and officers' liability insurance; (x) consultancy fees; and (xi) miscellaneous expenses. The following table sets forth the breakdown of our administrative expenses for the years ended December 31, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **%** | **SGD'000** | **%** |
| Staff costs | 3270 | 64.1 | 2510 | 49.8 |
| Depreciation | 209 | 4.1 | 133 | 2.6 |
| Office supplies and upkeep expenses | 181 | 3.5 | 277 | 5.5 |
| Travel and entertainment | 222 | 4.4 | 291 | 5.8 |
| Legal and professional fees | 782 | 15.3 | 1151 | 22.8 |
| Corporate secretarial and administrative fees | 60 | 1.2 | 35 | 0.7 |
| Public relation fees | 35 | 0.7 |  |  |
| Nasdaq annual listing fee and related expenses | 92 | 1.8 | 72 | 1.4 |
| Directors' and officers' liability insurance | 159 | 3.1 | 166 | 3.3 |
| Consultancy fees |  |  | 259 | 5.1 |
| Miscellaneous expenses | 92 | 1.8 | 146 | 3.0 |
| **Total** | **5102** | **100.0** | **5040** | **100.0** |

---

Our general and administrative expenses amounted to approximately SGD5.1 million and SGD5.0 million for the years ended December 31, 2024 and 2025, respectively, representing approximately 26.5%, and 24.8% of our total revenue for the corresponding periods.

Staff costs mainly represented the salaries, employee benefits and retirement benefit costs attributable to our employees and directors' remuneration. The decrease in staff costs for the year ended December 31, 2025 was primarily attributable to the Group's job redesign initiatives, which streamlined work processes and enhanced productivity, leading to a reduction in manpower requirements and cost efficiency. These efforts reflect the Group's continued focus on productivity enhancement and sustainable cost management.

Depreciation expense is charged on our property, plant and equipment which included (i) leasehold building; (ii) equipment, furniture and fittings; and (iii) motor vehicles. The decrease in depreciation was mainly due to one of the leasehold building has been reclassified to asset held for sale and not subject to depreciation.

Office supplies and upkeep expenses mainly represented office supplies, cleaning cost and the relevant utilities expenses such as electricity and water.

Travel and entertainment mainly represented expenditures for business travel and costs incurred for social gatherings and refreshments for our staff.

Legal and professional fees mainly represented auditor's remuneration and other professional fees for underwriting, legal and other expenses and applications and registrations of trademarks and patents, legal consultation fees, transfer agent fee and staff recruitment services. The increase in legal and professional fees was mainly due to the expense off of the deferred offering costs of $0.4 million previously capitalized for an offering but eventually not materialized and charged out as expenses.

Directors and officers liability insurance relates to liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers.

Consultancy fees were incurred in connection with strategic and corporate development initiatives undertaken during the financial year. These services primarily related to due diligence on prospective projects, identification and introduction of potential business partners and customers and advisory services on business expansion. Management views these engagements as integral to the Group's growth strategy and value creation initiatives, and accordingly, the associated costs have been recognised as operating expenses in the period incurred.

Miscellaneous expenses were mainly comprised of office upkeep and maintenance, membership and subscription fees, permits and licenses renewal fee, medical expenses and other miscellaneous expenses.

***Gain on disposal of property, plant and equipment***

The gain on disposal of property, plant and equipment is mainly related to our wholly-owned subsidiary completed the sale of its leasehold interest in an industrial property located at 17 Woodlands Sector 1 Singapore 738354 for approximately SGD7.4 million. The sale of the property gave rise to a net gain of approximately SGD4.2 million over the net book value. The sale was to an unaffiliated third party, under the option to purchase agreement previously announced on December 17, 2024.

***Other income***

Other income of our Group amounted to approximately SGD1.1 million and SGD0.6 million for the years ended December 31, 2024 and 2025, respectively. Our other income was mainly derived from interest income, wholesale sales of STICO anti-slip shoes, government grants and foreign exchange gain. Other income of our Group decreased during the year ended December 31, 2025 mainly due to decrease in foreign exchange gain.

The following table sets forth the breakdown of our other income for these periods:

---

| | | |
|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2024** | **2025** |
|  | **SGD'000** | **SGD'000** |
| Interest income | 194 | 136 |
| Wholesale sales of STICO anti-slip shoes | 23 | 44 |
| Progressive Wage Credit Scheme | 87 | 11 |
| Government capability development grant | 250 | 231 |
| Foreign exchange gain | 356 |  |
| Others<sup>(1)</sup> | 163 | 206 |
| **Total** | **1073** | **628** |

---

<sup>(1)</sup> Others mainly consist of sale of scrap materials, other government incentives and other miscellaneous income.

Interest income mainly represented interest income from short-term fixed deposits ranging from 1 month to 3 months placed with Singapore banks. The decrease in interest income was due to reduction of interest rates of fixed deposits placement during the year ended December 31, 2025.

Government grants mainly represented Progressive Wage Credit Scheme and government capability development grants received from the Singapore Government. The decrease was mainly due to the lower payout and co-funding percentage under the Progressive Wage Credit Scheme over the years and reduction in government capability development grants received during the year ended December 31, 2025 as compared to the year ended December 31, 2024.

***Interest expense***

Our interest expense arose from lease liabilities and secured bank loans. For the years ended December 31, 2025, our interest expense is lower as compared with 2024 mainly due to reduction in interest rates and repayment of bank loan. For more details of our bank borrowings, please see the paragraph headed "Bank Indebtedness'' in this section.

***Other expenses***

Other expenses of our Group mainly consist of cost of STICO anti-slip shoes, bank charges, allowance for expected credit losses, plant and equipment written-off, low value assets expense off, exchange loss, commission and others. The following table sets forth the breakdown of our other expenses for the years ended December 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2024** | **2025** |
|  | **SGD'000** | **SGD'000** |
| Cost of STICO anti-slip shoes | 12 | 27 |
| Bank charges | 18 | 17 |
| Allowance for expected credit losses | 55 |  |
| Plant and equipment written-off | 61 | 181 |
| Low value assets expense off | 20 |  |
| Exchange loss |  | 629 |
| Commission |  | 124 |
| Research and development expenses |  | 432 |
| Others<sup>(1)</sup> | 98 | 175 |
| **Total** | 264 | 1585 |

---

<sup>(1)</sup> Others mainly consists of professional training expenses, gifts and donations, consultant fee for public relation and other miscellaneous expenses.

Other expenses of our Group amounted to approximately SGD0.3 million for the year ended December 31, 2024 compared to SGD1.6 million for the year ended December 31, 2025 mainly due to an increase in foreign exchange loss due to depreciation of US$ receivables and assets against S$, commission paid to property agent for the sales of the leasehold property and research and development expenses incurred on technical exploration and feasibility.

***Income tax***

During the year ended December 31, 2025, our income tax expense was comprised of our current tax expense for the period. The following table sets forth the breakdown of our income tax for the years ended December 31, 2024 and 2025.

---

| | | |
|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2024** | **2025** |
|  | **SGD'000** | **SGD'000** |
| Current tax expense | 150 | 190 |
| Deferred tax | 100 | (33) |
| **Total** | 250 | 157 |

---

Pursuant to the rules and regulations of the Cayman Islands and the British Virgin Islands, our Group is not subject to any income tax in the Cayman Islands or in the British Virgin Islands. Our Group's operations are based in Singapore and we are subject to income tax on an entity basis on the estimated chargeable income arising in Singapore at the statutory rate of 17%.

Our current income tax expense, increased was generally in line with the increase in our profit and taxable income. Our Group had no tax obligation arising from other jurisdictions during the years ended December 31, 2024 and 2025. During the years ended December 31, 2024 and 2025, our Group had no material dispute or unresolved tax issues with the relevant tax authorities.

 ****

***Net Income for the year***

As a result of the foregoing, our net income for the year amounted to approximately SGD32 thousand and SGD3.2 million for the years ended December 31, 2024 and 2025, respectively.

***Comparison of Years Ended December 31, 2023 and 2024***

 ****

---

| | | | |
|:---|:---|:---|:---|
|  | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **SGD'000** | **SGD'000** | **US$'000<sup>(1)</sup>** |
| **Revenues** | **18032** | **19279** | **14111** |
| Cost of revenues | (13666) | (14085) | (10310) |
| **Gross profit** | **4366** | **5194** | **3801** |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | (53) | (122) | (89) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (3303) | (5102) | (3733) |
| **Total operating expenses** | **(3356)** | **(5224)** | **(3822)** |
| **Income (Loss) from operations** | **1010** | **(30)** | **(21)** |
| Other income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income | 728 | 1073 | 786 |
| &nbsp;&nbsp;&nbsp;Interest expense | (511) | (516) | (378) |
| &nbsp;&nbsp;&nbsp;Other expense | (597) | (264) | (193) |
| &nbsp;&nbsp;&nbsp;Change in fair value in financial instruments | - | 19 | 14 |
| **Total other (loss) income** | **(380)** | **312** | **229** |
| **Income before tax expense** | **630** | **282** | **208** |
| Income tax expense | (111) | (250) | (183) |
| **Net income** | **519** | **32** | **25** |
| **Other comprehensive income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation loss, net | (69) | (27) | (20) |
| **Total comprehensive income** | **450** | **5** | **5** |

---

 

<sup>(1)</sup> Calculated at the rate of US$1.00 = SGD1.3662, as set forth in the statistical release of the Federal Reserve System on December 31, 2024.

***Revenue***

During the years ended December 31, 2023 and 2024, our customers were from various industries, including HDD manufacturing, semiconductor manufacturing, food and beverage and industrial electronic. As of the date of this Annual Report, our customers continue to be from such various industries. Our cleaning systems and other equipment are mainly sold in Singapore and Malaysia, and we provided centralized dishwashing and ancillary services to customers in Singapore.

Our revenue was derived from (i) our sale of cleaning systems and other equipment business; and (ii) our provision of centralized dishwashing and ancillary services business. The following table sets out the revenue generated from each of our business sectors during the years ended December 31, 2023 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Financial Years ended December 31,** | **For the Financial Years ended December 31,** | **For the Financial Years ended December 31,** | **For the Financial Years ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **SGD'000** | **%** | **SGD'000** | **%** |
| **Sale of cleaning systems and other equipment business** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sale of precision cleaning systems | 6687 | 37.1 | 8478 | 44.0 |
| &nbsp;&nbsp;&nbsp;Sale of other cleaning systems and other equipment | 3494 | 19.4 | 2652 | 13.8 |
| &nbsp;&nbsp;&nbsp;Repair and servicing of cleaning systems and sale of related parts | 810 | 4.5 | 849 | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-total | 10991 | 61.0 | 11979 | 62.1 |
| **Provision of centralized dishwashing and ancillary services business** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Provision of centralized dishwashing and general cleaning services | 6710 | 37.2 | 6843 | 35.5 |
| &nbsp;&nbsp;&nbsp;Leasing of dishwashing equipment | 331 | 1.8 | 457 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-total | 7041 | 39.0 | 7300 | 37.9 |
| **Total** | 18032 | 100.0 | 19279 | 100.0 |

---

Our total revenue increased by approximately SGD1.3 million or 6.9% to approximately SGD19.3 million for the year ended December 31, 2024 from approximately SGD18.0 million for the year ended December 31, 2023. The increase was attributable to the increase in revenue generated from our sale of cleaning systems and other equipment business of approximately SGD1.0 million, which resulted primarily from increase in revenue for our precision cleaning systems and approximately SGD0.3 million increase in revenue from our provision of centralized dishwashing and ancillary services business. The increase in revenue generated from our sale of precision cleaning systems for the year ended December 31, 2024 was primarily attributable to an approximately SGD6.6 million increase in revenue from subsidiaries of a certain customer group in Malaysia contributed by their expansion in production facilities. The decrease in sale of other cleaning systems and other equipment is mainly due to the slowdown in orders of other cleaning systems and completion of a project sale of other equipment in 2023.

The following table sets forth the movement in orders backlog for our sale of cleaning systems and other equipment in terms of approximate contract value of orders during the years ended December 31, 2023 and 2024.

---

| | | |
|:---|:---|:---|
|  | **Financial Years ended December 31,** | **Financial Years ended December 31,** |
|  | **2023** | **2024** |
|  | **(SGD'000)** | **(SGD'000)** |
| Outstanding contract value as of beginning of period<sup>(1)</sup> | 29050 | 25280 |
| New contract value for the period | 6411 | 401 |
| Revenue recognized for the period | (10181) | (11130) |
| Outstanding contract value as of period end<sup>(2)</sup> | 25280 | 14551 |

---

<sup>(1)</sup> Outstanding contract value as of beginning of period represents the contract value of orders which were not completed as of the beginning of the relevant period.

<sup>(2)</sup> Outstanding contract value as of period-end represents the contract value of ongoing orders as of the end of the relevant year or period that will be carried forward to the next year or period.

For the years ended December 31, 2023 and 2024, approximately 73.0% and 45.3% of our total revenue, respectively, was generated from customers located in Singapore and approximately 5.6% and 37.8% of our total revenue, respectively, was generated from customers located in Malaysia. For the same years, our revenue generated from customers located in other countries accounted for approximately 21.4% and 16.9% of our total revenue, respectively.

***Revenue by geographic locations***

Our Group's provision of centralized dishwashing and ancillary services business is located in Singapore. During the years ended December 31, 2023 and 2024, the customers for our cleaning systems and other equipment were mainly located in Singapore and Malaysia. The following table sets out a breakdown of our revenue by geographic location of our customers for the years ended December 31, 2023 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **SGD'000** | **%** | **SGD'000** | **%** |
| **Singapore** |  |  |  |  |
| Sale of precision cleaning systems | 5587 | 31.0 | 840 | 4.4 |
| Sale of other cleaning systems and other equipment | 22 | 0.1 | 12 | 0.1 |
| Repair and servicing of cleaning systems and sale of related parts | 519 | 2.9 | 572 | 3.0 |
| Provision of centralized dishware washing and general cleaning services | 6710 | 37.2 | 6843 | 35.5 |
| Leasing of dishware washing equipment | 331 | 1.8 | 457 | 2.3 |
| **Sub-total** | **13169** | **73.0** | **8724** | **45.3** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **SGD'000** | **%** | **SGD'000** | **%** |
| **Malaysia** |  |  |  |  |
| Sale of precision cleaning systems | 758 | 4.2 | 6804 | 35.3 |
| Repair and servicing of cleaning systems and sale of related parts | 260 | 1.4 | 476 | 2.5 |
| **Sub-total** | **1018** | **5.6** | **7280** | **37.8** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **SGD'000** | **%** | **SGD'000** | **%** |
| **Other countries<sup>(1)</sup>** |  |  |  |  |
| Sale of precision cleaning systems | 342 | 1.9 | 834 | 4.3 |
| Sale of other cleaning systems and other equipment | 3473 | 19.3 | 2165 | 11.2 |
| Repair and servicing of cleaning systems and sale of related parts | 30 | 0.2 | 276 | 1.4 |
| **Sub-total** | **3845** | **21.4** | **3275** | **16.9** |
| **Total** | **18032** | **100.0** | **19279** | **100.0** |

---

<sup>(1)</sup> For the years ended December 31, 2023 and 2024, other countries include the U.S., Thailand, Belgium, Philippines, Indonesia, South Korea and Taiwan.

***Singapore***

The decrease in revenue in Singapore for the year ended December 31, 2024 was mainly due to a decrease in revenue generated from sales of precision cleaning systems from our existing customers due to projects completion.

***Malaysia***

The increase in revenue in Malaysia for the year ended December 31, 2024 was primarily attributable to an increase in revenue from subsidiaries of a certain customer group in Malaysia of approximately SGD3.9 million.

***Other countries***

The decrease in revenue in other countries for the year ended December 31, 2024 was mainly due to projects completion.

 ****

***Cost of revenues***

During the years ended December 31, 2023 and 2024, our Group's cost of revenues was mainly comprised of raw materials costs, labor costs, sub-contracting costs and production overhead. For the years ended December 31, 2023 and 2024, our cost of revenues amounted to approximately SGD13.5 million and SGD14.1 million, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Years ended December 31,** | **Financial Years ended December 31,** | **Financial Years ended December 31,** | **Financial Years ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **SGD'000** | **%** | **SGD'000** | **%** |
| Cost of sale of cleaning systems and other equipment | 7570 | 55.4 | 7686 | 54.6 |
| Cost of provision of centralized dishwashing and ancillary services | 6096 | 44.6 | 6399 | 45.4 |
| Total | 13666 | 100.0 | 14085 | 100.0 |

---

The cost of revenues increased in line with the increase in our revenues.

***Gross profit and gross profit margin***

The table below sets forth our Group's gross profit and gross profit margin by business sector during the years ended December 31, 2023 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  |<br>**Gross**<br>**Profit** | **Gross**<br>**Profit**<br>**Margin** |<br>**Gross**<br>**profit** | **Gross**<br>**Profit**<br>**Margin** |
|  | **SGD'000** | **%** | **SGD'000** | **%** |
| **Sale of precision cleaning systems and other equipment business** |  |  |  |  |
| Sale of precision cleaning systems | 2051 | 30.7 | 2874 | 33.9 |
| Sale of other cleaning systems and other equipment | 943 | 27.0 | 1109 | 41.8 |
| Repair and servicing of cleaning systems and sale of related parts | 427 | 52.7 | 310 | 36.5 |
| **Sub-total/overall** | **3421** | **31.1** | **4293** | **35.8** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  |<br>**Gross**<br>**profit** | **Gross**<br>**Profit**<br>**Margin** |<br>**Gross**<br>**profit** | **Gross**<br>**Profit**<br>**Margin** |
|  | **SGD'000** | **%** | **SGD'000** | **%** |
| Provision of centralized dishwashing and ancillary services business | 945 | 13.4 | 901 | 12.3 |
| **Total/overall** | 4366 | 24.2 | 5194 | 26.9 |

---

Our total gross profit amounted to approximately SGD4.4 million and SGD5.2 million for the years ended December 31, 2023 and 2024, respectively. Our overall gross profit margins were approximately 24.2% and 26.9% for the years ended December 31, 2023 and 2024, respectively. Our total gross profit increased by approximately SGD0.8 million. This increase was mainly due to the increase in our revenue from the sales of precision cleaning systems, which is our most profitable business sub-segment.

***Selling and marketing expenses***

Our selling and marketing expenses mainly included promotion and marketing expenses and transportation expenses. The following table sets forth the breakdown of our selling and marketing expenses for the years ended December 31, 2023 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2023** | **2024** |
|  | **SGD'000** | **SGD'000** |
| Promotion and marketing expenses | 36 | 90 |
| Transportation expenses | 17 | 32 |
| **Total** | **53** | **122** |

---

Our selling and marketing expenses amounted to approximately SGD53,000 and SGD122,000 for the years ended December 31, 2023 and 2024, respectively. The increase in selling and marketing expenses for the year ended December 31, 2024 was primarily attributable to increase in participation of trade exhibition and transportation expenses for overseas business trips to customers' sites.

***General and administrative expenses***

Our general and administrative expenses primarily consist of (i) staff cost; (ii) depreciation; (iii) office supplies and upkeep expenses; (iv) travelling and entertainment; (v) legal and professional fees; (vi) corporate secretarial and administrative fees; (vii) public relation fees, (viii) Nasdaq annual listing fee; (ix) directors' and officers' liability insurance; and (x) miscellaneous expenses. The following table sets forth the breakdown of our administrative expenses for the years ended December 31, 2023 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **SGD'000** | **%** | **SGD'000** | **%** |
| Staff costs | 1689 | 51.1 | 3270 | 64.1 |
| Depreciation | 163 | 4.9 | 209 | 4.1 |
| Office supplies and upkeep expenses | 162 | 4.9 | 181 | 3.5 |
| Travel and entertainment | 234 | 7.1 | 222 | 4.4 |
| Legal and professional fees | 727 | 22.0 | 782 | 15.3 |
| Corporate secretarial and administrative fees | 25 | 0.8 | 60 | 1.2 |
| Public relation fees |  |  | 35 | 0.7 |
| Nasdaq annual listing fee and related expenses | 84 | 2.5 | 92 | 1.8 |
| Directors' and officers' liability insurance | 137 | 4.1 | 159 | 3.1 |
| Miscellaneous expenses | 82 | 2.6 | 92 | 1.8 |
| **Total** | **3303** | **100.0** | **5102** | **100.0** |

---

Our general and administrative expenses amounted to approximately SGD3.3 million and SGD5.1 million for the years ended December 31, 2023 and 2024, respectively, representing approximately 18.3%, and 26.5% of our total revenue for the corresponding periods.

Staff costs mainly represented the salaries, employee benefits and retirement benefit costs attributable to our employees and directors' remuneration. The increase in staff costs for the year ended December 31, 2024 was mainly due to the revision of our CEO remuneration package since January 1, 2024, the payment of share-based compensation expense to our CEO, the payment of a special bonus as an incentive to our key management personnel and higher bonus for staff, increase in staff welfares and recruitment of more experienced engineers related in digitalization and robotic industry.

Depreciation expense is charged on our property, plant and equipment which included (i) leasehold buildings; (ii) computer equipment; and (iii) furniture and fittings. The increase in depreciation was mainly due to depreciation charged on addition purchase of furniture and fittings.

Office supplies and upkeep expenses mainly represented office supplies, cleaning cost and the relevant utilities expenses such as electricity and water.

Travel and entertainment mainly represented expenditures for business travel and costs incurred for social gatherings and refreshments for our staff.

Legal and professional fees mainly represented auditor's remuneration and other professional fees for applications and registrations of trademarks and patents, legal consultation fees, annual listing fee, corporate secretarial and registered office fees, transfer agent fee and staff recruitment services. The increase in legal and professional fees was mainly due to increase in applications and registrations of new trademarks and patents, corporate fees in compliance with continued listing and architect fee for consultation of building structure.

Directors and officers liability insurance relates to liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers.

Miscellaneous expenses were mainly comprised of office upkeep and maintenance, membership and subscription fees, recruitment expenses, permits and licenses renewal fee, medical expenses and other miscellaneous expenses.

***Other income***

Other income of our Group amounted to approximately SGD0.7 million and SGD1.1 million for the years ended December 31, 2023 and 2024, respectively. Our other income was mainly derived from interest income, Government grants and foreign exchange gain. The following table sets forth the breakdown of our other income for these periods:

---

| | | |
|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2023** | **2024** |
|  | **SGD'000** | **SGD'000** |
| Interest income | 175 | 194 |
| Wholesale sales of STICO anti-slip shoes | 92 | 23 |
| Jobs Growth Incentive | 20 |  |
| Progressive Wage Credit Scheme | 55 | 87 |
| Government capability development grant | 214 | 250 |
| Foreign exchange gain |  | 356 |
| Others<sup>(1)</sup> | 172 | 163 |
| **Total** | **728** | **1073** |

---

<sup>(1)</sup> Others mainly consist of sale of scrap materials, other government incentives and other miscellaneous income.

Interest income mainly represented interest income from short-term fixed deposits ranging from 1 month to 3 months placed with Singapore banks. The increase in interest income was due to more placement of short-term fixed deposits during the year ended December 31, 2024.

Government grants mainly represented Jobs Growth Incentive, Progressive Wage Credit Scheme and government capability development grants received from the Singapore Government. The increase was mainly due to the higher Progressive Wage Credit Scheme and government capability development grants received, partially offset by the fact that the government grant related to the Jobs Growth Incentive, Jobs Support Scheme and the Jobs Support Scheme had ended and, therefore, no Jobs Growth Incentive grants were received during the year ended December 31, 2024.

***Interest expense***

Our interest expense arose from lease liabilities and secured bank loans. For the years ended December 31, 2023 and 2024, our interest expense remained comparable with 2023. For more details of our bank borrowings, please see the paragraph headed "Bank Indebtedness'' in this section.

 ****

***Other expenses***

Other expenses of our Group mainly consist of cost of STICO anti-slip shoes, bank charges, allowance for expected credit losses, gifts and donations, low value assets expense off and plant and equipment written-off. The following table sets forth the breakdown of our other expenses for the years ended December 31, 2023 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2023** | **2024** |
|  | **SGD'000** | **SGD'000** |
| Cost of STICO anti-slip shoes | 56 | 12 |
| Bank charges | 24 | 18 |
| Allowance for expected credit losses |  | 55 |
| Plant and equipment written-off |  | 61 |
| Low value assets expense off |  | 20 |
| Exchange loss | 275 |  |
| Others<sup>(1)</sup> | 242 | 98 |
| **Total** | 597 | 264 |

---

<sup>(1)</sup> Others mainly consists of professional training expenses, gifts and donations, consultant fee for public relation and other miscellaneous expenses.

Other expenses of our Group amounted to approximately SGD0.5 million for the year ended December 31, 2023 compared to SGD0.3 million for the year ended December 31, 2024 mainly due to a decrease in our cost of STICO anti-slip shoes as a result of fewer shoes having been sold and foreign exchange loss.

***Income tax***

During the year ended December 31, 2024, our income tax expense was comprised of our current tax expense for the period. The following table sets forth the breakdown of our income tax for the years ended December 31, 2023 and 2024.

---

| | | |
|:---|:---|:---|
|  | **Financial Years Ended December 31,** | **Financial Years Ended December 31,** |
|  | **2023** | **2024** |
|  | **SGD'000** | **SGD'000** |
| Current tax expense | 158 | 150 |
| Deferred tax | (47) | 100 |
| **Total** | 111 | 250 |

---

Pursuant to the rules and regulations of the Cayman Islands and the British Virgin Islands, our Group is not subject to any income tax in the Cayman Islands or in the British Virgin Islands. Our Group's operations are based in Singapore and we are subject to income tax on an entity basis on the estimated chargeable income arising in Singapore at the statutory rate of 17%.

Our income tax, net, increased from SGD0.1 million for the year ended December 31, 2023 compared to SGD0.3 million for the year ended December 31, 2024. This was generally in line with the increase in our profit and taxable income.

Our Group had no tax obligation arising from other jurisdictions during the year ended December 31, 2024. During the year ended December 31, 2024, our Group had no material dispute or unresolved tax issues with the relevant tax authorities.

***Net Income for the year***

As a result of the foregoing, our net income for the year amounted to approximately SGD0.5 million and SGD32 thousand for the years ended December 31, 2023 and 2024, respectively.

**Key Non-US GAAP Financial Measures**

In addition to the measures presented in our consolidated financial statements, we use the following key non-US GAAP financial measures to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions.

***Adjusted EBITDA***

Adjusted EBITDA is a non-US GAAP financial measure calculated as net income adjusted to exclude: (a) depreciation and amortization, (b) interest expense, (c) share-based compensation expense and (d) income tax expense.

Adjusted EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with US GAAP. For a reconciliation of Adjusted EBITDA to the most directly comparable US GAAP measure see the section titled "Reconciliation of Non-US GAAP Financial Measures".

**Reconciliation of Non-US GAAP Financial Measures**

To supplement our financial information we use the following non-US GAAP financial measures: Adjusted EBITDA. However, the definitions of our non-US GAAP financial measures may be different from those used by other companies, and therefore, may not be comparable. Furthermore, these non-US GAAP financial measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated financial statements that are necessary to run our business. Thus, these non-US GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with US GAAP. We compensate for these limitations by providing a reconciliation of these non-US GAAP financial measures to the related US GAAP financial measures. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view these non-US GAAP financial measures in conjunction with their respective related US GAAP financial measures.

The following tables provide reconciliations of Adjusted EBITDA.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **SGD'000** | **US$'000** |
| **Net income** | **519** | **32** | **3236** | **2517** |
| Depreciation and amortization expenses | 702 | 980 | 861 | 670 |
| Interest expense | 511 | 516 | 412 | 320 |
| Share-based compensation expense |  | 466 |  |  |
| Income tax expense | 111 | 250 | 157 | 122 |
| **Adjusted EBITDA** | **1843** | **2244** | **4666** | **3629** |

---

**Liquidity and Capital Resources**

Our liquidity and working capital requirements primarily related to our operating expenses. We have met our working capital and other liquidity requirements primarily through a combination of cash generated from our operations, loans from banking facilities and the net proceeds from our initial public offering. Going forward, we expect to fund our working capital and other liquidity requirements from various sources, including but not limited to cash generated from our operations, loans from banking facilities and other equity and debt financings as and when appropriate.

The following table sets forth our assets, liabilities and shareholders' equity as of December 31, 2024 and 2025 in SGD and, for 2025 in US$:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **US$'000 <sup>(1)</sup>** |
| **Assets** |  |  |  |
| **Current assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 5742 | 9931 | 7723 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 4488 | 7411 | 5764 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets, net | 2451 | 837 | 651 |
| &nbsp;&nbsp;&nbsp;Deferred financing costs | 356 |  |  |
| &nbsp;&nbsp;&nbsp;Inventory | 12644 | 9202 | 7156 |
| **Total current assets** | 25681 | 27381 | 21294 |
| &nbsp;&nbsp;&nbsp;Financial instruments | 506 | 764 | 594 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 4058 | 3735 | 2905 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net | 1632 | 983 | 764 |
| &nbsp;&nbsp;&nbsp;Other current assets, net | 128 | 47 | 37 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets, net | 74 | 74 | 58 |
| &nbsp;&nbsp;&nbsp;Asset held for sale | 3035 | - | - |
| **Total non-current assets** | 9433 | 5603 | 4358 |
| **TOTAL ASSETS** | 35114 | 32984 | 25652 |
| **Liabilities** |  |  |  |
| **Current liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank loans – current | 1328 | 1152 | 896 |
| &nbsp;&nbsp;&nbsp;Lease payable – current | 292 | 191 | 149 |
| &nbsp;&nbsp;&nbsp;Accounts payable, accruals, and other current liabilities | 1678 | 2673 | 2080 |
| &nbsp;&nbsp;&nbsp;Warranty liabilities | 22 | 22 | 17 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 89 | 205 | 159 |
| &nbsp;&nbsp;&nbsp;Contract liabilities | 6660 | 5815 | 4522 |
| **Total current liabilities** | 10069 | 10058 | 7823 |
| &nbsp;&nbsp;&nbsp;Bank loans - non-current | 7466 | 2870 | 2232 |
| &nbsp;&nbsp;&nbsp;Lease payable - non-current | 986 | 217 | 169 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | 100 | 67 | 52 |
| **Total non-current liabilities** | 8552 | 3154 | 2453 |
| **TOTAL LIABILITIES** | 18621 | 13212 | 10276 |
| **Commitments and contingencies** |  |  |  |
| **Shareholders' equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Shares US$0.003 par value per share, comprised of:<br> - 23,333,333 Class A Ordinary Shares authorized and 1,806,666 Class A Ordinary Shares issued and outstanding as of December 31, 2024 and 2025\*<br> - 5,000,000 Class B Ordinary Shares authorized and 3,500,000 Class B Ordinary Shares issued and outstanding as of December 31, 2024 and 2025\*<br> - 5,000,000 shares authorized (not designated) and zero shares outstanding as of December 31, 2024 and 2025\* | 21 | 21 | 16 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 15508 | 15508 | 12060 |
| &nbsp;&nbsp;&nbsp;Treasury shares (46,406 and 53,946 acquired as of December 31, 2024 and 2025) | (66) | (75) | (58) |
| &nbsp;&nbsp;&nbsp;Retained earnings | 1158 | 4394 | 3417 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | (128) | (76) | (59) |
| **Total shareholders' equity** | 16493 | 19772 | 15376 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | 35114 | 32984 | 25652 |

---

\* Giving retroactive effect to the re-designation and re-classification of our Ordinary Shares detailed in Note 15 to the consolidated financial statements

<sup>(1)</sup> Calculated at the rate of US$1.00 = SGD1.2859, as set forth in the statistical release of the Federal Reserve System on December 31, 2025.

As of December 31, 2024, we had positive working capital of approximately SGD15.6 million (US$11.4 million), total assets of approximately SGD35.1 million (US$25.7 million), total liabilities of approximately SGD18.6 million (US$13.6 million) and shareholders' equity of approximately SGD16.5 million (US$12.1 million).

As of December 31, 2025, we had positive working capital of approximately SGD17.3 million (US$13.5 million), total assets of approximately SGD33.0 million (US$25.7 million), total liabilities of approximately SGD13.2 million (US$10.3 million) and shareholders' equity of approximately SGD19.8 million (US$15.4 million).

***Cash flows***

The following table summarizes our cash flows for the years ended December 31, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **US$'000** |
| **Cash and cash equivalents at beginning of the year** | 5089 | 5742 | 4465 |
| Net cash generated from operating activities | 2053 | 2686 | 2091 |
| Net cash (used in)/generated from investing activities | (1495) | 6290 | 4892 |
| Net cash generated from /(used in) financing activities | 122 | (4839) | (3764) |
| Foreign currency effect | (27) | 52 | 39 |
| Net change in cash and cash equivalents | 653 | 4189 | 3258 |
| **Cash and cash equivalents at end of the year** | 5742 | 9931 | 7723 |

---

***Cash flows from operating activities***

During the years ended December 31, 2024 and 2025, the net cash generated from our operating activities were primarily derived from the revenue generated from our sale of cleaning systems and other equipment and provision of centralized dishwashing and ancillary services, whereas the cash outflows for our operating activities mainly consisted of the purchase of raw materials, production costs and overheads, staff costs and administrative expenses.

Our net cash generated from operating activities primarily reflected our net income, as adjusted for non-operating items, such as depreciation and amortization and effects of changes in working capital such as increase or decrease in inventories, accounts receivable, prepaid expenses and other current asset, accounts payable, accruals and other current liabilities, contract liabilities and repayment of lease liabilities and income taxes payable.

For the year ended December 31, 2024, our net cash generated from operating activities was approximately SGD2.1 million, which primarily reflected our net income of approximately SGD0.1 million, as positively adjusted primarily by (i) the non-cash depreciation of property, plant and equipment of approximately SGD0.8 million; (ii) amortization of right-of-use asset of approximately SGD0.2 million (iii) stock-based compensation expense of approximately SGD0.5 million; and (iv) the decrease in inventories of approximately SGD1.4 million. The effect of these factors was offset by the decrease of contract liabilities of approximately SGD0.3 million, the decrease in accounts payable, accruals and other current liabilities of approximately SGD0.4 million and the repayment of lease liabilities of approximately SGD0.3 million, which partially mitigated the effect of the first two factors.

For the year ended December 31, 2025, our net cash generated from operating activities was approximately SGD2.7 million, which reflected our net income of approximately SGD3.2 million, as positively adjusted primarily by (i) the non-cash depreciation of property, plant and equipment of approximately SGD0.7 million; (ii) amortization of right-of-use asset of approximately SGD0.2 million; (iii) written-off of property, plant and equipment of approximately SGD0.2 million; and (iv) deferred financing costs written-off SGD0.4 million; negatively adjusted by gain on disposal of property, plant and equipment of approximately SGD4.2 million. The effect of these factors was positively affected by the decrease in inventories of approximately SGD3.4 million; the increase in accounts payable, accruals and other current liabilities of approximately SGD1.0 million; and negatively offset by the increase in accounts receivable, prepaid expenses and other current asset of approximately SGD1.2 million; the decrease of contract liabilities of approximately SGD0.8 million and the repayment of lease liabilities of approximately SGD0.2 million.

***Cash flows from investing activities***

Our cash flows (used in)/generated from investing activities primarily consisted of (i) additions of financial instruments; and (ii) the purchase of property, plant and equipment.

For the year ended December 31, 2024, our net cash used in investing activities was approximately SGD1.5 million, mainly attributable to additions of financial instruments of approximately SGD0.2 million and the purchase of property, plant and equipment of approximately SGD1.3 million.

For the year ended December 31, 2025, our net cash generated from investing activities was approximately SGD6.3 million, mainly attributable to additions of financial instruments of approximately SGD0.2 million; proceeds from the disposal of leasehold property at 17 Woodlands Sector 1 Singapore 738354 for approximately SGD7.4 million and offset by the purchase of property, plant and equipment of approximately SGD0.8 million.

***Cash flows from financing activities***

Our cash flows generated/(used in) financing activities primarily consists of proceeds from and repayment of bank loans and lease liabilities, dividends paid, repayment of a controlling shareholder loan and payment of deferred financing costs.

For the year ended December 31, 2024, our Group recorded net cash generated from financing activities of approximately SGD0.1 million, which was mainly attributable to the net proceeds from the drawdown of bank loans of approximately SGD0.8 million offset by payment of dividends of approximately SGD0.7 million.

For the year ended December 31, 2025, our Group recorded net cash used in financing activities of approximately SGD4.8 million, which was mainly attributable to the net repayment of bank loans of approximately SGD4.8 million.

**Working Capital**

We believe that our Group has sufficient working capital for our requirements for at least the next 12 months from the date of this Annual Report, in the absence of unforeseen circumstances, taking into account the financial resources presently available to us, including cash and cash equivalents on hand and cash flows from our operations.

***Accounts receivable***

Our accounts receivable, net, decreased from approximately SGD4.5 million as of December 31, 2024 to approximately SGD7.4 million as of December 31, 2025. The increase mainly resulted from the increase in sales closer to the year ended December 31, 2025.

We did not charge any interest on, or hold any collateral as security for these accounts receivable balances. We generally offer credit periods of 30 to 60 days to our customers in respect of the manufacture and sale of cleaning systems and other equipment, whereas our customers will be offered credit terms of 7 to 30 days in respect of the provision of centralized dishwashing services and general cleaning services.

The following table sets forth the ageing analysis of our accounts receivable, net, based on the invoiced date as of the dates mentioned below:

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| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **SGD'000** | **SGD'000** |
| Within 30 days | 1825 | 4604 |
| Between 31 and 60 days | 413 | 504 |
| Between 61 and 90 days | 1437 | 1517 |
| More than 90 days | 813 | 786 |
| **Total** | 4488 | 7411 |

---

Movements in the provision for impairment of accounts receivable are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **SGD'000** | **SGD'000** |
| Opening balance |  | 23 |  | 78 |
| (Reversal)/provision of loss allowance | | 55 | | - |
| Closing balance | | 78 | | 78 |

---

We have a policy for determining the allowance for impairment based on the evaluation of collectability and ageing analysis of accounts receivable and on management's judgment, including the change in credit quality, the past collection history of each customer and the current market condition.

The loss allowance for accounts receivable related to a general provision for accounts receivable applying the simplified approach to providing for expected credit loss(es) (the "ECL(s)''). Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default. An ECL rate is calculated based on historical loss rates of the industry in which our customers operate and ageing of the accounts receivable.

The following table sets forth our average accounts receivable turnover days for the years ended December 31, 2024 and 2025:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2025** |
| Average accounts receivable turnover days<sup>(1)</sup> | 87.7 | 107.0 |

---

<sup>(1)</sup> Average accounts receivable turnover days is calculated as the average of the beginning and ending of accounts receivable balance for the respective year divided by revenue for the respective year and multiplied the number of days in the respective year.

Our average accounts receivable turnover days were approximately 87.7 days and 107.0 days for the years ended December 31, 2024 and 2025, respectively. The increase in average accounts receivable turnover days for the year ended December 31, 2025 was mainly due to increase in sales closer to year ended December 31, 2025. For details of the credit terms of our top five customers for the years ended December 31, 2024 and 2025, please refer to the section headed "Business - Our Customers'' in this Annual Report.

During the years ended December 31, 2024 and 2025, accounts receivable were closely monitored and reviewed on a regular basis to identify any potential non-payment or delay in payment. Our Group conducted an individual review on each of the customers to determine the impairment, which is aligned with external credit rating agencies' definition when it is available or based on other data such as available press information about the customer and past due status. Our Group has further implemented certain procedures to strengthen our credit control. For instance, we are actively monitoring the credit terms of our customers and follow up on collection regularly to ensure greater control over our accounts receivable. For instance, we are actively monitoring the credit terms of our customers and follow up on collection regularly to ensure greater control over our accounts receivable. For details of the background of our top five customers for the years ended December 31, 2024 and 2025, please refer to the section headed "Business - Our Customers'' in this Annual Report.

***Prepaid expenses and other current assets, net***

Prepaid expenses and other current assets, net of our Group mainly represents advances made to suppliers, prepaid of operating expenses and other receivables including loan receivables from a third party and staff loans. The following table sets forth the breakdown of the prepaid expenses and other current assets, net as of the dates indicated:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **SGD'000** | **SGD'000** |
| Other receivables | 1050 | 194 |
| Deposits | 47 | 57 |
| Prepayments | 1482 | 633 |
| **Total** | 2579 | 884 |

---

Our total other receivables, deposits and prepayments decreased from approximately SGD2.6 million as of December 31, 2024 to approximately SGD0.9 million as of December 31, 2025, primarily attributable to a decrease in other receivables.

***Inventory***

Our inventory primarily consists of raw materials, work-in-progress and finished goods as of the dates indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **SGD'000** | **SGD'000** |
| Raw materials |  | 9295 |  | 5720 |
| Work-in-progress |  | 2536 |  | 2920 |
| Finished goods | | 813 | | 562 |
|  | | 12,644 | | 9,202 |

---

The following table sets forth our average inventory turnover days for the years ended December 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2025** |
| Average inventory turnover days<sup>(1)</sup> | 346.2 | 290.3 |

---

<sup>(1)</sup> Average inventory turnover days is calculated as the average of the beginning and ending of inventory balance for the respective year divided by cost of purchases for the respective year and multiplied the number of days in the respective year.

The decrease in inventories of approximately SGD3.4 million and average inventory turnover days was primarily the result of increase in sales for precision cleaning systems in which certain delivery dates of the systems have been rescheduled to be delivered and commissioned in second half of 2025.

***Accounts payable, accruals, and other current liabilities***

***Accounts payable***

The general credit terms from our major suppliers are 15 days to 90 days. Our accounts payable increased from approximately SGD0.6 million as of December 31, 2024 to approximately SGD1.9 million as of December 31, 2025 due to higher purchases around period ended December 31, 2025.

The following table sets forth the ageing analysis of our accounts payable based on the invoice date as of the dates mentioned below:

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| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **SGD'000** | **SGD'000** |
| Within 30 days | 600 | 1862 |
| Between 31 and 60 days | 5 |  |
| Between 61 and 90 days |  |  |
| More than 90 days | - | - |
| **Total** | 605 | 1862 |

---

The following table sets forth our average accounts payable turnover days for the years ended December 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Financial Years ended December 31,** | **Financial Years ended December 31,** |
|  | **2024** | **2025** |
| Average accounts payable turnover days<sup>(1)</sup> | 25.9 | 43.3 |

---

<sup>(1)</sup> Average accounts payable turnover days is calculated as the average of the beginning and ending of accounts payable balance for the respective year divided by cost of revenues for the respective year and multiplied the number of days in the respective year.

Our average accounts payable turnover days remained relatively within credit term and amounted to approximately 43.3 days for the year ended December 31, 2025.

As of December 31, 2025, our accounts payable as of December 31, 2024 have been fully settled.

Our Group did not have any material default in payment of accounts payable during the years ended December 31, 2024 and 2025.

***Accruals***

Accruals mainly represented expenses related to professional fees and payroll costs as of the years ended December 31, 2024 and 2025. As of December 31, 2024 and 2025, our Group's accruals amounted to approximately SGD0.5 million and SGD0.8 million.

Our Group did not have any material default in payment of other payables during the years ended December 31, 2024 and 2025.

***Contract liabilities***

Our contract liabilities represent the sales deposits and installments received during the year in respect of machineries still under production but not yet recognized as revenue under our revenue recognition policies. Our contract liabilities amounted to approximately SGD6.7 million and SGD5.8 million as of December 31, 2024 and 2025, respectively.

***Bank indebtedness***

As of December 31, 2024, our bank indebtedness equaled an aggregate of SGD8.8 million of which SGD8.7 million was denominated in Singapore dollars and bore interest at a variable rate ranging from 1.25% to 1.5% above the Singapore Interbank Offered Rate ("SIBOR") and SGD0.1 million was denominated in US dollars and bore interest at 1.25% above the London Interbank Offer Rate ("LIBOR"). SGD1.3 million of our bank indebtedness as of December 31, 2024 constituted current liability and SGD7.5 million constituted non-current liability.

As of December 31, 2025, our bank indebtedness equals an aggregate of SGD4.0 million, of which SGD3.9 million is denominated in Singapore dollars and bears interest at a variable rate ranging from 1.25% to 1.5% above the Singapore Interbank Offered Rate ("SIBOR") and SGD0.1 million is denominated in US dollars and bears interest at 1.25% above the London Interbank Offer Rate ("LIBOR"). SGD1.2 million of our bank indebtedness as of December 31, 2025 constitutes current liability and SGD2.8 million constitutes non-current liability.

***Warranty liabilities***

Our warranty liabilities during the years ended December 31, 2024 and 2025 mainly represented the provision for warranty for machines sold, which usually covers a 12-month period from the date on which the machines are delivered. The provision is based on estimates made from historical warranty data associated with similar products and services. As of December 31, 2024 and 2025, our Group recorded provisions of approximately SGD22 thousand and SGD22 thousand, respectively.

***Income taxes payable***

Our income taxes payable as of December 31, 2024 and 2025 were SGD0.1 million and SGD0.2 million, respectively.

***Deferred tax (assets)/liabilities***

Our deferred tax (assets)/liabilities during the years ended December 31, 2024 and 2025 mainly represented the Singapore tax implication on the temporary difference between the tax written down value and the net book value of the property, plant and equipment, which are owned by our Group.

**Commitments**

***Capital commitments***

As of December 31, 2024 and 2025, our Group did not have any capital commitments.

**Capital Expenditures**

***Historical capital expenditures***

Our capital expenditures during the years ended December 31, 2024 and 2025 mainly related to replacement of obsolete equipment and factory improvement and renovation. For the years ended December 31, 2024 and 2025, our capital expenditures in relation to property, plant and equipment were approximately SGD1.3 million and SGD0.8 million, respectively. We principally funded our capital expenditures through cash flows from operations and borrowings during the years ended December 31, 2024 and 2025.

**Critical Accounting Estimates**

Our financial statements and accompanying notes have been prepared in accordance with U.S. GAAP. The preparation of these financial statements and accompanying notes requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Certain accounting estimates are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting the estimate may differ significantly from management's current judgments. The Company's critical accounting estimates affecting the financial statements were:

***Inventories valuation***

Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in, first-out principle, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing inventories to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity. The majority of our inventories consist of raw materials and work-in-progress, which are mainly for confirmed project ordered by customers.

The Company's business relies on customer demand for our products and services. Any reduction in customer demand for instance cancellation of order for our products may have an adverse impact on our product sales, which may in turn lead to inventory obsolescence, decline in inventory value or inventory write-off. In such event, our business, financial condition, results of operations and prospects may be materially and adversely affected.

The Company compares the cost of inventories for each project with the net realizable value and, if applicable, an allowance is made to bring down the inventory to its net realizable value, if lower than cost. On a going basis, inventories are reviewed for potential write-down for estimated obsolescence or slow moving which equals the difference between the costs of inventories and estimated net realizable value based on customers' demand including expected delivery date, historical working profile, total advance payment received and market condition. When inventories are written down to the lower of cost or net realizable value, they are not marked up subsequently based on changes in underlying facts and circumstances. Based on the Company's assessment, as of December 31, 2025, no inventories are recorded at lower of cost and there is no indication of slow moving or obsolete inventories.

***Recent Accounting Pronouncements***

See Note 2 of the notes to the audited consolidated financial statements included elsewhere in this Annual Report for a discussion of recently issued accounting standards.

**Impact of Inflation**

According to the Monetary Authority of Singapore (the "MAS"), for 2025 as a whole, MAS Core Inflation came in at 0.7%, considerably lower than 2.8% in 2024 as reported by the MAS at <u>https://www.mas.gov.sg/news/monetary-policy-statements/2026/mas-onetary-policy-statement-29jan26</u>. Inflation in Singapore has not materially affected our profitability and operating results. However, we can provide no assurance that we will be unaffected by higher inflation rates in Singapore or globally in the future.

**Quantitative and Qualitative Disclosures about Market Risk**

***Interest Rate Risk***

We are exposed to interest rate risk in connection with our bank borrowings, which are primarily based on floating interest rates. Our bank borrowings are generally subject to variable interest rates, including benchmark rates such as SIBOR and the London Interbank Offered Rate ("LIBOR") or its successor benchmark rates, plus an applicable margin.

To manage this exposure and achieve a more predictable interest cost, we have entered into interest rate swap arrangements, including an overnight indexed swap, under which we pay a fixed rate of interest and receive a floating rate based on market benchmarks.

As a result, a portion of our exposure to fluctuations in market interest rates is mitigated. However, changes in market interest rates may still affect our interest expense and the fair value of our derivative instruments.

***Credit Risk***

Credit risk is controlled by the application of credit approvals, limits and monitoring procedures. We manage credit risk through in-house research and analysis of the relevant economy and the underlying obligors and transaction structures. We identify credit risk collectively based on industry, geography and customer type. In measuring the credit risk of our sales to our customers, we mainly reflect the "probability of default" by the customer on its contractual obligations and consider the current financial position of the customer and the current and likely future exposures to the customer.

***Liquidity Risk***

We are also exposed to liquidity risk, which is risk that we will be unable to provide sufficient capital resources and liquidity to meet our commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, we will turn to financial institutions and related parties to obtain short-term funding to cover any liquidity shortage.

***Foreign Exchange Risk***

While our reporting currency is the US Dollar, almost all of our consolidated revenues and consolidated costs and expenses are denominated in SGD. All of our assets are denominated in SGD. As a result, we are exposed to foreign exchange risk as our revenues and results of operations may be affected by fluctuations in the exchange rate between the US Dollar and SGD. If the SGD depreciates against the US Dollar, the value of our SGD revenues, earnings and assets as expressed in our U.S. dollar financial statements will decline. We have not entered into any hedging transactions in an effort to reduce our exposure to foreign exchange risk.

We monitor our foreign currency exposure on an ongoing basis and, where appropriate, utilize foreign exchange derivative instruments, including foreign exchange option contracts, to mitigate short-term exposure.

**Item 6. Directors, Senior Management and Key Employees**

The names, titles and ages of the members of the Company's Board of Directors, executive officers and key personnel as of the date of this Annual Report are as set forth in the below table.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Title** |
| Executive Officers and Directors: |  |  |
| Hong Bee Yin | 54 | Chairman, Executive Director and Chief Executive Officer |
| Long Jia Kwang | 48 | Executive Director and Chief Financial Officer |
| Independent Non-executive Directors: |  |  |
| Singh Karmjit | 79 | Independent Non-executive Director |
| Tay Jingyan, Gerald | 38 | Independent Non-executive Director |
| Khoo Su Nee, Joanne | 52 | Independent Non-executive Director |
| Key Personnel: |  |  |
| Zhao Liang | 44 | Head of design department |
| Wui Chin Hou | 53 | Field operations manager |

---

No arrangement or understanding exists between any such director or officer and any other persons pursuant to which any director or executive officer was elected as a director or executive officer. Our directors are elected annually and serve until their successors take office or until their death, resignation or removal. The executive officers serve at the pleasure of the Board of Directors.

**Executive Officers and Directors**

***Ms. Hong Bee Yin*** is the founder of our Group, having incorporated JCS in November 1999. Ms. Hong is currently our Chairman, Executive Director and Chief Executive Officer. She was appointed as our Director on January 29, 2019 and re-designated as our Executive Director on March 5, 2020. Ms. Hong is primarily responsible for planning and execution of our Group's strategies including product innovation and customization, as well as managing our Group's relationship with major customers and suppliers. She is also responsible for overseeing all day-to-day aspects of our Group's operation including production, inventory and material control.

Since commencing her start-up business, JCS, in November 1999, Ms. Hong has accumulated more than 21 years of operational experience in providing cleaning solutions for the cleaning industry. Prior to forming our Group, Ms. Hong worked at JLW Property Consultants Pte Ltd. from June 1993 to June 1998 with her last position as assistant manager (Industrial Department). From June 1998 to approximately September 1999, she worked at JCS Automation Pte Ltd. (now known as JCS Biotech Pte. Ltd.) as marketing manager.

Ms. Hong obtained a Diploma in Electronic and Computer Engineering from Ngee Ann Polytechnic, Singapore in August 1993. She also completed the Tsinghua SEM Indonesia-Singapore Executive Program and SPRING CEO Leadership Circle Program in May 2014 and November 2016, respectively. Ms. Hong was appointed as the deputy chairman of Singapore Precision Engineering and Technology Association from April 2017 to April 2019, and she was appointed as the chairman from April 2019 to April 2025.

***Mr. Long Jia Kwang*** joined our Group as financial controller in December 2014 and was appointed as our Executive Director and Chief Financial Officer on March 5, 2020. Mr. Long is primarily responsible for managing accounting and finance, human resources and administrative functions of our Group.

Mr. Long has over 22 years of experience in auditing, accounting and financial management. Prior to joining our Group, Mr. Long worked at KPMG in Johor Bahru, Malaysia from February 2000 to September 2007 with his last position as deputy audit manager. From October 2007 to October 2014, he worked at KPMG Services Pte. Ltd. in Singapore with his last position being senior manager. Since November 2023, he has also served as an independent non-executive director of Davis Commodities Limited (a company listed on the Nasdaq Stock Market (stock code: DTCK)).

Mr. Long obtained a Bachelor of Commerce degree from the University of Adelaide, Australia in December 1999. Mr. Long was a certified practicing accountant of CPA Australia from November 2004 to April 2015, a chartered accountant of the Malaysian Institute of Accountants from September 2006 to February 2010 and a member of the Institute of Singapore Chartered Accountants (formerly known as Institute of Certified Public Accountants of Singapore) since April 2013.

**Independent Non-executive Directors**

***Ms. Khoo Su Nee, Joanne*** was appointed as an independent Non-executive Director of the Company on January 19, 2022. Ms. Khoo will serve as the chairman of the audit committee and as a member of the compensation and nomination committees.

Ms. Khoo has almost 30 years of experience in investment banking, corporate finance, capital markets and business advisory services. Ms. Khoo started her career at PricewaterhouseCoopers in January 1997 and her last position was senior associate in February 2000. From May 2000 to August 2004, she worked at Stone Forest Consulting Pte Ltd., a business advisory company, and her last position was an assistant manager. She was responsible for providing consultancy services including IPO advisory, working capital consulting, business turnaround and profit improvement. Ms. Khoo worked in the corporate finance industry at several companies, which include (i) Hong Leong Finance Limited from September 2004 to November 2005 as an assistant vice president; (ii) Phillip Securities Pte Ltd. from November 2005 to January 2008 as an assistant vice president; and (iii) Canaccord Genuity Singapore Pte. Ltd. (formerly known as Collins Stewart Pte. Limited) from February 2008 to October 2012 with her last position as a director. She founded and has acted as an executive director of Bowmen Capital Private Limited, a management consultancy company, since February 2013. From October 2019 to April 2020, she also served as a director of PayLinks Pte. Ltd., a financial service company.

Ms. Khoo served as an independent director of Kitchen Culture Holdings Limited (a company listed on the Catalist of the Singapore Exchange Limited (stock code: SGX:5TI)) from October 2012 to February 2019. Since January 2014, she has served as an independent non-executive director of Teho International Inc Ltd. (a company listed on the Catalist of the Singapore Exchange Limited (stock code: SGX:5OQ)) and was re-designated as a non-independent non-executive director from 30 October 2024 to 31 October 2025. Ms. Khoo served as an independent director of Excelpoint Technology Ltd. (a company listed on the main board of the Singapore Exchange Limited (stock code: SGX: BDF)) from September 2016 to April 2022. She has also served as an independent non-executive director of Xamble Group Limited (a company listed on The Australian Securities Exchange (stock code: ASX: XGL)) since July 2017. Since June 2020, she has also served as an independent non-executive director of ES Group (Holdings) Limited (a company listed on the Catalist of the Singapore Exchange Limited (stock code: SGX:5RC). Since February 2024, she has also served as an independent non-executive director of Ryde Group Ltd (a company listed on the NYSE American (stock code: NYSE AMERICAN:RYDE)). Since January 2026, she has served as an independent non-executive director of shopper360 Limited (a company listed on the Catalist of the Singapore Exchange Limited (stock code: SGX:1F0)).

Ms. Khoo holds a Bachelor of Business degree in Accountancy from Royal Melbourne Institute of Technology University. She is a Fellow Certified Practising Accountant by the CPA Australia and a Chartered Accountant under the Malaysian Institute of Accountants. Ms. Khoo was also a member of the Women Corporate Directors.

***Mr. Karmjit Singh*** was appointed as a Non-executive Director of the Company on March 5, 2020 and redesignated as our independent Non-executive Director on November 12, 2021. Mr. Singh serves as the chairman of the nomination committee and as a member of the audit and compensation committees. Mr. Singh is primarily responsible for providing guidance to the management team on corporate strategies and governance matters.

Mr. Singh has over 48 years of experience in business management. From 1974 to 1998, Mr. Singh worked at Singapore Airlines Limited serving in a variety of managerial capacities covering corporate affairs, planning, aviation fuel and administrative services. Mr. Singh joined SATS Ltd. in July 1998 as the chief executive of SATS Airport Services Pte Ltd. and then became the chief operating officer of SATS Ltd. in July 2004 overseeing the ground handling and inflight catering operation of the SATS group of companies until his retirement in September 2009. He then became the consultant to the president and chief executive officer of SATS Ltd. from October 2009 until September 2010.

Mr. Singh has been an independent director of Keppel Telecommunications & Transportation Ltd. since October 2020, chairman of that company's nominating committee from October 2012 to July 2019, a member of its audit committee from January 2011 to July 2019 and a member of its board safety committee since July 2019. Keppel Telecommunications & Transportation Ltd. was listed on Singapore Exchange Limited (stock code: K11) and subsequently delisted on May 8, 2019.

Mr. Singh obtained a Bachelor of Arts degree in Geography from the National University of Singapore in June 1970. Mr. Singh has been actively engaged in prominent civil and industry affairs in Singapore. Mr. Singh has served as the chairman of Chartered Institute of Logistics and Transport Singapore since 1994. Mr. Singh was a council member of the Public Transport Council, Singapore from August 2005 to May 2019.

***Mr. Tay Jingyan, Gerald*** was appointed as an independent Non-executive Director of the Company on January 19, 2022. Mr. Tay will serve as chairman of the compensation committee and as a member of the audit and nomination committees.

Mr. Tay has over 21 years of experience in business management and financial advisory services. Since October 2014, Mr. Tay has been the group chief executive officer of TPS Group Alliance, an alliance of companies offering a variety of professional services including corporate services, statutory compliance, accounting, corporate advisory, real estate and family office services. Mr. Tay worked with TPS Group Alliance as an associate from January 2005 until his promotion as the chief executive officer. From August 2013 to January 2014 and from May 2014 to the present, Mr. Tay was and has also been a director of Capilion Corporation Pte. Ltd., a company together with companies within its group engaging in private equity, corporate services, real estate and financial securities. Mr. Tay also founded and has acted as the director of Excelsus Tech Pte Ltd. (formerly known as Excelsus Capital Pte. Ltd.), a holding company for technology-related businesses and projects, since February 2014, and Galacthor International Pte Ltd, a company for general physical commodities trading, since December 2011.

Mr. Tay obtained a Bachelor of Arts degree in Communication from the University at Buffalo, The State University of New York in February 2012.

**Key Personnel**

***Mr. Zhao Liang*** joined our Group as the head of the design department in October 2010 and is mainly responsible for leading the design of the mechanical and process aspects of cleaning systems and other equipment.

Mr. Zhao has over 16 years of experience in engineering and mechanical design. From February 2006 to September 2010, Mr. Zhao worked in JCS Automation Pte Ltd. with his last position as the head of the design department.

Mr. Zhao obtained a Bachelor of Engineering degree in Mechanical Engineering from the Nanyang Technological University, Singapore in February 2012 and a Master of Science degree in Management from the Singapore Management University in August 2016.

***Mr. Wui Chin Hou*** is the field operations manager of our Group and is mainly responsible for managing the operation of dishwashing facilities and the cleaning operation of food courts. Mr. Wui joined our Group in September 2016.

Mr. Wui has over 27 years of experience in production management. Prior to joining our Group, Mr. Wui worked at Mitsubishi Chemical Infonics Pte Ltd. from January 1996 to September 2008 with his last position as a production supervisor. From September 2008 to September 2016, Mr. Wui worked at Armstrong Industrial Corporation Limited with his last position as an assistant production manager.

Mr. Wui obtained a Diploma in Computer Studies from the Comsertrac School of Computer Training in Singapore in June 1992.

**Family Relationships**

There are no family relationships among the directors or executive officers of either the Company or its subsidiaries.

**Committees of the Board of Directors**

Our board of directors has established an audit committee, a compensation committee and a nomination committee, each of which will operate pursuant to a charter adopted by our board of directors. The board of directors may also establish other committees from time to time to assist our company and the board of directors. The composition and functioning of all of our committees are intended to comply with all applicable requirements of the Sarbanes-Oxley Act of 2002, Nasdaq and SEC rules and regulations, if applicable. Each committee's charter is available on our website at http://www.jecleantech.sg. The reference to our website address does not constitute incorporation by reference of the information contained at or available through our website, and you should not consider it to be part of this Annual Report.

***Audit committee***

Ms. Khoo, Mr. Singh and Mr. Tay will serve on the audit committee, which will be chaired by Ms. Khoo. Our board of directors has determined that each are "independent" for audit committee purposes as that term is defined by the rules of the SEC and Nasdaq, and that each has sufficient knowledge in financial and auditing matters to serve on the audit committee. Our board of directors has designated Ms. Khoo as an "audit committee financial expert," as defined under the applicable rules of the SEC. The audit committee's responsibilities include:

● appointing, approving the compensation of, and assessing the independence of our independent registered public accounting firm;

● pre-approving auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm;

● reviewing the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing our financial statements;

● reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly/semi-annual financial statements and related disclosures as well as critical accounting policies and practices used by us;

● coordinating the oversight and reviewing the adequacy of our internal control over financial reporting;

● establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns; recommending, based upon the audit committee's review and discussions with management and our independent registered public accounting firm, whether our audited financial statements shall be included in our Annual Report on Form 20-F;

● monitoring the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters;

● preparing the audit committee report required by SEC rules, if and when required;

● reviewing all related person transactions for potential conflict of interest situations and approving all such transactions;

● implementing our cybersecurity policy, including continuously engaging in the review for any potential cybersecurity risks as part of the Company's overall risk management program; and

● reviewing earnings releases.

On April 26, 2024, our Board of Directors approved an amendment to the audit committee charter (the "Audit Committee Charter") pursuant to which it adopted a cybersecurity policy (the "Cybersecurity Policy") and further resolved that the audit committee will have full authority and power to implement the Cybersecurity Policy. The Audit Committee Charter provides the members of the Audit Committee with authorization and authority to conduct continuous analysis of and review for any potential cybersecurity risks as part of the Company's overall risk management program and to create a cyber-resilient organization, which will contribute to the value preservation of the Company. The Audit Committee Charter further directs the members of the audit committee to: (i) understand the economic drivers and impact of cyber-risk, including the financial impact to our Company; (ii) align cyber-risk management policies with our business needs by integrating cyber-risk analysis into significant business decisions; (iii) ensure our organizational structure supports cybersecurity goals; and (iv) incorporate cybersecurity expertise into board governance.

For additional information regarding our Cybersecurity Policy, please refer to Item 16K included in the Annual Report on Form 20-F for the year ended December 31, 2023.

***Compensation committee***

Mr. Tay, Ms. Khoo and Mr. Singh will serve on the compensation committee, which will be chaired by Mr. Tay. Our board of directors has determined that each such member satisfies the "independence" requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market. The compensation committee's responsibilities include:

● evaluating the performance of our chief executive officer in light of our company's corporate goals and objectives and, based on such evaluation,: (i) recommending to the board of directors the cash compensation of our chief executive officer, and (ii) reviewing and approving grants and awards to our chief executive officer under equity-based plans;

● reviewing and recommending to the board of directors the cash compensation of our other executive officers;

● reviewing and establishing our overall management compensation, philosophy and policy;

● overseeing and administering our compensation and similar plans;

● reviewing and approving the retention or termination of any consulting firm or outside advisor to assist in the evaluation of compensation matters and evaluating and assessing potential and current compensation advisors in accordance with the independence standards identified in the applicable Nasdaq rules;

● retaining and approving the compensation of any compensation advisors;

● reviewing and approving our policies and procedures for the grant of equity-based awards;

● reviewing and determining the necessity for recovery of certain incentive compensation previously paid to the Company's current and former executive officers in the event of a restatement of the Company's financial statements for any fiscal year;

● reviewing and recommending to the board of directors the compensation of our directors; and

● preparing the compensation committee report required by SEC rules, if and when required.

Effective December 1, 2023, our Board of Directors amended the compensation committee charter (the "Compensation Committee Charter") so as to include a compensation recovery policy (the "Compensation Recovery Policy") and to give the compensation committee full authority and power to implement that policy. The Compensation Committee Charter provides the members of the compensation committee with authorization and authority to carry out such duties and responsibilities associated with the Compensation Recovery Policy. The compensation committee shall, in the event of a restatement of the Company's financial statements, have the authority and power to: (i) determine such executive officers who served at any time during the performance period for the incentive-based compensation; (ii) determine the relevant recovery period; (iii) determine the amount of incentive-based compensation that must be subject to the Company's Compensation Recovery Policy and establish procedures for recovery; (iv) maintain documentation of the above-referenced determinations; and (v) prepare and have filed all disclosures with respect to the Compensation Recovery Policy in accordance with federal securities laws, including the disclosure required in the applicable Securities and Exchange Commission filings.

For additional information regarding our Compensation Recovery Policy, please refer to Exhibit 97.1 to our Annual Report for the financial year ended December 31, 2023.

***Nomination committee***

Mr. Singh, Ms. Khoo and Mr. Tay and will serve on the nomination committee, which will be chaired by Mr. Singh. Our board of directors has determined that each member of the nomination committee is "independent" as defined in the applicable Nasdaq rules. The nomination committee's responsibilities include:

● developing and recommending to the board of directors criteria for board and committee membership;

● establishing procedures for identifying and evaluating director candidates, including nominees recommended by stockholders; and

● reviewing the composition of the board of directors to ensure that it is composed of members containing the appropriate skills and expertise to advise us.

While we do not have a formal policy regarding board diversity, our nomination committee and board of directors will consider a broad range of factors relating to the qualifications and background of nominees, which may include diversity (not limited to race, gender or national origin). Our nomination committee's and board of directors' priority in selecting board members is identification of persons who will further the interests of our shareholders through their established record of professional accomplishment, the ability to contribute positively to the collaborative culture among board members, knowledge of our business, understanding of the competitive landscape and professional and personal experience and expertise relevant to our growth strategy.

**Foreign Private Issuer Status**

The Nasdaq listing rules include certain accommodations in the corporate governance requirements that allow foreign private issuers, such as us, to follow "home country" corporate governance practices in lieu of the otherwise applicable corporate governance standards of the Nasdaq. The application of such exceptions requires that we disclose each Nasdaq corporate governance standard that we do not follow and describe the Cayman Islands corporate governance practices we do follow in lieu of the relevant Nasdaq corporate governance standard. We currently follow Cayman Islands corporate governance practices in lieu of the corporate governance requirements of the Nasdaq in respect of the following:

● the majority independent director requirement under Section 5605(b)(1) of the Nasdaq listing rules;

● the requirement under Section 5605(d) of the Nasdaq listing rules that a compensation committee comprised solely of independent directors governed by a compensation committee charter oversee executive compensation;

● the requirement under Section 5605(e) of the Nasdaq listing rules that director nominees be selected or recommended for selection by either a majority of the independent directors or a nominations committee comprised solely of independent directors;

● the Shareholder Approval Requirements under Section 5635 of the Nasdaq listing rules; and

● the requirement under Section 5605(b)(2) of the Nasdaq listing rules that the independent directors have regularly scheduled meetings with only the independent directors present.

**Code of Conduct and Code of Ethics**

We have adopted a written code of business conduct and ethics that applies to our directors, officers and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions. A current copy of this code is posted on the Corporate Governance section of our website, which is located at http://www.jecleantech.sg. The information on our website is deemed not to be incorporated in this Annual Report or to be a part of this Annual Report. We intend to disclose any amendments to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive officers and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of the Nasdaq.

**Compensation**

For the years ended December 31, 2024 and 2025, we paid an aggregate of SGD1,490,000 and SGD1,477,000 as compensation to our directors, our executive officers and our key employees.

We did not set aside or accrue any amounts to provide pension, retirement or similar benefits for directors and officers for the years ended December 31, 2024 and 2025 other than contributions to our Provident Fund Plan as social insurances and housing provident fund, which aggregated SGD82,000 and SGD89,000 for officers and directors.

**Compensation Recovery Policy**

As required by the listing standards of the Nasdaq Listing Rules, Rule 10D under the Exchange Act, and Rule 10D-1 under the Exchange Act, the Compensation Committee of the Board of Directors has adopted a compensation recovery policy, also known as a clawback policy (the "Compensation Recovery Policy"), effective December 1, 2023. In the event of a restatement of the Company's financial statements, the Compensation Recovery Policy requires the Company to recover the incremental portion of any incentive-based compensation received by any current or former executive officer of the Company that was in excess of the amount the officer would have received had his or her incentive compensation been determined based on the restated financial statements. Events requiring a restatement of financial statements include the material noncompliance of the Company with any financial reporting requirements under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

During and after the last completed fiscal year, the Company was not required to prepare an accounting restatement that required recovery of erroneously awarded compensation pursuant to the registrant's Compensation Recovery Policy.

For additional information regarding our Compensation Recovery Policy, please refer to Exhibit 97.1 to this Annual Report.

**Employment Agreements with Executive Directors**

***Employment Agreement with Hong Bee Yin***

Effective as of January 1, 2014, we entered into an employment agreement with Hong Bee Yin pursuant to which she was employed as Executive Director of JCS-Echigo Pte Ltd. The agreement provides for an annual base salary of SGD300,000 and annual base director fee of SGD24,000, which amount may be adjusted from time to time in the discretion of the Company. Under the terms of the agreement, Ms. Hong is entitled to receive an annual cash bonus in the amount of SGD500,000 for any year in which the Company's net profit, after tax, (inclusive of any amounts payable or to be set aside for all bonuses) equals at least SGD5 million, together with such additional bonus as may be agreed from time to time with the Company. Ms. Hong's employment will continue indefinitely, subject to termination by either party to the agreement upon 6 months' prior written notice or the equivalent salary in lieu of such notice. The agreement also contains non-compete and non-disclosure provisions and restrictions against the unauthorized use of the Company's intellectual property. Effective as of March 5, 2020, we entered into an employment agreement with Hong Bee Yin pursuant to which she was employed as an Executive Director, Chairman and Chief Executive Officer of JE Cleantech Holdings Limited. The agreement provides for a monthly base director fee of US$6,000.

***2024 Amendment to Employment Agreement.*** On August 12, 2024, the Board of Directors approved an amendment to Ms. Hong Bee Yin's employment agreement as Executive Director of our subsidiary, JCS-Echigo Pte Ltd, with effect from January 1, 2024, under which we agreed to pay Ms. Hong a total monthly remuneration of SGD52,500 (consisting of a monthly salary of SGD45,000, a monthly director's fee of SGD2,500 and a monthly transport allowance of SGD5,000) for total annual remuneration of SGD630,000 (the "Amended Employment Agreement"). In addition, the annual cash bonus provision was amended so that, in addition to the total annual remuneration payable to Ms. Hong, we have agreed to pay Ms. Hong a cash performance bonus in an amount equal to the percentages reflected below based on the amount of the Group's profits before tax ("PBT"), excluding any extraordinary items, as evidenced by the audited financial year-end financial statements for any given financial year as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Audited Group's PBT** | **Percentage of <br> Profit Sharing** | **Performance<br> Bonus** | **Performance<br> Bonus** |
| First SGD1,000,000 | 0% | SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| From SGD1,000,001 - SGD2,000,000 | 10% |  | \* |
| From SGD1,000,001 - SGD2,000,000 | 15% |  | \* |
| From SGD3,000,001 and above | 20% |  | \* |

---

\* Dependent on the amount of the Group's PBT

***2026 Amendment to Employment Agreement.*** On March 30, 2026, the Board of Directors approved an amendment to Ms. Hong Bee Yin's Amended and Restated Employment Agreement as Executive Director of our subsidiary, JCS-Echigo Pte Ltd, pursuant to which (i) the provision providing for a monthly travel allowance of SGD5,000 was deleted; and (ii) a provision providing for the use by Ms. Hong of a motor vehicle was added. See "Item 4. Information on the Company – Recent Developments – Purchase of Motor Vehicle," on page 21.

The aggregate compensation paid to Ms. Hong for the years ended December 31, 2024 and 2025, pursuant to both employment agreements, combined, was US$567,245 and US$637,917, respectively.

***Employment Agreement with Long Jia Kwang***

We entered into an employment agreement dated September 5, 2014 with Long Jia Kwang pursuant to which he was employed as Financial Controller for JCS-Echigo Pte Ltd. The agreement provides for a monthly base salary of SGD9,750, plus a transportation allowance of SGD750 per month. These amounts may be adjusted from time to time. The agreement provides that the Company may, in its discretion, transfer or assign Mr. Long to any position compatible with that of Financial Controller or to any of the companies in our Group. Under the terms of the agreement, Mr. Long's employment will continue indefinitely, subject to termination by either party to the agreement upon 1 months' written notice or the equivalent salary in lieu of such notice. Effective as of March 5, 2020, we entered into an employment agreement with Long Jia Kwang pursuant to which he was employed as an executive director and Chief Financial Officer of JE Cleantech Holdings Limited. The agreement provides for a monthly base director fee of US$4,000. Effective February 1, 2026, Mr. Long will not receive the US$4,000 monthly base director fee. The other terms of Mr. Long's employment agreements remain unchanged.

On August 12, 2024, the Board of Directors approved a special bonus of S$50,000 to be paid to Mr. Long.

The aggregate compensation paid to Mr. Long for the years ended December 31, 2024 and 2025 was US$209,785 and US$177,867, respectively.

In addition, our executive directors are entitled to participate in the JE Cleantech Holdings Limited 2022 Equity Incentive Plan or such other share option scheme as may be adopted by the Company, as amended from time to time. The number of options granted and the terms of those options will be determined from time to time by a vote of the Board of Directors; provided that each director shall abstain from voting on any such resolution or resolutions relating to the grant of options to that director.

Other than as disclosed above, none of our executive directors has entered into a service agreement with our Company or any of our subsidiaries that provides for benefits upon termination of employment.

***Independent Non-Executive Directors' Agreements***

Each of our independent Non-executive Directors has entered into a Director's Agreement with the Company and where relevant, a subsidiary. The terms and conditions of such Directors' Agreements are similar in all material aspects, save for the director's fees. Each Director's Agreement is for an initial term of one year and will continue until the independent non-executive director's successor is duly elected and qualified. Each independent non-executive director will be up for re-election each year at the annual shareholders' meeting and, upon re-election, the terms and provisions of his or her Director's Agreement will remain in full force and effect. Any such Director's Agreement may be terminated for any or no reason by the independent non-executive director or at a meeting called expressly for that purpose by a vote of the shareholders holding more than 50% of the Company's issued and outstanding Ordinary Shares entitled to vote.

Other than as disclosed above, none of our independent non-executive directors has entered into a service agreement with our Company or any of our subsidiaries that provides for benefits upon termination of employment.

**Indemnification Agreements**

We have entered into indemnification agreements with each of our directors and executive officers. Under these agreements, we agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our Company.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Employees**

As of December 31, 2025, we employed a total of 91 persons, 48 of whom are employed by JCS and 43 of whom are employed by Hygiea. Employees are not covered by collective bargaining agreements. We consider our labor practices and employee relations to be good.

**Item 7. Major Shareholders and Related Party Transactions**

**Major shareholders**

We are not directly or indirectly owned or controlled by any foreign government or by another corporation. The following table sets forth the number of the Company's ordinary shares beneficially owned as of April 27, 2026 by (i) those persons or groups known to beneficially own more than 5% of our ordinary shares; (ii) each executive officer and director; and (iv) all directors and executive officers as a group. The information is determined in accordance with Rule 13d-3 promulgated under the Exchange Act. Under those rules, beneficial ownership includes any shares as to which the individual has sole or shared voting power or investment power and also any shares which the individual has the right to acquire within 60 days of the date hereof, through the exercise or conversion of any stock option, convertible security, warrant or other right. Including those shares in the tables does not, however, constitute an admission that the named stockholder is a direct or indirect beneficial owner of those shares. Each Class A Ordinary Share carries one vote, and each Class B Ordinary Share carries 20 votes.

The percentage of our Ordinary Shares beneficially owned is computed on the basis of 1,751,619 Class A Ordinary Shares and 3,500,000 Class B Ordinary Shares issued and outstanding as of the date of this Annual Report.

Except as indicated below, the shareholders listed possess sole voting and investment power with respect to their shares.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A**<br> **Ordinary Shares** | **Class A**<br> **Ordinary Shares** | **Class A**<br> **Ordinary Shares** | **Class B**<br> **Ordinary Shares** | **Class B**<br> **Ordinary Shares** | **Class B**<br> **Ordinary Shares** | |
|  | <br>**Shares** | <br>**%** | <br>**% of Voting Power** | <br>**Shares** | <br>**%** | **% of Voting Power** |<br>**% of Aggregate Voting Power** |
| **Directors and Executive Officers:** |  |  |  |  |  |  |  |
| Hong Bee Yin<sup>(1)</sup> | 0 | 0 | 0 | 3500000 | 100% | 100% | 97.6% |
| Long Jia Kwang | 0 | 0 | 0 |  |  |  |  |
| Karmjit Singh | 0 | 0 | 0 |  |  |  |  |
| Tay Jingyan, Gerald | 0 | 0 | 0 |  |  |  |  |
| Khoo Su Nee, Joanne | 0 | 0 | 0 |  |  |  |  |
| **All Directors and Executive Officers as a Group (5 persons)** | 0 | 0 | 0 | 3500000 | 100% | 100% | 97.6% |
| **Principal Shareholders** |  | 0 | 0 |  |  |  |  |
| JE Cleantech Global Limited | 0 | 0% | 0% | 3200000 | 91.4% | 91.4% | 89.2% |

---

<sup>(1)</sup> Includes 3,200,000 Class B Ordinary Shares held by JE Cleantech Global Limited, a company directly owned as to 100.00% by Ms. Hong, and 300,000 Class B Ordinary Shares held directly by Ms. Hong.

There are no arrangements known to us that may at a subsequent date result in a change in control of the Company.

**Resale Registration**

On February 26, 2025, the Company completed the registration of 800,000 Ordinary Shares beneficially owned by its Chairman and Chief Executive Officer through her 100% ownership of JE Cleantech Global Limited. The Ordinary Shares were previously issued to JE Cleantech Global Limited as a result of the corporate reorganization on December 28, 2021, the details of which are set forth above under Item 4. "Information on the Company - Corporate Structure."

We registered the Ordinary Shares in order to permit JE Cleantech Global Limited to offer the Ordinary Shares for resale from time to time. As of the date of this Annual Report, no shares have been sold.

Ms. Hong Bee Yin, our Chairman, Executive Director and Chief Executive Officer, through her 100% equity ownership of JE Cleantech Global Limited and her direct ownership of 300,000 shares, currently beneficially owns an aggregate of approximately 66.6% of our issued and Ordinary Shares, representing approximately 97.6% of the voting power. If all of the 800,000 recently registered Ordinary Shares are sold, Ms. Hong's beneficial ownership of our outstanding shares will be reduced to approximately 51.4%, which will still represent approximately 75.3% of the voting power. Therefore, Ms. Hong will continue to control the outcome of any corporate transaction or other matter submitted to the shareholders for approval, including mergers, consolidations, the election of directors and other significant corporate actions, including the power to prevent or cause a change in control. The interests of our largest shareholder may differ from the interests of our other shareholders. Without Ms. Hong's consent, we may be prevented from entering into transactions that could be beneficial to us or our other shareholders. The concentration in the ownership of our shares may adversely affect the value of our shares.

**Related Party Transactions**

We have adopted an audit committee charter, which requires the committee to review all related-party transactions on an ongoing basis and all such transactions be approved by the committee.

Set forth below are related party transactions of our Company for the years ended December 31, 2023, 2024 and 2025, which are identified in accordance with the rules prescribed under Form 20-F and may not be considered as related party transactions under Singapore law.

Related party transactions:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
| <br>**Transaction nature** | <br>**Name** | **2023** | **2024** | **2025** | **2025** |
|  |  | **SGD'000** | **SGD'000** | **SGD'000** | **US$'000** |
| Shares issued as stock-based compensation to controlling shareholder | Ms. Hong Bee Yin |  | 466 |  |  |
| Dividend paid to controlling shareholder | Ms. Hong Bee Yin |  | 425 |  |  |

---

Other than the above-mentioned disclosure, there were no significant related party transactions conducted during the years ended December 31, 2023, 2024 and 2025.

**Interests of Experts and Counsel**

Not Applicable

**Legal Proceedings**

Not Applicable

**Item 8. Financial Information**

**Financial Statements**

Our Consolidated Financial Statements are set forth under Item 18. - "Financial Statements."

**Item 9. The Offer and Listing**

**Offer and Listing Details**

Our Ordinary Shares commenced trading on the Nasdaq Capital Market on April 22, 2022 under the symbol "JCSE." The CUSIP number for our Ordinary Shares is G50875 205.

**Transfer Agent**

The transfer agent and registrar for the ordinary shares of the Company is VStock Transfer, LLC, 18 Lafayette Place, Woodmere, New York 11598; telephone: 212-828-8436, toll-free: 855-9VSTOCK; Facsimile: 646-536-3179.

**Item 10. Additional Information**

**Share Capital**

We are an exempted company incorporated with limited liability in the Cayman Islands. Our affairs are governed by our Amended Memorandum and Articles of Association, the Companies Act and the common law of the Cayman Islands.

As of the date of this Annual Report, our authorized share capital is US$100,000 divided into 33,333,333.33 Ordinary Shares, par value US$0.003 each.

The following are summaries of certain material provisions of our Amended and Restated Memorandum of Association and our Amended and Restated Articles of Association and of the Companies Act insofar as they relate to the material terms of our Ordinary Shares.

**Ordinary Shares**

***General***

Our Ordinary Shares are divided into Class A Ordinary Shares and Class B Ordinary Shares. Holders of our Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting and conversion rights. Each Class A Ordinary Share entitles the holder thereof to one vote on all matters subject to vote at our general meetings and each Class B Ordinary Share entitles the holder thereof to 20 votes on all matters subject to vote at our general meetings.

*Conversion.* 

 

Class B Ordinary Shares may be converted into the same number of Class A Ordinary Shares at the option of the holders thereof at any time, while Class A Ordinary Shares cannot be converted into Class B Ordinary Shares under any circumstances.

***Dividends***

The holders of our Ordinary Shares are entitled to such dividends as may be declared by our shareholders or board of directors subject to the Companies Act and to the Articles of Association.

***Voting Rights***

Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as one class on all matters submitted to a vote by the shareholders at any general meeting of the Company. Each Class A Ordinary Share is entitled to one vote and each Class B Ordinary Share is entitled to 20 votes on all matters subject to the vote of shareholders at general meetings of our Company.

Voting at any meeting of shareholders is by show of hands unless a poll is demanded. A poll may be demanded by the chairman of such meeting or any one shareholder present in person or by proxy.

An ordinary resolution to be passed by the shareholders requires the affirmative vote of a simple majority of votes attached to the Ordinary Shares cast in a general meeting, while a special resolution requires the affirmative vote of no less than two-thirds of votes cast attached to the Ordinary Shares. A special resolution will be required for important matters such as a change of name or making changes to our memorandum and Articles of Association.

***Transfer of Ordinary Shares***

Subject to the restrictions contained in our Articles of Association, as applicable, any of our shareholders may transfer all or any of his or her Ordinary Shares by an instrument of transfer in the usual or common form or any other form approved by our board of directors.

Our board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share. Our board of directors may also decline to register any transfer of any ordinary share unless:

● the instrument of transfer is lodged with us, accompanied by the certificate for the Ordinary Shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

● the instrument of transfer is in respect of only one class of Ordinary Shares;

● the instrument of transfer is properly stamped, if required;

● the Ordinary Shares transferred are fully paid and free of any lien in favor of us; and

● any fee related to the transfer has been paid to us; and

● the transfer is not to more than four joint holders.

If our directors refuse to register a transfer they shall, within three months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

***Liquidation***

On a return of capital on winding up or otherwise (other than on conversion, redemption or purchase of Ordinary Shares), assets available for distribution among the holders of Ordinary Shares shall be distributed among the holders of the Ordinary Shares on a *pro rata* basis. If our assets available for distribution are insufficient to repay all of the paid-up capital, the assets will be distributed so that the losses are borne by our shareholders proportionately.

***Calls on Ordinary Shares and Forfeiture of Ordinary Shares***

Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their Ordinary Shares. The Ordinary Shares that have been called upon and remain unpaid are subject to forfeiture.

 ****

***Redemption of Ordinary Shares***

Subject to the provisions of the Companies Act and other applicable law, we may issue shares on terms that are subject to redemption, at our option or at the option of the holders, on such terms and in such manner, including out of capital, as may be determined by the board of directors.

***Variations of Rights of Shares***

All or any of the special rights attached to any class of shares may, subject to the provisions of the Companies Act, be varied with the sanction of a special resolution passed at a general meeting of the holders of the shares of that class. Consequently, the rights of any class of shares cannot be detrimentally altered without a majority of two-thirds of the vote of all of the shares in that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking *pari passu* with such existing class of shares.

***General Meetings of Shareholders***

Shareholders' meetings may be convened by a majority of our board of directors or our chairman. Advance notice of at least ten clear days is required for the convening of our annual general shareholders' meeting and any other general meeting of our shareholders. A quorum required for a meeting of shareholders consists of at least two shareholders present or by proxy, representing not less than one-third in nominal value of the total issued voting shares in our company.

***Inspection of Books and Records***

Holders of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, we will in our Articles of Association provide our shareholders with the right to inspect our list of shareholders and to receive annual audited financial statements.

***Changes in Capital***

We may from time to time by ordinary resolution:

● increase the share capital by such sum, to be divided into shares of such classes and amount, as the resolution shall prescribe;

● consolidate and divide all or any of our share capital into shares of a larger amount than our existing shares;

● sub-divide our existing shares, or any of them into shares of a smaller amount; or

● cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of our share capital by the amount of the shares so cancelled.

We may by special resolution reduce our share capital or any capital redemption reserve in any manner permitted by law.

**Memorandum and Articles of Incorporation**

We are an exempted company with limited liability under the Companies Act of the Cayman Islands. The Companies Act in the Cayman Islands distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:

● an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies;

● an exempted company's register of members is not open to inspection;

● an exempted company does not have to hold an annual general meeting;

● an exempted company may issue no par value, negotiable or bearer shares;

● an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

● an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● an exempted company may register as a limited duration company; and

● an exempted company may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company. We are subject to reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. We currently comply with the Nasdaq Rules in lieu of following home country practice. The Nasdaq Rules require that every company listed on Nasdaq hold an annual general meeting of shareholders. In addition, our Articles of Association allow directors to call special meetings of shareholders pursuant to the procedures set forth in our Articles.

***Mergers and Similar Arrangements***

A merger of two or more constituent companies under Cayman Islands law requires a plan of merger or consolidation to be approved by the directors of each constituent company and authorization by (a) a majority in number representing seventy-five percent (75%) in value of the shareholders voting together as one class and (b) if the shares to be issued to each shareholder in the surviving company are to have the same rights and economic value as the shares held in the constituent company, a special resolution of the shareholders voting together as one class.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders. For this purpose a subsidiary is a company of which at least ninety percent (90%) of the issued shares entitled to vote are owned by the parent company.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain circumstances, a dissentient shareholder of a Cayman constituent company is entitled to payment of the fair value of his shares upon dissenting to a merger or consolidation. The exercise of appraisal rights will preclude the exercise of any other rights save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must, in addition, represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

● the statutory provisions as to the required majority vote have been met;

● the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

● the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

When a takeover offer is made and accepted within four months by holders of 90% of the shares that are the subject of the offer, the offeror may, within a two-month period commencing on the expiration of such four month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

***Shareholders' Suits***

In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, there are exceptions to the foregoing principle, including when:

● a company acts or proposes to act illegally or ultra vires;

● the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

● those who control the company are perpetrating a "fraud on the minority".

***Indemnification of Directors and Executive Officers and Limitation of Liability***

Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our Articles of Association permit indemnification of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless such losses or damages arise from dishonesty or fraud which may attach to such directors or officers. This standard of conduct is generally the same as permitted under the Delaware General Corporation Act for a Delaware corporation. In addition, we intend to enter into indemnification agreements with our directors and senior executive officers that will provide such persons with additional indemnification beyond that provided in our Articles of Association.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

***Anti-Takeover Provisions in the Memorandum and Articles of Association***

Some provisions of our Amended Memorandum and Articles of Association may discourage, delay or prevent a change in control of our company or management that shareholders may consider favorable, including provisions that authorize our board of directors to issue preference shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without any further vote or action by our shareholders.

However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our Amended Memorandum and Articles of Association, as amended and restated from time to time, for what they believe in good faith to be in the best interests of our Company.

***Directors' Fiduciary Duties***

Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company - a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his or her position as director (unless the company permits him to do so) and a duty not to put himself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third party. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

***Shareholder Action by Written Consent***

Under the Delaware General Corporation Act, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Our Articles of Association provide that any action required or permitted to be taken at general meetings of the Company may only be taken upon the vote of shareholders at general meeting and shareholders may not approve corporate matters by way of a unanimous written resolution without a meeting being held.

***Shareholder Proposals***

Neither Cayman Islands law nor our Articles of Association allow our shareholders to requisition a shareholders' meeting. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings. However, our Articles of Association require us to call such meetings every year.

***Cumulative Voting***

Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. As permitted under Cayman Islands law, our Articles of Association do not provide for cumulative voting.

***Removal of Directors***

Under our Articles of Association, directors may be removed by ordinary resolution.

***Transactions with Interested Shareholders***

The Delaware General Corporation Act contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and for a proper corporate purpose and not with the effect of constituting a fraud on the minority shareholders.

***Dissolution; Winding Up***

Under the Delaware General Corporation Act, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

Under the Companies Act of the Cayman Islands and our Articles of Association, our company may be dissolved, liquidated or wound up by the vote of holders of two-thirds of our shares voting at a meeting.

***Variation of Rights of Shares***

Under the Delaware General Corporation Act, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under Cayman Islands law and our Articles of Association, if our share capital is divided into more than one class of shares, we may vary the rights attached to any class only with the sanction of a special resolution passed at a general meeting of the holders of the shares of that class.

***Amendment of Governing Documents***

Under the Delaware General Corporation Act, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by Cayman Islands law, our Amended Memorandum and Articles of Association may only be amended by special resolution.

***Rights of Non-Resident or Foreign Shareholders***

There are no limitations imposed by our Amended Memorandum and Articles of Association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our Amended Memorandum and Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.

***Directors' Power to Issue Shares***

Subject to applicable law, our board of directors is empowered to issue or allot shares or grant options and warrants with or without preferred, deferred, qualified or other special rights or restrictions.

**Material Contracts**

Our material contracts, other than those entered into in the ordinary course of business, are described in Item 4 and Item 6, or elsewhere in this Annual Report.

**Dividends and Dividend Policy**

A dividend of SGD643 thousand (approximately US$471 thousand) was declared during the year ended December 31, 2024 and the dividend was fully paid during the year ended December 31, 2024. No dividends were declared for the years ended December 31, 2023 and 2025. A dividend of approximately US$2.3 million was declared in January 2026 and was fully paid in February 2026. The Company will plan and declare dividends depending on the available funds and earnings of the Company.

We have adopted a dividend policy, according to which our board of directors shall take into account, among other things, the following factors when deciding whether to propose a dividend and in determining the dividend amount: (a) operating and financial results; (b) cash flow situation; (c) business conditions and strategies; (d) future operations and earnings; (e) taxation considerations; (f) interim dividend paid, if any; (g) capital requirement and expenditure plans; (h) interests of shareholders; (i) statutory and regulatory restrictions; (j) any restrictions on payment of dividends; and (k) any other factors that our board may consider relevant. The payment of dividends, in certain circumstances is also subject to the approval of our Shareholders, the Cayman Islands Companies Act and our Articles of Association as well as any other applicable laws. Currently, we do not have any predetermined dividend distribution ratio.

Even if our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the board of directors may deem relevant. In addition, we are a holding company and depend on the receipt of dividends and other distributions from our subsidiaries to pay dividends on our Ordinary Shares.

**Exchange Controls**

There are no foreign exchange controls or foreign exchange regulations under current applicable laws of the various places of incorporation of our significant subsidiaries that would affect the payment or remittance of dividends.

**Taxation**

The following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of our Ordinary Shares by U.S. Holders (as defined below) that hold our Ordinary Shares as "capital assets" (generally, property held for investment) under the United States Internal Revenue Code of 1986, as amended (the "Code"). This discussion is based upon existing United States federal income tax law which is subject to differing interpretations or change, possibly with retroactive effect. There can be no assurance that the Internal Revenue Service, or the IRS, or a court will not take a contrary position. This discussion does not address all aspects of United States federal income taxation that may be relevant to particular investors in light of their specific circumstances, including investors subject to special tax rules (for example, certain financial institutions (including banks), cooperatives, pension plans, insurance companies, broker-dealers, traders in securities that have elected the mark-to-market method of accounting for their securities, partnerships and their partners, regulated investment companies, real estate investment trusts, and tax-exempt organizations (including private foundations)), investors who are not U.S. Holders, investors who own (directly, indirectly, or constructively) 10% or more of our stock (by vote or value), investors that will hold their Ordinary Shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for United States federal income tax purposes, or U.S. Holders that have a functional currency other than the U.S. dollar, all of whom may be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not discuss any non-United States tax, state or local tax, or non-income tax (such as the U.S. federal gift or estate tax) considerations, or any consequences under the alternative minimum tax or Medicare tax on net investment income. Each U.S. Holder is urged to consult its tax advisor regarding the United States federal, state, local, and non-United States income and other tax considerations of an investment in our Ordinary Shares.

***General***

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Ordinary Shares that is, for United States federal income tax purposes, (i) an individual who is a citizen or resident of the United States; (ii) a corporation (or other entity treated as a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any state thereof or the District of Columbia; (iii) an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its source; or (iv) a trust (A) the administration of which is subject to the primary supervision of a United States court and which has one or more United States persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated as a United States person under the Code.

If a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) is a beneficial owner of our Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner as a U.S. Holder, as described above, and the activities of the partnership. Partnerships holding our Ordinary Shares and partners in such partnerships are urged to consult their tax advisors as to the particular United States federal income tax consequences of an investment in our Ordinary Shares.

***Dividends***

The entire amount of any cash distribution paid with respect to our Ordinary Shares (including the amount of any non-U.S. taxes withheld therefrom, if any) generally will constitute dividends to the extent such distributions are paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles, and generally will be taxed as ordinary income in the year received by such U.S. Holder. To the extent amounts paid as distributions on the Ordinary Shares exceed our current or accumulated earnings and profits, such distributions will not be dividends, but instead will be treated first as a tax-free return of capital to the extent of the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in the Ordinary Shares with respect to which the distribution is made, and thereafter as capital gain. However, we do not intend to compute (or to provide U.S. Holders with the information necessary to compute) our earnings and profits under United States federal income tax principles. Accordingly, a U.S. Holder will be unable to establish that a distribution is not out of earnings and profits and should expect to treat the full amount of each distribution as a "dividend" for United States federal income tax purposes.

Any dividends that we pay will generally be treated as income from foreign sources for United States foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's particular facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed (at a rate not exceeding any applicable treaty rate) on dividends received on our Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for United States federal income tax purposes, in respect of such withholdings, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. U.S. Holders are advised to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

Dividends paid in non-U.S. currency will be included in the gross income of a U.S. Holder in a U.S. dollar amount calculated by reference to a spot market exchange rate in effect on the date that the dividends are received by the U.S. Holder, regardless of whether such foreign currency is in fact converted into U.S. dollars on such date. Such U.S. Holder will have a tax basis for United States federal income tax purposes in the foreign currency received equal to that U.S. dollar value. If such dividends are converted into U.S. dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect thereof. If the foreign currency so received is not converted into U.S. dollars on the date of receipt, such U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of the foreign currency generally will be treated as ordinary income or loss to such U.S. Holder and generally will be income or loss from sources within the United States for foreign tax credit limitation purposes. U.S. Holders should consult their own tax advisors regarding the treatment of foreign currency gain or loss, if any, on any foreign currency received by a U.S. Holder that are converted into U.S. dollars on a date subsequent to receipt.

***Sale or Other Disposition of Ordinary Shares***

A U.S. Holder will generally recognize capital gain or loss upon a sale or other disposition of Ordinary Shares, in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in such Ordinary Shares, each amount determined in U.S. dollars. Any capital gain or loss will be long-term capital gain or loss if the Ordinary Shares have been held for more than one year and will generally be United States source gain or loss for United States foreign tax credit purposes. The deductibility of a capital loss may be subject to limitations, particularly with regard to shareholders who are individuals. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition of our Ordinary Shares, including the availability of the foreign tax credit under its particular circumstances.

A U.S. Holder that receives Singapore dollars or another currency other than U.S. dollars on the disposition of our Ordinary Shares will realize an amount equal to the U.S. dollar value of the non-U.S. currency received at the spot rate on the date of sale (or, if the Ordinary Shares are traded on a recognized exchange and in the case of cash basis and electing accrual basis U.S. Holders, the settlement date). An accrual basis U.S. Holder that does not elect to determine the amount realized using the spot rate on the settlement date will recognize foreign currency gain or loss equal to the difference between the U.S. dollar value of the amount received based on the spot market exchange rates in effect on the date of sale or other disposition and the settlement date. A U.S. Holder will have a tax basis in the currency received equal to the U.S. dollar value of the currency received on the settlement date. Any gain or loss on a subsequent disposition or conversion of the currency will be United States source ordinary income or loss.

***Passive Foreign Investment Company Considerations***

For United States federal income tax purposes, a non-United States corporation, such as our Company, will be treated as a "passive foreign investment company," or "PFIC" if, in the case of any particular taxable year, either (a) 75% or more of our gross income for such year consists of certain types of "passive" income; or (b) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Based upon our current and expected income and assets, including goodwill, and taking into account the market price of our Ordinary Shares, we do not expect to be a PFIC for the current taxable year or the foreseeable future.

However, while we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we are or will become a PFIC for any taxable year is a fact-intensive inquiry made annually that depends, in part, upon the composition and classification of our income and assets. Fluctuations in the market price of our Ordinary Shares may cause us to be or become a PFIC for the current or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and other unbooked intangibles, may be determined by reference to the market price of our Ordinary Shares (which may be volatile). The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets. It is also possible that the Internal Revenue Service may challenge our classification of certain income or assets for purposes of the analysis set forth in subparagraphs (a) and (b), above or the valuation of our goodwill and other unbooked intangibles, which may result in our company being or becoming a PFIC for the current or future taxable years.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Ordinary Shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, of Ordinary Shares. Under the PFIC rules:

● such excess distribution and/or gain will be allocated ratably over the U.S. Holder's holding period for the Ordinary Shares;

● such amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are a PFIC, each a pre-PFIC year, will be taxable as ordinary income;

● such amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to the U.S. Holder for that year; and

● an interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year, other than a pre-PFIC year.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares and we own any equity in a non-United States entity that is also a PFIC, or a lower-tier PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors regarding the application of the PFIC rules to any of the entities in which we may own equity.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that certain requirements are met. The mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with the SEC, or on a foreign exchange or market that the IRS determines is a qualified exchange that has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. Our Ordinary Shares have been approved for listing on Nasdaq under the symbol JCSE. However, we cannot guarantee that, once listed, our Ordinary Shares will continue to be listed and regularly traded on such exchange. U.S. Holders are advised to consult their tax advisors as to whether the Ordinary Shares are considered marketable for these purposes.

If an effective mark-to-market election is made with respect to our Ordinary Shares, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Ordinary Shares held at the end of the taxable year over its adjusted tax basis of such Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of its adjusted tax basis of the Ordinary Shares held at the end of the taxable year over the fair market value of such Ordinary Shares held at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, in each year that we are a PFIC any gain recognized upon the sale or other disposition of the Ordinary Shares will be treated as ordinary income and loss will be treated as ordinary loss, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.

If a U.S. Holder makes a mark-to-market election in respect of a PFIC and such corporation ceases to be a PFIC, the U.S. Holder will not be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not a PFIC.

Because a mark-to-market election generally cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market election with respect to our Ordinary Shares may continue to be subject to the general PFIC rules with respect to such U.S. Holder's indirect interest in any of our non-United States subsidiaries if any of them is a PFIC.

If a U.S. Holder owns our Ordinary Shares during any taxable year that we are a PFIC, such holder would generally be required to file an annual IRS Form 8621. Each U.S. Holder is advised to consult its tax advisor regarding the potential tax consequences to such holder if we are or become a PFIC, including the possibility of making a mark-to-market election.

**Documents on Display**

You may read and copy documents referred to in this Annual Report on Form 20-F that have been filed with the SEC at the SEC's Public Reference Room, 450 Fifth Street, N.W., Washington, D.C. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. You can also obtain copies of our SEC filings by going to the SEC's website at http://www.sec.gov.

The SEC allows us to "incorporate by reference" the information we file with the SEC. This means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be part of this Annual Report on Form 20-F.

**Item 11. Quantitative and Qualitative Disclosures About Market Risk**

**Interest Rate Risk**

The Company is currently not subject to significant interest rate risk due to its lack of outstanding loans or large deposit accounts.

**Foreign Currency Exchange Rates**

Our business is exposed to certain foreign currency exchange risks as our reporting currency is Singapore dollars and our overseas sales and procurement were denominated in United States dollars during the years ended December 31, 2023, 2024 and 2025. To the extent that our Group's sales and purchases and operating costs are not denominated in the same currency and to the extent that there are timing differences between invoicing and payment from our customers and to our suppliers, we may be exposed to foreign currency exchange gains or losses arising from transactions in currencies other than our reporting currency.

**Item 12. Description of Securities Other Than Equity Securities**

Not applicable

**PART II**

**Item 13. Defaults, Dividend Arrearages and Delinquencies**

None.

**Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds**

None.

**Item 15. Controls and Procedures**

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

As of the end of the period covered by this Annual Report, our Chief Executive Officer and Principal Accounting Officer (the "Certifying Officer"), conducted an evaluation of our disclosure controls and procedures. Based on this evaluation, the Certifying Officer has concluded that our disclosure controls and procedures were effective to ensure that material information is recorded, processed, summarized and reported by our management on a timely basis in order to comply with our disclosure obligations under the Exchange Act and the rules and regulations promulgated thereunder.

***Management's Report on Internal Control over Financial Reporting***

Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)). The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of the Company's internal control over financial reporting as of December 31, 2025 using the criteria established in "Internal Control - Integrated Framework" issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of December 31, 2025, the Company determined that there were no control deficiencies that constituted material weaknesses.

***Changes in Internal Control over Financial Reporting***

During the period ended December 31, 2025, there was no change in the Company's internal control over financial reporting period covered by this Annual Report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

**Item 16. Reserved**

**Item 16A. Audit Committee Financial Expert**

Our Board of Directors has determined that the Company has at least one audit committee financial expert serving on its audit committee. Our board of directors has determined that each member of our audit committee is "independent" for audit committee purposes as that term is defined by the rules of the SEC and Nasdaq, and that each has sufficient knowledge in financial and auditing matters to serve on the audit committee. Our board of directors has designated Ms. Khoo as an "audit committee financial expert," as defined under the applicable rules of the SEC.

**Item 16B. Code of Ethics**

Our Board of Directors has adopted a written code of business conduct and ethics that applies to our directors, officers and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions. A current copy of this code is posted on the Corporate Governance section of our website, which is located at http://www.jecleantech.sg. The information on our website is deemed not to be incorporated in or to be a part of this Annual Report. We intend to disclose any amendments to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive officers and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of Nasdaq.

**Item 16C. Principal Accountant Fees and Services**

**Audit Fees**

The following are the fees billed to us by our auditors during the years ended December 31, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2025** | **Year Ended**<br> **December 31, 2025** |
| Audit Fees | US$ | 128000 | US$ | 128000 |
| Audit Related Fees |  |  |  |  |
| Tax Fees |  |  |  |  |
| All Other Fees |  |  |  |  |
| Total | US$ | 128000 | US$ | 128000 |

---

*Audit Fees* consist of the aggregate fees billed for professional services rendered for the audit of our annual financial statements and the reviews of the financial statements included in our Forms 6-K and for any other services that were normally provided by our independent auditor in connection with our statutory and regulatory filings or engagements.

*Audit Related Fees* consist of the aggregate fees billed for professional services rendered for assurance and related services that were reasonably related to the performance of the audit or review of our financial statements and were not otherwise included in Audit Fees.

*Tax Fees* consist of the aggregate fees billed for professional services rendered for tax compliance, tax advice and tax planning. Included in such Tax Fees are fees for preparation of our tax returns and consultancy and advice on other tax planning matters.

*All Other Fees* consist of the aggregate fees billed for products and services provided by our independent auditor and not otherwise included in Audit Fees, Audit Related Fees or Tax Fees. Included in such Other Fees would be fees for services rendered by our independent auditor in connection with any private and public offerings conducted during such periods.

**Item 16D. Exemptions from the Listing Standards for Audit Committees**

As a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from Nasdaq corporate governance listing standards. However, our audit committee is required to comply with the provisions of Rule 10A-3 of the Exchange Act, which is applicable to U.S. companies listed on Nasdaq. Therefore, we have a fully independent audit committee in accordance with Rule 10A-3 of the Exchange Act. However, because we are a foreign private issuer, our audit committee is not subject to additional Nasdaq corporate governance requirements applicable to listed U.S. companies, including the requirements to have a minimum of three members and to affirmatively determine that all members are "independent," using more stringent criteria than those applicable to us as a foreign private issuer.

**Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers**

None

**Item 16F. Changes in Registrant's Certifying Accountants**

Not applicable

**Item 16G. Corporate Governance**

Not applicable

**Item 16H. Mine Safety Disclosure**

Not applicable

**Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not Applicable

**Item 16J. Insider Trading Policies**

The Company has adopted an insider trading policy governing the purchase, sale and other dispositions of its securities by directors, senior management and employees that is reasonably designed to promote compliance with applicable insider trading laws, rules and regulations and the listing standards of the Nasdaq Capital Market.

**Item 16K. Cybersecurity**

The Company has adopted a cybersecurity risk policy governing the establishment and application of certain procedures and safeguards to identify potential cybersecurity risks and, in the event of a cybersecurity breach, the protocol for disclosing to the Securities and Exchange Commission, including possible remedies. We review cybersecurity risk as part of our overall risk-management program. This ensures that cybersecurity risk management remains a meaningful priority in our business strategy and operations. Our risk management strategy for cybersecurity generally includes:

1. *Identification*:
 We aim to proactively identify the manners in which our business could be materially impacted by cybersecurity risks.

2. *Assessment*: We periodically
 assess our risks relating to cybersecurity threats, including risks relating to our reliance on third parties. In so doing, we consider
 the likelihood and impact that could result from the manifesting of such risks, together with the sufficiency of existing policies,
 procedures, systems, and safeguards in place to manage such risks.

3. *Management*: If deemed
 appropriate, we design and implement reasonable safeguards to address any identified gaps in our existing processes and procedures.

We presently do not engage third parties to assist with evaluating the effectiveness of our risk-management and cybersecurity practices.

Our criteria for determining the materiality of cybersecurity incidents includes assessing potential or actual financial impacts, reputational damage, and operational disruptions. In the event of a cybersecurity incident, all material and known facts would be recorded, including their nature, scope, and financial implications; and Form 6-K filings required in relation to any material cybersecurity incident would be prepared and timely filed (with any reasons for delayed disclosures being documented in writing). The Company believes these steps will help ensure compliance with SEC requirements and maintain overall stakeholder confidence in the Company.

The Audit Committee of our Board of Directors is the governance body involved in, and ultimately responsible for, cybersecurity oversight. They will generally coordinate with our Chief Financial Officer in this regard. If needed, the full Board would be updated on cybersecurity risks and incidents. None of our directors on the Audit Committee nor our Chief Financial Officer have particular experience in cybersecurity matters.

In the event of a cybersecurity concern or event, our incident response approach would have our Chief Financial Officer report to our Audit Committee and full Board of Directors, as well as legal counsel.

***Fraud/Cybersecurity Event***

The Company did not have any material cybersecurity breaches during the year ended December 31, 2025. However, for information regarding a fraud against the Company that was implemented through a cybersecurity breach during the year ending December 31, 2026, see Item 4. "Information on the Company –Recent Developments — Cybersecurity/Fraud Incident" on page 21, above.

**PART III**

**Item 17. Financial Statements**

Not applicable

**Item 18. Financial Statements**

The following Financial Statements are filed as part of this Annual Report:

---

| | |
|:---|:---|
| **Contents** | **Pages** |
| [Report of Independent Registered Public Accounting Firm](#fin_001) PCAOB ID No 1171 | F-1 |
| [Consolidated Balance Sheets as of December 31, 2024 and 2025](#fin_002) | F-2 |
| [Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2023, 2024 and 2025](#fin_003) | F-3 |
| [Consolidated Statements of Changes in Stockholders' Equity for the years ended December 31, 2023, 2024 and 2025](#fin_004) | F-4 |
| [Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2024 and 2025](#fin_005) | F-5 |
| [Notes to Consolidated Financial Statements](#fin_006) | F-6 to F-23 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To: The Board of Directors and Shareholders of <br> JE Cleantech Holdings Limited

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of JE Cleantech Holdings Limited and its subsidiaries (collectively the "Company") as of December 31, 2024 and 2025, and the related consolidated statements of income and comprehensive income(loss), changes in shareholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2025, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| /s/ WWC, P.C. |
| Certified Public Accountants |
| PCAOB ID No.1171 |
| We have served as the Company's auditor since 2021. |
| San Mateo, California<br> May 8, 2026 |

---

**JE CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

**(Amount in thousands, except for share and per share data, or otherwise noted)**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **US$'000** |
|  | | | (Note 2(e)) |
| **Assets** |  |  |  |
| **Current assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 5742 | 9931 | 7723 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 4488 | 7411 | 5764 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets, net | 2451 | 837 | 651 |
| &nbsp;&nbsp;&nbsp;Deferred financing costs | 356 |  |  |
| &nbsp;&nbsp;&nbsp;Inventory | 12644 | 9202 | 7156 |
| **Total current assets** | 25681 | 27381 | 21294 |
| &nbsp;&nbsp;&nbsp;Financial instruments | 506 | 764 | 594 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 4058 | 3735 | 2905 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net | 1632 | 983 | 764 |
| &nbsp;&nbsp;&nbsp;Other current assets, net | 128 | 47 | 37 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets, net | 74 | 74 | 58 |
| &nbsp;&nbsp;&nbsp;Asset held for sale | 3035 | - | - |
| **Total non-current assets** | 9433 | 5603 | 4358 |
| **TOTAL ASSETS** | 35114 | 32984 | 25652 |
| **Liabilities** |  |  |  |
| **Current liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank loans - current | 1328 | 1152 | 896 |
| &nbsp;&nbsp;&nbsp;Lease payable - current | 292 | 191 | 149 |
| &nbsp;&nbsp;&nbsp;Accounts payable, accruals, and other current liabilities | 1678 | 2673 | 2080 |
| &nbsp;&nbsp;&nbsp;Warranty liabilities | 22 | 22 | 17 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 89 | 205 | 159 |
| &nbsp;&nbsp;&nbsp;Contract liabilities | 6660 | 5815 | 4522 |
| **Total current liabilities** | 10069 | 10058 | 7823 |
| &nbsp;&nbsp;&nbsp;Bank loans – non-current | 7466 | 2870 | 2232 |
| &nbsp;&nbsp;&nbsp;Lease payable – non-current | 986 | 217 | 169 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | 100 | 67 | 52 |
| **Total non-current liabilities** | 8552 | 3154 | 2453 |
| **TOTAL LIABILITIES** | 18621 | 13212 | 10276 |
| **Commitments and contingencies** | - | - | - |
| **Shareholders' equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Shares US$0.003 par value per share, comprised of:<br> - 23,333,333 Class A Ordinary Shares authorized and 1,806,666 Class A Ordinary Shares issued and outstanding as of December 31, 2024 and 2025\*<br> - 5,000,000 Class B Ordinary Shares authorized and 3,500,000 Class B Ordinary Shares issued and outstanding as of December 31, 2024 and 2025\*<br> - 5,000,000 shares authorized (not designated) and zero shares outstanding as of December 31, 2024 and 2025\* | 21 | 21 | 16 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 15508 | 15508 | 12060 |
| &nbsp;&nbsp;&nbsp;Treasury shares (46,406 and 53,946 acquired as of December 31, 2024 and 2025) | (66) | (75) | (58) |
| &nbsp;&nbsp;&nbsp;Retained earnings | 1158 | 4394 | 3417 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | (128) | (76) | (59) |
| **Total shareholders' equity** | 16493 | 19772 | 15376 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | 35114 | 32984 | 25652 |

---

\* Giving retroactive effect to the re-designation and re-classification of shares effected in December 2025, which are detailed in Note 15 to the consolidated financial statements

The accompanying notes are an integral part of these consolidated financial statements.

**JE CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)**

**(Amount in thousands, except for share and per share data, or otherwise noted)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **SGD'000** | **US$'000** |
|  | | | | (Note 2 (e)) |
| **Revenues** | **18032** | **19279** | **20296** | **15783** |
| Cost of revenues | (13666) | (14085) | (14521) | (11292) |
| **Gross profit** | **4366** | **5194** | **5775** | **4491** |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | (53) | (122) | (125) | (97) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (3303) | (5102) | (5040) | (3918) |
| **Total operating expenses** | **(3356)** | **(5224)** | **(5165)** | **(4015)** |
| **Income (loss) from operations** | **1010** | **(30)** | **610** | **476** |
| Other income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gain on disposal of property, plant and equipment |  |  | 4168 | 3241 |
| &nbsp;&nbsp;&nbsp;Other income | 728 | 1073 | 628 | 489 |
| &nbsp;&nbsp;&nbsp;Interest expense | (511) | (516) | (412) | (320) |
| &nbsp;&nbsp;&nbsp;Other expense | (597) | (264) | (1585) | (1235) |
| &nbsp;&nbsp;&nbsp;Change in fair value in financial instruments | - | 19 | (16) | (12) |
| **Total other (loss) income** | **(380)** | **312** | **2783** | **2163** |
| **Income before tax expense** | **630** | **282** | **3393**  | **2639** |
| &nbsp;&nbsp;&nbsp;Income tax expense | (111) | (250) | (157) | (122) |
| **Net income** | **519** | **32** | **3236** | **2517** |
| **Other comprehensive income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation gain/ (loss), net | (69) | (27) | 52 | 40 |
| **Total comprehensive income** | **450** | **5** | **3288** | **2557** |
| **Net income per share attributable to ordinary shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted\* | 0.10 | 0.00 | 0.62 | 0.48 |
| **Weighted average number of ordinary shares used in computing net income per share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted\* | 5006666 | 5306666 | 5306666 | 5306666 |

---

\* Giving retroactive effect to the re-designation and reclassification of shares effected in December 2025, which are detailed in Note 15 to the consolidated financial statements

The accompanying notes are an integral part of these consolidated financial statements.

**JE CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

**(Amount in thousands, except for share and per share data, or otherwise noted)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** | **Ordinary Shares** | | **Treasury Shares** | **Treasury Shares** | **Accumulated** | **Accumulated** | |
|  | **Class A No. of shares outstanding \*** | **Class B No. of shares outstanding \*** | **Amount** |<br>**Additional paid-in capital** | **No. of shares** | **Treasury shares** | **Other Comprehensive loss** | **Retained earnings/(deficit)** |<br>**Total <br> stockholders' equity** |
|  | |  | **SGD'000** | **SGD'000** | | **SGD'000** | **SGD'000** | **SGD'000** | **SGD'000** |
| Balance as of December 31, 2022 | **1806666** | **3200000** | **20** | **15686** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -** | **(32)** | **607** | **16281** |
| Net income |  |  |  |  |  |  |  | 519 | 519 |
| Foreign currency translation adjustment |  |  |  |  |  |  | (69) |  | (69) |
| Acquisition of treasury shares | - | - | - |  | (9952) | (18) | - | - | (18) |
| Balance as of December 31, 2023 | **1806666** | **3200000** | **20** | **15686** | **(9952)** | **(18)** | **(101)** | **1126** | **16713** |
|  |  |  |  |  |  |  |  | 32 | 32 |
| Foreign currency translation adjustment |  |  |  |  |  |  | (27) |  | (27) |
| Dividend |  |  |  | (643) |  |  |  |  | (643) |
| Shared issued under stock-based compensation |  | 300000 | 1 | 465 |  |  |  |  | 466 |
| Acquisition of treasury shares | - | - | - | - | (36454) | **(48)** | - | - | (48) |
| Balance as of December 31, 2024 | **1806666** | **3500000** | **21** | **15508** | **(46406)** | **(66)** | **(128)** | **1158** | **16493** |
| Net income |  |  |  |  |  |  |  | 3236 | 3236 |
| Foreign currency translation adjustment |  |  |  |  |  |  | 52 |  | 52 |
| Acquisition of treasury shares | - |  | - | - | (7540) | (9) | - | - | (9) |
| Balance as of December 31, 2025 | **1806666** | **3500000** | **21** | **15508** | **(53946)** | **(75)** | **(76)** | **4394** | **19772** |
| Balance as of December 31, 2025 (US$) | **1806666** | **3500000** | **16** | **12060** | **(53946)** | **(58)** | **(59)** | **3417** | **15376** |

---

\* Giving retroactive effect to the re-designation and reclassification of shares effected in December 2025, which are detailed in Note 15 to the consolidated financial statements

The accompanying notes are an integral part of these consolidated financial statements.

**JE CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Amount in thousands, except for share and per share data, or otherwise noted)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **SGD'000** | **US$'000** |
|  | | | | (Note 2 (e)) |
| Net income | 519 | 32 | 3236 | 2517 |
| Adjustment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment | 493 | 769 | 698 | 543 |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | 209 | 211 | 163 | 127 |
| &nbsp;&nbsp;&nbsp;Written-off of property, plant and equipment |  | 63 | 181 | 141 |
| &nbsp;&nbsp;&nbsp;(Reversal)/Addition of allowance for expected credit losses | (11) | 55 |  |  |
| &nbsp;&nbsp;&nbsp;Gain on disposal of property, plant and equipment |  |  | (4168) | (3241) |
| &nbsp;&nbsp;&nbsp;Deferred financing cost written-off |  |  | 356 | 277 |
| &nbsp;&nbsp;&nbsp;Change in fair value of financial instruments |  | (19) | 16 | 12 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  | 466 |  |  |
| Changes in operating assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Increase)/decrease in inventories | (2181) | 1429 | 3442 | 2677 |
| &nbsp;&nbsp;&nbsp;Decrease/(increase) of accounts receivable, prepaid expenses and other current assets, net | 753 | 19 | (1228) | (955) |
| &nbsp;&nbsp;&nbsp;(Decrease)/increase of accounts payable, accruals and other current liabilities | (757) | (407) | 995 | 774 |
| &nbsp;&nbsp;&nbsp;Increase/(decrease) of contract liabilities | 2641 | (300) | (845) | (657) |
| &nbsp;&nbsp;&nbsp;Repayment of lease liabilities | (291) | (305) | (243) | (189) |
| &nbsp;&nbsp;&nbsp;Income taxes payables | - | 40 | 83 | 65 |
| **Cash provided by operating activities** | **1375** | **2053** | **2686** | **2091** |
| Additions of financial instruments |  | (242) | (274) | (213) |
| Proceeds from disposal of property, plant and equipment |  |  | 7393 | 5750 |
| Purchase of property, plant and equipment | (211) | (1253) | (829) | (645) |
| **Cash used in/(provided by) investing activities** | **(211)** | **(1495)** | **6290** | **4892** |
| Net proceeds from/(repayment of) controlling shareholder loan | (741) |  |  |  |
| Proceed from bank loans | 250 | 5664 |  |  |
| Repayment of bank loans | (1702) | (4851) | (4772) | (3711) |
| Repayment of lease liabilities |  |  | (58) | (46) |
| Dividends paid |  | (643) |  |  |
| Purchase of treasury shares | (18) | (48) | (9) | (7) |
| Payment of deferred financing costs | (356) | - | - | - |
| **Cash used in/(provided by) financing activities** | **(2567)** | **122** | **(4839)** | **(3764)** |
| Foreign currency effect | (69) | (27) | 52 | 39 |
| **Net change in cash and cash equivalents** | **(1472)** | **653** | **4189** | **3258** |
| Cash and cash equivalents as of beginning of the year | 6561 | 5089 | 5742 | 4465 |
| Cash and cash equivalents as of the end of the year | 5089 | 5742 | 9931 | 7723 |
| Net (decrease)/increase in cash | **(1472)** | **653** | **4189** | **3258** |
| **Supplementary Cash Flows Information** |  |  |  |  |
| Cash paid for interest | 511 | 516 | 412 | 320 |
| Cash paid for taxes | 289 | 210 | 72 | 56 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**JE CLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES**

**NOTES TO FINANCIAL STATEMENTS**

**1. ORGANIZATION AND PRINCIPAL ACTIVITIES**

On January 29, 2019, JE Cleantech Holdings Limited (the "Company") was incorporated in the Cayman Islands, as an investment holding company. The Company conducts its primary operations through its indirectly held wholly owned subsidiaries that are incorporated and domiciled in Singapore, namely: 1.) JCS-Echigo Pte. Ltd. ("JCS-Echigo") which is principally engaged in the manufacture and sale of cleaning systems, related cleaning equipment, equipment parts, and components, and 2.) Hygieia Warewashing Pte. Ltd. ("Hygieia") which is principally engaged in the provision of centralized dishwashing and ancillary services. The Company holds JCS-Echigo via its wholly owned subsidiary JE Cleantech International Ltd ("JEC International"), a company that is incorporated and domiciled in the British Virgin Islands; Hygenia is a wholly owned subsidiary of JCS-Echigo. JCS-Echigo wholly owns Evoluxe Pte. Ltd ("Evoluxe") which is also incorporated and domiciled in Singapore, which, as of the date of the report, is dormant. The Company is headquartered in Singapore and conducts its operations domestically.

The Company and its subsidiaries are in the table as follows:

SCHEDULE OF SUBSIDIARIES

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Percentage of<br> effective ownership<br> December 31** | **Percentage of<br> effective ownership<br> December 31** | | |
| <br>**Name** | <br>**Date of <br> Incorporation** | **2024** | **2025** | <br>**Place of**<br> **incorporation** | <br>**Principal**<br> **Activities** |
| JE Cleantech Holdings Limited | January 29, 2019 |  |  | Cayman Islands | Investment holding |
| JE Cleantech International Ltd | April 9, 2018 | 100% | 100% | The British <br> Virgin Islands | Investment holding |
| JCS- Echigo Pte. Ltd. | November 25, 1999 | 100% | 100% | Singapore | Manufacturing, selling and servicing of cleaning systems, component and parts |
| Hygieia Warewashing Ptd. Ltd. | December 29, 2010 | 100% | 100% | Singapore | Provision of centralized dishware washing services and leasing of dishware washing equipment |
| Evoluxe Pte. Ltd | May 6, 2016 | 100% | 100% | Singapore | Dormant |

---

The accompanying financial statements are presented assuming that the Company was in existence at the beginning of the first period presented.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

*(a) Basis of presentation*

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant to the regulations of the Securities and Exchange Commission ("SEC").

*(b) Consolidation*

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions, if any, and balances due to, due from, long-term investment subsidiary, and registered paid in capital have been eliminated upon consolidation.

*(c) Use of estimates*

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. ("US GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates reflected in the Company's consolidated financial statements include, but are not limited to inventory valuation, allowance for expected credit losses and fair value of financial instruments. Actual results could vary from the estimates and assumptions that were used.

*(d) Risks and uncertainties*

The main operations of the Company are located in Singapore. Accordingly, the Company's business, financial condition, and results of operations may be influenced by political, economic, and legal environments in Singapore, as well as by the general state of the economy in Singapore. The Company's results may be adversely affected by changes in the political, regulatory and social conditions in Singapore. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, such experience may not be indicative of future results.

The Company's business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company's operations.

*(e) Foreign currency translation and transaction and convenience translation*

The accompanying consolidated financial statements are presented in the Singaporean dollar ("SGD"), which is the reporting currency of the Company. The functional currency of the Company and its subsidiary, JEC International, are the US$. JCS-Echigo, Hygieia, and Evoluxe use the Singaporean dollar as their functional currencies.

Assets and liabilities denominated in currencies other than the reporting currency are translated into the reporting currency at the rates of exchange prevailing at the balance sheet date. Translation gains and losses are recognized in the consolidated statements of operations and comprehensive loss as other comprehensive income or loss. Transactions in currencies other than the reporting currency are measured and recorded in the reporting currency at the exchange rate prevailing on the transaction date. The cumulative gain or loss from foreign currency transactions is reflected in the consolidated statements of income and comprehensive income as other income (other expenses).

The value of foreign currencies, including the US Dollar, may fluctuate against the Singaporean Dollar. Any significant variations of the aforementioned currencies relative to the Singaporean Dollar may materially affect the Company's financial condition in terms of reporting in SGD. The following table outlines the currency exchange rates that were used in preparing the accompanying consolidated financial statements:

SCHEDULE OF CURRENCY EXCHANGE RATES

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2025** |
| SGD to US$ Year End | 0.7320 | 0.7777 |
| SGD to US$ Average Rate | 0.7483 | 0.7654 |

---

Translations of the consolidated balance sheets, consolidated statements of comprehensive loss, and consolidated statements of cash flows from SGD into US$ as of and for the year ended December 31, 2025 are solely for the convenience of the reader and were calculated at the rate of US$0.7777 = SGD 1, as set forth in the statistical release of the Federal Reserve System on December 31, 2025.

*(f) Fair Value Measurement*

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

● Level 1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities.

● Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

● Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Cash and cash equivalents, accounts receivable, other current assets, financial instruments, bank loans, leases, accounts payable, and accruals are financial assets and liabilities. Cash and cash equivalents, accounts receivable, prepaid expenses and other currents, accounts payable, and accruals, warranty liabilities, and contract liabilities are subject to fair value measurement; however, because of their being short term in nature management believes their carrying values approximate their fair value.

Financial instruments are fair value financial assets that are marked to fair value and are accounted for as Level 3 under the above hierarchy (See Note 5).

Derivative financial instruments, including interest rate swaps and foreign exchange option contracts, are measured at fair value on a recurring basis and are classified within Level 2 of the fair value hierarchy. The Company determines the fair values of derivative financial instruments primarily by reference to mark-to-market ("MTM") valuations provided by bank counterparties using observable market inputs (See Note 19).

The Company accounts for bank loans and leases at amortized cost and has elected not to account for them under the fair value hierarchy.

*(g) Related parties*

Parties are considered related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management, and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.

*(h) Cash and cash equivalents*

Cash and cash equivalents consist of cash on hand and the Company's demand deposits placed with financial institutions that have original maturities of less than three months and are unrestricted as to withdrawal and use.

*(i) Accounts receivable, net*

Accounts receivable, net are stated at the original amount less an allowance for expected credit loss on such receivables. The allowance for expected credit loss is estimated based upon the Company's assessment of various factors including historical experience, the age of the accounts receivable balances, current general economic conditions, future expectations, and customer specific quantitative and qualitative factors that may affect the Company's customers' ability to pay. An allowance is also made when there is objective evidence for the Company to reasonably estimate the amount of probable loss.

*(j) Prepaid expenses and other current asset, net*

Prepaid expenses and other current asset, net mainly represents advances made to suppliers, prepaid of operating expenses, loan receivables from a third party with interest at 5% per annum and staff loans, which are interest free and repayable by September 30, 2027 and October 31, 2030. The loan receivables from a third party was subsequently fully repaid in 2026.

*(k) Inventories*

Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in, first-out principle and includes expenditures incurred in acquiring the inventories, production or conversion costs, and other costs incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity.

*(l) Property, plant, and equipment, net*

Property, plant, and equipment are stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. Estimated useful lives are as follows:

SCHEDULE OF ESTIMATED USEFUL LIVES

---

| | |
|:---|:---|
| **Category** | **Estimated useful lives** |
| Land use right | Over the lease term |
| Leasehold building | 30 years |
| Leasehold improvements | 5 years |
| Plant and machinery | 5 to 10 years |
| Equipment, furniture, and fittings | 1-5 years |
| Motor vehicles | 10 years |

---

Expenditures for repair and maintenance costs, which do not materially extend the useful lives of the assets, are charged to expenses as incurred, whereas expenditures for major renewals and betterment that substantially extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales, and disposals of assets are recorded by removing the costs, accumulated depreciation, and impairment with any resulting gain or loss recognized in the consolidated statements of income.

*(m) Asset held for sale*

The Company classifies long-lived assets as held for sale in the period in which the following six criteria are met, (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn, in accordance with Accounting Standard Codification ("ASC") 360, Property, Plant and Equipment. The Company ceases depreciation and amortization on long-lived assets (or disposal groups) classified as held for sale and measures them at the lower of carrying value or estimated fair value less cost to sell.

*(n) Impairment of long-lived assets*

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. No impairment of long-lived assets was recognized as of December 31, 2024 and 2025.

*(o) Contract liabilities*

A contract liability is recognized when the customer pays non-refundable consideration before the Company recognizes the related revenue. A contract liability would also be recognized if the Company has an unconditional right to receive nonrefundable consideration before the Company recognizes the related revenue. In such cases, a corresponding receivable would also be recognized.

*(p) Commitments and contingencies*

In the normal course of business, the Company is subject to commitments and contingencies, including operating lease commitments, legal proceedings, and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss will occur, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments on liability for contingencies, including historical and the specific facts and circumstances of each matter.

*(q) Treasury shares*

Share repurchases are accounted for under ASC 505-30, which requires them be recorded and shown separately as a reduction to shareholders' equity.

*(r) Revenue recognition*

The Company currently generates its revenue from the following main sources:

***Revenue from goods sold and services provided***

Revenue from sales of goods and services in the ordinary course of business is recognized when the Company satisfies a performance obligation (''PO'') by transferring control of a promised good or service to the customer. The amount of revenue recognized is the amount of the transaction price allocated to the satisfied PO.

Transaction price is the amount of consideration in the contract to which the Company expects to be entitled in exchange for transferring the promised goods or services. The transaction price may be fixed or variable and is adjusted for time value of money if the contract includes a significant financing component. Consideration payable to a customer is deducted from the transaction price if the Company does not receive a separate identifiable benefit from the customer. When consideration is variable, if applicable, the estimated amount is included in the transaction price to the extent that it is highly probable that a significant reversal of the cumulative revenue will not occur when the uncertainty associated with the variable consideration is resolved.

Revenue may be recognized at a point in time or over time following the timing of satisfaction of the PO.

Provision for centralized dishware washing and general cleaning services

The Company delivers centralized dishware washing and general cleaning service daily over the course of a month to its customers, and charges the customers on a monthly basis with payment terms of 7 to 45 days. The Company recognizes revenue over time as the customer simultaneously receives and consumes the benefits provided by the Company during the contract period with fixed monthly charge.

Sales of cleaning systems and other equipment

For the sales of sterilization and cleaning systems, related cleaning equipment, equipment parts, and components, the Company typically receives purchase orders from its customers which will set forth the terms and conditions including the transaction price, products to be delivered, terms of delivery, and terms of payment. The terms serve as the basis of the performance obligation that the Company must fulfil in order to recognize revenue. The key performance obligation is the delivery of the finished product to the customer at its location at which point title to that asset passes to the customer. The completion of this earning process is evidenced by a written customer acceptance indicating receipt of the product. The Company also bundles the delivery of the products and installation/commission services to its customers in a single contract such that they are not distinct within the context of the contract, in which case the performance obligation is satisfied at a point in time upon completion of the installation services and acceptance by the customer. The Company includes a warranty on its products for one year from the point of delivery and acceptance. The warranty is antecedent to the performance obligation set forth above; however, management develops an estimate of future warranty costs and accrues that amount to cost of sales in the period that revenue is recognized to the Company's consolidated statements of income and the corresponding amount is added to warrant liabilities on the Company's consolidated balance sheets. Details on the changes in warranty liabilities can be found in Note 11 below. Typical payment terms set forth in the purchase order range from 30 to 90 days from the date of delivery. The amount of revenue recognized from contract liabilities to the Company's results of operations can be found in Note 12 below.

Leasing of dishware washing machines

In accordance with ASC 842, "Lease Topics," the Company accounts for the rental of dishware washing machines as direct finance leases where lease income from the perspective of lessor is recognized to the Company's statement of income on a straight-line basis over the term of the lease once management has determined that the lease payments are reasonably expected to be collected. The performance obligation under these leasing arrangements is to deliver the unit to the customer at its location and ensure that the equipment is ready for use, and to ensure that the equipment is available for use over the life of the lease contract.

*(s) Cost of revenue*

Cost of revenue mainly consists of raw material costs, labor costs, sub-contracting costs, and production overhead.

*(t) Selling and marketing expenses*

Selling expenses mainly consists of promotion and marketing expenses and transportation expenses. The Company does not carry any capitalized contract acquisition costs that would be amortized to its results of operations over time, and potential expenses related to customer and contract acquisition costs, if any, are accounted for as periodic costs.

*(u) General and administrative expenses*

General and administrative expenses mainly consist of staff cost including stock-based compensation, depreciation or amortization, office supplies and upkeep expenses, travel and entertainment, legal and professional fees, property and related expenses, and other miscellaneous administrative expenses.

*(v) Other income and other expenses*

Other income mainly consists of bank interest income, government capability development grants, and net exchange gain.

Other expenses mainly consist of allowance for expected credit losses, gifts and donations, low value assets expense off, and plant and equipment written-off, commission paid relating to the sale of leasehold property, research and development expenses incurred for technical exploration and feasibility assessment and net exchange loss.

*(w) Operating leases*

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, operating lease liability, and operating lease liability, non-current in the Company's consolidated balance sheets. ROU assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company's leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and do not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements; and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and (c) initial direct costs.

*(x) Income taxes*

The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

The provisions of ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.

The Company did not accrue any liability, interest, or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of income for the years ended December 31, 2023, 2024 and 2025, respectively. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

*(y) Dividends*

Dividends are recognized when declared by the Board of Directors. No dividends were declared during the year ended December 31, 2025. A dividend of SGD643 thousand (US$471 thousand) was declared during the year ended December 31, 2024 and the dividend was fully paid during the year ended December 31, 2024. No dividends were declared for the year ended December 31, 2023. Subsequent to December 31, 2025, on January 2, 2026, the Company declared a cash dividend of approximately US$2.3 million (US$0.44 per share), which was fully paid in February 2026. The Company will plan and declare dividends depending on the available funds and earnings of the Company.

*(z) Earnings per share*

Basic earnings per share is computed by dividing net earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted into ordinary shares.

*(aa) Segment reporting*

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses on an interim and annual basis. ASU 2023-07 became effective starting January 1, 2024, and was applied on a retrospective basis to all periods presented. The Company has adopted this standard for the fiscal year 2024 annual financial statements and interim financial statements thereafter. See Note 16 for details.

ASC 280, "Segment Reporting" establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographic areas, business segments, and major clients in financial statements for detailing the Company's business segments. Based on the criteria established by ASC 280, the Company's chief operating decision maker ("CODM") has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. As a whole and hence, the Company has only two reportable segments: 1) sale of cleaning systems and other equipment, and 2) provision of centralized dishware washing and general cleaning services. The Company does not distinguish between markets or segments for the purpose of internal reporting. As the Company's long-lived assets are substantially located in Singapore, no geographic segments are presented.

*(ab) Recent accounting pronouncements*

The Company maintains a proactive approach in evaluating the impact of new accounting pronouncements on its financial reporting. Upon identifying potential effects on its financial statements, the Company conducts a thorough analysis to assess the necessary adjustments to its Consolidated Financial Statements. Furthermore, the Company conducts a comprehensive review to understand the implications of the changes and ensures the implementation of appropriate controls to safeguard the accuracy and integrity of its Consolidated Financial Statements.

 

*New and amended standards adopted by the Company:*

 

*Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures*

 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires the annual financial statements to include consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024, and interim periods within those annual periods; early adoption is permitted. Adoption is either with a prospective method or a fully retrospective method of transition. The Company adopted ASU 2023-09 for the year beginning on January 1, 2025 on a prospective basis, and has included the new tax disclosure requirements within our Form 20-F. Refer to (See Note 17).

*New and amended standards not yet adopted by the Company:*

 

*Accounting Standards Update 2024-03, Comprehensive income (Topic 220): Disaggregation of Income Statement expenses*

In November, 2024, the FASB issued ASU No. 2024-03, Expense Disaggregation Disclosures ("ASU 2024-03"). ASU 2024-03 amends ASC 220, Comprehensive Income to expand income statement expense disclosures and require disclosure in the notes to the financial statements of specified information about certain costs and expenses. ASU 2024-03 is required to be adopted for fiscal years commencing after December 15, 2026, with early adoption permitted.

The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's audited consolidated balance sheets, statements of income and comprehensive income, and statements of cash flows.

**3. ACCOUNTS RECEIVABLE, NET**

Accounts receivable, net, consists of the following:

SCHEDULE OF ACCOUNTS RECEIVABLES, NET

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **US$'000** |
| Accounts receivable | 4566 | 7489 | 5825 |
| Less: allowance for expected credit losses | (78) | (78) | (61) |
| Accounts receivable, net | 4488 | 7411 | 5764 |

---

The movements in the allowance for expected credit losses for the years ended December 31, 2024 and 2025 were as follows:

SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **US$'000** |
| Balance at beginning of the year | 23 | 78 | 61 |
| Additions | 55 |  |  |
| Reversal | - | - | - |
| Balance at end of the year | 78 | 78 | 61 |

---

**4. INVENTORY**

SCHEDULE OF INVENTORIES

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **US$'000** |
| Raw materials | 9295 | 5720 | 4448 |
| Work-in-progress | 2536 | 2920 | 2271 |
| Finished goods | 813 | 562 | 437 |
| Total inventory | 12644 | 9202 | 7156 |

---

**5. FINANCIAL INSTRUMENTS**

The financial instruments comprise three key management insurance policies. The fair value of the key management insurance policies is determined by reference to the surrender cash value of the insurance policies at the end of each of the reporting periods, which is primarily based on the performance of the underlying investment portfolio together with the guaranteed minimum returns of 1.5% to 2.0% per annum. The fair value measurement of the key management insurance policies has been categorized as a Level 3 fair value based on the inputs to the valuation technique used and is positively correlated to the surrender cash value that is valued by the policy underwriter at the end of each reporting period. There is no change in either valuation approach or valuation technique. The financial instruments are pledged with a bank to secure bank loans (See Note 9).

The following table shows a reconciliation from the opening balances to the ending balances for Level 3 fair value:

SCHEDULE OF FINANCIAL INSTRUMENT

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **US$'000** |
| As of January 1, | 245 | 506 | 393 |
| Additions | 242 | 274 | 213 |
| Change in fair value recognized in profit or loss | 19 | (16) | (12) |
| As of December 31, | 506 | 764 | 594 |

---

**6. PROPERTY, PLANT AND EQUIPMENT, NET**

Property, plant and equipment, net, consists of the following:

SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **US$'000** |
| Leasehold building | 2948 | 2948 | 2293 |
| Leasehold improvements | 910 | 1008 | 784 |
| Plant and machinery | 4380 | 2127 | 1654 |
| Equipment, furniture and fittings | 2883 | 2311 | 1797 |
| Motor vehicles | - | 161 | 125 |
| Subtotal | 11121 | 8555 | 6653 |
| Less: accumulated depreciation | (7063) | (4820) | (3748) |
| Property, plant and equipment, net | 4058 | 3735 | 2905 |

---

Depreciation expense was approximately SGD769 thousand and SGD698 thousand (US$543 thousand) for the years ended December 31, 2024 and 2025, respectively.

Leasehold building is pledged with a bank to secure bank loans (See Note 9).

**7. RIGHT-OF-USE ("ROU") ASSETS AND LEASE PAYABLE**

The right-of-use assets relate to leases of industrial lands in Singapore, certain plant and machinery, furniture and fittings, and motor vehicles under a number of leases.

The Company recognized operating lease ROU assets and lease liabilities as follows:

SCHEDULE OF RIGHT OF USE ASSETS AND LIABILITIES

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **US$'000** |
| Right-of-use assets | 2592 | 1772 | 1378 |
| Less: accumulated amortization | (960) | (789) | (614) |
| Operating lease ROU asset, net | 1632 | 983 | 764 |

---

Amortization of right-of-use assets was approximately SGD211 thousand and SGD163 thousand (US$127 thousand) for the years ended December 31, 2024 and 2025, respectively.

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **US$'000** |
| Finance lease liabilities |  | 336 | 262 |
| Operating lease liabilities | 1278 | 72 | 56 |
| Total | 1278 | 408 | 318 |

---

<u>Finance lease liabilities</u>

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **US$'000** |
| Finance lease liabilities |  |  |  |
| Current portion |  | 154 | 120 |
| Non-current portion |  | 182 | 142 |
| Total |  | 336 | 262 |

---

The Company's finance lease liabilities are secured by the underlying leased assets, corporate guarantees provided by the Company and its subsidiaries and personal guarantees provided by director of the Company.

As of December 31, 2025, future minimum lease payments under the finance leases are as follows:

SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER FINANCE LEASES

---

| | | |
|:---|:---|:---|
| Future payment | **SGD'000** | **US$'000** |
| 2026 | 154 | 120 |
| 2027 | 94 | 73 |
| 2028 | 35 | 27 |
| 2029 | 32 | 25 |
| 2030 | 21 | 17 |
| &nbsp;&nbsp;&nbsp;Total | 336 | 262 |

---

The following summarizes other supplemental information about the Company's finance lease as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| Weighted average discount rate | 2.53 | % |
| Weighted average remaining lease term (years) | 2.9 |  |

---

<u>Operating lease liabilities</u>

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **US$'000** |
| Operating lease liabilities |  |  |  |
| Current portion | 292 | 37 | 29 |
| Non-current portion | 986 | 35 | 27 |
| Total | 1278 | 72 | 56 |

---

As of December 31, 2025, future minimum lease payments under the non-cancelable operating leases are as follows:

SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELABLE OPERATING LEASES

---

| | | |
|:---|:---|:---|
| Future payment | **SGD'000** | **US$'000** |
| 2026 | 37 | 29 |
| 2027 | 35 | 27 |
| &nbsp;&nbsp;&nbsp;Total | 72 | 56 |

---

The following summarizes other supplemental information about the Company's operating lease as of December 31, 2025:

SCHEDULE OF OTHER SUPPLEMENTAL INFORMATION ABOUT THE COMPANY'S OPERATING LEASE

---

| | | |
|:---|:---|:---|
| Weighted average discount rate | 4.33 | % |
| Weighted average remaining lease term (years) | 1.8 |  |

---

**8. DEFERRED FINANCING COSTS**

The Company complies with the requirement of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin ("SAB") Topic 5A — "Expenses of Offering". Deferred offering costs consist of underwriting, legal and other expenses incurred through the balance sheet date that are directly related to an offering exercise. Deferred offering costs will be charged to shareholders' equity upon the completion of the offering. Should the offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations. As of December 31, 2024 and 2025, the Company capitalized SGD356 thousand and SGDNil of deferred offering costs.

**9. BANK LOANS**

The bank loans as of December 31, 2024 and 2025 are set out below:

SCHEDULE OF BANK LOANS

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Bank loans** | **Currency** | **Period** | **Interest rate** | **Carrying amount** |
|  |  |  |  | **SGD'000** |
| Secured floating rate bank loans | SGD | 2015 - 2029 | SIBOR+1.25% to +1.5% | 8676 |
|  | US$ | 2023 - 2029 | London Inter Bank Offer Rate +1.25% | 118 |
| Balance as of December 31, 2024 |  |  |  | 8794 |
| Secured floating rate bank loans | SGD | 2024 - 2029 | SIBOR+1.25% to +1.5% | 3927 |
|  | US$ | 2023 - 2029 | London Inter Bank Offer Rate +1.25% | 95 |
| Balance as of December 31, 2025 |  |  |  | 4022 |
| Balance as of December 31, 2025(US$) |  |  |  | 3128 |

---

The bank loans are secured by corporate guarantees provided by the Company and its subsidiaries, financial instruments (see Note 5), leasehold building (see Note 6).

SCHEDULE OF MATURITIES OF BANK LOANS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Carrying amount** | **Within 1 year** | **2026** | **2027** | **2028** | **2029** | **Thereafter** |
|  | **SGD'000** | | | | | | |
| Secured floating rate bank loans | 8676 | 1304 | 1309 | 4400 | 1142 | 521 |  |
|  | 118 | 24 | 24 | 24 | 24 | 22 |  |
| Balance as of December 31, 2024 | 8794 | 1328 | 1333 | 4424 | 1166 | 543 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bank loans** | **Carrying amount** | **Within 1 year** | **2027** | **2028** | **2029** | **2030** | **Thereafter** |
|  | **SGD'000** |  |  |  |  |  |  |
| Secured floating rate bank loans | 3927 | 1127 | 1138 | 1142 | 520 |  |  |
|  | 95 | 25 | 25 | 23 | 22 |  |  |
| Balance as of December 31, 2025 | 4022 | 1152 | 1163 | 1165 | 542 |  |  |
| Balance as of December 31, 2025 (US$) | 3128 | 896 | 904 | 906 | 422 |  |  |

---

**10. ACCOUNTS PAYABLE, ACCRUALS, AND OTHER CURRENT LIABILITIES**

Account payable, accrued expenses, and other liabilities consists of the following:

SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **US$'000** |
| Accounts payable | 605 | 1862 | 1448 |
| Payroll payable | 561 | 668 | 519 |
| Payable to other services | 33 | 30 | 23 |
| Deposits | 379 | 6 | 5 |
| Others | 100 | 107 | 85 |
| Total | **1678** | **2673** | **2080** |

---

**11. WARRANTY LIABILITIES**

SCHEDULE OF WARRANTY LIABILITIES

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **US$'000** |
| As of January 1, | 22 | 22 | 17 |
| Additional accrual | 29 | 21 | 16 |
| Utilized | (29) | (21) | (16) |
| As of December 31, | 22 | 22 | 17 |

---

The warranty for machines sold typically covers a 12-month period from the date on which the machines are delivered and accepted by the customers. The warrant liability is based on estimates made from historical warranty data associated with similar products and services. The Company expects to make use of the accrued liability over the next operating period.

**12. CONTRACT LIABILITIES**

Contract liabilities primarily relate to the advance consideration received from customers.

Movement in contract liabilities:

SCHEDULE OF MOVEMENT IN CONTRACT LIABILITIES

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **US$'000** |
| As of January 1, | 6960 | 6660 | 5179 |
| Decrease in contract liabilities as a result of recognizing revenue during the year that was included in the contract liabilities at the beginning of the year | (4609) | (6621) | (5149) |
| Increase in contract liabilities as a result of receiving forward sales deposits and instalments during the year in respect of machines still under production | 4309 | 5776 | 4492 |
| As of December 31, | 6660 | 5815 | 4522 |

---

Contract liabilities primarily consist of advance deposits for machine orders relating to sales of cleaning systems and other equipment. Revenue is recognized at a point in time when control of the products transfers to the customer, typically upon delivery, installation completion and customer acceptance in accordance with the contractual terms. Due to the customized nature of the products and customer-controlled delivery schedules, the timing of delivery may vary. The Company expects to satisfy these remaining performance obligations upon completion of manufacturing, delivery, installation and acceptance by the customers.

**13. ASSET HELD FOR SALE**

The Company classified a leasehold building with carrying amount of approximately SGD3.1 million (US$2.3 million) as held for sale in the period in which it met the criteria of asset held for sale as the Company entered into an option to purchase agreement with an independent third party purchaser for the sale of one of its leasehold industrial properties for a selling price of SGD7,393,000 with the completion date of the transaction on November 18, 2025. The Company ceases depreciation and amortization on long-lived assets (or disposal groups) classified as held for sale and measures them at the lower of carrying value or estimated fair value less cost to sell.

The following table summarizes the carrying amounts of asset held for sale for each of the years presented:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2024**<br>**SGD'000** | **2025**<br>**SGD'000** | **2025**<br>**US$'000** |
| Assets |  |  |  |
| Asset held for sale | 3035 |  |  |
| &nbsp;&nbsp;&nbsp;Total non-current assets held for sale | 3035 |  |  |

---

**14. DEFERRED TAX ASSETS/ LIABILITIES**

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **US$'000** |
| Deferred tax assets | 74 | 74 | 58 |
| Deferred tax liabilities | (100) | (67) | (52) |
|  | (26) | 7 | 6 |

---

Following are the major deferred tax assets and liabilities derived from Singapore entities, recognized by the Company:

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES RECOGNIZED BY THE COMPANY

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Property, plant, and equipment** | **Provisions** | **Tax losses** | **Total** |
|  | **SGD'000** | **SGD'000** | **SGD'000** | **SGD'000** |
| As of January 1, 2023 | 36 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | 25 | 66 |
| Recognized in statements of income | 33 | - | (25) | 8 |
| As of December 31, 2023 | 69 | 5 |  | 74 |
| Recognized in statements of income | (100) | - | - | (100) |
| As of December 31, 2024 | (31) | 5 |  | (26) |
| Recognized in statements of income | 33 | - | - | 33 |
| As of December 31, 2025 | 2 | 5 | - | 7 |

---

**15. EQUITY**

Ordinary shares

On October 13, 2023, the authorized share capital of the Company was US$100,000 divided into 100,000,000 shares with a par value of US$0.001 per share and following the implementation of a reverse share split at a ratio of 3:1, the authorized share capital of the Company was US$100,000 divided into 33,333,333 shares with a par value of US$0.003 per share. The Company effected the reverse share split of all issued and outstanding shares of 15,020,000 shares at a ratio of 3:1. As a result of the reverse share split, the Company had 5,006,666 ordinary shares issued and outstanding. Unless indicated or the context otherwise requires, all numbers of ordinary shares in this report have been retrospectively adjusted for the reverse share split, as if such reverse share split occurred on the first day of the years presented.

On November 15, 2024, the Board approved a special share award of 300,000 shares issued to Ms. Hong Bee Yin under the approved 2022 equity incentive plan. The fair value per share was US$1.16. The award was fully vested immediately and the total fair value of US$348,000 was recognized as general and administrative expenses in the consolidated statements of income and comprehensive income (loss). As a result, the Company's issued and outstanding ordinary shares increased from 5,006,666 to 5,306,666.

On December 2, 2025, the shares of the Company were re-designated and re-classified, resulting in 1,806,666 Class A ordinary shares and 3,500,000 Class B ordinary shares outstanding. The re-designation and re-classification did not result in any change in the total number of issued and outstanding shares or total shareholders' equity of the Company. The Company has two classes of ordinary shares that are accounted for as permanent equity.

***Voting Rights***

Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as one class on all matters submitted to a vote by the shareholders at any general meeting of the Company. Each Class A Ordinary Share is entitled to one vote and each Class B Ordinary Share is entitled to 20 votes on all matters subject to the vote of shareholders at general meetings of the Company.

***Conversion Rights***

Class B Ordinary Shares may be converted into the same number of Class A Ordinary Shares at the option of the holders thereof at any time, while Class A Ordinary Shares cannot be converted into Class B Ordinary Shares under any circumstances.

***Dividend Rights***

Class A Ordinary Shares and Class B Ordinary Shares rank pari passu in all respects with respect to dividend rights and distributions on a per share basis. Holders of Class A Ordinary Shares and Class B Ordinary Shares are entitled to receive dividends when, as and if declared by the Board of Directors.

Treasury shares

During the financial years ended December 31, 2024 and 2025, the Company acquired 36,454 and 7,540 of its own shares at the total purchase consideration of SGD48 thousand and SGD9 thousand (US$7 thousand), respectively.

**16. REVENUES BY PRODUCT AND GEOGRAPHY AND SEGMENTS**

SCHEDULE OF PRINCIPAL TRANSACTIONS REVENUE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **SGD'000** | **US$'000** |
| Sales of cleaning systems and other equipment | 10991 | 11979 | 12510 | 9728 |
| Provision of centralized dishware washing and general cleaning services | 6710 | 6843 | 7287 | 5667 |
| Leasing of dishware washing equipment | 331 | 457 | 499 | 388 |
| Revenue | 18032 | 19279 | 20296 | 15783 |

---

In the following table, revenue is disaggregated by the timing of revenue recognition.

SCHEDULE OF DISAGGREGATION OF REVENUE BY TIMING OF REVENUE RECOGNITION

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Cleaning Systems** | **Dishware Washing Services** | **Total** | **Total** |
|  | **SGD'000** | **SGD'000** | **SGD'000** | **US$'000** |
| <u>Timing of revenue recognition:</u> |  |  |  |  |
| Point in time | 12510 |  | 12510 | 9728 |
| Over time | - | 7786 | 7786 | 6055 |
| Revenue | 12510 | 7786 | 20296 | 15783 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Cleaning <br> Systems** | **Dishware <br> Washing Services** | **Total** |
|  | **SGD'000** | **SGD'000** | **SGD'000** |
| <u>Timing of revenue recognition:</u> |  |  |  |
| Point in time | 11979 |  | 11979 |
| Over time | - | 7300 | 7300 |
| Revenue | 11979 | 7300 | 19279 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** |
|  | **Cleaning <br> Systems** | **Dishware <br> Washing Services** | **Total** |
|  | **SGD'000** | **SGD'000** | **SGD'000** |
| <u>Timing of revenue recognition:</u> |  |  |  |
| Point in time | 10991 |  | 10991 |
| Over time | - | 7041 | 7041 |
| Revenue | 10991 | 7041 | 18032 |

---

During the periods presented in these consolidated financial statements, the Company reports two operating segments: 1) sale of cleaning systems and other equipment, and 2) provision of centralized dishware washing and general cleaning services.

The CODM allocates resources to and assess the performance of each operating segment using information about the operating segment's revenue and income (loss) from operations. The CODM regularly reviews the Company's revenue, cost, and gross profit/loss derived from each revenue stream and is also provided with information on segment expenses. The CODM does not evaluate operating segments using asset or liability information.

The following tables present summary of the Company's breakdown of net revenues by segments and operating segment results for the years ended December 31, 2023, 2024, and 2025, respectively. There was no significant transaction between reportable segments and non-significant non-cash items (other than depreciation and amortization) for the years ended December 31, 2023, 2024, and 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **SGD'000** | **US$'000** |
| Net revenues: |  |  |  |  |
| Sales of cleaning systems and other equipment | 10991 | 11979 | 12510 | 9728 |
| Provision of centralized dishware washing and general cleaning services | 7041 | 7300 | 7786 | 6055 |
|  | 18032 | 19279 | 20296 | 15783 |
| Cost of revenues: |  |  |  |  |
| Sales of cleaning systems and other equipment | (7570) | (7686) | (7855) | (6108) |
| Provision of centralized dishware washing and general cleaning services | (6096) | (6399) | (6666) | (5184) |
|  | (13666) | (14085) | (14521) | (11292) |
| Gross profit: |  |  |  |  |
| Sales of cleaning systems and other equipment | 3421 | 4293 | 4655 | 3620 |
| Provision of centralized dishware washing and general cleaning services | 945 | 901 | 1120 | 871 |
|  | 4366 | 5194 | 5775 | 4491 |
| Significant expenses: |  |  |  |  |
| Sales of cleaning systems and other equipment |  |  |  |  |
| Payroll expense | (1104) | (2069) | (1804) | (1403) |
| Other segment items (Note (i)) | (657) | (874) | (985) | (766) |
|  | (1761) | (2943) | (2789) | (2169) |
| Provision of centralized dishware washing and general cleaning services |  |  |  |  |
| Payroll expense | (342) | (479) | (437) | (340) |
| Other segment items (Note (i)) | (104) | (130) | (127) | (99) |
|  | (446) | (609) | (564) | (439) |
| Provision of expected credit loss | 11 | (55) |  |  |
| Interest income | 175 | 194 | 136 | 106 |
| Interest expense | (511) | (516) | (412) | (320) |
| Gain on disposal of property, plant and equipment |  |  | 4168 | 3241 |
| Other unallocated expense (Note (ii)) | (1315) | (1233) | (3078) | (2393) |
|  | (1640) | (1610) | 814 | 634 |
| Net income | 519 | 32 | 3236 | 2517 |

---

---

| | |
|:---|:---|
| Note | Note |
| (i) | Other segment items include selling and marketing expenses and general and administrative expenses other than payroll expenses. |
| (ii) | Other unallocated expenses include legal and professional fees, income tax expense, and change in fair value of financial instrument and exchange difference. |

---

In the following table, revenue is disaggregated by the geographic locations of customers and by the timing of revenue recognition.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | **Cleaning Systems** | **Dishware Washing Services** | **Total** | **Total** |
|  | **SGD'000** | **SGD'000** | **SGD'000** | **US$'000** |
| <u>Geographic location:</u> |  |  |  |  |
| Singapore | 813 | 7786 | 8599 | 6687 |
| Malaysia | 9076 |  | 9076 | 7058 |
| Other countries | 2621 | - | 2621 | 2038 |
| Revenue | 12510 | 7786 | 20296 | 15783 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Cleaning Systems** | **Dishware Washing Services** | **Total** |
|  | **SGD'000** | **SGD'000** | **SGD'000** |
| <u>Geographic location:</u> |  |  |  |
| Singapore | 1424 | 7300 | 8724 |
| Malaysia | 7280 |  | 7280 |
| Other countries | 3275 | - | 3275 |
| Revenue | 11979 | 7300 | 19279 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** |
|  | **Cleaning Systems** | **Dishware Washing Services** | **Total** |
|  | **SGD'000** | **SGD'000** | **SGD'000** |
| <u>Geographic location:</u> |  |  |  |
| Singapore | 6128 | 7041 | 13169 |
| Malaysia | 1018 |  | 1018 |
| Other countries | 3845 | - | 3845 |
| Revenue | 10991 | 7041 | 18032 |

---

**17. INCOME TAX EXPENSES**

***Caymans and BVIs***

The Company and its subsidiary, JE Cleantech International Ltd., are domiciled in the Cayman Islands and the British Virgin Islands, respectively. Both localities currently enjoy permanent income tax holidays; accordingly, the Company and JE Cleantech International Ltd. do not accrue for income taxes.

***Singapore***

The Company's subsidiaries, JCS-Echigo Pte. Ltd. and Hygieia Warewashing Pte. Ltd, are considered Singapore tax resident enterprises under Singapore tax laws; accordingly, they are subject to enterprise income tax on their taxable income as determined under Singapore tax laws and accounting standards at a statutory tax rate for the year ended December 31, 2025 of 17% (2023 and 2024: 17%).

The income tax provision consists of the following components:

SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE BENEFIT

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **SGD'000** | **US$'000** |
| Current income tax expense : |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Singapore | 119 | 150 | 190 | 148 |
| &nbsp;&nbsp;&nbsp;Foreign jurisdictions | - | - | - | - |
| Total current income tax expense | 119 | 150 | 190 | 148 |
| Deferred income tax expense/(benefit): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Singapore | (8) | 100 | (33) | (26) |
| &nbsp;&nbsp;&nbsp;Foreign jurisdictions | - | - | - | - |
| Total deferred income tax expense/(benefit) | (8) | 100 | (33) | (26) |
| Total income tax expense | **111** | **250** | **157** | **122** |
| Effective tax rate | **17.6%** | **88.7%** | **4.6%** | **4.6%** |

---

The income tax expense varied from the amount of income tax expense determined by applying the Singapore income tax rate for the year ended December 31, 2025 of 17% (2023 and 2024: 17%) to profit before income tax as a result of the following differences:

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | |
|  | **2023** | | **2024** | | **2025** | | **2025** | |
|  | **SGD'000** | <br>**%** | **SGD'000** | <br>**%** | **SGD'000** | <br>**%** | **US$'000** |<br>**%** |
| Income before tax expenses: | 630 |  | 282 |  | 3393 |  | 2639 |  |
| Tax at Singapore statutory income tax rate of 17% | 107 | 17.0 | 48 | 17.0 | 577 | 17.0 | 449 | 17.0 |
| Reconciling item: |  |  |  |  |  |  |  |  |
| Tax effect of non-taxable incomes | (47) | (7.5) | (293) | (103.9) | (909) | (26.8) | (707) | (26.8) |
| Tax effect of non-deductible expenses | 39 | 6.2 | 605 | 214.5 | 565 | 16.7 | 439 | 16.7 |
| Tax incentives |  |  | (110) | (38.9) | (133) | (3.9) | (104) | (3.9) |
| Under provision in prior years | 12 | 1.9 | - |  | 57 | 1.6 | 45 | 1.6 |
| Income tax expense and effective tax rate | **111** | **17.6** | **250** | **88.7** | **157** | **4.6** | **122** | **4.6** |

---

Income taxes paid, net of refunds received, consisted of the following:

SCHEDULE OF INCOME TAXES PAID, NET OF REFUNDS RECEIVED

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **SGD'000** | **US$'000** |
| Singapore | 289 | 210 | 72 | 56 |
| Foreign jurisdictions | - | - | - | - |
| Total | **289** | **210** | **72** | **56** |

---

**18. RELATED PARTY BALANCES AND TRANSACTIONS**

Related party transactions:

SCHEDULE OF RELATED PARTY TRANSACTIONS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
| <br>**Transaction nature** | <br>**Name** | **2023** | **2024** | **2025** | **2025** |
|  |  | **SGD'000** | **SGD'000** | **SGD'000** | **US$'000** |
| Shares issued as stock-based compensation to controlling shareholder | Ms. Hong Bee Yin |  | 466 |  |  |
| Dividend paid to controlling shareholder | Ms. Hong Bee Yin |  | 425 |  |  |

---

Other than as disclosed above, there were no significant related party transactions conducted during the years ended December 31, 2023, 2024, and 2025.

**19. CONCENTRATIONS AND RISKS**

*Concentrations*

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

The following table sets forth a summary of single customers who represent 10% or more of the Company's total revenue:

SCHEDULE OF CONCENTRATION RISK BY RISK FACTOR

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **SGD'000** | **US$'000** |
| Amount of the Company's revenue |  |  |  |  |
| Customer A | - \* | 7795 | 9497 | 7385 |
| Customer B | 3495 | 2652 | - \* | - \* |
| Customer C | 4372 | - \* | - \* | - \* |

---

\* Revenue from relevant customer was less than 10% of the Company's total revenue for the year.

The following table sets forth a summary of single customers who represent 10% or more of the Company's total accounts receivable:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |  |
|  | **2024** | **2025** |  | **2025** |  |
|  | **SGD'000** | **SGD'000** |  | **US$'000** |  |
| Amount of the Company's accounts receivable |  |  |  |  |  |
| Customer A | 1592 | 4995 |  | 3884 |  |
| Customer B | 573 |  | \*\* |  | \*\* |
| Customer C | 762 |  | \*\* |  | \*\* |

---

\*\* Account receivable from relevant customer was less than 10% of the Company's total accounts receivable for the year.

The following table sets forth a summary of suppliers who represent 10% or more of the Company's total purchases:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** | **For the financial years ended December 31,** |
|  | **2023** | **2024** |  | **2025** |  | **2025** |
|  | **SGD'000** | **SGD'000** |  | **SGD'000** |  | **US$'000** |
| Amount of the Company's purchase |  |  |  |  |  |  |
| Supplier A | 1574 | 1642 |  | 2002 |  | 1557 |
| Supplier B | 1172 |  | # |  | # |  |
| Supplier C | 1103 | 1266 |  |  | # |  |

---

# Purchase from relevant supplier was less than 10% of the Company's total revenue for the year.

The following table sets forth a summary of suppliers who represent 10% or more of the Company's total accounts payable:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** |  | **2025** |  | **2025** |
|  | **SGD'000** |  | **SGD'000** |  | **US$'000** |
| Amount of the Company's accounts payable |  |  |  |  |  |
| Supplier A |  | ## | 165 |  | 128 |
| Supplier C | 117 |  | 226 |  | 176 |
| Supplier D | 80 |  |  | ## |  |

---

---

| | |
|:---|:---|
| ## | Account payable from relevant supplier was less than 10% of the Company's total accounts payable for the year. |

---

*Credit Risk*

Credit risk is the potential financial loss to the Company resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to the Company, as and when they fall due. As the Company does not hold any collateral, the maximum exposure to credit risk is the carrying amounts of trade and other receivables (excluding prepayments) and cash and bank deposits presented on the consolidated statements of financial position. The Company has no other financial assets which carry significant exposure to credit risk.

*Liquidity Risk*

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 60 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

*Interest Rate Risk*

Interest rate risk is the risk that the fair value or future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates. The Company's exposure to interest rate risk arises primarily from bank loans. The Company does not expect any significant effect on the Company's profit or loss arising from the effects of reasonably possible changes to interest rates on interest bearing financial instruments at the end of the financial year.

As at the reporting date, if the interest rates had been 50 basis points higher/lower with all other variables held constant, the Company's profit before tax would have been approximately SGD20,000 (US$16,000) lower/higher arising mainly as a result of higher/lower interest expense on bank loans.

Derivative financial instruments

The following table sets out the derivative financial instruments as at the end of the reporting period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **SGD'000** | **SGD'000** | **SGD'000** | **SGD'000** |
| Interest rate swap | | 4,417 | | 3,417 |

---

The Company uses derivative financial instruments such as interest rate swaps (including overnight indexed swaps) to hedge its risks associated with interest rate exposures. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into, and are subsequently re-measured at fair value. Any gains or losses arising from changes in fair value on derivatives that do not qualify for hedge accounting are taken directly to the profit or loss.

As of the year end, the Company has re-measured the derivative financial instruments at fair value which is categorized as Level 2 in the fair value hierarchy, as the valuations are determined by reference to the mark-to-market ("MTM") valuations provided by the bank counterparties using observable market inputs. The fair value of these instruments was approximately SGD40 thousand and SGD45 thousand (US$35 thousand) for the years ended December 31, 2024 and 2025, respectively. The fair value of these instruments was not material to the financial statements.

*Foreign currency risk*

The Company's foreign exchange risk results mainly from cash flows from transactions denominated in foreign currencies. At present, the Company manages this exposure through ongoing monitoring and, where considered appropriate, the use of foreign exchange derivative instruments, including foreign exchange option contracts.

Derivative financial instruments

The following table sets out the derivative financial instruments as at the end of the reporting period:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** |
|  | **US$'000** | **US$'000** |
| Foreign exchange option | 500 | 200 |

---

The Company uses derivative financial instruments such as foreign exchange time option contracts to hedge its risks associated with foreign currency fluctuations. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into, and are subsequently re-measured at fair value. Any gains or losses arising from changes in fair value on derivatives that do not qualify for hedge accounting are taken directly to the profit or loss.

As of the year end, the Company has re-measured the derivative financial instruments at fair value which is categorized as Level 2 in the fair value hierarchy, as the valuations are determined by reference to the mark-to-market ("MTM") valuations provided by the bank counterparties using observable market inputs. The fair value of these instruments was approximately SGD28 thousand and SGD1 thousand (US$1 thousand) for the years ended December 31, 2024 and 2025, respectively. The fair value of these instruments was not material to the financial statements.

Taking into account factors impacting the foreign currency being 10% higher or lower than expected, this would result a potential outcome in an increase or decrease of the foreign currency exchange difference amounting to approximately US$20,000 (2024: US$50,000) in profit or loss.

The Company is exposed to foreign currency risk on transactions that are denominated in currencies other than the functional currencies of the operating entities. Exposure in foreign currency is monitored on an ongoing basis and the Company endeavors to keep the net exposure at an acceptable level.

**20. COMMITMENTS AND CONTINGENCIES**

*Contingencies*

In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of December 31, 2025 and through the issuance date of these consolidated financial statements.

**21. SUBSEQUENT EVENTS**

On January 2, 2026, the Company declared a cash dividend of US$2.3 million (US$0.44 per share) to its shareholders. The dividend was fully paid subsequent to year end. This represents a non-adjusting subsequent event and accordingly no liability has been recognised in the financial statements as at December 31, 2025.

The Company has assessed all events from December 31, 2025 through the date that these consolidated financial statements are available to be issued, and there are not any material subsequent events that require disclosure in these consolidated financial statements.

**Item 19. Exhibits**

**Exhibit List**

---

| | |
|:---|:---|
| **Exhibit No.** | **Name** |
| 1.1 | [Amended and Restated Memorandum of Association of the Registrant (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form F-1 filed with the SEC on March 10, 2022).](https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex3-1.htm) |
| 1.2 | [Amended and Restated Articles of Association of the Registrant (incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form F-1 filed with the SEC on March 10, 2022).](https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex3-2.htm) |
| 1.3\* | [Second Amended and Restated Memorandum and Articles of Association](ex1-3.htm) |
| 2.1 | [Description of Registered Securities (incorporated by reference to Exhibit 2.1 of the Company's Annual Report on Form 20-F filed with the SEC on April 30, 2024).](https://www.sec.gov/Archives/edgar/data/1905511/000149315224017293/ex2-1.htm) |
| 4.1 | [Form of Directors' Agreement (incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form F-1 filed with the SEC on March 10, 2022).](https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex10-1.htm) |
| 4.2 | [Form of Indemnification Agreement (incorporated by reference to Exhibit 10.2 to the Company's Registration Statement on Form F-1 filed with the SEC on March 10, 2022).](https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex10-2.htm) |
| 4.3 | [Banking Facility from United Overseas Bank Limited to JCS-Echigo Pte Ltd (incorporated by reference to Exhibit 10.3 to the Company's Registration Statement on Form F-1 filed with the SEC on March 10, 2022).](https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex10-3.htm) |
| 4.4 | [Loan Facility Agreement between Hong Bee Yin and JE Cleantech Holdings Limited (incorporated by reference to Exhibit 10.4 to the Company's Registration Statement on Form F-1 filed with the SEC on March 10, 2022).](https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex10-4.htm) |
| 4.5 | [Audit Committee Charter (incorporated by reference to Exhibit 10.5 to the Company's Registration Statement on Form F-1 filed with the SEC on March 10, 2022).](https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex10-5.htm) |
| 4.6 | [Amended Audit Committee Charter (incorporated by reference to Exhibit 4.6 of the Company's Annual Report on Form 20-F filed with the SEC on April 30, 2024).](https://www.sec.gov/Archives/edgar/data/1905511/000149315224017293/ex4-6.htm) |
| 4.7 | [Nomination Committee Charter (incorporated by reference to Exhibit 10.6 to the Company's Registration Statement on Form F-1 filed with the SEC on March 10, 2022).](https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex10-6.htm) |
| 4.8 | [Compensation Committee Charter (incorporated by reference to Exhibit 10.7 to the Company's Registration Statement on Form F-1 filed with the SEC on March 10, 2022).](https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex10-7.htm) |
| 4.9 | [Amended Compensation Committee Charter (incorporated by reference to Exhibit 4.9 of the Company's Annual Report on Form 20-F filed with the SEC on April 30, 2024).](https://www.sec.gov/Archives/edgar/data/1905511/000149315224017293/ex4-9.htm) |
| 8.1 | [List of Subsidiaries of JE Cleantech Holdings Limited (incorporated by reference to Exhibit 21.1 to the Company's Registration Statement on Form F-1 filed with the SEC on March 10, 2022).](https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex21-1.htm) |
| 10.10 | [2022 Equity Incentive Plan (incorporated by reference to Exhibit 10.10 to the Company's Registration Statement on Form F-1 filed with the SEC on January 23, 2025).](https://www.sec.gov/Archives/edgar/data/1905511/000149315225003441/ex10-10.htm) |
| 11.1 | [Code of Ethics of the Company (incorporated by reference to Exhibit 14 to the Company's Registration Statement on Form F-1 filed with the SEC on March 10, 2022).](https://www.sec.gov/Archives/edgar/data/1905511/000149315222006544/ex14.htm) |
| 11.2 | [Insider Trading Policy of JE Cleantech Holdings Limited (incorporated by reference to Exhibit 11.2 of the Company's Annual Report on Form 20-F filed with the SEC on April 30, 2024).](https://www.sec.gov/Archives/edgar/data/1905511/000149315224017293/ex11-2.htm) |
| 12.1\* | [Certification of Officer Pursuant to Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex12-1.htm) |
| 12.2\* | [Certification of Officer Pursuant to Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex12-2.htm) |
| 13.1\* | [Certification of Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex13-1.htm) |
| 13.2\* | [Certification of Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex13-2.htm) |
| 97.1 | [Compensation Recovery Policy relating to recovery of erroneously awarded compensation as required by Nasdaq Capital Markets listing standard pursuant to 17 CFR 240.10D-1 (incorporated by reference to Exhibit 97.1 of the Company's Annual Report on Form 20-F filed with the SEC on April 30, 2024).](https://www.sec.gov/Archives/edgar/data/1905511/000149315224017293/ex97-1.htm) |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Definition Linkbase Document |
| 101.LAM | Inline XBRL Taxonomy Extension Label Linkbase |
| 101.PRE | Inline XBRL Taxonomy Extension Label Linkbase |
| 104 | Cover Page Interactive Data File (the cover page iXBRL tags are embedded within the Inline XBRL |

---

\* Filed herewith

**SIGNATURE**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Annual Report on its behalf.

---

| | |
|:---|:---|
|  | **JE CLEANTECH HOLDINGS LIMITED** |
| Dated May 8, 2026 | */s/ HONG Bee Yin* |
|  | HONG Bee Yin, Chief Executive Officer and Director |
| Dated May 8, 2026 | */s/ LONG Jia Kwang* |
|  | LONG Jia Kwang, Chief Financial Officer |

---

## Exhibit 1.3

**Exhibit 1.3**

**THE COMPANIES ACT (AS REVISED)**

**EXEMPTED COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**JE Cleantech Holdings Limited**

**佳益淨科控股有限公司**

(Adopted pursuant to the special resolution passed on 18 November 2025)

1. The
 name of the Company is **JE Cleantech Holdings Limited and its dual foreign name is 佳益淨科控股有限公司.** 

2. The
 Registered Office of the Company shall be at the offices of Conyers Trust Company (Cayman)
 Limited, Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands.

3. Subject
 to the following provisions of this Memorandum, the objects for which the Company is established
 are unrestricted and shall include, but without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 act and to perform all the functions of a holding company in all its branches and to coordinate
 the policy and administration of any subsidiary company or companies wherever incorporated
 or carrying on business or of any group of companies of which the Company or any subsidiary
 company is a member or which are in any manner controlled directly or indirectly by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 act as an investment company and for that purpose to subscribe, acquire, hold, dispose, sell,
 deal in or trade upon any terms, whether conditionally or absolutely, shares, stock, debentures,
 debenture stock, annuities, notes, mortgages, bonds, obligations and securities, foreign
 exchange, foreign currency deposits and commodities, issued or guaranteed by any company
 wherever incorporated, or by any government, sovereign, ruler, commissioners, public body
 or authority, supreme, municipal, local or otherwise, by original subscription, tender, purchase,
 exchange, underwriting, participation in syndicates or in any other manner and whether or
 not fully paid up, and to meet calls thereon.

4. Subject
 to the following provisions of this Memorandum, the Company shall have and be capable of
 exercising all the functions of a natural person of full capacity irrespective of any question
 of corporate benefit, as provided by Section 27(2) of the Companies Act (As Revised).

5. Nothing
 in this Memorandum shall permit the Company to carry on a business for which a licence is
 required under the laws of the Cayman Islands unless duly licensed.

6. The
 Company shall not trade in the Cayman Islands with any person, firm or corporation except
 in furtherance of the business of the Company carried on outside the Cayman Islands; provided
 that nothing in this clause shall be construed as to prevent the Company effecting and concluding
 contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary
 for the carrying on of its business outside the Cayman Islands.

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7. The
 liability of each member is limited to the amount from time to time unpaid on such member's
 shares.

8. The
 share capital of the Company is US$100,000 divided into 23,333,333.33 Class A ordinary
 shares of a nominal or par value of US$0.003 each, 5,000,000 Class B ordinary shares of a
 nominal or par value of US$0.003 each, and 5,000,000 shares of a nominal or par value of
 US$0.003 each of such class or classes (however designated) as the Board may determine in
 accordance with Article 12 of the Articles of Association of the Company, each with the power
 for the Company, insofar as is permitted by law, to redeem or purchase any of its shares
 and to increase or reduce the said share capital subject to the provisions of the Companies
 Act (As Revised) and the Articles of Association of the Company and to issue any part of
 its capital, whether original, redeemed or increased, with or without any preference, priority
 or special privilege or subject to any postponement of rights or to any conditions or restrictions;
 and so that, unless the conditions of issue shall otherwise expressly declare, every issue
 of shares, whether declared to be preference or otherwise, shall be subject to the power
 hereinbefore contained.

9. The
 Company may exercise the power contained in the Companies Act to deregister in the Cayman
 Islands and be registered by way of continuation in another jurisdiction.

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The Companies Act (As Revised)

Exempted Company Limited by Shares

THE SECOND AMENDED AND RESTATED

ARTICLES OF ASSOCIATION

OF

**JE Cleantech Holdings Limited**

**佳益淨科控股有限公司**

(Adopted by way of a special resolution passed on 18 November 2025)

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<u>I N D E X</u>

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|:---|:---|
| SUBJECT | Article No. |
| Table A | 1 |
| Interpretation | 1-5 |
| Share Capital | 5 |
| Alteration Of Capital | 6-7 |
| Share Rights | 7-8 |
| Variation Of Rights | 9 |
| Shares | 9-10 |
| Share Certificates | 10 |
| Lien | 12 |
| Calls On Shares | 12-13 |
| Forfeiture Of Shares | 13-15 |
| Register Of Members | 15 |
| Record Dates | 15-16 |
| Transfer Of Shares | 16-17 |
| Transmission Of Shares | 17 |
| Untraceable Members | 18 |
| General Meetings | 19 |
| Notice Of General Meetings | 19 |
| Proceedings At General Meetings | 19-20 |
| Voting | 20-22 |
| Proxies | 23-24 |
| Corporations Acting By Representatives | 24 |
| No Action By Written Resolutions Of Members | 24 |
| Board Of Directors | 24-25 |
| Retirement of Directors | 25 |
| Disqualification Of Directors | 26 |
| Alternate Directors | 26-27 |
| Directors' Fees And Expenses | 27 |
| Directors' Interests | 28-29 |
| General Powers Of The Directors | 29-31 |
| Borrowing Powers | 31 |
| Proceedings Of The Directors | 31-33 |
| Audit Committee | 33 |
| Officers | 34 |
| Register of Directors and Officers | 34 |
| Minutes | 34-35 |
| Seal | 35 |
| Authentication Of Documents | 35 |
| Destruction Of Documents | 36 |
| Dividends And Other Payments | 36-40 |
| Reserves | 40-41 |
| Capitalisation | 41 |
| Subscription Rights Reserve | 41-43 |
| Accounting Records | 43-44 |
| Audit | 44-45 |
| Notices | 45-46 |
| Signatures | 46 |
| Winding Up | 47 |
| Indemnity | 47-48 |
| Amendment To Memorandum and Articles of Association | 48 |
| And Name of Company | 48 |
| Information | 48 |
| Financial Year End | 48 |

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The Companies Act (As Revised)

Exempted Company Limited by Shares

THE SECOND AMENDED AND RESTATED

ARTICLES OF ASSOCIATION

OF

**JE Cleantech Holdings Limited**

**佳益淨科控股有限公司**

(Adopted by way of a special resolution passed on 18 November 2025)

<u>INTERPRETATION</u>

TABLE A

1. The regulations in Table A in the Schedule to the Companies Act (As Revised) do not apply to the Company.

<u>INTERPRETATION</u>

2. (1) In these Articles, unless the context otherwise requires, the words standing in the first column of the following table shall bear the meaning set opposite them respectively in the second column.

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| WORD | MEANING |
| "Act" | The Companies Act, Cap. 22 (Act 3 of 1961, as consolidated and revised) of the Cayman Islands. |
| "Audit Committee" | the audit committee of the Company formed by the Board pursuant to Article 122 hereof, or any successor audit committee. |
| "Auditor" | the independent auditor of the Company which shall be an internationally recognized firm of independent accountants. |
| "Articles" | these Articles in their present form or as supplemented, amended or substituted from time to time. |
| "Board" or "Directors" | the board of directors of the Company or the directors present at a meeting of directors of the Company at which a quorum is present. |
| "capital" | the share capital from time to time of the Company. |
| "Class A Ordinary Shares" | Class A Ordinary Shares with a par value of US$0.003 each of the Company having the rights set out in these Articles and "Class A Ordinary Share" means any of them. |

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| "Class B Ordinary Shares" | Class B Ordinary Shares with a par value of US$0.003 each of the Company having the rights set out in these Articles and "Class B Ordinary Share" means any of them. |
| "clear days" | in relation to the period of a notice, that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect. |
| "clearing house" | a clearing house recognised by the laws of the jurisdiction in which the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction. |
| "Company" | JE Cleantech Holdings Limited |
| "competent regulatory Authority" | a competent regulatory authority in the territory where the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such territory. |
| "Conversion Date" | in respect of a Conversion Notice means the day on which that Conversion Notice is delivered. |
| "Conversion Notice" | a written notice delivered to the Company at its Office (and as otherwise stated therein) stating that a holder of Class B Ordinary Shares elects to convert the number of Class B Ordinary Shares specified therein pursuant to Article 9A. |
| "Conversion Number" | in relation to any Class B Ordinary Shares, such number of Class A Ordinary Shares as may, upon exercise of the Conversion Right, be issued at the Conversion Rate. |
| "Conversion Rate" | means, at any time, on a 1 : 1 basis. |
| "Conversion Right" | in respect of a Class B Ordinary Share means the right of its holder, subject to the provisions of these Articles and to any applicable fiscal or other laws or regulations including the Act, to convert all or any of its Class B Ordinary Shares, into the Conversion Number of Class A Ordinary Shares in its discretion. |
| "debenture" and | include debenture stock and debenture stockholder |
| "debenture holder" | respectively. |

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| "Designated Stock Exchange" | the Nasdaq |
| "Designated Stock Exchange Rules" | rules contained in the Nasdaq manual. |
| "dollars" and "$" | dollars, the legal currency of the United States of America. |
| "Exchange Act" | the Securities Exchange Act of 1934, as amended. |
| "head office" | such office of the Company as the Directors may from time to time determine to be the principal office of the Company. |
| "Member" | a duly registered holder from time to time of the shares in the capital of the Company. |
| "month" | a calendar month. |
| "Notice" | written notice unless otherwise specifically stated and as further defined in these Articles. |
| "Office" | the registered office of the Company for the time being. |
| "ordinary resolution" | a resolution shall be an ordinary resolution when it has been passed by a simple majority of votes cast by such Members as, being entitled so to do, vote in person or, in the case of any Member being a corporation, by its duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which not less than ten (10) clear days' Notice has been duly given; |
| "paid up" | paid up or credited as paid up. |
| "Register" | the principal register and where applicable, any branch register of Members of the Company to be maintained at such place within or outside the Cayman Islands as the Board shall determine from time to time. |
| "Registration Office" | in respect of any class of share capital such place as the Board may from time to time determine to keep a branch register of Members in respect of that class of share capital and where (except in cases where the Board otherwise directs) the transfers or other documents of title for such class of share capital are to be lodged for registration and are to be registered. |
| "SEC" | the United States Securities and Exchange Commission. |
| "Seal" | common seal or any one or more duplicate seals of the Cayman Islands or in any place outside the Cayman Islands. |

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| "Secretary" | any person, firm or corporation appointed by the Board to perform any of the duties of secretary of the Company and includes any assistant, deputy, temporary or acting secretary. |
| "shares" | shares of par value US$0.003 each, and including Class A Ordinary Shares and Class B Ordinary Shares, as the case may be, and "share" means any of them. |
| "special resolution" | a resolution shall be a special resolution when it has been passed by a majority of not less than two-thirds of votes cast by such Members as, being entitled so to do, vote in person or, in the case of such Members as are corporations, by their respective duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which not less than ten (10) clear days' Notice, specifying (without prejudice to the power contained in these Articles to amend the same) the intention to propose the resolution as a special resolution, has been duly given. Provided that, except in the case of an annual general meeting, if it is so agreed by a majority in number of the Members having the right to attend and vote at any such meeting, being a majority together holding not less than ninety-five (95) per cent. in nominal value of the shares giving that right and in the case of an annual general meeting, if it is so agreed by all Members entitled to attend and vote thereat, a resolution may be proposed and passed as a special resolution at a meeting of which less than ten (10) clear days' Notice has been given; |
|  | a special resolution shall be effective for any purpose for which an ordinary resolution is expressed to be required under any provision of these Articles or the Statutes. |
| "Statutes" | the Act and every other law of the Legislature of the Cayman Islands for the time being in force applying to or affecting the Company, its Memorandum of Association and/or these Articles. |
| "year" | a calendar year. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In these Articles, unless there be something within the subject or context inconsistent with such construction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular include the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing a gender include both gender and the neuter;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words
 importing persons include companies, associations and bodies of persons whether corporate
 or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the words:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "may"
 shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "shall"
 or "will" shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) expressions
 referring to writing shall, unless the contrary intention appears, be construed as including
 printing, lithography, photography and other modes of representing words or figures in a
 visible form, and including where the representation takes the form of electronic display,
 provided that both the mode of service of the relevant document or notice and the Member's
 election comply with all applicable Statutes, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references
 to any law, ordinance, statute or statutory provision shall be interpreted as relating to
 any statutory modification or re-enactment thereof for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) save
 as aforesaid words and expressions defined in the Statutes shall bear the same meanings in
 these Articles if not inconsistent with the subject in the context;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references
 to a document being executed include references to it being executed under hand or under
 seal or by electronic signature or by any other method and references to a notice or document
 include a notice or document recorded or stored in any digital, electronic, electrical, magnetic
 or other retrievable form or medium and information in visible form whether having physical
 substance or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Section
 8 of the Electronic Transactions Act (2003) of the Cayman Islands, as amended from time to
 time, shall not apply to these Articles to the extent it imposes obligations or requirements
 in addition to those set out in these Articles.

<u>SHARE CAPITAL</u>

3. (1) The share capital of the Company at the date on which these Articles come into effect shall be divided 23,333,333.33°Class A Ordinary Shares of a nominal or par value of US$0.003 each, 5,000,000 Class B Ordinary Shares of a nominal or par value of US$0.003 each, and 5,000,000 shares of a nominal or par value of US$0.003 each of such class or classes (however designated) as the Board may determine in accordance with Article 12 of these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to the Act, the Company's Memorandum and Articles of Association and, where applicable, the rules of the Designated Stock Exchange and/or any competent regulatory authority, any power of the Company to purchase or otherwise acquire its own shares shall be exercisable by the Board in such manner, upon such terms and subject to such conditions as it thinks fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) No share shall be issued to bearer.

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<u>ALTERATION OF CAPITAL</u>

4. The Company may from time to time by ordinary resolution in accordance with the Act alter the conditions of its Memorandum of Association to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 its capital by such sum, to be divided into shares of such amounts, as the resolution shall
 prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate
 and divide all or any of its capital into shares of larger amount than its existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without
 prejudice to the powers of the Board under Article 12, divide its shares into several classes
 and without prejudice to any special rights previously conferred on the holders of existing
 shares attach thereto respectively any preferential, deferred, qualified or special rights,
 privileges, conditions or such restrictions which in the absence of any such determination
 by the Company in general meeting, as the Directors may determine provided always that, for
 the avoidance of doubt, where a class of shares has been authorized by the Company no resolution
 of the Company in general meeting is required for the issuance of shares of that class and
 the Directors may issue shares of that class and determine such rights, privileges, conditions
 or restrictions attaching thereto as aforesaid, and further provided that where the Company
 issues shares which do not carry voting rights, the words "non-voting" shall
 appear in the designation of such shares and where the equity capital includes shares with
 different voting rights, the designation of each class of shares, other than those with the
 most favourable voting rights, must include the words "restricted voting" or
 "limited voting";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide
 its shares, or any of them, into shares of smaller amount than is fixed by the Memorandum
 of Association (subject, nevertheless, to the Act), and may by such resolution determine
 that, as between the holders of the shares resulting from such sub-division, one or more
 of the shares may have any such preferred, deferred or other rights or be subject to any
 such restrictions as compared with the other or others as the Company has power to attach
 to unissued or new shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel
 any shares which, at the date of the passing of the resolution, have not been taken, or agreed
 to be taken, by any person, and diminish the amount of its capital by the amount of the shares
 so cancelled or, in the case of shares, without par value, diminish the number of shares
 into which its capital is divided.

5. The Board may settle as it considers expedient any difficulty which arises in relation to any consolidation and division under the last preceding Article and in particular but without prejudice to the generality of the foregoing may issue certificates in respect of fractions of shares or arrange for the sale of the shares representing fractions and the distribution of the net proceeds of sale (after deduction of the expenses of such sale) in due proportion amongst the Members who would have been entitled to the fractions, and for this purpose the Board may authorise some person to transfer the shares representing fractions to their purchaser or resolve that such net proceeds be paid to the Company for the Company's benefit. Such purchaser will not be bound to see to the application of the purchase money nor will his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale.

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6. The Company may from time to time by special resolution, subject to any confirmation or consent required by the Act, reduce its share capital or any capital redemption reserve in any manner permitted by law.

7. Except so far as otherwise provided by the conditions of issue, or by these Articles, any capital raised by the creation of new shares shall be treated as if it formed part of the original capital of the Company, and such shares shall be subject to the provisions contained in these Articles with reference to the payment of calls and instalments, transfer and transmission, forfeiture, lien, cancellation, surrender, voting and otherwise.

<u>SHARE RIGHTS</u>

8. Subject to the provisions of the Act, the rules of the Designated Stock Exchange and the Memorandum and Articles of Association and to any special rights conferred on the holders of any shares or class of shares, and without prejudice to Article 12 hereof, any share in the Company (whether forming part of the present capital or not) may be issued with or have attached thereto such rights or restrictions whether in regard to dividend, voting, return of capital or otherwise as the Board may determine, including without limitation on terms that they may be, or at the option of the Company or the holder are, liable to be redeemed on such terms and in such manner, including out of capital, as the Board may deem fit.

9. Subject to the Act, the rules and regulations of the Designated Stock Exchange and the Memorandum and Articles of Association, and to any special rights conferred on the holders of any shares or attaching to any class of shares, shares may be issued on the terms that may be or at the option of the Company or the holder are, liable to be redeemed on such terms and in such manner, including out of capital, as the Board may deem fit.

9A. Subject to Article 12(1), the Memorandum of Association and any resolution of the Members to the contrary and without prejudice to any special rights conferred thereby on the holders of any other shares or class of shares, the share capital of the Company immediately upon the effectiveness of these Articles shall be divided into shares of two classes, Class A Ordinary Shares and Class B Ordinary Shares. The Class A Ordinary Shares and the Class B Ordinary Shares shall carry equal rights and rank *pari passu* with one another other than as set out below:

(a) As
 regards conversion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject
 to the provisions hereof and to compliance with all fiscal and other laws and regulations
 applicable thereto, including the Act, a holder of Class B Ordinary Shares shall have the
 Conversion Right in respect of each Class B Ordinary Share. For the avoidance of doubt, a
 holder of Class A Ordinary Shares shall have no rights to convert Class A Ordinary Shares
 into Class B Ordinary Shares under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
 Class B Ordinary Share shall be converted at the option of the holder, at any time after
 issue and without the payment of any additional sum, into one fully paid Class A Ordinary
 Share calculated at the Conversion Rate. Such not be effective if it is not accompanied by
 the share certificates in respect of the relevant Class B Ordinary Shares and such other
 evidence (if any) as the Directors may reasonably require to prove the title of the person
 exercising such right (or, if such certificates have been lost or destroyed, such evidence
 of title and such indemnity as the Directors may reasonably require). Any and all taxes and
 stamp, issue and registration duties (if any) arising on conversion shall be borne by the
 holder of Class B Ordinary Shares requesting conversion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On
 the Conversion Date, every Class B Ordinary Share to be converted shall automatically be
 re-designated and re-classified as a Class A Ordinary Share with such rights and restrictions
 attached thereto and shall rank *pari passu* in all respects with the Class A Ordinary
 Shares then in issue and the Company shall enter or procure the entry of the name of the
 relevant holder of Class B Ordinary Shares as the holder of the same number of Class A Ordinary
 Shares resulting from the conversion of the Class B Ordinary Shares in, and make any other
 necessary and consequential changes to, the Register and shall procure that certificates
 in respect of the relevant Class A Ordinary Shares, together with a new certificate for any
 unconverted Class B Ordinary Shares comprised in the certificate(s) surrendered by the holder
 of the Class B Ordinary Shares, are issued to the holders thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Until
 such time as the Class B Ordinary Shares have been converted into Class A Ordinary Shares,
 the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) at
 all times keep available for issue and free of all liens, charges, options, mortgages, pledges,
 claims, equities, encumbrances and other third-party rights of any nature, and not subject
 to any pre-emptive rights out of its authorised but unissued share capital, such number of
 authorised but unissued Class A Ordinary Shares as would enable all Class B Ordinary Shares
 to be converted into Class A Ordinary Shares and any other rights of conversion into, subscription
 for or exchange into Class A Ordinary Shares to be satisfied in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) not
 make any issue, grant or distribution or take any other action if the effect would be that
 on the conversion of the Class B Ordinary Shares to Class A Ordinary Shares it would be required
 to issue Class A Ordinary Shares at a price lower than the par value thereof

(b) As
 regards Voting Rights

Holders of Class A Ordinary Shares and Class B Ordinary Shares have the right to receive notice of, attend, speak and vote at general meetings of the Company. Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times (other than in respect of separate general meetings of the holders of a class or series of shares held in accordance with Article 10 below), vote together as one class on all matters submitted to a vote for Members' consent. Each Class A Ordinary Share shall be entitled to one (1) vote on all matters subject to the vote at general meetings of the Company, and each Class B Ordinary Share shall be entitled to twenty (20) votes on all matters subject to the vote at general meetings of the Company.

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(c) As
 regards dividends

Each Class B Ordinary Share shall be entitled to such dividends as the Board may from time to time declare and shall rank *pari passu* amongst such class of shares in proportion to the amount paid up on the shares held by them respectively.

(d) As
 regards a winding up or dissolution

In the event of a winding up or dissolution of the Company, whether voluntary or involuntary or for the purpose of a reorganisation or otherwise or upon any distribution of capital, the Class A Ordinary Shares and the Class B Ordinary Shares shall be entitled to the surplus assets of the Company on a *pari passu* basis.

<u>VARIATION OF RIGHTS</u>

10. Subject to the Act and without prejudice to Article 8, all or any of the special rights for the time being attached to the shares or any class of shares may, unless otherwise provided by the terms of issue of the shares of that class, from time to time (whether or not the Company is being wound up) be varied, modified or abrogated with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of that class. To every such separate general meeting, all the provisions of these Articles relating to general meetings of the Company shall, mutatis mutandis, apply, but so that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 necessary quorum (whether at a separate general meeting or at its adjourned meeting) shall
 be a person or persons (or in the case of a Member being a corporation, its duly authorized
 representative) together holding or representing by proxy not less than one-third in nominal
 value of the issued shares of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every
 holder of shares of the class shall be entitled on a poll to one vote for every such share
 held by him; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 holder of shares of the class present in person or by proxy or authorised representative
 may demand a poll.

11. The special rights conferred upon the holders of any shares or class of shares shall not, unless otherwise expressly provided in the rights attaching to or the terms of issue of such shares, be deemed to be varied, modified or abrogated by the creation or issue of further shares ranking pari passu therewith or shares with preferred or other rights.

<u>SHARES</u>

12. (1) Subject to the Act, these Articles and, where applicable, the rules of the Designated Stock Exchange and without prejudice to any special rights or restrictions for the time being attached to any shares or any class of shares, the unissued shares of the Company (whether forming part of the original or any increased capital) shall be at the disposal of the Board, which may offer, allot, grant options over or otherwise dispose of them to such persons, at such times and for such consideration and upon such terms and conditions as the Board may in its absolute discretion determine but so that no shares shall be issued at a discount. In particular and without prejudice to the generality of the foregoing, the Board is hereby empowered to authorize by resolution or resolutions from time to time the issuance of one or more classes or series of preferred shares and to fix the designations, powers, preferences and relative, participating, optional and other rights, if any, and the qualifications, limitations and restrictions thereof, if any, including, without limitation, the number of shares constituting each such class or series, dividend rights, conversion rights, redemption privileges, voting powers, full or limited or no voting powers, and liquidation preferences, and to increase or decrease the size of any such class or series (but not below the number of shares of any class or series of preferred shares then outstanding) to the extent permitted by Act. Without limiting the generality of the foregoing, the resolution or resolutions providing for the establishment of any class or series of preferred shares may, to the extent permitted by law, provide that such class or series shall be superior to, rank equally with or be junior to the preferred shares of any other class or series.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Neither the Company nor the Board shall be obliged, when making or granting any allotment of, offer of, option over or disposal of shares, to make, or make available, any such allotment, offer, option or shares to Members or others with registered addresses in any particular territory or territories being a territory or territories where, in the absence of a registration statement or other special formalities, this would or might, in the opinion of the Board, be unlawful or impracticable. Members affected as a result of the foregoing sentence shall not be, or be deemed to be, a separate class of members for any purpose whatsoever. Except as otherwise expressly provided in the resolution or resolutions providing for the establishment of any class or series of preferred shares, no vote of the holders of preferred shares of or ordinary shares shall be a prerequisite to the issuance of any shares of any class or series of the preferred shares authorized by and complying with the conditions of the Memorandum and Articles of Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Board may issue options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of shares or securities in the capital of the Company on such terms as it may from time to time determine.

13. The Company may in connection with the issue of any shares exercise all powers of paying commission and brokerage conferred or permitted by the Act. Subject to the Act, the commission may be satisfied by the payment of cash or by the allotment of fully or partly paid shares or partly in one and partly in the other.

14. Except as required by law, no person shall be recognised by the Company as holding any share upon any trust and the Company shall not be bound by or required in any way to recognise (even when having notice thereof) any equitable, contingent, future or partial interest in any share or any fractional part of a share or (except only as otherwise provided by these Articles or by law) any other rights in respect of any share except an absolute right to the entirety thereof in the registered holder.

15. Subject to the Act and these Articles, the Board may at any time after the allotment of shares but before any person has been entered in the Register as the holder, recognise a renunciation thereof by the allottee in favour of some other person and may accord to any allottee of a share a right to effect such renunciation upon and subject to such terms and conditions as the Board considers fit to impose.

<u>SHARE CERTIFICATES</u>

16. Every share certificate shall be issued under the Seal or a facsimile thereof and shall specify the number and class and distinguishing numbers (if any) of the shares to which it relates, and the amount paid up thereon and may otherwise be in such form as the Directors may from time to time determine. No certificate shall be issued representing shares of more than one class. The Board may by resolution determine, either generally or in any particular case or cases, that any signatures on any such certificates (or certificates in respect of other securities) need not be autographic but may be affixed to such certificates by some mechanical means or may be printed thereon.

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17. (1) In the case of a share held jointly by several persons, the Company shall not be bound to issue more than one certificate therefor and delivery of a certificate to one of several joint holders shall be sufficient delivery to all such holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where a share stands in the names of two or more persons, the person first named in the Register shall as regards service of notices and, subject to the provisions of these Articles, all or any other matters connected with the Company, except the transfer of the shares, be deemed the sole holder thereof.

18. Every person whose name is entered, upon an allotment of shares, as a Member in the Register shall be entitled, without payment, to receive one certificate for all such shares of any one class or several certificates each for one or more of such shares of such class upon payment for every certificate after the first of such reasonable out-of-pocket expenses as the Board from time to time determines.

19. Share certificates shall be issued within the relevant time limit as prescribed by the Act or as the Designated Stock Exchange may from time to time determine, whichever is the shorter, after allotment or, except in the case of a transfer which the Company is for the time being entitled to refuse to register and does not register, after lodgment of a transfer with the Company.

20. (1) Upon every transfer of shares the certificate held by the transferor shall be given up to be cancelled, and shall forthwith be cancelled accordingly, and a new certificate shall be issued to the transferee in respect of the shares transferred to him at such fee as is provided in paragraph (2) of this Article. If any of the shares included in the certificate so given up shall be retained by the transferor a new certificate for the balance shall be issued to him at the aforesaid fee payable by the transferor to the Company in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The fee referred to in paragraph (1) above shall be an amount not exceeding the relevant maximum amount as the Designated Stock Exchange may from time to time determine provided that the Board may at any time determine a lower amount for such fee.

21. If a share certificate shall be damaged or defaced or alleged to have been lost, stolen or destroyed a new certificate representing the same shares may be issued to the relevant Member upon request and on payment of such fee as the Company may determine and, subject to compliance with such terms (if any) as to evidence and indemnity and to payment of the costs and reasonable out-of-pocket expenses of the Company in investigating such evidence and preparing such indemnity as the Board may think fit and, in case of damage or defacement, on delivery of the old certificate to the Company provided always that where share warrants have been issued, no new share warrant shall be issued to replace one that has been lost unless the Board has determined that the original has been destroyed.

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<u>LIEN</u>

22. The Company shall have a first and paramount lien on every share (not being a fully paid share) for all moneys (whether presently payable or not) called or payable at a fixed time in respect of that share. The Company shall also have a first and paramount lien on every share (not being a fully paid share) registered in the name of a Member (whether or not jointly with other Members) for all amounts of money presently payable by such Member or his estate to the Company whether the same shall have been incurred before or after notice to the Company of any equitable or other interest of any person other than such member, and whether the period for the payment or discharge of the same shall have actually arrived or not, and notwithstanding that the same are joint debts or liabilities of such Member or his estate and any other person, whether a Member of the Company or not. The Company's lien on a share shall extend to all dividends or other moneys payable thereon or in respect thereof. The Board may at any time, generally or in any particular case, waive any lien that has arisen or declare any share exempt in whole or in part, from the provisions of this Article.

23. Subject to these Articles, the Company may sell in such manner as the Board determines any share on which the Company has a lien, but no sale shall be made unless some sum in respect of which the lien exists is presently payable, or the liability or engagement in respect of which such lien exists is liable to be presently fulfilled or discharged nor until the expiration of fourteen (14) clear days after a notice in writing, stating and demanding payment of the sum presently payable, or specifying the liability or engagement and demanding fulfilment or discharge thereof and giving notice of the intention to sell in default, has been served on the registered holder for the time being of the share or the person entitled thereto by reason of his death or bankruptcy.

24. The net proceeds of the sale shall be received by the Company and applied in or towards payment or discharge of the debt or liability in respect of which the lien exists, so far as the same is presently payable, and any residue shall (subject to a like lien for debts or liabilities not presently payable as existed upon the share prior to the sale) be paid to the person entitled to the share at the time of the sale. To give effect to any such sale the Board may authorise some person to transfer the shares sold to the purchaser thereof. The purchaser shall be registered as the holder of the shares so transferred and he shall not be bound to see to the application of the purchase money, nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale.

<u>CALLS ON SHARES</u>

25. Subject to these Articles and to the terms of allotment, the Board may from time to time make calls upon the Members in respect of any moneys unpaid on their shares (whether on account of the nominal value of the shares or by way of premium), and each Member shall (subject to being given at least fourteen (14) clear days' Notice specifying the time and place of payment) pay to the Company as required by such notice the amount called on his shares. A call may be extended, postponed or revoked in whole or in part as the Board determines but no member shall be entitled to any such extension, postponement or revocation except as a matter of grace and favour.

26. A call shall be deemed to have been made at the time when the resolution of the Board authorising the call was passed and may be made payable either in one lump sum or by instalments.

27. A person upon whom a call is made shall remain liable for calls made upon him notwithstanding the subsequent transfer of the shares in respect of which the call was made. The joint holders of a share shall be jointly and severally liable to pay all calls and instalments due in respect thereof or other moneys due in respect thereof.

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28. If a sum called in respect of a share is not paid before or on the day appointed for payment thereof, the person from whom the sum is due shall pay interest on the amount unpaid from the day appointed for payment thereof to the time of actual payment at such rate (not exceeding twenty per cent. (20%) per annum) as the Board may determine, but the Board may in its absolute discretion waive payment of such interest wholly or in part.

29. No Member shall be entitled to receive any dividend or bonus or to be present and vote (save as proxy for another Member) at any general meeting either personally or by proxy, or be reckoned in a quorum, or exercise any other privilege as a Member until all calls or instalments due by him to the Company, whether alone or jointly with any other person, together with interest and expenses (if any) shall have been paid.

30. On the trial or hearing of any action or other proceedings for the recovery of any money due for any call, it shall be sufficient to prove that the name of the Member sued is entered in the Register as the holder, or one of the holders, of the shares in respect of which such debt accrued, that the resolution making the call is duly recorded in the minute book, and that notice of such call was duly given to the Member sued, in pursuance of these Articles; and it shall not be necessary to prove the appointment of the Directors who made such call, nor any other matters whatsoever, but the proof of the matters aforesaid shall be conclusive evidence of the debt.

31. Any amount payable in respect of a share upon allotment or at any fixed date, whether in respect of nominal value or premium or as an instalment of a call, shall be deemed to be a call duly made and payable on the date fixed for payment and if it is not paid the provisions of these Articles shall apply as if that amount had become due and payable by virtue of a call duly made and notified.

32. On the issue of shares the Board may differentiate between the allottees or holders as to the amount of calls to be paid and the times of payment.

33. The Board may, if it thinks fit, receive from any Member willing to advance the same, and either in money or money's worth, all or any part of the moneys uncalled and unpaid or instalments payable upon any shares held by him and upon all or any of the moneys so advanced (until the same would, but for such advance, become presently payable) pay interest at such rate (if any) as the Board may decide. The Board may at any time repay the amount so advanced upon giving to such Member not less than one month's Notice of its intention in that behalf, unless before the expiration of such notice the amount so advanced shall have been called up on the shares in respect of which it was advanced. Such payment in advance shall not entitle the holder of such share or shares to participate in respect thereof in a dividend subsequently declared.

<u>FORFEITURE OF SHARES</u>

34. (1) If a call remains unpaid after it has become due and payable the Board may give to the person from whom it is due not less than fourteen (14) clear days' Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) requiring
 payment of the amount unpaid together with any interest which may have accrued and which
 may still accrue up to the date of actual payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) stating
 that if the Notice is not complied with the shares on which the call was made will be liable
 to be forfeited.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the requirements of any such Notice are not complied with, any share in respect of which such Notice has been given may at any time thereafter, before payment of all calls and interest due in respect thereof has been made, be forfeited by a resolution of the Board to that effect, and such forfeiture shall include all dividends and bonuses declared in respect of the forfeited share but not actually paid before the forfeiture.

35. When any share has been forfeited, notice of the forfeiture shall be served upon the person who was before forfeiture the holder of the share. No forfeiture shall be invalidated by any omission or neglect to give such Notice.

36. The Board may accept the surrender of any share liable to be forfeited hereunder and, in such case, references in these Articles to forfeiture will include surrender.

37. Any share so forfeited shall be deemed the property of the Company and may be sold, re-allotted or otherwise disposed of to such person, upon such terms and in such manner as the Board determines, and at any time before a sale, re-allotment or disposition the forfeiture may be annulled by the Board on such terms as the Board determines.

38. A person whose shares have been forfeited shall cease to be a Member in respect of the forfeited shares but nevertheless shall remain liable to pay the Company all moneys which at the date of forfeiture were presently payable by him to the Company in respect of the shares, with (if the Directors shall in their discretion so require) interest thereon from the date of forfeiture until payment at such rate (not exceeding twenty per cent. (20%) per annum) as the Board determines. The Board may enforce payment thereof if it thinks fit, and without any deduction or allowance for the value of the forfeited shares, at the date of forfeiture, but his liability shall cease if and when the Company shall have received payment in full of all such moneys in respect of the shares. For the purposes of this Article any sum which, by the terms of issue of a share, is payable thereon at a fixed time which is subsequent to the date of forfeiture, whether on account of the nominal value of the share or by way of premium, shall notwithstanding that time has not yet arrived be deemed to be payable at the date of forfeiture, and the same shall become due and payable immediately upon the forfeiture, but interest thereon shall only be payable in respect of any period between the said fixed time and the date of actual payment.

39. A declaration by a Director or the Secretary that a share has been forfeited on a specified date shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the share, and such declaration shall (subject to the execution of an instrument of transfer by the Company if necessary) constitute a good title to the share, and the person to whom the share is disposed of shall be registered as the holder of the share and shall not be bound to see to the application of the consideration (if any), nor shall his title to the share be affected by any irregularity in or invalidity of the proceedings in reference to the forfeiture, sale or disposal of the share. When any share shall have been forfeited, notice of the declaration shall be given to the Member in whose name it stood immediately prior to the forfeiture, and an entry of the forfeiture, with the date thereof, shall forthwith be made in the register, but no forfeiture shall be in any manner invalidated by any omission or neglect to give such notice or make any such entry.

40. Notwithstanding any such forfeiture as aforesaid, the Board may at any time, before any shares so forfeited shall have been sold, re-allotted or otherwise disposed of, permit the shares forfeited to be bought back upon the terms of payment of all calls and interest due upon and expenses incurred in respect of the share, and upon such further terms (if any) as it thinks fit.

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41. The forfeiture of a share shall not prejudice the right of the Company to any call already made or instalment payable thereon.

42. The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which, by the terms of issue of a share, becomes payable at a fixed time, whether on account of the nominal value of the share or by way of premium, as if the same had been payable by virtue of a call duly made and notified.

<u>REGISTER OF MEMBERS</u>

43. (1) The Company shall keep in one or more books a Register of its Members and shall enter therein the following particulars, that is to say:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 name and address of each Member, the number and class of shares held by him and the amount
 paid or agreed to be considered as paid on such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 date on which each person was entered in the Register; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 date on which any person ceased to be a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company may keep an overseas or local or other branch register of Members resident in any place, and the Board may make and vary such regulations as it determines in respect of the keeping of any such register and maintaining a Registration Office in connection therewith.

44. The Register and branch register of Members, as the case may be, shall be open to inspection for such times and on such days as the Board shall determine by Members without charge or by any other person, upon a maximum payment of $2.50 or such other sum specified by the Board, at the Office or Registration Office or such other place at which the Register is kept in accordance with the Act. The Register including any overseas or local or other branch register of Members may, after compliance with any notice requirement of the Designated Stock Exchange , be closed at such times or for such periods not exceeding in the whole thirty (30) days in each year as the Board may determine and either generally or in respect of any class of shares.

<u>RECORD DATES</u>

45. For the purpose of determining the Members entitled to notice of or to vote at any general meeting, or any adjournment thereof, or entitled to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of shares or for the purpose of any other lawful action, the Board may fix, in advance, a date as the record date for any such determination of Members, which date shall not be more than sixty (60) days nor less than ten (10) days before the date of such meeting, nor more than sixty (60) days prior to any other such action.

If the Board does not fix a record date for any general meeting, the record date for determining the Members entitled to a notice of or to vote at such meeting shall be at the close of business on the day next preceding the day on which notice is given, or, if in preceding the day on which the meeting is held. The record date for determining the Members for any other purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto.

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A determination of the Members of record entitled to notice of or to vote at a meeting of the Members shall apply to any adjournment of the meeting; provided, however, that the Board may fix a new record date for the adjourned meeting.

<u>TRANSFER OF SHARES</u>

46. Subject to these Articles, any Member may transfer all or any of his shares by an instrument of transfer in the usual or common form or in a form prescribed by the Designated Stock Exchange or in any other form approved by the Board and may be under hand or, if the transferor or transferee is a clearing house or a central depository house or its nominee(s), by hand or by machine imprinted signature or by such other manner of execution as the Board may approve from time to time.

47. The instrument of transfer shall be executed by or on behalf of the transferor and the transferee provided that the Board may dispense with the execution of the instrument of transfer by the transferee in any case which it thinks fit in its discretion to do so. Without prejudice to the last preceding Article, the Board may also resolve, either generally or in any particular case, upon request by either the transferor or transferee, to accept mechanically executed transfers. The transferor shall be deemed to remain the holder of the share until the name of the transferee is entered in the Register in respect thereof. Nothing in these Articles shall preclude the Board from recognising a renunciation of the allotment or provisional allotment of any share by the allottee in favour of some other person.

48. (1) The Board may, in its absolute discretion, and without giving any reason therefor, refuse to register a transfer of any share (not being a fully paid up share) to a person of whom it does not approve, or any share issued under any share incentive scheme for employees upon which a restriction on transfer imposed thereby still subsists, and it may also, without prejudice to the foregoing generality, refuse to register a transfer of any share to more than four joint holders or a transfer of any share (not being a fully paid up share) on which the Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board in so far as permitted by any applicable law may, in its absolute discretion, at any time and from time to time transfer any share upon the Register to any branch register or any share on any branch register to the Register or any other branch register. In the event of any such transfer, the shareholder requesting such transfer shall bear the cost of effecting the transfer unless the Board otherwise determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Unless the Board otherwise agrees (which agreement may be on such terms and subject to such conditions as the Board in its absolute discretion may from time to time determine, and which agreement the Board shall, without giving any reason therefor, be entitled in its absolute discretion to give or withhold), no shares upon the Register shall be transferred to any branch register nor shall shares on any branch register be transferred to the Register or any other branch register and all transfers and other documents of title shall be lodged for registration, and registered, in the case of any shares on a branch register, at the relevant Registration Office, and, in the case of any shares on the Register, at the Office or such other place at which the Register is kept in accordance with the Act.

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49. Without limiting the generality of the last preceding Article, the Board may decline to recognise any instrument of transfer unless:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 fee of such maximum sum as the Designated Stock Exchange may determine to be payable or such
 lesser sum as the Board may from time to time require is paid to the Company in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 instrument of transfer is in respect of only one class of share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 instrument of transfer is lodged at the Office or such other place at which the Register
 is kept in accordance with the Act or the Registration Office (as the case may be) accompanied
 by the relevant share certificate(s) and such other evidence as the Board may reasonably
 require to show the right of the transferor to make the transfer (and, if the instrument
 of transfer is executed by some other person on his behalf, the authority of that person
 so to do); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 applicable, the instrument of transfer is duly and properly stamped.

50. If the Board refuses to register a transfer of any share, it shall, within three months after the date on which the transfer was lodged with the Company, send to each of the transferor and transferee notice of the refusal.

51. The registration of transfers of shares or of any class of shares may, after compliance with any notice requirement of the Designated Stock Exchange, be suspended at such times and for such periods (not exceeding in the whole thirty (30) days in any year) as the Board may determine.

<u>TRANSMISSION OF SHARES</u>

52. If a Member dies, the survivor or survivors where the deceased was a joint holder, and his legal personal representatives where he was a sole or only surviving holder, will be the only persons recognised by the Company as having any title to his interest in the shares; but nothing in this Article will release the estate of a deceased Member (whether sole or joint) from any liability in respect of any share which had been solely or jointly held by him.

53. Any person becoming entitled to a share in consequence of the death or bankruptcy or winding-up of a Member may, upon such evidence as to his title being produced as may be required by the Board, elect either to become the holder of the share or to have some person nominated by him registered as the transferee thereof. If he elects to become the holder he shall notify the Company in writing either at the Registration Office or Office, as the case may be, to that effect. If he elects to have another person registered he shall execute a transfer of the share in favour of that person. The provisions of these Articles relating to the transfer and registration of transfers of shares shall apply to such notice or transfer as aforesaid as if the death or bankruptcy of the Member had not occurred and the notice or transfer were a transfer signed by such Member.

54. A person becoming entitled to a share by reason of the death or bankruptcy or winding-up of a Member shall be entitled to the same dividends and other advantages to which he would be entitled if he were the registered holder of the share. However, the Board may, if it thinks fit, withhold the payment of any dividend payable or other advantages in respect of such share until such person shall become the registered holder of the share or shall have effectually transferred such share, but, subject to the requirements of Article 75(2) being met, such a person may vote at meetings.

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<u>UNTRACEABLE MEMBERS</u>

55. (1) Without prejudice to the rights of the Company under paragraph (2) of this Article, the Company may cease sending cheques for dividend entitlements or dividend warrants by post if such cheques or warrants have been left uncashed on two consecutive occasions. However, the Company may exercise the power to cease sending cheques for dividend entitlements or dividend warrants after the first occasion on which such a cheque or warrant is returned undelivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company shall have the power to sell, in such manner as the Board thinks fit, any shares of a Member who is untraceable, but no such sale shall be made unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 cheques or warrants in respect of dividends of the shares in question, being not less than
 three in total number, for any sum payable in cash to the holder of such shares in respect
 of them sent during the relevant period in the manner authorised by the Articles of the Company
 have remained uncashed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so
 far as it is aware at the end of the relevant period, the Company has not at any time during
 the relevant period received any indication of the existence of the Member who is the holder
 of such shares or of a person entitled to such shares by death, bankruptcy or operation of
 law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Company, if so required by the rules governing the listing of shares on the Designated Stock
 Exchange, has given notice to, and caused advertisement in newspapers to be made in accordance
 with the requirements of, the Designated Stock Exchange of its intention to sell such shares
 in the manner required by the Designated Stock Exchange, and a period of three months or
 such shorter period as may be allowed by the Designated Stock Exchange has elapsed since
 the date of such advertisement.

For the purpose of the foregoing, the "relevant period" means the period commencing twelve (12) years before the date of publication of the advertisement referred to in paragraph (c) of this Article and ending at the expiry of the period referred to in that paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To give effect to any such sale the Board may authorise some person to transfer the said shares and an instrument of transfer signed or otherwise executed by or on behalf of such person shall be as effective as if it had been executed by the registered holder or the person entitled by transmission to such shares, and the purchaser shall not be bound to see to the application of the purchase money nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale. The net proceeds of the sale will belong to the Company and upon receipt by the Company of such net proceeds it shall become indebted to the former Member for an amount equal to such net proceeds. No trust shall be created in respect of such debt and no interest shall be payable in respect of it and the Company shall not be required to account for any money earned from the net proceeds which may be employed in the business of the Company or as it thinks fit. Any sale under this Article shall be valid and effective notwithstanding that the Member holding the shares sold is dead, bankrupt or otherwise under any legal disability or incapacity.

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<u>GENERAL MEETINGS</u>

56. An annual general meeting of the Company shall be held in each year other than the year in which these Articles were adopted at such time and place as may be determined by the Board.

57. Each general meeting, other than an annual general meeting, shall be called an extraordinary general meeting. General meetings may be held at such times and in any location in the world as may be determined by the Board.

58. Only a majority of the Board or the Chairman of the Board may call extraordinary general meetings, which extraordinary general meetings shall be held at such times and locations (as permitted hereby) as such person or persons shall determine.

<u>NOTICE OF GENERAL MEETINGS</u>

59. (1) An annual general meeting and any extraordinary general meeting may be called by not less than ten (10) clear days' Notice but a general meeting may be called by shorter notice, subject to the Act, if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of a meeting called as an annual general meeting, by all the Members entitled to
 attend and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of any other meeting, by a majority in number of the Members having the right to
 attend and vote at the meeting, being a majority together holding not less than ninety-five
 per cent. (95%) in nominal value of the issued shares giving that right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The notice shall specify the time and place of the meeting and, in case of special business, the general nature of the business. The notice convening an annual general meeting shall specify the meeting as such. Notice of every general meeting shall be given to all Members other than to such Members as, under the provisions of these Articles or the terms of issue of the shares they hold, are not entitled to receive such notices from the Company, to all persons entitled to a share in consequence of the death or bankruptcy or winding-up of a Member and to each of the Directors and the Auditors.

60. The accidental omission to give Notice of a meeting or (in cases where instruments of proxy are sent out with the Notice) to send such instrument of proxy to, or the non-receipt of such Notice or such instrument of proxy by, any person entitled to receive such Notice shall not invalidate any resolution passed or the proceedings at that meeting.

<u>PROCEEDINGS AT GENERAL MEETINGS</u>

61. (1) All
 business shall be deemed special that is transacted at an extraordinary general meeting,
 and also all business that is transacted at an annual general meeting, with the exception
 of the election of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No
 business other than the appointment of a chairman of a meeting shall be transacted at any
 general meeting unless a quorum is present at the commencement of the business. At any general
 meeting of the Company, two (2) Members entitled to
 vote and present in person or by proxy or (in the case of a Member being a corporation) by
 its duly authorised representative representing not less than one-third in nominal value
 of the total issued voting shares in the Company throughout the meeting shall form a quorum
 for all purposes.

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62. If within thirty (30) minutes (or such longer time not exceeding one hour as the chairman of the meeting may determine to wait) after the time appointed for the meeting a quorum is not present, the meeting shall stand adjourned to the same day in the next week at the same time and place or to such time and place as the Board may determine. If at such adjourned meeting a quorum is not present within half an hour from the time appointed for holding the meeting, the meeting shall be dissolved.

63. The chairman of the Company shall preside as chairman at every general meeting. If at any meeting the chairman is not present within fifteen (15) minutes after the time appointed for holding the meeting, or is not willing to act as chairman, the Directors present shall choose one of their number to act, or if one Director only is present he shall preside as chairman if willing to act. If no Director is present, or if each of the Directors present declines to take the chair, or if the chairman chosen shall retire from the chair, the Members present in person or by proxy and entitled to vote shall elect one of their number to be chairman.

64. The chairman may adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than the business which might lawfully have been transacted at the meeting had the adjournment not taken place. When a meeting is adjourned for fourteen (14) days or more, at least seven (7) clear days' notice of the adjourned meeting shall be given specifying the time and place of the adjourned meeting but it shall not be necessary to specify in such notice the nature of the business to be transacted at the adjourned meeting and the general nature of the business to be transacted. Save as aforesaid, it shall be unnecessary to give notice of an adjournment.

65. If an amendment is proposed to any resolution under consideration but is in good faith ruled out of order by the chairman of the meeting, the proceedings on the substantive resolution shall not be invalidated by any error in such ruling. In the case of a resolution duly proposed as a special resolution, no amendment thereto (other than a mere clerical amendment to correct a patent error) may in any event be considered or voted upon.

<u>VOTING</u>

66. (1) Holders of Class A Ordinary Shares and Class B Ordinary Shares have the right to receive notice of, attend, speak and vote at general meetings of the Company. Except as required by applicable law and subject to these Articles, holders of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as one class on all matters submitted to a vote of the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to any special rights or restrictions as to voting for the time being attached to any shares by or in accordance with these Articles, at any general meeting on a show of hands:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) every
 Member holding Class A Ordinary Shares present in person (or being a corporation, is present
 by a duly authorised representative), or by proxy shall have one (1) vote for every fully
 paid Class A Ordinary Share of which he is the holder and on a poll every Member present
 in person or by proxy or, in the case of a Member being a corporation, by its duly authorised
 representative shall have one (1) vote for every fully paid Class A Ordinary Share of which
 he is the holder; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every
 Member holding Class B Ordinary Shares present in person (or being a corporation, is present
 by a duly authorised representative), or by proxy shall have twenty (20) votes for every
 fully paid Class B Ordinary Share of which he is the holder and on a poll every Member present
 in person or by proxy or, in the case of a Member being a corporation, by its duly authorised
 representative shall have twenty (20) for every fully paid Class B Ordinary Share of which
 he is the holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) No amount paid up or credited as paid up on a share in advance of calls or instalments is treated for the foregoing purposes as paid up on the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding anything contained in these Articles, where more than one proxy is appointed by a Member which is a clearing house or a central depository house (or its nominee(s)), each such proxy shall have one vote on a show of hands. A resolution put to the vote of a meeting shall be decided on a show of hands unless (before or on the declaration of the result of the show of hands or on the withdrawal of any other demand for a poll) a poll is demanded by the chairman of such meeting or by any one Member present in person or in the case of a Member being a corporation by its duly authorised representative or by proxy for the time being entitled to vote at the meeting. A demand by a person as proxy for a Member or in the case of a Member being a corporation by its duly authorised representative shall be deemed to be the same as a demand by a Member.

67. Unless a poll is duly demanded and the demand is not withdrawn, a declaration by the chairman that a resolution has been carried, or carried unanimously, or by a particular majority, or not carried by a particular majority, or lost, and an entry to that effect made in the minute book of the Company, shall be conclusive evidence of the facts without proof of the number or proportion of the votes recorded for or against the resolution.

68. If a poll is duly demanded the result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded. There shall be no requirement for the chairman to disclose the voting figures on a poll.

69. A poll demanded on the election of a chairman, or on a question of adjournment, shall be taken forthwith. A poll demanded on any other question shall be taken in such manner (including the use of ballot or voting papers or tickets) and either forthwith or at such time (being not later than thirty (30) days after the date of the demand) and place as the chairman directs. It shall not be necessary (unless the chairman otherwise directs) for notice to be given of a poll not taken immediately.

70. The demand for a poll shall not prevent the continuance of a meeting or the transaction of any business other than the question on which the poll has been demanded, and, with the consent of the chairman, it may be withdrawn at any time before the close of the meeting or the taking of the poll, whichever is the earlier.

71. On a poll votes may be given either personally or by proxy.

72. A person entitled to more than one vote on a poll need not use all his votes or cast all the votes he uses in the same way.

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73. All questions submitted to a meeting shall be decided by a simple majority of votes except where a greater majority is required by these Articles or by the Act. In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of such meeting shall be entitled to a second or casting vote in addition to any other vote he may have.

74. Where there are joint holders of any share any one of such joint holder may vote, either in person or by proxy, in respect of such share as if he were solely entitled thereto, but if more than one of such joint holders be present at any meeting the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined by the order in which the names stand in the Register in respect of the joint holding. Several executors or administrators of a deceased Member in whose name any share stands shall for the purposes of this Article be deemed joint holders thereof.

75. (1) A Member who is a patient for any purpose relating to mental health or in respect of whom an order has been made by any court having jurisdiction for the protection or management of the affairs of persons incapable of managing their own affairs may vote, whether on a show of hands or on a poll, by his receiver, committee, curator bonis or other person in the nature of a receiver, committee or curator bonis appointed by such court, and such receiver, committee, curator bonis or other person may vote on a poll by proxy, and may otherwise act and be treated as if he were the registered holder of such shares for the purposes of general meetings, provided that such evidence as the Board may require of the authority of the person claiming to vote shall have been deposited at the Office, head office or Registration Office, as appropriate, not less than forty-eight (48) hours before the time appointed for holding the meeting, or adjourned meeting or poll, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any person entitled under Article 53 to be registered as the holder of any shares may vote at any general meeting in respect thereof in the same manner as if he were the registered holder of such shares, provided that forty-eight (48) hours at least before the time of

the holding of the meeting or adjourned meeting, as the case may be, at which he proposes to vote, he shall satisfy the Board of his entitlement to such shares, or the Board shall have previously admitted his right to vote at such meeting in respect thereof.

76. No Member shall, unless the Board otherwise determines, be entitled to attend and vote and to be reckoned in a quorum at any general meeting unless he is duly registered and all calls or other sums presently payable by him in respect of shares in the Company have been paid.

77. If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 objection shall be raised to the qualification of any voter; or

(b) any
 votes have been counted which ought not to have been counted or which might have been rejected;
 or

(c) any
 votes are not counted which ought to have been counted;

the objection or error shall not vitiate the decision of the meeting or adjourned meeting on any resolution unless the same is raised or pointed out at the meeting or, as the case may be, the adjourned meeting at which the vote objected to is given or tendered or at which the error occurs. Any objection or error shall be referred to the chairman of the meeting and shall only vitiate the decision of the meeting on any resolution if the chairman decides that the same may have affected the decision of the meeting. The decision of the chairman on such matters shall be final and conclusive.

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<u>PROXIES</u>

78. Any Member entitled to attend and vote at a meeting of the Company shall be entitled to appoint another person as his proxy to attend and vote instead of him. A Member who is the holder of two or more shares may appoint more than one proxy to represent him and vote on his behalf at a general meeting of the Company or at a class meeting. A proxy need not be a Member. In addition, a proxy or proxies representing either a Member who is an individual or a Member which is a corporation shall be entitled to exercise the same powers on behalf of the Member which he or they represent as such Member could exercise.

79. The instrument appointing a proxy shall be in such form, including electronic or otherwise, as the Board may determine and in the absence of such determination, shall be in writing, which may include electronic writing, and signed by the appointor or of his attorney duly authorised in writing or, if the appointor is a corporation, either under its seal or under the hand of an officer, attorney or other person authorised to sign the same. In the case of an instrument of proxy purporting to be signed on behalf of a corporation by an officer thereof it shall be assumed, unless the contrary appears, that such officer was duly authorised to sign such instrument of proxy on behalf of the corporation without further evidence of the facts.

80. The instrument appointing a proxy and (if required by the Board) the power of attorney or other authority (if any) under which it is signed, or a certified copy of such power or authority, shall be delivered to such place or one of such places (if any) as may be specified for that purpose in or by way of note to or in any document accompanying the notice convening the meeting (or, if no place is so specified at the Registration Office or the Office, as may be appropriate) not less than forty-eight (48) hours before the time appointed for holding the meeting or adjourned meeting at which the person named in the instrument proposes to vote or, in the case of a poll taken subsequently to the date of a meeting or adjourned meeting, not less than twenty-four (24) hours before the time appointed for the taking of the poll and in default the instrument of proxy shall not be treated as valid. No instrument appointing a proxy shall be valid after the expiration of twelve (12) months from the date named in it as the date of its execution, except at an adjourned meeting or on a poll demanded at a meeting or an adjourned meeting in cases where the meeting was originally held within twelve (12) months from such date. Delivery of an instrument appointing a proxy shall not preclude a Member from attending and voting in person at the meeting convened and in such event, the instrument appointing a proxy shall be deemed to be revoked.

81. Instruments of proxy shall be in any common form or in such other form as the Board may approve (provided that this shall not preclude the use of the two-way form) and the Board may, if it thinks fit, send out with the notice of any meeting forms of instrument of proxy for use at the meeting. The instrument of proxy shall be deemed to confer authority to demand or join in demanding a poll and to vote on any amendment of a resolution put to the meeting for which it is given as the proxy thinks fit. The instrument of proxy shall, unless the contrary is stated therein, be valid as well for any adjournment of the meeting as for the meeting to which it relates.

82. A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal, or revocation of the instrument of proxy or of the authority under which it was executed, provided that no intimation in writing of such death, insanity or revocation shall have been received by the Company at the Office or the Registration Office (or such other place as may be specified for the delivery of instruments of proxy in the notice convening the meeting or other document sent therewith) two hours at least before the commencement of the meeting or adjourned meeting, or the taking of the poll, at which the instrument of proxy is used.

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83. Anything which under these Articles a Member may do by proxy he may likewise do by his duly appointed attorney and the provisions of these Articles relating to proxies and instruments appointing proxies shall apply mutatis mutandis in relation to any such attorney and the instrument under which such attorney is appointed.

<u>CORPORATIONS ACTING BY REPRESENTATIVES</u>

84. (1) Any corporation which is a Member may by resolution of its directors or other governing body authorise such person as it thinks fit to act as its representative at any meeting of the Company or at any meeting of any class of Members. The person so authorised shall be entitled to exercise the same powers on behalf of such corporation as the corporation could exercise if it were an individual Member and such corporation shall for the purposes of these Articles be deemed to be present in person at any such meeting if a person so authorised is present thereat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If a clearing house (or its nominee(s)) or a central depository entity, being a corporation, is a Member, it may authorise such persons as it thinks fit to act as its representatives at any meeting of the Company or at any meeting of any class of Members provided that the authorisation shall specify the number and class of shares in respect of which each such representative is so authorised. Each person so authorised under the provisions of this Article shall be deemed to have been duly authorised without further evidence of the facts and be entitled to exercise the same rights and powers on behalf of the clearing house or central depository entity (or its nominee(s)) as if such person was the registered holder of the shares of the Company held by the clearing house or a central depository entity (or its nominee(s)) including the right to vote individually on a show of hands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any reference in these Articles to a duly authorised representative of a Member being a corporation shall mean a representative authorised under the provisions of this Article.

<u>NO ACTION BY WRITTEN RESOLUTIONS OF MEMBERS</u>

85. Any action required or permitted to be taken at any annual or extraordinary general meetings of the Company may be taken only upon the vote of the Members at an annual or extraordinary general meeting duly noticed and convened in accordance with these Articles and the Act and may not be taken by written resolution of Members without a meeting.

<u>BOARD OF DIRECTORS</u>

86. (1) Unless otherwise determined by the Company in general meeting, the number of Directors shall not be less than two (2). There shall be no maximum number of Directors unless otherwise determined from time to time by the Board. The Directors shall be elected or appointed in the first place by the subscribers to the Memorandum of Association or by a majority of them and thereafter in accordance with Article 87 and shall hold office until their successors are elected or appointed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to the Articles and the Act, the Company may by ordinary resolution elect any person to be a Director either to fill a casual vacancy or as an addition to the existing Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Directors shall have the power from time to time and at any time to appoint any person as a Director to fill a casual vacancy on the Board or as an addition to the existing Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) No Director shall be required to hold any shares of the Company by way of qualification and a Director who is not a Member shall be entitled to receive notice of and to attend and speak at any general meeting of the Company and of all classes of shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Subject to any provision to the contrary in these Articles, a Director may be removed by way of an ordinary resolution of the Members at any time before the expiration of his period of office notwithstanding anything in these Articles or in any agreement between the Company and such Director (but without prejudice to any claim for damages under any such agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Board may from time to time by resolution increase or reduce the number of Directors but so that the number of Directors shall never be less than two (2).

<u>RETIREMENT OF DIRECTORS</u>

87. (1) Notwithstanding any other provisions in the Articles, at each annual general meeting one-third of the Directors for the time being (or, if their number is not a multiple of three (3), the number nearest to but not greater than one-third) shall retire from office by rotation provided that every Director shall be subject to retirement at an annual general meeting at least once every three years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A retiring Director shall be eligible for re-election by ordinary resolution of the members of the Company. The Directors to retire by rotation shall include (so far as necessary to ascertain the number of directors to retire by rotation) any Director who wishes to retire and not to offer himself for re-election. Any further Directors so to retire shall be those of the other Directors subject to retirement by rotation who have been longest in office since their last re-election or appointment and so that as between persons who became or were last re-elected Directors on the same day those to retire shall (unless they otherwise agree among themselves) be determined by lot.

88. Unless otherwise provided by the rules of the Designated Stock Exchange, no person other than a Director retiring at the meeting shall, unless recommended by the Directors for election, be eligible for election as a Director at any general meeting.

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<u>DISQUALIFICATION OF DIRECTORS</u>

89. The office of a Director shall be vacated if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) resigns his office by notice in writing delivered to the Company at the Office or tendered at a meeting of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) becomes of unsound mind or dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) without special leave of absence from the Board, is absent from meetings of the Board for six consecutive months and the Board resolves that his office be vacated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) is prohibited by law from being a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) ceases to be a Director by virtue of any provision of the Statutes or is removed from office pursuant to these Articles.

<u>ALTERNATE DIRECTORS</u>

90. Any Director may at any time by Notice delivered to the Office or head office or at a meeting of the Directors appoint any person (including another Director) to be his alternate Director. Any person so appointed shall have all the rights and powers of the Director or Directors for whom such person is appointed in the alternative provided that such person shall not be counted more than once in determining whether or not a quorum is present. An alternate Director may be removed at any time by the body which appointed him and, subject thereto, the office of alternate Director shall continue until the happening of any event which, if we were a Director, would cause him to vacate such office or if his appointer ceases for any reason to be a Director. Any appointment or removal of an alternate Director shall be effected by Notice signed by the appointor and delivered to the Office or head office or tendered at a meeting of the Board. An alternate Director may also be a Director in his own right and may act as alternate to more than one Director. An alternate Director shall, if his appointor so requests, be entitled to receive notices of meetings of the Board or of committees of the Board to the same extent as, but in lieu of, the Director appointing him and shall be entitled to such extent to attend and vote as a Director at any such meeting at which the Director appointing him is not personally present and generally at such meeting to exercise and discharge all the functions, powers and duties of his appointor as a Director and for the purposes of the proceedings at such meeting the provisions of these Articles shall apply as if he were a Director save that as an alternate for more than one Director his voting rights shall be cumulative.

91. An alternate Director shall only be a Director for the purposes of the Act and shall only be subject to the provisions of the Act insofar as they relate to the duties and obligations of a Director when performing the functions of the Director for whom he is appointed in the alternative and shall alone be responsible to the Company for his acts and defaults and shall not be deemed to be the agent of or for the Director appointing him. An alternate Director shall be entitled to contract and be interested in and benefit from contracts or arrangements or transactions and to be repaid expenses and to be indemnified by the Company to the same extent mutatis mutandis as if he were a Director but he shall not be entitled to receive from the Company any fee in his capacity as an alternate Director except only such part, if any, of the remuneration otherwise payable to his appointor as such appointor may by Notice to the Company from time to time direct.

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92. Every person acting as an alternate Director shall have one vote for each Director for whom he acts as alternate (in addition to his own vote if he is also a Director). If his appointor is for the time being absent from the People's Republic of China or otherwise not available or unable to act, the signature of an alternate Director to any resolution in writing of the Board or a committee of the Board of which his appointor is a member shall, unless the notice of his appointment provides to the contrary, be as effective as the signature of his appointor.

93. An alternate Director shall ipso facto cease to be an alternate Director if his appointor ceases for any reason to be a Director, however, such alternate Director or any other person may be re-appointed by the Directors to serve as an alternate Director PROVIDED always that, if at any meeting any Director retires but is re-elected at the same meeting, any appointment of such alternate Director pursuant to these Articles which was in force immediately before his retirement shall remain in force as though he had not retired.

<u>DIRECTORS' FEES AND EXPENSES</u>

94. Subject to the rules of the Designated Stock Exchange, the Directors shall receive such remuneration as the Board may from time to time determine.

95. Each Director shall be entitled to be repaid or prepaid all travelling, hotel and incidental expenses reasonably incurred or expected to be incurred by him in attending meetings of the Board or committees of the Board or general meetings or separate meetings of any class of shares or of debentures of the Company or otherwise in connection with the discharge of his duties as a Director.

96. Any Director who, by request, goes or resides abroad for any purpose of the Company or who performs services which in the opinion of the Board go beyond the ordinary duties of a Director may be paid such extra remuneration (whether by way of salary, commission, participation in profits or otherwise) as the Board may determine and such extra remuneration shall be in addition to or in substitution for any ordinary remuneration provided for by or pursuant to any other Article.

97. Subject to the rules of the Designated Stock Exchange, the Board may, without the approval of the Company in general meeting, make payments to any Director or past Director of the Company by way of compensation for loss of office, or as consideration for or in connection with his retirement from office (not being payment to which the Director is contractually entitled).

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<u>DIRECTORS' INTERESTS</u>

98. A Director may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) hold
 any other office or place of profit with the Company (except that of Auditor) in conjunction
 with his office of Director for such period and upon such terms as the Board may determine.
 Any remuneration (whether by way of salary, commission, participation in profits or otherwise)
 paid to any Director in respect of any such other office or place of profit shall be in addition
 to any remuneration provided for by or pursuant to any other Article;

(b) act
 by himself or his firm in a professional capacity for the Company (otherwise than as Auditor)
 and he or his firm may be remunerated for professional services as if he were not a Director;

(c) continue
 to be or become a director, or other officer or member of any other company promoted by the
 Company or in which the Company may be interested as a vendor, shareholder or otherwise and
 (unless otherwise agreed) no such Director shall be accountable for any remuneration, profits
 or other benefits received by him as a director, or other officer or member of or from his
 interests in any such other company. Subject as otherwise provided by these Articles the
 Directors may exercise or cause to be exercised the voting powers conferred by the shares
 in any other company held or owned by the Company, or exercisable by them as Directors of
 such other company in such manner in all respects as they think fit (including the exercise
 thereof in favour of any resolution appointing themselves or any of them as directors, or
 other officers of such company) or voting or providing for the payment of remuneration to
 the director, or other officers of such other company and any Director may vote in favour
 of the exercise of such voting rights in manner aforesaid notwithstanding that he may be,
 or about to be, appointed a director, or other officer of such a company, and that as such
 he is or may become interested in the exercise of such voting rights in manner aforesaid.

Notwithstanding the foregoing, no "Independent Director" as defined in Designated Stock Exchange Rules or in Rule 10A-3 under the Exchange Act, and with respect of whom the Board has determined constitutes an "Independent Director" for purposes of compliance with applicable law or the Company's listing requirements, shall without the consent of the Audit Committee take any of the foregoing actions or any other action that would reasonably be likely to affect such Director's status as an "Independent Director" of the Company.

99. Subject to the Act and to these Articles, no Director or proposed or intending Director shall be disqualified by his office from contracting with the Company, either with regard to his tenure of any office or place of profit or as vendor, purchaser or in any other manner whatever, nor shall any such contract or any other contract or arrangement in which any Director is in any way interested be liable to be avoided, nor shall any Director so contracting or being so interested be liable to account to the Company or the Members for any remuneration, profit or other benefits realised by any such contract or arrangement by reason of such Director holding that office or of the fiduciary relationship thereby established provided that such Director shall disclose the nature of his interest in any contract or arrangement in which he is interested in accordance with Article 100 herein. Any such transaction that would reasonably be likely to affect a Director's status as an "Independent Director", or that would constitute a "related party transaction" as defined by Item 7.N of Form 20F promulgated by the SEC, shall require the approval of the Audit Committee.

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100. A Director who to his knowledge is in any way, whether directly or indirectly, interested in a contract or arrangement or proposed contract or arrangement with the Company shall declare the nature of his interest at the meeting of the Board at which the question of entering into the contract or arrangement is first considered, if he knows his interest then exists, or in any other case at the first meeting of the Board after he knows that he is or has become so interested. For the purposes of this Article, a general Notice to the Board by a Director to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he
 is a member or officer of a specified company or firm and is to be regarded as interested
 in any contract or arrangement which may after the date of the Notice be made with that company
 or firm; or

(b) he
 is to be regarded as interested in any contract or arrangement which may after the date of
 the Notice be made with a specified person who is connected with him;

shall be deemed to be a sufficient declaration of interest under this Article in relation to any such contract or arrangement, provided that no such Notice shall be effective unless either it is given at a meeting of the Board or the Director takes reasonable steps to secure that it is brought up and read at the next Board meeting after it is given.

101. Following a declaration being made pursuant to the last preceding two Articles, subject to any separate requirement for Audit Committee approval under applicable law or the listing rules of the Company's Designated Stock Exchange, and unless disqualified by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or proposed contract or arrangement in which such Director is interested and may be counted in the quorum at such meeting.

<u>GENERAL POWERS OF THE DIRECTORS</u>

102. (1) The business of the Company shall be managed and conducted by the Board, which may pay all expenses incurred in forming and registering the Company and may exercise all powers of the Company (whether relating to the management of the business of the Company or otherwise) which are not by the Statutes or by these Articles required to be exercised by the Company in general meeting, subject nevertheless to the provisions of the Statutes and of these Articles and to such regulations being not inconsistent with such provisions, as may be prescribed by the Company in general meeting, but no regulations made by the Company in general meeting shall invalidate any prior act of the Board which would have been valid if such regulations had not been made. The general powers given by this Article shall not be limited or restricted by any special authority or power given to the Board by any other Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any person contracting or dealing with the Company in the ordinary course of business shall be entitled to rely on any written or oral contract or agreement or deed, document or instrument entered into or executed as the case may be by any two of the Directors acting jointly on behalf of the Company and the same shall be deemed to be validly entered into or executed by the Company as the case may be and shall, subject to any rule of law, be binding on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Without prejudice to the general powers conferred by these Articles it is hereby expressly declared that the Board shall have the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 give to any person the right or option of requiring at a future date that an allotment shall
 be made to him of any share at par or at such premium as may be agreed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 give to any Directors, officers or employees of the Company an interest in any particular
 business or transaction or participation in the profits thereof or in the general profits
 of the Company either in addition to or in substitution for a salary or other remuneration.

(c) To
 resolve that the Company be deregistered in the Cayman Islands and continued in a named jurisdiction
 outside the Cayman Islands subject to the provisions of the Act.

103. The Board may establish any regional or local boards or agencies for managing any of the affairs of the Company in any place, and may appoint any persons to be members of such local boards, or any managers or agents, and may fix their remuneration (either by way of salary or by commission or by conferring the right to participation in the profits of the Company or by a combination of two or more of these modes) and pay the working expenses of any staff employed by them upon the business of the Company. The Board may delegate to any regional or local board, manager or agent any of the powers, authorities and discretions vested in or exercisable by the Board (other than its powers to make calls and forfeit shares), with power to sub-delegate, and may authorise the members of any of them to fill any vacancies therein and to act notwithstanding vacancies. Any such appointment or delegation may be made upon such terms and subject to such conditions as the Board may think fit, and the Board may remove any person appointed as aforesaid, and may revoke or vary such delegation, but no person dealing in good faith and without notice of any such revocation or variation shall be affected thereby.

104. The Board may by power of attorney appoint any company, firm or person or any fluctuating body of persons, whether nominated directly or indirectly by the Board, to be the attorney or attorneys of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Board under these Articles) and for such period and subject to such conditions as it may think fit, and any such power of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney as the Board may think fit, and may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in him. Such attorney or attorneys may, if so authorised under the Seal of the Company, execute any deed or instrument under their personal seal with the same effect as the affixation of the Company's Seal.

105. The Board may entrust to and confer upon any Director any of the powers exercisable by it upon such terms and conditions and with such restrictions as it thinks fit, and either collaterally with, or to the exclusion of, its own powers, and may from time to time revoke or vary all or any of such powers but no person dealing in good faith and without notice of such revocation or variation shall be affected thereby.

106. All cheques, promissory notes, drafts, bills of exchange and other instruments, whether negotiable or transferable or not, and all receipts for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as the Board shall from time to time by resolution determine. The Company's banking accounts shall be kept with such banker or bankers as the Board shall from time to time determine.

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107. (1) The Board may establish or concur or join with other companies (being subsidiary companies of the Company or companies with which it is associated in business) in establishing and making contributions out of the Company's moneys to any schemes or funds benefits for employees (which expression as used in this and the following paragraph shall include any Director or ex-Director who may hold or have held any executive office or any office of profit under the Company or any of its subsidiary companies) and ex-employees of the Company and their dependants or any class or classes of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board may pay, enter into agreements to pay or make grants of revocable or irrevocable pensions or other benefits to employees and ex-employees and their dependants, or to any of such persons, including pensions or benefits additional to those, if any, to which such employees or ex-employees or their dependants are or may become entitled under any such scheme or fund as mentioned in the last preceding paragraph. Any such pension or benefit may, as the Board considers desirable, be granted to an employee either before and in anticipation of or upon or at any time after his actual retirement, and may be subject or not subject to any terms or conditions as the Board may determine.

<u>BORROWING POWERS</u>

108. The Board may exercise all the powers of the Company to raise or borrow money and to mortgage or charge all or any part of the undertaking, property and assets (present and future) and uncalled capital of the Company and, subject to the Act, to issue debentures, bonds and other securities, whether outright or as collateral security for any debt, liability or obligation of the Company or of any third party.

109. Debentures, bonds and other securities may be made assignable free from any equities between the Company and the person to whom the same may be issued.

110. Any debentures, bonds or other securities may be issued at a discount (other than shares), premium or otherwise and with any special privileges as to redemption, surrender, drawings, allotment of shares, attending and voting at general meetings of the Company, appointment of Directors and otherwise.

111. (1) Where any uncalled capital of the Company is charged, all persons taking any subsequent charge thereon shall take the same subject to such prior charge, and shall not be entitled, by notice to the Members or otherwise, to obtain priority over such prior charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board shall cause a proper register to be kept, in accordance with the provisions of the Act, of all charges specifically affecting the property of the Company and of any series of debentures issued by the Company and shall duly comply with the requirements of the Act in regard to the registration of charges and debentures therein specified and otherwise.

<u>PROCEEDINGS OF THE DIRECTORS</u>

112. The Board may meet for the despatch of business, adjourn and otherwise regulate its meetings as it considers appropriate. Questions arising at any meeting shall be determined by a majority of votes. In the case of any equality of votes the chairman of the meeting shall have an additional or casting vote.

113. A meeting of the Board may be convened by the Secretary on request of a Director or by any Director. The Secretary shall convene a meeting of the Board of which notice may be given in writing or by telephone or in such other manner as the Board may from time to time determine whenever he shall be required so to do by the president or chairman, as the case may be, or any Director.

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114. (1) The quorum necessary for the transaction of the business of the Board may be fixed by the Board and, unless so fixed at any other number, shall be two (2). An alternate Director shall be counted in a quorum in the case of the absence of a Director for whom he is the alternate provided that he shall not be counted more than once for the purpose of determining whether or not a quorum is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Directors may participate in any meeting of the Board by means of a conference telephone or other communications equipment through which all persons participating in the meeting can communicate with each other simultaneously and instantaneously and, for the purpose of counting a quorum, such participation shall constitute presence at a meeting as if those participating were present in person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any Director who ceases to be a Director at a Board meeting may continue to be present and to act as a Director and be counted in the quorum until the termination of such Board meeting if no other Director objects and if otherwise a quorum of Directors would not be present.

115. The continuing Directors or a sole continuing Director may act notwithstanding any vacancy in the Board but, if and so long as the number of Directors is reduced below the minimum number fixed by or in accordance with these Articles, the continuing Directors or Director, notwithstanding that the number of Directors is below the number fixed by or in accordance with these Articles as the quorum or that there is only one continuing Director, may act for the purpose of filling vacancies in the Board or of summoning general meetings of the Company but not for any other purpose.

116. The Chairman of the Board shall be the chairman of all meetings of the Board. If the Chairman of the Board is not present at any meeting within five (5) minutes after the time appointed for holding the same, the Directors present may choose one of their number to be chairman of the meeting.

117. A meeting of the Board at which a quorum is present shall be competent to exercise all the powers, authorities and discretions for the time being vested in or exercisable by the Board.

118. (1) The Board may delegate any of its powers, authorities and discretions to committees (including, without limitation, the Audit Committee), consisting of such Director or Directors and other persons as it thinks fit, and they may, from time to time, revoke such delegation or revoke the appointment of and discharge any such committees either wholly or in part, and either as to persons or purposes. Any committee so formed shall, in the exercise of the powers, authorities and discretions so delegated, conform to any regulations which may be imposed on it by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All acts done by any such committee in conformity with such regulations, and in fulfilment of the purposes for which it was appointed, but not otherwise, shall have like force and effect as if done by the Board, and the Board (or if the Board delegates such power, the committee) shall have power to remunerate the members of any such committee, and charge such remuneration to the current expenses of the Company.

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119. The meetings and proceedings of any committee consisting of two or more members shall be governed by the provisions contained in these Articles for regulating the meetings and proceedings of the Board so far as the same are applicable and are not superseded by any regulations imposed by the Board under the last preceding Article, indicating, without limitation, any committee charter adopted by the Board for purposes or in respect of any such committee.

120. A resolution in writing signed by all the Directors except such as are temporarily unable to act through ill-health or disability shall (provided that such number is sufficient to constitute a quorum and further provided that a copy of such resolution has been given or the contents thereof communicated to all the Directors for the time being entitled to receive notices of Board meetings in the same manner as notices of meetings are required to be given by these Articles) be as valid and effectual as if a resolution had been passed at a meeting of the Board duly convened and held. Such resolution may be contained in one document or in several documents in like form each signed by one or more of the Directors and for this purpose a facsimile signature of a Director shall be treated as valid.

121. All acts bona fide done by the Board or by any committee or by any person acting as a Director or members of a committee, shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment of any member of the Board or such committee or person acting as aforesaid or that they or any of them were disqualified or had vacated office, be as valid as if every such person had been duly appointed and was qualified and had continued to be a Director or member of such committee.

<u>AUDIT COMMITTEE</u>

122. Without prejudice to the freedom of the Directors to establish any other committees, for so long as the shares of the Company (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, the Board shall establish and maintain an Audit Committee as a committee of the Board, the composition and responsibilities of which shall comply with the Designated Stock Exchange Rules and the rules and regulations of the SEC.

123. (1) The Board shall adopt a formal written audit committee charter and review and assess the adequacy of the formal written charter on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Audit Committee shall meet at least once every financial quarter, or more frequently as circumstances dictate.

124. For so long as the shares of the Company (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, the Company shall conduct an appropriate review of all related party transactions on an ongoing basis and shall utilize the Audit Committee for the review and approval of potential conflicts of interest. Specially, the Audit Committee shall approve any transaction or transactions between the Company and any f the following parties: (i) any shareholder owning an interest in the voting power of the Company or any subsidiary of the Company that gives such shareholder significant influence over the Company or any subsidiary of the Company, (ii) any director or executive officer of the Company or any subsidiary of the Company and any relative of such director or executive officer, (iii) any person in which a substantial interest in the voting power of the Company is owned, directly or indirectly, by any person described in (i) or (ii) or over which such a person is able to exercise significant influence, and (iv) any affiliate (other than a subsidiary) of the Company.

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<u>OFFICERS</u>

125. (1) The officers of the Company shall consist of the Chairman of the Board, the Directors and Secretary and such additional officers (who may or may not be Directors) as the Board may from time to time determine, all of whom shall be deemed to be officers for the purposes of the Act and these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Directors shall, as soon as may be after each appointment or election of Directors, elect amongst the Directors a chairman and if more than one Director is proposed for this office, the election to such office shall take place in such manner as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The officers shall receive such remuneration as the Directors may from time to time determine.

126. (1) The Secretary and additional officers, if any, shall be appointed by the Board and shall hold office on such terms and for such period as the Board may determine. If thought fit, two or more persons may be appointed as joint Secretaries. The Board may also appoint from time to time on such terms as it thinks fit one or more assistant or deputy Secretaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Secretary shall attend all meetings of the Members and shall keep correct minutes of such meetings and enter the same in the proper books provided for the purpose. He shall perform such other duties as are prescribed by the Act or these Articles or as may be prescribed by the Board.

127. The officers of the Company shall have such powers and perform such duties in the management, business and affairs of the Company as may be delegated to them by the Directors from time to time.

128. A provision of the Act or of these Articles requiring or authorising a thing to be done by or to a Director and the Secretary shall not be satisfied by its being done by or to the same person acting both as Director and as or in place of the Secretary.

<u>REGISTER OF DIRECTORS AND OFFICERS</u>

129. The Company shall cause to be kept in one or more books at its Office a Register of Directors and Officers in which there shall be entered the full names and addresses of the Directors and Officers and such other particulars as required by the Act or as the Directors may determine. The Company shall send to the Registrar of Companies in the Cayman Islands a copy of such register, and shall from time to time notify to the said Registrar of any change that takes place in relation to such Directors and Officers as required by the Act.

<u>MINUTES</u>

130. (1) The Board shall cause minutes to be duly entered in books provided for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of
 all elections and appointments of officers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of
 the names of the Directors present at each meeting of the Directors and of any committee
 of the Directors;

(c) of
 all resolutions and proceedings of each general meeting of the Members, meetings of the Board
 and meetings of committees of the Board and where there are managers, of all proceedings
 of meetings of the managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Minutes shall be kept by the Secretary at the Office.

<u>SEAL</u>

131. (1) The Company shall have one or more Seals, as the Board may determine. For the purpose of sealing documents creating or evidencing securities issued by the Company, the Company may have a securities seal which is a facsimile of the Seal of the Company with the addition of the word "Securities" on its face or in such other form as the Board may approve. The Board shall provide for the custody of each Seal and no Seal shall be used without the authority of the Board or of a committee of the Board authorised by the Board in that behalf. Subject as otherwise provided in these Articles, any instrument to which a Seal is affixed shall be signed autographically by one Director and the Secretary or by two Directors or by such other person (including a Director) or persons as the Board may appoint, either generally or in any particular case, save that as regards any certificates for shares or debentures or other securities of the Company the Board may by resolution determine that such signatures or either of them shall be dispensed with or affixed by some method or system of mechanical signature. Every instrument executed in manner provided by this Article shall be deemed to be sealed and executed with the authority of the Board previously given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where the Company has a Seal for use abroad, the Board may by writing under the Seal appoint any agent or committee abroad to be the duly authorised agent of the Company for the purpose of affixing and using such Seal and the Board may impose restrictions on the use thereof as may be thought fit. Wherever in these Articles reference is made to the Seal, the reference shall, when and so far as may be applicable, be deemed to include any such other Seal as aforesaid.

<u>AUTHENTICATION OF DOCUMENTS</u>

132. Any Director or the Secretary or any person appointed by the Board for the purpose may authenticate any documents affecting the constitution of the Company and any resolution passed by the Company or the Board or any committee, and any books, records, documents and accounts relating to the business of the Company, and to certify copies thereof or extracts therefrom as true copies or extracts, and if any books, records, documents or accounts are elsewhere than at the Office or the head office the local manager or other officer of the Company having the custody thereof shall be deemed to be a person so appointed by the Board. A document purporting to be a copy of a resolution, or an extract from the minutes of a meeting, of the Company or of the Board or any committee which is so certified shall be conclusive evidence in favour of all persons dealing with the Company upon the faith thereof that such resolution has been duly passed or, as the case may be, that such minutes or extract is a true and accurate record of proceedings at a duly constituted meeting.

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<u>DESTRUCTION OF DOCUMENTS</u>

133. (1) The Company shall be entitled to destroy the following documents at the following times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 share certificate which has been cancelled at any time after the expiry of one (1) year from
 the date of such cancellation;

(b) any
 dividend mandate or any variation or cancellation thereof or any notification of change of
 name or address at any time after the expiry of two (2) years from the date such mandate
 variation cancellation or notification was recorded by the Company;

(c) any
 instrument of transfer of shares which has been registered at any time after the expiry of
 seven (7) years from the date of registration;

(d) any
 allotment letters after the expiry of seven (7) years from the date of issue thereof; and

(e) copies
 of powers of attorney, grants of probate and letters of administration at any time after
 the expiry of seven (7) years after the account to which the relevant power of attorney,
 grant of probate or letters of administration related has been closed;

and it shall conclusively be presumed in favour of the Company that every entry in the Register purporting to be made on the basis of any such documents so destroyed was duly and properly made and every share certificate so destroyed was a valid certificate duly and properly cancelled and that every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document destroyed hereunder was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company. Provided always that: (1) the foregoing provisions of this Article shall apply only to the destruction of a document in good faith and without express notice to the Company that the preservation of such document was relevant to a claim; (2) nothing contained in this Article shall be construed as imposing upon the Company any liability in respect of the destruction of any such document earlier than as aforesaid or in any case where the conditions of proviso (1) above are not fulfilled; and (3) references in this Article to the destruction of any document include references to its disposal in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding any provision contained in these Articles, the Directors may, if permitted by applicable law, authorise the destruction of documents set out in sub-paragraphs (a) to (e) of paragraph (1) of this Article and any other documents in relation to share registration which have been microfilmed or electronically stored by the Company or by the share registrar on its behalf provided always that this Article shall apply only to the destruction of a document in good faith and without express notice to the Company and its share registrar that the preservation of such document was relevant to a claim.

<u>DIVIDENDS AND OTHER PAYMENTS</u>

134. Subject to the Act and any rights and restrictions for the time being attached to any class or classes of shares and these Articles (including, without limitation, in the case of Class B Ordinary Shares, Article 9A(c)), the Board may from time to time declare dividends on any class or classes of shares in any currency to be paid to the Members.

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135. Dividends may be declared and paid out of the profits of the Company, realised or unrealised, or from any reserve set aside from profits which the Directors determine is no longer needed. The Board may also declare and pay dividends out of share premium account or any other fund or account which can be authorised for this purpose in accordance with the Act.

136. Except in so far as the rights attaching to, or the terms of issue of, any share otherwise provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 dividends shall be declared and paid according to the amounts paid up on the shares in respect
 of which the dividend is paid, but no amount paid up on a share in advance of calls shall
 be treated for the purposes of this Article as paid up on the share; and

(b) all
 dividends shall be apportioned and paid pro rata according to the amounts paid up on the
 shares during any portion or portions of the period in respect of which the dividend is paid.

137. The Board may from time to time pay to the Members such interim dividends as appear to the Board to be justified by the profits of the Company and in particular (but without prejudice to the generality of the foregoing) if at any time the share capital of the Company is divided into different classes, the Board may pay such interim dividends in respect of those shares in the capital of the Company which confer on the holders thereof deferred or non-preferential rights as well as in respect of those shares which confer on the holders thereof preferential rights with regard to dividend and provided that the Board acts bona fide the Board shall not incur any responsibility to the holders of shares conferring any preference for any damage that they may suffer by reason of the payment of an interim dividend on any shares having deferred or non-preferential rights and may also pay any fixed dividend which is payable on any shares of the Company half-yearly or on any other dates, whenever such profits, in the opinion of the Board, justifies such payment.

138. The Board may deduct from any dividend or other moneys payable to a Member by the Company on or in respect of any shares all sums of money (if any) presently payable by him to the Company on account of calls or otherwise.

139. No dividend or other moneys payable by the Company on or in respect of any share shall bear interest against the Company.

140. Any dividend, interest or other sum payable in cash to the holder of shares may be paid by cheque or warrant sent through the post addressed to the holder at his registered address or, in the case of joint holders, addressed to the holder whose name stands first in the Register in respect of the shares at his address as appearing in the Register or addressed to such person and at such address as the holder or joint holders may in writing direct. Every such cheque or warrant shall, unless the holder or joint holders otherwise direct, be made payable to the order of the holder or, in the case of joint holders, to the order of the holder whose name stands first on the Register in respect of such shares, and shall be sent at his or their risk and payment of the cheque or warrant by the bank on which it is drawn shall constitute a good discharge to the Company notwithstanding that it may subsequently appear that the same has been stolen or that any endorsement thereon has been forged. Any one of two or more joint holders may give effectual receipts for any dividends or other moneys payable or property distributable in respect of the shares held by such joint holders.

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141. All dividends or bonuses unclaimed for one (1) year after having been declared may be invested or otherwise made use of by the Board for the benefit of the Company until claimed. Any dividend or bonuses unclaimed after a period of six (6) years from the date of declaration shall be forfeited and shall revert to the Company. The payment by the Board of any unclaimed dividend or other sums payable on or in respect of a share into a separate account shall not constitute the Company a trustee in respect thereof.

142. Whenever the Board or the Company in general meeting has resolved that a dividend be paid or declared, the Board may further resolve that such dividend be satisfied wholly or in part by the distribution of specific assets of any kind and in particular of paid up shares, debentures or warrants to subscribe securities of the Company or any other company, or in any one or more of such ways, and where any difficulty arises in regard to the distribution the Board may settle the same as it thinks expedient, and in particular may issue certificates in respect of fractions of shares, disregard fractional entitlements or round the same up or down, and may fix the value for distribution of such specific assets, or any part thereof, and may determine that cash payments shall be made to any Members upon the footing of the value so fixed in order to adjust the rights of all parties, and may vest any such specific assets in trustees as may seem expedient to the Board and may appoint any person to sign any requisite instruments of transfer and other documents on behalf of the persons entitled to the dividend, and such appointment shall be effective and binding on the Members. The Board may resolve that no such assets shall be made available to Members with registered addresses in any particular territory or territories where, in the absence of a registration statement or other special formalities, such distribution of assets would or might, in the opinion of the Board, be unlawful or impracticable and in such event the only entitlement of the Members aforesaid shall be to receive cash payments as aforesaid. Members affected as a result of the foregoing sentence shall not be or be deemed to be a separate class of Members for any purpose whatsoever.

143. (1) Whenever the Board or the Company in general meeting has resolved that a dividend be paid or declared on any class of the share capital of the Company, the Board may further resolve either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 such dividend be satisfied wholly or in part in the form of an allotment of shares credited
 as fully paid up, provided that the Members entitled thereto will be entitled to elect to
 receive such dividend (or part thereof if the Board so determines) in cash in lieu of such
 allotment. In such case, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 basis of any such allotment shall be determined by the Board;

(ii) the
 Board, after determining the basis of allotment, shall give not less than ten (10) days'
 Notice to the holders of the relevant shares of the right of election accorded to them and
 shall send with such notice forms of election and specify the procedure to be followed and
 the place at which and the latest date and time by which duly completed forms of election
 must be lodged in order to be effective;

(iii) the
 right of election may be exercised in respect of the whole or part of that portion of the
 dividend in respect of which the right of election has been accorded; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 dividend (or that part of the dividend to be satisfied by the allotment of shares as aforesaid)
 shall not be payable in cash on shares in respect whereof the cash election has not been
 duly exercised ("the non-elected shares") and in satisfaction thereof shares
 of the relevant class shall be allotted credited as fully paid up to the holders of the non-elected
 shares on the basis of allotment determined as aforesaid and for such purpose the Board shall
 capitalise and apply out of any part of the undivided profits of the Company (including profits
 carried and standing to the credit of any reserves or other special account, share premium
 account, capital redemption reserve other than the Subscription Rights Reserve) as the Board
 may determine, such sum as may be required to pay up in full the appropriate number of shares
 of the relevant class for allotment and distribution to and amongst the holders of the non-elected
 shares on such basis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 the Members entitled to such dividend shall be entitled to elect to receive an allotment
 of shares credited as fully paid up in lieu of the whole or such part of the dividend as
 the Board may think fit. In such case, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 basis of any such allotment shall be determined by the Board;

(ii) the
 Board, after determining the basis of allotment, shall give not less than ten (10) days'
 Notice to the holders of the relevant shares of the right of election accorded to them and
 shall send with such notice forms of election and specify the procedure to be followed and
 the place at which and the latest date and time by which duly completed forms of election
 must be lodged in order to be effective;

(iii) the
 right of election may be exercised in respect of the whole or part of that portion of the
 dividend in respect of which the right of election has been accorded; and

(iv) the
 dividend (or that part of the dividend in respect of which a right of election has been accorded)
 shall not be payable in cash on shares in respect whereof the share election has been duly
 exercised ("the elected shares") and in lieu thereof shares of the relevant class
 shall be allotted credited as fully paid up to the holders of the elected shares on the basis
 of allotment determined as aforesaid and for such purpose the Board shall capitalise and
 apply out of any part of the undivided profits of the Company (including profits carried
 and standing to the credit of any reserves or other special account, share premium account,
 capital redemption reserve other than the Subscription Rights Reserve) as the Board may determine,
 such sum as may be required to pay up in full the appropriate number of shares of the relevant
 class for allotment and distribution to and amongst the holders of the elected shares on
 such basis.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (a) The shares allotted pursuant to the provisions of paragraph (1) of this Article shall rank
 pari passu in all respects with shares of the same class (if any) then in issue save only
 as regards participation in the relevant dividend or in any other distributions, bonuses
 or rights paid, made, declared or announced prior to or contemporaneously with the payment
 or declaration of the relevant dividend unless, contemporaneously with the announcement by
 the Board of their proposal to apply the provisions of sub-paragraph (a) or (b) of paragraph
 (1) of this Article in relation to the relevant dividend or contemporaneously with their
 announcement of the distribution, bonus or rights in question, the Board shall specify that
 the shares to be allotted pursuant to the provisions of paragraph (1) of this Article shall
 rank for participation in such distribution, bonus or rights.

(b) The Board may do all acts and things considered necessary or expedient to give effect to any capitalisation pursuant to the provisions
of paragraph (1) of this Article, with full power to the Board to make such provisions as it thinks fit in the case of shares becoming
distributable in fractions (including provisions whereby, in whole or in part, fractional entitlements are aggregated and sold and the
net proceeds distributed to those entitled, or are disregarded or rounded up or down or whereby the benefit of fractional entitlements
accrues to the Company rather than to the Members concerned). The Board may authorise any person to enter into on behalf of all Members
interested, an agreement with the Company providing for such capitalisation and matters incidental thereto and any agreement made pursuant
to such authority shall be effective and binding on all concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company may upon the recommendation of the Board by ordinary resolution resolve in respect of any one particular dividend of the Company that notwithstanding the provisions of paragraph (1) of this Article a dividend may be satisfied wholly in the form of an allotment of shares credited as fully paid up without offering any right to shareholders to elect to receive such dividend in cash in lieu of such allotment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Board may on any occasion determine that rights of election and the allotment of shares under paragraph (1) of this Article shall not be made available or made to any shareholders with registered addresses in any territory where, in the absence of a registration statement or other special formalities, the circulation of an offer of such rights of election or the allotment of shares would or might, in the opinion of the Board, be unlawful or impracticable, and in such event the provisions aforesaid shall be read and construed subject to such determination. Members affected as a result of the foregoing sentence shall not be or be deemed to be a separate class of Members for any purpose whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any resolution declaring a dividend on shares of any class, whether a resolution of the Company in general meeting or a resolution of the Board, may specify that the same shall be payable or distributable to the persons registered as the holders of such shares at the close of business on a particular date, notwithstanding that it may be a date prior to that on which the resolution is passed, and thereupon the dividend shall be payable or distributable to them in accordance with their respective holdings so registered, but without prejudice to the rights inter se in respect of such dividend of transferors and transferees of any such shares. The provisions of this Article shall mutatis mutandis apply to bonuses, capitalisation issues, distributions of realised capital profits or offers or grants made by the Company to the Members.

<u>RESERVES</u>

144. (1) The Board shall establish an account to be called the share premium account and shall carry to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of any share in the Company. Unless otherwise provided by the provisions of these Articles, the Board may apply the share premium account in any manner permitted by the Act. The Company shall at all times comply with the provisions of the Act in relation to the share premium account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Before recommending any dividend, the Board may set aside out of the profits of the Company such sums as it determines as reserves which shall, at the discretion of the Board, be applicable for any purpose to which the profits of the Company may be properly applied and pending such application may, also at such discretion, either be employed in the business of the Company or be invested in such investments as the Board may from time to time think fit and so that it shall not be necessary to keep any investments constituting the reserve or reserves separate or distinct from any other investments of the Company. The Board may also without placing the same to reserve carry forward any profits which it may think prudent not to distribute.

<u>CAPITALISATION</u>

145. The Board may, at any time and from time to time, pass a resolution to the effect that it is desirable to capitalise all or any part of any amount for the time being standing to the credit of any reserve or fund (including a share premium account and capital redemption reserve and the profit and loss account) whether or not the same is available for distribution and accordingly that such amount be set free for distribution among the Members or any class of Members who would be entitled thereto if it were distributed by way of dividend and in the same proportions, on the footing that the same is not paid in cash but is applied either in or towards paying up the amounts for the time being unpaid on any shares in the Company held by such Members respectively or in paying up in full unissued shares, debentures or other obligations of the Company, to be allotted and distributed credited as fully paid up among such Members, or partly in one way and partly in the other, and the Board shall give effect to such resolution provided that, for the purposes of this Article, a share premium account and any capital redemption reserve or fund representing unrealised profits, may be applied only in paying up in full unissued shares of the Company to be allotted to such Members credited as fully paid.

146. The Board may settle, as it considers appropriate, any difficulty arising in regard to any distribution under the last preceding Article and in particular may issue certificates in respect of fractions of shares or authorise any person to sell and transfer any fractions or may resolve that the distribution should be as nearly as may be practicable in the correct proportion but not exactly so or may ignore fractions altogether, and may determine that cash payments shall be made to any Members in order to adjust the rights of all parties, as may seem expedient to the Board. The Board may appoint any person to sign on behalf of the persons entitled to participate in the distribution any contract necessary or desirable for giving effect thereto and such appointment shall be effective and binding upon the Members.

<u>SUBSCRIPTION RIGHTS RESERVE</u>

147. The following provisions shall have effect to the extent that they are not prohibited by and are in compliance with the Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If,
 so long as any of the rights attached to any warrants issued by the Company to subscribe
 for shares of the Company shall remain exercisable, the Company does any act or engages in
 any transaction which, as a result of any adjustments to the subscription price in accordance
 with the provisions of the conditions of the warrants, would reduce the subscription price
 to below the par value of a share, then the following provisions shall apply:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 from the date of such act or transaction the Company shall establish and thereafter (subject
 as provided in this Article) maintain in accordance with the provisions of this Article a
 reserve (the "Subscription Rights Reserve") the amount of which shall at no time
 be less than the sum which for the time being would be required to be capitalised and applied
 in paying up in full the nominal amount of the additional shares required to be issued and
 allotted credited as fully paid pursuant to sub-paragraph (c) below on the exercise in full
 of all the subscription rights outstanding and shall apply the Subscription Rights Reserve
 in paying up such additional shares in full as and when the same are allotted;

(b) the
 Subscription Rights Reserve shall not be used for any purpose other than that specified above
 unless all other reserves of the Company (other than share premium account) have been extinguished
 and will then only be used to make good losses of the Company if and so far as is required
 by law;

(c) upon
 the exercise of all or any of the subscription rights represented by any warrant, the relevant
 subscription rights shall be exercisable in respect of a nominal amount of shares equal to
 the amount in cash which the holder of such warrant is required to pay on exercise of the
 subscription rights represented thereby (or, as the case may be the relevant portion thereof
 in the event of a partial exercise of the subscription rights) and, in addition, there shall
 be allotted in respect of such subscription rights to the exercising warrantholder, credited
 as fully paid, such additional nominal amount of shares as is equal to the difference between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 said amount in cash which the holder of such warrant is required to pay on exercise of the
 subscription rights represented thereby (or, as the case may be, the relevant portion thereof
 in the event of a partial exercise of the subscription rights); and

(ii) the
 nominal amount of shares in respect of which such subscription rights would have been exercisable
 having regard to the provisions of the conditions of the warrants, had it been possible for
 such subscription rights to represent the right to subscribe for shares at less than par
 and immediately upon such exercise so much of the sum standing to the credit of the Subscription
 Rights Reserve as is required to pay up in full such additional nominal amount of shares
 shall be capitalised and applied in paying up in full such additional nominal amount of shares
 which shall forthwith be allotted credited as fully paid to the exercising warrantholders;
 and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if,
 upon the exercise of the subscription rights represented by any warrant, the amount standing
 to the credit of the Subscription Rights Reserve is not sufficient to pay up in full such
 additional nominal amount of shares equal to such difference as aforesaid to which the exercising
 warrantholder is entitled, the Board shall apply any profits or reserves then or thereafter
 becoming available (including, to the extent permitted by law, share premium account) for
 such purpose until such additional nominal amount of shares is paid up and allotted as aforesaid
 and until then no dividend or other distribution shall be paid or made on the fully paid
 shares of the Company then in issue. Pending such payment and allotment, the exercising warrantholder
 shall be issued by the Company with a certificate evidencing his right to the allotment of
 such additional nominal amount of shares. The rights represented by any such certificate
 shall be in registered form and shall be transferable in whole or in part in units of one
 share in the like manner as the shares for the time being are transferable, and the Company
 shall make such arrangements in relation to the maintenance of a register therefor and other
 matters in relation thereto as the Board may think fit and adequate particulars thereof shall
 be made known to each relevant exercising warrantholder upon the issue of such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Shares allotted pursuant to the provisions of this Article shall rank pari passu in all respects with the other shares allotted on the relevant exercise of the subscription rights represented by the warrant concerned. Notwithstanding anything contained in paragraph (1) of this Article, no fraction of any share shall be allotted on exercise of the subscription rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The provision of this Article as to the establishment and maintenance of the Subscription Rights Reserve shall not be altered or added to in any way which would vary or abrogate, or which would have the effect of varying or abrogating the provisions for the benefit of any warrantholder or class of warrantholders under this Article without the sanction of a special resolution of such warrantholders or class of warrantholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A certificate or report by the auditors for the time being of the Company as to whether or not the Subscription Rights Reserve is required to be established and maintained and if so the amount thereof so required to be established and maintained, as to the purposes for which the Subscription Rights Reserve has been used, as to the extent to which it has been used to make good losses of the Company, as to the additional nominal amount of shares required to be allotted to exercising warrantholders credited as fully paid, and as to any other matter concerning the Subscription Rights Reserve shall (in the absence of manifest error) be conclusive and binding upon the Company and all warrantholders and shareholders.

<u>ACCOUNTING RECORDS</u>

148. The Board shall cause true accounts to be kept of the sums of money received and expended by the Company, and the matters in respect of which such receipt and expenditure take place, and of the property, assets, credits and liabilities of the Company and of all other matters required by the Act or necessary to give a true and fair view of the Company's affairs and to explain its transactions.

149. The accounting records shall be kept at the Office or, at such other place or places as the Board decides and shall always be open to inspection by the Directors. No Member (other than a Director) shall have any right of inspecting any accounting record or book or document of the Company except as conferred by law or authorised by the Board or the Company in general meeting.

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150. Subject to Article 151, a printed copy of the Directors' report, accompanied by the balance sheet and profit and loss account, including every document required by law to be annexed thereto, made up to the end of the applicable financial year and containing a summary of the assets and liabilities of the Company under convenient heads and a statement of income and expenditure, together with a copy of the Auditors' report, shall be sent to each person entitled thereto in any manner set out in Article 159 every year. The Directors shall have the discretion to lay these documents before the Company at any general meeting held in accordance with Article 56 in which case, the documents shall be sent to each person entitled thereto at least ten (10) days before the date of the general meeting. This Article shall not require a copy of those documents to be sent to any person whose address the Company is not aware or to more than one of the joint holders of any shares or debentures.

151. Subject to due compliance with all applicable Statutes, rules and regulations, including, without limitation, the rules of the Designated Stock Exchange, and to obtaining all necessary consents, if any, required thereunder, the requirements of Article 150 shall be deemed satisfied in relation to any person by sending to the person in any manner not prohibited by the Statutes, a summary financial statement derived from the Company's annual accounts and the directors' report which shall be in the form and containing the information required by applicable laws and regulations, provided that any person who is otherwise entitled to the annual financial statements of the Company and the directors' report thereon may, if he so requires by notice in writing served on the Company, demand that the Company sends to him, in addition to a summary financial statement, a complete printed copy of the Company's annual financial statement and the directors' report thereon.

152. The requirement to send to a person referred to in Article 150 the documents referred to in that article or a summary financial report in accordance with Article 151 shall be deemed satisfied where, in accordance with all applicable Statutes, rules and regulations, including, without limitation, the rules of the Designated Stock Exchange, the Company publishes copies of the documents referred to in Article 150 and, if applicable, a summary financial report complying with Article 151, on the website of the Company, the SEC or the Designated Stock Exchange or in any other permitted manner (including by sending any form of electronic communication).

<u>AUDIT</u>

153. Subject to applicable law and rules of the Designated Stock Exchange:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Board shall appoint an auditor to audit the accounts of the Company and such auditor shall hold office until the Board appoints another auditor. Such auditor may be a Member but no Director or officer or employee of the Company shall, during his continuance in office, be eligible to act as an auditor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board may remove the Auditor at any time before the expiration of his term of office and may by resolution appoint another Auditor in his stead.

154. Subject to the Act the accounts of the Company shall be audited at least once in every year.

155. The remuneration of the Auditor shall be fixed by the Board.

156. If the office of auditor becomes vacant by the resignation or death of the Auditor, or by his becoming incapable of acting by reason of illness or other disability at a time when his services are required, the Directors shall fill the vacancy and determine the remuneration of such Auditor.

157. The Auditor shall at all reasonable times have access to all books kept by the Company and to all accounts and vouchers relating thereto; and he may call on the Directors or officers of the Company for any information in their possession relating to the books or affairs of the Company.

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158. The statement of income and expenditure and the balance sheet provided for by these Articles shall be examined by the Auditor and compared by him with the books, accounts and vouchers relating thereto; and he shall make a written report thereon stating whether such statement and balance sheet are drawn up so as to present fairly the financial position of the Company and the results of its operations for the period under review and, in case information shall have been called for from Directors or officers of the Company, whether the same has been furnished and has been satisfactory. The financial statements of the Company shall be audited by the Auditor in accordance with generally accepted auditing standards. The Auditor shall make a written report thereon in accordance with generally accepted auditing standards and the report of the Auditor shall be submitted to the Members in general meeting. The generally accepted auditing standards referred to herein may be those of a country or jurisdiction other than the Cayman Islands. If so, the financial statements and the report of the Auditor should disclose this act and name such country or jurisdiction.

<u>NOTICES</u>

159. Any Notice or document, whether or not, to be given or issued under these Articles from the Company to a Member shall be in writing or by cable, telex or facsimile transmission message or other form of electronic transmission or communication and any such Notice and document may be served or delivered by the Company on or to any Member either personally or by sending it through the post in a prepaid envelope addressed to such Member at his registered address as appearing in the Register or at any other address supplied by him to the Company for the purpose or, as the case may be, by transmitting it to any such address or transmitting it to any telex or facsimile transmission number or electronic number or address or website supplied by him to the Company for the giving of Notice or document to him or which the person transmitting the Notice or document reasonably and bona fide believes at the relevant time will result in the Notice or document being duly received by the Member or may also be served by advertisement in appropriate newspapers in accordance with the requirements of the Designated Stock Exchange or, to the extent permitted by the applicable laws, by placing it on the website of the Company, the SEC or the Designated Stock Exchange. In the case of joint holders of a share all notices shall be given to that one of the joint holders whose name stands first in the Register and notice so given shall be deemed a sufficient service on or delivery to all the joint holders.

160. Any Notice or other document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 served or delivered by post, shall where appropriate be sent by airmail and shall be deemed
 to have been served or delivered on the day following that on which the envelope containing
 the same, properly prepaid and addressed, is put into the post; in proving such service or
 delivery it shall be sufficient to prove that the envelope or wrapper containing the notice
 or document was properly addressed and put into the post and a certificate in writing signed
 by the Secretary or other officer of the Company or other person appointed by the Board that
 the envelope or wrapper containing the notice or other document was so addressed and put
 into the post shall be conclusive evidence thereof;

(b) if
 sent by electronic communication, shall be deemed to be given on the day on which it is transmitted
 from the server of the Company or its agent. A Notice placed on the website of the Company,
 the SEC or the Designated Stock Exchange is deemed given by the Company to a Member on the
 day on which it is placed on the website of the Company, the SEC or the Designated Stock
 Exchange;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 served or delivered in any other manner contemplated by these Articles, shall be deemed to
 have been served or delivered at the time of personal service or delivery or, as the case
 may be, at the time of the relevant despatch or transmission; and in proving such service
 or delivery a certificate in writing signed by the Secretary or other officer of the Company
 or other person appointed by the Board as to the act and time of such service, delivery,
 despatch or transmission shall be conclusive evidence thereof; and

(d) may
 be given to a Member in the English language or such other language as may be approved by
 the Directors, subject to due compliance with all applicable Statutes, rules and regulations.

161. (1) Any Notice or other document delivered or sent by post to or left at the registered address of any Member in pursuance of these Articles shall, notwithstanding that such Member is then dead or bankrupt or that any other event has occurred, and whether or not the Company has notice of the death or bankruptcy or other event, be deemed to have been duly served or delivered in respect of any share registered in the name of such Member as sole or joint holder unless his name shall, at the time of the service or delivery of the notice or document, have been removed from the Register as the holder of the share, and such service or delivery shall for all purposes be deemed a sufficient service or delivery of such Notice or document on all persons interested (whether jointly with or as claiming through or under him) in the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A notice may be given by the Company to the person entitled to a share in consequence of the death, mental disorder or bankruptcy of a Member by sending it through the post in a prepaid letter, envelope or wrapper addressed to him by name, or by the title of representative of the deceased, or trustee of the bankrupt, or by any like description, at the address, if any, supplied for the purpose by the person claiming to be so entitled, or (until such an address has been so supplied) by giving the notice in any manner in which the same might have been given if the death, mental disorder or bankruptcy had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any person who by operation of law, transfer or other means whatsoever shall become entitled to any share shall be bound by every notice in respect of such share which prior to his name and address being entered on the Register shall have been duly given to the person from whom he derives his title to such share.

<u>SIGNATURES</u>

162. For the purposes of these Articles, a cable or telex or facsimile or electronic transmission message purporting to come from a holder of shares or, as the case may be, a Director, or, in the case of a corporation which is a holder of shares from a director or the secretary thereof or a duly appointed attorney or duly authorised representative thereof for it and on its behalf, shall in the absence of express evidence to the contrary available to the person relying thereon at the relevant time be deemed to be a document or instrument in writing signed by such holder or Director in the terms in which it is received.

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<u>WINDING UP</u>

163. (1) Subject to Article 163(2), the Board shall have power in the name and on behalf of the Company to present a petition to the court for the Company to be wound up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Unless otherwise provided by the Act, a resolution that the Company be wound up by the court or be wound up voluntarily shall be a special resolution.

164. (1) Subject to any special rights, privileges or restrictions as to the distribution of available surplus assets on liquidation for the time being attached to any class or classes of shares (i) if the Company shall be wound up and the assets available for distribution amongst the Members of the Company shall be more than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the excess shall be distributed *pari passu* amongst such members in proportion to the amount paid up on the shares held by them respectively and (ii) if the Company shall be wound up and the assets available for distribution amongst the Members as such shall be insufficient to repay the whole of the paid-up capital such assets shall be distributed so that, a nearly as may be, the losses shall be borne by the Members in proportion to the capital paid up, or which ought to have been paid up, at the commencement of the winding up on the shares held by them respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Company shall be wound up (whether the liquidation is voluntary or by the court) the liquidator may, with the authority of a special resolution and any other sanction required by the Act, divide among the Members in specie or kind the whole or any part of the assets of the Company and whether or not the assets shall consist of properties of one kind or shall consist of properties to be divided as aforesaid of different kinds, and may for such purpose set such value as he deems fair upon any one or more class or classes of property and may determine how such division shall be carried out as between the Members or different classes of Members. The liquidator may, with the like authority, vest any part of the assets in trustees upon such trusts for the benefit of the Members as the liquidator with the like authority shall think fit, and the liquidation of the Company may be closed and the Company dissolved, but so that no contributory shall be compelled to accept any shares or other property in respect of which there is a liability.

<u>INDEMNITY</u>

165. (1) The Directors, Secretary and other officers and the liquidator or trustees (if any) for the time being acting in relation to any of the affairs of the Company and everyone of them, and everyone of their heirs, executors and administrators, shall be indemnified and secured harmless out of the assets and profits of the Company from and against all actions, costs, charges, losses, damages and expenses which they or any of them, their or any of their heirs, executors or administrators, shall or may incur or sustain by or by reason of any act done, concurred in or omitted in or about the execution of their duty, or supposed duty, in their respective offices or trusts; and none of them shall be answerable for the acts, receipts, neglects or defaults of the other or others of them or for joining in any receipts for the sake of conformity, or for any bankers or other persons with whom any moneys or effects belonging to the Company shall or may be lodged or deposited for safe custody, or for insufficiency or deficiency of any security upon which any moneys of or belonging to the Company shall be placed out on or invested, or for any other loss, misfortune or damage which may happen in the execution of their respective offices or trusts, or in relation thereto; PROVIDED THAT this indemnity shall not extend to any matter in respect of any fraud or dishonesty which may attach to any of said persons.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Member agrees to waive any claim or right of action he might have, whether individually or by or in the right of the Company, against any Director on account of any action taken by such Director, or the failure of such Director to take any action in the performance of his duties with or for the Company; PROVIDED THAT such waiver shall not extend to any matter in respect of any fraud or dishonesty which may attach to such Director.

<u>AMENDMENT TO MEMORANDUM AND ARTICLES OF ASSOCIATION AND NAME OF COMPANY</u>

166. No Article shall be rescinded, altered or amended and no new Article shall be made until the same has been approved by a special resolution of the Members. A special resolution shall be required to alter the provisions of the Memorandum of Association or to change the name of the Company.

<u>INFORMATION</u>

167. No Member shall be entitled to require discovery of or any information respecting any detail of the Company's trading or any matter which is or may be in the nature of a trade secret or secret process which may relate to the conduct of the business of the Company and which in the opinion of the Directors it will be inexpedient in the interests of the members of the Company to communicate to the public.

<u>FINANCIAL YEAR END</u>

168. Unless otherwise determined by the Board, the financial year end of the Company shall be 31<sup>st</sup> of December in each year.

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## Exhibit 12.1

**Exhibit 12.1**

**CERTIFICATION PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Bee Yin Hong, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 20-F of JE Cleantech Holdings Limited (the "Company");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this annual report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I have disclosed, based on my most recent evaluation of internal controls over financial reporting, to the Company's auditors and the audit committee of the Company's Board of Directors (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls over financial reporting.

---

| | |
|:---|:---|
| Date: May 8, 2026 | */s/ HONG Bee Yin* |
|  | HONG Bee Yin, Chief Executive Officer |

---

## Exhibit 12.2

**Exhibit 12.2**

**CERTIFICATION PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Jia Kwang Long, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 20-F of JE Cleantech Holdings Limited (the "Company");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this annual report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I have disclosed, based on my most recent evaluation of internal controls over financial reporting, to the Company's auditors and the audit committee of the Company's Board of Directors (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls over financial reporting.

---

| | |
|:---|:---|
| Date: May 8, 2026 | */s/ LONG Jia Kwang* |
|  | LONG Jia Kwang, Chief Financial Officer |

---

## Exhibit 13.1

**Exhibit 13.1**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of JE Cleantech Holdings Limited, a Cayman Islands company (the "Corporation"), does hereby certify, to such officer's knowledge, that:

The Annual Report on Form 20-F for the year ended December 31, 2025 (the "Form 20-F") of the Corporation fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and information contained in the Form 20-F fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

---

| | |
|:---|:---|
| Date: May 8, 2026 | */s/ HONG Bee Yin* |
|  | HONG Bee Yin, Chief Executive Officer |

---

## Exhibit 13.2

**Exhibit 13.2**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of JE Cleantech Holdings Limited, a Cayman Islands company (the "Corporation"), does hereby certify, to such officer's knowledge, that:

The Annual Report on Form 20-F for the year ended December 31, 2025 (the "Form 20-F") of the Corporation fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and information contained in the Form 20-F fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

---

| | |
|:---|:---|
| Date: May 8, 2026 | */s/ LONG Jia Kwang* |
|  | LONG Jia Kwang, Chief Financial Officer |

---