# EDGAR Filing Document

**Accession Number:** 0002029138
**File Stem:** 0001213900-26-010020
**Filing Date:** 2026-1
**Character Count:** 173718
**Document Hash:** b06c13cfc0fcd201a60cbfbf95a2d9b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-010020.hdr.sgml**: 20260130

**ACCESSION NUMBER**: 0001213900-26-010020

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 18

**FILED AS OF DATE**: 20260130

**DATE AS OF CHANGE**: 20260130

**EFFECTIVENESS DATE**: 20260130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SAGTEC GLOBAL Ltd
- **CENTRAL INDEX KEY:** 0002029138
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** N8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293073
- **FILM NUMBER:** 26581572

**BUSINESS ADDRESS:**
- **STREET 1:** NO 43-2
- **STREET 2:** JALAN BESAR KEPONG
- **CITY:** KUALA LUMPUR
- **STATE:** N8
- **ZIP:** 52100
- **BUSINESS PHONE:** 60333100089

**MAIL ADDRESS:**
- **STREET 1:** NO 43-2
- **STREET 2:** JALAN BESAR KEPONG
- **CITY:** KUALA LUMPUR
- **STATE:** N8
- **ZIP:** 52100

**As filed with the Securities and Exchange Commission on January 30, 2026**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**SAGTEC GLOBAL LIMITED**

(Exact Name of Registrant as Specified in its Charter)

---

| | |
|:---|:---|
| **British Virgin Islands** | **N/A** |
| (State or Other Jurisdiction of<br> Incorporation or Organization) | (I.R.S. Employer <br> Identification No.) |

---

---

| | |
|:---|:---|
| **Lot 6-2, Level 9, Equatorial Plaza,**<br>**Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia** | **52100** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**SAGTEC GLOBAL LIMITED 2026 Equity Incentive Plan**

(Full Title of the Plan)

**Cogency Global Inc.**

**122 East 42nd Street, 18th Floor**

**New York, NY 10168**

(Name and Address of Agent for Service**)**

**+603-3310 0089**

(Telephone Number, Including Area Code, of Agent for Service)

**Copy To:**

**William S. Rosenstadt, Esq.**

**Mengyi "Jason" Ye, Esq.<br> Ortoli Rosenstadt LLP<br> 366 Madison Avenue, 3rd Floor<br> New York, NY 10017<br> Tel: +1-212-588-0022**

**Fax: +1-212-826-9307**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

If an emerging growth company, 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 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

This registration statement (this "Registration Statement") is filed by SAGTEC GLOBAL LIMITED, a British Virgin Islands business company to register securities issuable pursuant to the SAGTEC GLOBAL LIMITED 2026 Equity Incentive Plan (as amended and restated, "the 2026 Equity Incentive Plan"). The securities registered hereby consist of 1,965,000 class A ordinary shares of no par each (the "Class A Ordinary Shares") of the Registrant, which represent the number of Class A Ordinary Shares that were authorized under the 2026 Equity Incentive Plan. Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement also covers an indeterminate number of additional shares which may be offered and issued to prevent dilution from share splits, share dividends or similar transactions as provided in the 2026 Equity Incentive Plan. Any Class A Ordinary Shares covered by an award granted under the 2026 Equity Incentive Plan (or portion of an award) that terminates, expires, lapses or repurchased for any reason will be deemed not to have been issued for purposes of determining the maximum aggregate number of Class A Ordinary Shares that may be issued under the 2026 Equity Incentive Plan.

i

**PART I**

**INFORMATION REQUIRED IN THE 10(A) PROSPECTUS**

The documents containing the information specified in "Item 1. Plan Information" and "Item 2. Registrant Information and Employee Plan Annual Information" of Part I of Form S-8 will be sent or given to the participants in the 2026 Equity Incentive Plan as specified by Rule 428(b)(1) of the Securities Act. Such documents are not required to be, and are not, filed with the U.S. Securities and Exchange Commission (the "Commission") either as part of this Registration Statement or as a prospectus or prospectus supplement pursuant to Rule 424 under the Securities Act. These documents and the documents incorporated by reference herein pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**Item 1.** **Plan Information.**

Not required to be filed with this Registration Statement.

**Item 2.** **Registrant Information and Employee Plan Annual Information.**

Not required to be filed with this Registration Statement.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3.** **Incorporation of Documents by Reference.**

The following documents, and all documents we subsequently file pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and shall be deemed to be a part hereof from the date of the filing of such documents:

(1) our Annual Report on <u>[Form 20-F](https://www.sec.gov/Archives/edgar/data/2029138/000121390025037092/ea0239540-20f_sagtec.htm)</u> for the fiscal year ended December 31, 2024, filed with the Commission on April 30, 2025;

(2) our current reports on Form 6-K or Form 6-K/A and amendments, furnished to the SEC on [April 30, 2025](https://www.sec.gov/Archives/edgar/data/2029138/000121390025037103/ea0240087-6k_sagtec.htm) , [May 6, 2025](https://www.sec.gov/Archives/edgar/data/2029138/000121390025039907/ea0241034-6k_sagtec.htm) , [May 19, 2025](https://www.sec.gov/Archives/edgar/data/2029138/000121390025045113/ea0242708-6k_sagtec.htm) , [May 23, 2025](https://www.sec.gov/Archives/edgar/data/2029138/000121390025047068/ea0243203-6k_sagtec.htm) , [June 20, 2025](https://www.sec.gov/Archives/edgar/data/2029138/000121390025056057/ea0246354-6k_sagtec.htm) , [July 11, 2025](https://www.sec.gov/Archives/edgar/data/2029138/000121390025063020/ea0248676-6k_sagtec.htm) , [July 18, 2025](https://www.sec.gov/Archives/edgar/data/2029138/000121390025065450/ea0249018-6k_sagtec.htm) , [July 21, 2025](https://www.sec.gov/Archives/edgar/data/2029138/000121390025065888/ea0249435-6k_sagtec.htm) , [August 4, 2025](https://www.sec.gov/Archives/edgar/data/2029138/000121390025070879/ea0251497-6k_sagtec.htm) , [August 15, 2025](https://www.sec.gov/Archives/edgar/data/2029138/000121390025077079/ea0253495-6k_sagtec.htm) , [August 26, 2025](https://www.sec.gov/Archives/edgar/data/2029138/000121390025080777/ea0254285-6k_sagtec.htm) , [October 20, 2025](https://www.sec.gov/Archives/edgar/data/2029138/000121390025100142/ea0260367-6k_sagtec.htm) , [November 4, 2025](https://www.sec.gov/Archives/edgar/data/2029138/000121390025105642/ea0263851-6k_sagtec.htm) , [November 25, 2025](https://www.sec.gov/Archives/edgar/data/2029138/000121390025114424/ea0266716-6k_sagtec.htm) and [January 29, 2026](http://www.sec.gov/Archives/edgar/data/2029138/000121390026009135/ea0272473-6k_sagtec.htm) ;

(3) The description of our ordinary shares incorporated by reference in our registration statement on <u>[Form 8-A](https://www.sec.gov/Archives/edgar/data/2029138/000121390025021023/ea0233329-8a12b_sagtec.htm)</u>, as amended (File No. 001-42551) filed with the Commission on March 6, 2025, including any amendment and report subsequently filed for the purpose of updating that description; and

(4) all reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the report referred to in (1) above.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed modified or superseded for purposes of this Registration Statement. In addition, this Registration Statement will incorporate by reference all other documents subsequently filed by the Registrant under Section 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment to this Registration Statement indicating that all securities offered have been sold or deregistering all securities then remaining unsold. All those documents will be considered a part of this Registration Statement from the respective dates the Registrant files them. Any statement in a document incorporated or deemed to be incorporated by reference in this Registration Statement will be deemed to be modified or superseded to the extent that a statement contained in this Registration Statement or in any other later filed document that also is or is deemed to be incorporated by reference modifies or supersedes the statement. Any statement modified or superseded will not be deemed, except as modified or superseded, to be a part of this Registration Statement.

**Item 4.** **Description of Securities.**

Not applicable.

**Item 5.** **Interests of Named Experts and Counsel.**

Not applicable.

**Item 6.** **Indemnification of Directors and Officers.**

The only statute, charter provision, bylaw, contract, or other arrangement under which any controlling person, director or officer of the Company is insured or indemnified in any manner against any liability which he or she may incur in his or her capacity as such, is as follows:

Under British Virgin Islands law, each of our directors and officers, in performing his or her functions, is required to act honestly and in good faith with a view to our best interests and exercise the care, diligence and skill that a reasonably prudent director would exercise in comparable circumstances having regard to the: i) nature of the company; ii) nature of the decision; and iii) position of, and the nature of the responsibilities undertaken by, the director. British Virgin Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the British Virgin Islands courts to be contrary to public policy, or in breach of the BVI Business Companies Act (2020), Revised Edition such as to provide indemnification against civil fraud or the consequences of committing a crime.

Our second amended and restated memorandum and articles of association provide to the extent permitted by law, we shall indemnify our directors against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings to which they are party or are threatened to be made a party by reason of their acting as our director. To be entitled to indemnification, these persons must have acted honestly and in good faith with a view to the best interest of the company and, in the case of criminal proceedings, they must have had no reasonable cause to believe their conduct was unlawful. Such limitation of liability does not affect the availability of equitable remedies such as injunctive relief or rescission.

In addition, we intend to enter into indemnification agreements with our directors and executive officers that will provide such persons with additional indemnification beyond that provided in our memorandum and 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.

**Item 7.** **Exemption from Registration Claimed.**

Not applicable.

**Item 8.** **Exhibits.**

Reference is hereby made to the Exhibit Index, which is incorporated herein by reference.

**Item 9.** **Undertakings.**

A. The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;

*provided*, *however*, that paragraphs (1)(a) and (1)(b) above do not apply if the information required to be included in a post- effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Kuala Lumpur, Malaysia on this 30<sup>th</sup> day of January 2026.

---

| | |
|:---|:---|
| **SAGTEC GLOBAL LIMITED** | **SAGTEC GLOBAL LIMITED** |
| By: | /s/ *Ng Chen Lok* |
| Name: | Ng Chen Lok |
| Title: | Chairman, Chief Executive Officer and Executive Director |

---

**POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, the undersigned hereby constitute and appoint Ng Chen Lok, his true and lawful attorney-in-facts and agent, each with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) or supplements to this Registration Statement, or any related registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorney-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that each of said attorneys-in-fact and agents, or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Ng Chen Lok | Chairman of the Board of Directors and Chief | January 30, 2026 |
| Ng Chen Lok | Executive Officer (Principal Executive Officer) |  |
| /s/ Zuria Hajar Bt Mohd Adnan | Chief Financial Officer and Executive Director | January 30, 2026 |
| Zuria Hajar Bt Mohd Adnan | (Principal Financial and Accounting Officer) |  |
| /s/ Loong Xin Yee | Chief Operating Officer | January 30, 2026 |
| Loong Xin Yee |  |  |
| /s/ Tan Kim Chuan | Chief Technology Officer | January 30, 2026 |
| Tan Kim Chuan |  |  |
| /s/ Chen Xiang Foong | Director | January 30, 2026 |
| Chen Xiang Foong |  |  |
| /s/ Ng Aik Soon | Director | January 30, 2026 |
| Ng Aik Soon |  |  |
| /s/ Elain binti Lockman | Director | January 30, 2026 |
| Elain binti Lockman |  |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933 as amended, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement thereto in New York, NY on January 30, 2026.

---

| | |
|:---|:---|
| Cogency Global Inc. | Cogency Global Inc. |
| By: | /s/ *Colleen A. De Vries* |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice President |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1\* | [Second Amended and Restated Memorandum and Articles of Association](ea027247501ex3-1_sagtec.htm) |
| 5.1\* | [Opinion of Mourant regarding the validity of the Class A Ordinary Shares being registered](ea027247501ex5-1_sagtec.htm) |
| 10.1 | [SAGTEC GLOBAL LIMITED 2026 Equity Incentive Plan, filed as Exhibit 10.1 to the current report on Form 6-K filed on January 29, 2026 and incorporated by reference herein](http://www.sec.gov/Archives/edgar/data/2029138/000121390026009135/ea027247301ex10-1_sagtec.htm) |
| 23.1\* | [Consent of Mourant (included in its opinion filed as Exhibit 5.1)](ea027247501ex5-1_sagtec.htm) |
| 23.2\* | [Consent of OneStop Assurance PAC](ea027247501ex23-2_sagtec.htm) |
| 24.1\* | [Power of Attorney (included on the signature page to this Registration Statement)](#a_001) |
| 107\* | [Filing fee table](ea027247501ex-fee_sagtec.htm) |

---

\* Filed herewith

## Exhibit 3.1

**Exhibit 3.1**

![](ex3-1_001.jpg)

---

| |
|:---|
| **BVI COMPANY NUMBER: 2135152** |
| **Territory of the British Virgin Islands** |
| **BVI Business Companies Act (Revised Edition) 2020** |
| **Memorandum and Articles of Association** |
| **of** |
| **SAGTEC GLOBAL LIMITED** |
| **A company limited by shares incorporated on 31 October 2023** |
| **As amended and restated by a resolution of shareholders passed on 18 February 2025 and filed on 20 February 2025** |
| **As further amended and restated by a resolution of shareholders passed on 30 September 2025 and filed on 10 October 2025** |

---

<u>Mourant Ozannes, BVI is a British Virgin Islands partnership</u> <br> mourant.com

---

| |
|:---|
| **Territory of the British Virgin Islands** |
| **BVI Business Companies Act (Revised Edition) 2020** |
| **Memorandum of Association** |
| **of** |
| **SAGTEC GLOBAL LIMITED** |
| **A company limited by shares** |
| **As amended and restated by a resolution of shareholders passed on 18 February 2025 and filed on 20 February 2025** |
| **As further amended and restated by a resolution of shareholders passed on 30 September 2025 and filed on 10 October 2025** |

---

1. **NAME** 

The Company's name is SAGTEC GLOBAL LIMITED.

2. **TYPE OF COMPANY** 

The Company is a company limited by shares.

3. **REGISTERED OFFICE** 

3.1 **First registered office** 

The Company's first registered office is located at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.

3.2 **Change of registered office** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may change the location of its registered office to another location in the British
 Virgin Islands by a resolution of shareholders or a resolution of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 change of the Company's registered office will only take effect once the registrar
 has registered a notice of change filed by the Company's registered agent or a legal
 practitioner in the British Virgin Islands acting on behalf of the Company.

4. **REGISTERED AGENT** 

4.1 **First registered agent** 

The Company's first registered agent is Vistra (BVI) Limited of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.

4.2 **Change of registered agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may change its registered agent by a resolution of shareholders or a resolution of
 directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 change of the Company's registered agent will only take effect once the registrar has
 registered a notice of change filed by the Company's existing registered agent or a
 legal practitioner in the British Virgin Islands acting on behalf of the Company.

i

5. **SHARES** 

5.1 **Number and class** 

The Company is authorised to issue an unlimited number of no par value shares, and such shares can be issued as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) B
 Shares,

or any combination of the above types of shares.

5.2 **Fractions of shares** 

Subject to the articles, the Company may issue a fraction of a share.

5.3 **Bonus, redeemable and convertible shares** 

Subject to the articles, the Company may issue bonus shares, redeemable shares and shares that are convertible to another class of share.

5.4 **Redemptions, purchases etc** 

Subject to the articles, the Company may redeem, purchase or otherwise acquire, any of its shares.

5.5 **Registered shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may only issue registered shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company may not issue bearer shares, convert registered shares to bearer shares or exchange
 registered shares for bearer shares.

6. **RIGHTS ATTACHING TO SHARES** 

6.1 **A Shares** 

Subject to the articles, each A Share confers on the holder the right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one
 vote at a meeting of the shareholders or on any resolution of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 equal share in any distribution paid by the Company in accordance with the Act and the articles;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an
 equal share in the distribution of any surplus assets of the Company on its liquidation.

ii

6.2 **B Shares** 

Subject to the articles and clause 6.3 of this memorandum, each B Share confers on the holder the right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) twenty
 votes at a meeting of the shareholders or on any resolution of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 equal share in any distribution paid by the Company in accordance with the Act and the articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an
 equal share in the distribution of any surplus assets of the Company on its liquidation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) convert
 that B Share into an A Share in accordance with clause 6.4 (Voluntary conversion of B Shares)
 of this memorandum.

6.3 **Automatic conversion of B Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where
 any B Share is the subject of a transfer, assignment, transmission or other disposal of a
 legal, beneficial or other interest in that share to any person who is not immediately prior
 to such transfer a holder of B Shares or a Permitted Transferee (a **Transfer Share**),
 such Transfer Share shall be automatically converted to an A Share immediately prior to such
 transfer taking place without the consent of the holder of B Shares and for the avoidance
 of doubt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 sale, transfer, assignment or disposition shall be effective upon the Company's registration
 of such sale, transfer, assignment or disposition in its register of shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 creation of any pledge, charge, encumbrance or other third party right of whatever description
 on any B Share to secure a holder's contractual or legal obligations shall not be deemed
 as a sale, transfer, assignment or disposition unless and until any such pledge, charge,
 encumbrance or other third party right is enforced and results in the third party holding
 legal title to the relevant B Share, in which case all the related B Shares shall be automatically
 converted into of A Shares on a one-for-one basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 any B Share has been transferred to any person who ceases to be a Permitted Transferee of
 the original holder of that B Share, that B Share shall be automatically converted to an
 A Share with effect from the time and date that person ceases to be a Permitted Transferee,
 without the consent of the shareholder and on a one-for-one basis.

6.4 **Voluntary conversion of B Shares** 

Any holder of B Shares shall have the right, upon 10 Business Days' prior written notice to the Company and without the consent of the Company, to automatically convert any or all of their B Shares into A Shares on a one-for-one basis.

6.5 **Share conversion** 

Following any share conversion under clauses 6.3 – 6.4 of this memorandum, the directors shall update (or instruct the Company's transfer agent and / or registered agent (as the case may be) to update) the shareholder lists and / or register of shareholders (as the case may be) to reflect any such conversion.

iii

6.6 **Articles** 

Any provision of the articles which modifies, supplements, restricts or negates any of the rights conferred on the holder of a share by this memorandum, is taken to be included in this memorandum as if set out in full.

7. **VARIATION OF CLASS RIGHTS** 

7.1 **Variation** 

If the Company has different classes of shares in issue, unless the rights attaching to a class of shares state otherwise, the rights attached to that class may only be varied, whether the Company is a going concern or is being liquidated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 the written consent of the holders of the majority of the issued shares of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 a resolution of shareholders of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) pursuant
 to clause 6.3 (Automatic conversion of B Shares); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) pursuant
 to clause 6.4 (Voluntary conversion of B Shares).

7.2 **Rights not varied** 

The rights conferred on the holders of any class of shares issued with preferred or other rights will not (unless the rights attaching to the shares of that class expressly state otherwise) be treated as being varied by the creation or issue of further shares ranking after or equally with the shares of that class.

8. **CAPACITY** 

8.1 **Capacity** 

Subject to the Act and any other applicable enactment of the British Virgin Islands, the Company has (irrespective of corporate benefit):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) full
 capacity to carry on, or undertake, any business or activity, do any act or enter into any
 transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 the purposes of paragraph (a) above, full rights, powers and privileges.

8.2 **No limitations** 

For the purposes of the Act, there are no limitations on the businesses or activities that may be carried on, or undertaken, the acts that may be done, or the transactions that may be entered into, by the Company.

8.3 **Listing on a Designated Stock Exchange** 

If the Company has a class of shares listed on a Designated Stock Exchange, the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 action prohibited by the applicable Listing Rules shall not be taken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) nothing
 contained in this memorandum or the articles prevents any action being taken which is required
 by the applicable Listing Rules;

iv

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) authority
 is given for any act to be done or not done (as the case may be) where required by the applicable
 Listing Rules; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Company shall promptly amend this memorandum and the articles to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) include
 any provision required to comply with a requirement of the applicable Listing Rules where
 such provision is not already included; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) rectify
 any provision of this memorandum and the articles which is or becomes inconsistent with the
 applicable Listing Rules,

provided that no act required to be done by the applicable Listing Rules is contrary to or otherwise prohibited by the Act.

9. **LIABILITY OF SHAREHOLDERS** 

9.1 **No liability for Company's liabilities** 

No shareholder has any liability, as a shareholder, for the liabilities of the Company.

9.2 **Liability to the Company** 

The liability of each shareholder to the Company, as a shareholder, is limited to the amount (if any) unpaid on the shareholder's shares.

10. **AMENDMENTS TO MEMORANDUM AND ARTICLES** 

10.1 **Shareholders** 

The shareholders may amend this memorandum or the articles by a resolution of shareholders.

10.2 **Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 directors may amend this memorandum or the articles by a resolution of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 directors do not have the power to amend:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this
 memorandum or the articles:

&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) to
 restrict the rights or powers of the shareholders to amend this memorandum or the articles;

&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) to
 change the percentage of shareholders required to pass a resolution of shareholders to amend
 this memorandum or the articles; or

&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) in
 circumstances where this memorandum or the articles cannot be amended by the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) clause
 6 (Rights attaching to shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) clause
 7 (Variation of class rights); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) this
 clause 10 (Amendments to memorandum and articles),

of this memorandum.

v

10.3 **Effectiveness** 

Subject to the Act, any amendment to this memorandum or the articles will only take effect once the registrar has registered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 notice of amendment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 amended and restated memorandum of association or amended and restated articles of association,

filed by the Company's registered agent.

11. **INTERPRETATION** 

Definitions and principles of interpretation in the Company's articles of association apply in this memorandum unless the context requires otherwise.

We, Vistra (BVI) Limited of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign this Memorandum of Association the 31st day of October, 2023.

---

| |
|:---|
| Incorporator |
| /s/ (Sd.) Rexella D. Hodge |
| (Sd.) Rexella D. Hodge |
| Authorised Signatory |
| Vistra (BVI) Limited |

---

vi

---

| |
|:---|
| **Territory of the British Virgin Islands** |
| **BVI Business Companies Act (Revised Edition) 2020** |
| **Articles of Association** |
| **of** |
| **SAGTEC GLOBAL LIMITED** |
| **A company limited by shares** |
| **As amended and restated by a resolution of shareholders passed on 18 February 2025 and filed on 20 February 2025** |
| **As further amended and restated by a resolution of shareholders passed on 30 September 2025 and filed on 10 October 2025** |

---

1. **DEFINITIONS AND INTERPRETATION** 

1.1 **Definitions** 

The following definitions apply in these articles of association unless the context requires otherwise:

**Act** means the BVI Business Companies Act (Revised Edition) 2020;

**AGM** means any annual general meeting of the shareholders called by the directors under (and in accordance with the requirements of) article 11 (Shareholders' meetings and written resolutions);

**articles** means these articles of association as amended or amended and restated from time to time;

**A Shares** means the A ordinary shares of no par value in the Company, having the rights set out in the memorandum and these articles;

**B Shares** means the B ordinary shares of no par value in the Company, having the rights set out in the memorandum and these articles;

**Business Day** means a day other than a Saturday, Sunday or public holiday in New York City, New York, Malaysia or the British Virgin Islands;

**charge** means any charge, mortgage or other security interest;

**chargee** means the person to whom a charge has been granted or any nominee of that person;

**committee** means a committee of directors to which any powers of the directors have been delegated under these articles;

**Control** means the possession, directly or indirectly, of the power to direct the management and policies of a company or other entity whether through the ownership of voting securities, by contract or otherwise;

**Company** means Sagtec Global Limited;

**Designated Stock Exchange** means any stock exchange in the United States of America on which any shares are listed for trading;

**director** means, at any time, a person who is a director of the Company and (where appropriate) includes an alternate director;

**Electronic Transactions Act** means the Electronic Transactions Act, 2021, including any modification, amendment, extension, re-enactment or renewal thereof and any regulations made thereunder;

**entitled person** means a person who is entitled to a share by reason of the death, bankruptcy or insolvency of a shareholder or otherwise by operation of the law;

**financial statements** means, for any financial period of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 balance sheet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 profit and loss account or statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 other financial statement the directors decide by a resolution of directors, or are required
 by a resolution of shareholders, to prepare;

**Listing Rules** means the applicable SEC marketplace rules which apply to the Company for so long as the Company has a class of shares listed on a Designed Stock Exchange, such rules as amended or replaced from time to time;

**memorandum** means the Company's memorandum of association as amended or amended and restated from time to time;

**Permitted Transferee** means, in relation to a holder of B Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 Privileged Relation of that holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 company or other entity over which that holder has Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
 trust set up wholly for the benefit of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that
 shareholder; and / or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Privileged Relations of that shareholder;

**Privileged Relation** means, in relation to a holder of B Shares, his, her or its spouse, children and grandchildren (including step and adopted children and grandchildren) and their legal successors;

**register of shareholders** means the register of members maintained by or on behalf of the Company under the Act;

**registrar** means the Registrar of Corporate Affairs appointed under the Act;

**resolution of directors** means a resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) passed
 by a simple majority of the votes cast in respect of the resolution, at a valid meeting of
 directors or a committee, by directors or members of the committee (or their alternates)
 present at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 writing that is signed or consented to (including by way of fax or email) by a majority of
 directors or members of a committee (or their alternates),

who are entitled to vote on the resolution;

**resolution of shareholders** means a resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) passed
 by a simple majority of the votes cast in respect of the resolution, at a valid meeting of
 shareholders (or class of shareholders), by shareholders present (in person or by proxy)
 at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 writing that is signed or consented to (including by way of fax or email) by shareholders
 (or shareholders of the relevant class) who hold shares carrying a simple majority of the
 votes that may be cast in respect of the resolution,

who are entitled to vote on the resolution;

**SEC** means the U.S. Securities and Exchange Commission;

**share** means a share issued, or to be issued, by the Company and includes a fraction of a share;

**shareholder** means a person who is recorded in the register of shareholders as the holder of a share;

**solvency test** means that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 value of the Company's assets exceed its liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company is able to pay its debts as they fall due;

**transfer form** means a written notice under which title to a share is transferred; and

**Transfer Share** has the meaning provided for it in clause 6.3 (Automatic Conversion of B Shares) of the memorandum.

1.2 **Act definitions** 

Definitions in the Act apply in these articles unless the relevant term is defined in these articles or the context requires otherwise.

1.3 **Interpretation** 

The following rules apply in these articles unless the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) headings
 are for convenience only and do not affect interpretation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 singular includes the plural and the converse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 gender includes all genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 reference to any person, corporation, trust, partnership, unincorporated body or other entity
 includes any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 reference to legislation (or to a provision of it) includes a modification or re-enactment
 of it, a legislative provision substituted for it and any regulation, order or other statutory
 instrument issued under it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) where
 a word or phrase is defined, its other grammatical forms have a corresponding meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) mentioning
 anything after **include**, **includes** or **including** does not limit what else
 might be included;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a
 reference to a **clause** is to a clause of the memorandum, and a reference to an **article** is to an article of these articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 reference to a thing being **written** or **in writing** includes all forms of writing,
 including all electronic records which satisfy the requirements of the Electronic Transactions
 Act, including (but not limited to) information generated, sent, received or stored by electronic,
 electrical, digital, magnetic, optical, electromagnetic, biometric or photonic means, including
 electronic data interchange, electronic mail, telegram, telex or telecopy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a
 reference to a thing being **signed** or to a person's **signature** shall include
 reference to an electronic signature which satisfies the requirements of the Electronic Transactions
 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) where
 the directors have delegated any of their powers to a committee or person, a reference to
 a **resolution of directors** in relation to the exercise of that power is to be construed
 accordingly.

1.4 **Class meetings and written resolutions** 

If the Company has different classes of shares in issue, the provisions of these articles relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) meetings
 of shareholders, proceedings at them and eligibility to attend and vote at them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) written
 resolutions of shareholders,

apply (having made all necessary changes) to each meeting or written resolution of the holders of a class of shares.

2. **PRELIMINARY EXPENSES** 

The directors may pay all expenses incurred preliminary to, and in connection with, the incorporation of the Company.

3. **SHARES** 

3.1 **Rights** 

Subject to the Act and any necessary amendments to the memorandum and these articles being made, any share may be issued with any preferred, deferred or other special rights, or with any restrictions, whether in relation to voting, distributions or otherwise, the directors decide by a resolution of directors.

3.2 **Issue** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the Act, the memorandum and these articles, the unissued shares may be issued, and options
 to acquire shares may be granted, at any times, to any persons (whether or not shareholders),
 for any consideration and on any terms, the directors decide by a resolution of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 share is taken to be issued when the name of the holder is entered in the register of shareholders
 as the holder of the share.

3.3 **No pre-emptive rights** 

The directors do not have to offer to issue any shares, or transfer any treasury shares, to any existing shareholder before issuing the shares, or transferring the treasury shares, to any person.

3.4 **Consideration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 share may be issued for consideration in any form or combination of forms, including money,
 a promissory note (or other written obligation to contribute money or property), real property,
 personal property (including goodwill and know-how), services performed or a contract to
 perform future services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before
 issuing a share for a consideration that is or includes non-cash consideration, the directors
 must pass a resolution of directors stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 amount to be credited for the issue of the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that
 (in their opinion) the reasonable present cash value of the non-cash consideration and any
 cash consideration is not less than the amount to be credited for the issue of the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 share issued by the Company upon conversion of, or in exchange for, another share or a debt
 obligation or other security in the Company, shall be treated for all purposes as having
 been issued for money equal to the value of the consideration received or deemed to have
 been received by the Company in respect of the other share, debt obligation or security.

3.5 **Nil paid and partly paid shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 directors may issue shares that are nil paid or partly paid on issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Shares
 that are not fully paid on issue are subject to the forfeiture provisions of these articles.
 For this purpose, shares are not considered to be fully paid on issue if the consideration
 for which they are issued is a promissory note (or other written obligation to contribute
 money or property) or a contract for future services.

3.6 **Fractions of shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 fraction of a share confers on the holder the rights, obligations and liabilities of a whole
 share of the same class corresponding to the fraction other than the right to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the holder of a fraction of a share acquires a further fraction of a share of the same class,
 the fractions will be treated as being consolidated.

3.7 **Joint holdings** 

Where two or more persons are registered as the holders of a share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 joint holders are taken to hold the share as joint tenants with the benefit of survivorship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company need not register more than four persons as the joint holders of the share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 joint holders are jointly and individually liable for all amounts owed to the Company in
 respect of the share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 joint holder may give a good receipt for any dividend or other distribution or other payment
 from the Company in respect of the share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) unless
 another joint holder is nominated by a written notice signed by all of the joint holders
 for any of these purposes, only the senior joint holder is entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) receive
 a share certificate for the share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) attend
 and vote (whether in person or by proxy) at any meeting of shareholders, or sign or consent
 to any written resolution of shareholders, in respect of the share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) receive
 notices from the Company in respect of the share and any notice given to the senior joint
 holder is to be treated as being given to all of the joint holders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) receive
 any dividend or other distribution or other payment from the Company in respect of the share;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for
 the purpose of this article, seniority is determined by the order in which the names of the
 joint holders appear in the register of shareholders.

4. **INTERESTS NOT RECOGNISED** 

4.1 **Trusts not recognised** 

Except as required by law or these articles, the Company is not required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) recognise
 any person as holding any share on any trust (whether express, implied or constructive);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enter
 in the register of shareholders notice of any trust (whether express, implied or constructive).

4.2 **Registered holder's absolute right** 

Except as required by law or these articles, the Company is not required to recognise (even when having notice of it) any interest (whether equitable, contingent, future or otherwise) in any share other than the registered holder's absolute right to the share and all rights attaching to it.

5. **CHARGES OVER SHARES** 

5.1 **Creation** 

Subject to the Act, and the applicable Listing Rules, a shareholder may create a charge over any of the shareholder's shares.

5.2 **Register of shareholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 a shareholder notifies the Company that the shareholder has created a charge over any of
 the shareholder's shares, and requests the Company to do so, the Company must enter
 the following particulars in the register of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 statement that the relevant number of the shareholder's shares is subject to a charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 name of the chargee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 date of which the particulars specified in paragraphs (a) and (b) above are entered in the
 register of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 particulars of a charge are entered in the register of shareholders in accordance with these
 articles, the particulars will only be cancelled or removed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with
 the written consent of the chargee or a person who the directors are satisfied is authorised
 to act on behalf of the chargee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 the Company is provided with:

&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) evidence
 satisfactory to the directors that the liabilities secured by the charge have been discharged
 in full; 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) (if
 the directors consider it necessary or desirable) an indemnity that is satisfactory, in form
 and substance, to the directors.

5.3 **No dealings** 

While particulars of a charge over any shares of a shareholder are entered in the register of shareholders in accordance with these articles, the Company will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) register
 any transfer of any of those shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase,
 redeem or otherwise acquire any of those shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issue
 any replacement share certificate for any of those shares,

without the written consent of the chargee.

5.4 **No liability** 

Despite anything to the contrary contained in these articles, neither the Company nor any of its directors, officers, agents or employees will incur any liability to any chargee for failing to comply with any provision of these articles relating to shares that are subject to a charge.

6. **SHARE CERTIFICATES** 

6.1 **No certification requirement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing
 in the memorandum or these articles shall require title to any share to be evidenced by a
 share certificate to the extent the Act, the applicable Listing Rules, or any other laws,
 rules, procedures or other requirements applicable to shares listed on a Designated Stock
 Exchange permit otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to and in accordance with the Act and the laws, rules, procedures and other requirements
 applicable to shares listed on a Designated Stock Exchange (including, but not limited to,
 the applicable Listing Rules), the directors, without further consultation with any shareholder,
 may resolve that any class or series of shares in issue, or to be issued, from time to time,
 may be issued, held, registered, converted to, transferred or otherwise dealt with in uncertificated
 form.

6.2 **Indemnity** 

Each shareholder to whom a share certificate is issued must indemnify each of the Company and its directors, officers, agents and employees, from any loss, cost, liability or expense which any of them may incur from any wrongful or fraudulent use or representation made by any person who possesses the share certificate.

7. **TRANSFER AND TRANSMISSION** 

7.1 **Transfers** 

In these articles, reference to the transfer of a share includes a transfer, assignment or other disposal of a beneficial or other interest in that share, and reference to a share includes a beneficial or other interest in a share, either voluntarily or involuntarily, directly or indirectly, whether or not for consideration, and reference to a share includes a beneficial or other interest in a share, with any transfer of a B Share being subject to clause 6.3 (Automatic conversion of B Shares) of the memorandum.

7.2 **Listed shares** 

Where shares are listed on a Designated Stock Exchange, the shares may be transferred without the need for a written instrument of transfer if the transfer is carried out in accordance with the laws, rules, procedures and other requirements applicable to shares listed on a Designated Stock Exchange (including, but not limited to, the applicable Listing Rules).

7.3 **Non-listed shares** 

Where shares are not listed on a Designated Stock Exchange, any transfer of such shares shall be effected in accordance with the provisions of articles 7.4 and 7.5.

7.4 **Transfer forms** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the case of non-listed shares and subject to the Act, a share may only be transferred by
 a transfer form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 transfer form must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be
 signed by the transferor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) identify
 the number and class of shares being transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) state
 the name and address of the transferee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) relate
 to one class of shares only; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (if
 the transfer will impose a liability to the Company on the transferee) be signed by the transferee.

7.5 **Registration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the case of non-listed shares, a share may be transferred if the transferor or transferee
 delivers to the office of the Company's registered agent or any other address the directors
 specify for this purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 properly signed and completed transfer form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 share certificate (if any) for the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 evidence establishing the right of the transferor to transfer the share the directors require
 by a resolution of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to these articles, the Company must, promptly on receiving the documents referred to in paragraph
 (a) above, enter the name of the transferee of a share in the register of shareholders as
 the holder of the share unless the directors pass a resolution of directors refusing to register
 the transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject
 to these articles, the directors may (in their sole and absolute discretion) decide by a
 resolution of directors to refuse to register the transfer of a share for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where
 the directors refuse to register the transfer of a share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) they
 must state the reason for their refusal in a resolution of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Company must, as soon as practicable, send each of the transferor and transferee a notice
 of refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 directors must promptly register (and may not decline to register) the transfer of any share
 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 share is subject to a charge that is recorded in the register of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 chargee gives the Company written confirmation that:

&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) the
 liabilities secured by the charge have not been discharged in full; 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) the
 transfer is being made in connection with the creation, perfection or enforcement of the
 charge; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 transfer form complies with the provisions of these articles and is accompanied by the share
 certificate (if any) for the share.

7.6 **Passing of title** 

The transfer of a share is only effective once the name of the transferee is entered in the register of shareholders.

7.7 **Transmission** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 a shareholder dies, the only person who will be recognised by the Company as having any title
 to the deceased shareholder's interest in any share is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (where
 the deceased shareholder was a joint holder) any surviving joint holder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (where
 the deceased shareholder was a sole or the only surviving holder) the personal representative
 of the deceased shareholder,

but nothing in these articles releases the estate of a deceased shareholder from any liability in respect of the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An
 entitled person may elect to have a share registered in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 entitled person's name by giving written notice to that effect to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) another
 person's name by delivering to the Company a properly signed and competed transfer
 form in favour of that person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An
 entitled person must produce any evidence establishing the entitled person's entitlement
 to a share the directors require by a resolution of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An
 entitled person has the same rights in relation to a share to which the entitled person is
 entitled as the entitled person would have if the share were registered in the entitled person's
 name, except that until the entitled person is registered as the holder of the share, the
 entitled person cannot attend or vote at any meeting of shareholders or sign or consent to
 any written resolution of shareholders.

8. **CALLS** 

8.1 **Calls** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to these articles and the rights attaching to any class of shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 directors may make calls on a shareholder for any amount of the issue price of the shareholder's
 shares that has not been paid to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 call must be made by giving a written notice of call; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at
 least 14 days' notice of a call must be given to the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 call may be made payable in instalments. The directors may postpone a call or revoke it (in
 whole or part).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 call is taken to have been made at the time the resolution of directors to make the call
 is passed.

8.2 **Notice of call** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 notice of call must state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 shares to which it relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 amount of the call;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 date by which payment must be made in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 place where the call must be paid or details of a bank account into which payment may be
 made by electronic funds transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 the terms of issue of any shares state that an amount becomes payable on a fixed date, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 terms of issue are to be treated as a properly given notice of call;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each
 shareholder must pay the amount in full in accordance with the terms of issue; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 a shareholder fails to pay the amount in full, the provisions of these articles (including
 regarding payment of interest and forfeiture) apply as if the amount had become payable under
 a properly given notice of call.

8.3 **Interest** 

If a shareholder fails to pay a call (or instalment of a call) in full on or before the due date for payment, the directors may require the shareholder to pay interest on the sum due from the specified payment date to the time of actual payment at a rate determined by a resolution of directors.

9. **FORFEITURE** 

9.1 **Application** 

This article applies to any share that is not fully paid on issue unless the share is subject to a charge that is recorded in the register of shareholders.

9.2 **Default notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 a shareholder fails to pay any call (or instalment of a call) in full on or before the due
 date for payment, the directors may serve a written notice (a **default notice**) on the
 shareholder requiring the shareholder to pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 amount of the call (or instalment) that remains unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 interest which has accrued on the unpaid amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 expenses which the Company has incurred as a result of the shareholder's payment default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 default notice must state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 shares to which it relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 amount of the call (or instalment) that remains unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 additional amounts (if any) the shareholder must pay under these articles as a result of
 the shareholder's payment default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 further payment date (which must not be earlier than 14 days from the date of receipt of
 the default notice) by which the shareholder must pay in full all amounts payable under the
 default notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 place where all amounts payable under the default notice must be paid or details of a bank
 account into which payment may be made by electronic funds transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) that,
 if the shareholder fails to pay in full all amounts payable under the default notice by the
 date specified in it, the shares (or any of them) for which payment is not made will be liable
 to be forfeited.

9.3 **Forfeiture** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where
 a shareholder fails to comply with a default notice, the directors may at any time prior
 to payment being made in full, decide by a resolution of directors to forfeit and cancel
 any of the shares to which the default notice relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 share that has been forfeited and cancelled may be re-issued under these articles.

9.4 **Effect of forfeiture** 

A shareholder whose shares have been forfeited and cancelled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ceases
 to be a shareholder in respect of those shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is
 not entitled to be refunded any moneys paid to the Company in respect of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is
 discharged from any further obligation to the Company in respect of those shares.

10. **PURCHASES AND REDEMPTIONS** 

10.1 **Purchases and redemptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the Act and these articles, the directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) purchase,
 redeem or otherwise acquire any shares at any times, from any shareholder, for any consideration
 (whether or not at a premium) and on any terms the directors decide by a resolution of directors;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) acquire
 for no consideration any fully paid shares from a shareholder by way of surrender of the
 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sections
 60 (Process for purchase etc), 61 (Offer to one or more shareholders) and 62 (Shares redeemed
 otherwise than at option of company) of the Act do not apply to the Company.

10.2 **Consent** 

The Company must not purchase, redeem or otherwise acquire any shares without the consent of the shareholder concerned unless the Company is permitted to do so without the shareholder's consent by the Act, the memorandum or these articles and for the avoidance of doubt, shareholder consent is not required for any conversion of shares pursuant to clause 6.3 of the memorandum.

10.3 **Solvency test** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 directors may only purchase, redeem or otherwise acquire any shares if they are satisfied
 (on reasonable grounds) that the Company will satisfy the solvency test immediately after
 the relevant payment is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 article only applies where the Act requires the directors to be satisfied as to the matters
 referred to in this article.

10.4 **Treasury shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the directors decide by a resolution of directors to do so, the Company may hold as treasury
 shares any shares that it purchases, redeems or otherwise acquires in accordance with these
 articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the purchase, redemption or other acquisition of any share would, when aggregated with all
 other shares of that class held by the Company as treasury shares, result in the Company
 holding more than 50 per cent of the issued shares of that class (excluding any shares that
 have been cancelled), that share must be cancelled but may be reissued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All
 rights and obligations attaching to a treasury share are suspended and may not be exercised
 by or against the Company while it holds the share as a treasury share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
 treasury shares held by the Company may be transferred at any times, to any persons (whether
 or not shareholders), for any consideration and on any terms the directors decide by a resolution
 of directors.

11. **SHAREHOLDERS' MEETINGS AND WRITTEN RESOLUTIONS** 

11.1 **Calling meetings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may
 call a meeting of shareholders (or a class of shareholders) if they decide to do so by a
 resolution of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) must
 call a meeting of shareholders (or a class of shareholders) if they are requested to do so
 in writing by shareholders entitled to exercise at least 30 per cent of voting rights in
 respect of the matter for which the meeting is requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 the directors are required to call a meeting of shareholders at the request of shareholders,
 they must call the meeting within a reasonable period of time, and in any event within 60
 days, of receipt of the request.

11.2 **Annual General Meeting** 

Where shares are listed on a Designated Stock Exchange, the Company may, at the directors' discretion, hold an AGM .

11.3 **Time and place** 

Each meeting of shareholders or AGM may be held at any time and any place (whether within or outside the British Virgin Islands) the directors decide by a resolution of directors.

11.4 **Length and form of notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 meeting of shareholders or AGM must be called by not less than seven days' written
 notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 notice of meeting must state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 date, time and place of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (if
 it is anticipated that not all shareholders will participate in the meeting from the same
 place) the means by which they will communicate with each other during the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 general nature of the business to be conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 directors must give notice of each meeting of shareholders or AGM to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each
 person who, on the record date, is recorded as a shareholder in the register of shareholders
 other than any shareholder who is not entitled under these articles to attend and vote at
 the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each
 director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 directors may set a record date for determining the shareholders entitled to attend and vote
 at a meeting of shareholders or an AGM. The record date may be the date on which the notice
 of meeting is given or a later date specified in the notice.

11.5 **Waiver and failure to give notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 a meeting of shareholders or an AGM is held in contravention of the notice requirements of
 these articles, the meeting will be valid if shareholders holding at least 90 per cent of
 the total voting rights on all the matters considered at the meeting waive notice of the
 meeting. For this purpose, the presence of a shareholder at the meeting constitutes waiver
 of notice by the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 meeting of shareholders or an AGM will be valid even if the Company inadvertently fails to
 give notice of the meeting to any person entitled to receive it or the person does not receive
 it.

11.6 **Persons entitled to attend** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 director may attend and speak at any meeting of shareholders (or class of shareholders) or
 AGM even if the director is not a shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 directors may invite any person (including an auditor) who is not a shareholder to attend
 and speak at any meeting of shareholders (or class of shareholders) or AGM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except
 as stated otherwise in these articles, no person may attend, vote or speak at any meeting
 of shareholders (or class of shareholders) or AGM unless the person is a shareholder.

11.7 **Quorum** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 business may be conducted at any meeting of shareholders or AGM (other than the adjournment
 of the meeting) unless a quorum is present at the time the meeting proceeds to business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 quorum is present at a meeting of shareholders and an AGM if one or more shareholders, who
 hold shares that carry at least one third of the voting rights of all shares then in issue,
 are present in person or by proxy. If the Company has a sole shareholder, a quorum is present
 if the sole shareholder is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where
 a quorum is not present within half an hour of the time set for the start of the meeting,
 if the meeting was called:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at
 the request of shareholders in accordance with the Act or these articles, it will be dissolved;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by
 the directors, the meeting will be adjourned to the following day and be held at the same
 time and place or any other date, time and/or place the directors decide by a resolution
 of directors.

11.8 **Chairman** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 chairman of directors is to act as chairman at every meeting of shareholders or AGM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 there is no chairman of directors, the chairman is not present or the chairman is unwilling
 to act as chairman of the meeting, the directors present must choose from among themselves
 a chairman for the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 no director is present and willing to act as chairman of the meeting, the shareholders present
 (in person or by proxy) must choose a shareholder to be chairman. If they cannot agree on
 a chairman, the meeting will be dissolved.

11.9 **Adjournment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 chairman of a meeting of shareholders or an AGM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may,
 with the consent of the shareholders present (in person or by proxy); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) must,
 if directed to do so by a resolution of shareholders,

adjourn the meeting to another date, time and/or place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 addition, the chairman of the meeting may, at any time without the consent of the shareholders
 present (in person or by proxy), adjourn the meeting (whether or not it has commenced or
 a quorum is present) to another date, time and/or place if the chairman considers that it
 would facilitate the conduct of the business of the meeting to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing
 in this article limits any other power vested in the chairman of the meeting to adjourn the
 meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No
 business may be conducted at any adjourned meeting other than the business which might have
 been conducted at the meeting from which the adjournment took place.

11.10 **Voting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 resolution put to a vote at a meeting of shareholders or an AGM, will be passed and become
 a resolution of shareholders if the necessary number of votes is cast in favour of the resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 any meeting of shareholders or AGM, each shareholder entitled to vote on a resolution, has
 (on a show of hands or on a poll) the number of votes for every share held by the shareholder
 as prescribed by clause 6 of the memorandum. A shareholder need not cast all of the shareholder's
 votes or cast all of the shareholder's votes in the same way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 any meeting of shareholders or AGM, a resolution put to a vote must be decided on a show
 of hands unless a poll is demanded by the chairman or a shareholder either before or after
 the declaration of the result of the show of hands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless
 a poll is demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 declaration by the chairman of the meeting that a resolution has been passed or lost on a
 show of hands; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 entry to that effect in the minutes of the meeting,

is conclusive evidence of the fact without proof of the number or proportion of the votes cast for or against the resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 a poll is demanded, it must be taken immediately in any manner the chairman directs. The
 result of the poll will be treated as the decision of the shareholders present (in person
 or by proxy) on the resolution for which the poll was demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A
 demand for a poll may be withdrawn at any time before the poll is taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A
 person may only object to the qualification of any other person to vote at the meeting of
 shareholders or AGM (or any adjournment of the meeting) at which that other person's
 vote is cast. Any objection must be referred to the chairman of the meeting whose decision
 will be final and conclusive. Every vote not disallowed by the chairman will be valid for
 all purposes.

11.11 **Restriction on voting and quorum** 

Unless the directors decide otherwise by a resolution of directors, a shareholder may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) attend
 or vote (in person or by proxy) at any meeting of shareholders (or class of shareholders)
 or AGM; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sign
 or consent to any written resolution of shareholders (or class of shareholders),

in respect of any share held by the shareholder unless all calls and other sums currently payable by the shareholder to the Company in respect of the share have been paid in full.

11.12 **Proxies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 shareholder may appoint a proxy to attend, speak and vote on behalf of the shareholder at
 any meeting of shareholders (or class of shareholders) or AGM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 proxy need not be a shareholder and must be appointed by a written notice (a **proxy notice**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 proxy notice must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the form provided to shareholders by the Company (if any) or any form the chairman of the
 meeting accepts as properly evidencing the wishes of the relevant shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) signed
 by the shareholder or the shareholder's properly appointed attorney or (if the shareholder
 is a body corporate) executed under its common seal or signed by a properly authorised officer
 or attorney; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) deposited
 at the Company's registered office (or any other place specified for this purpose in
 the notice of meeting) together with any power of attorney or other authority (if any) under
 which it was signed or executed at least two hours before the time set for the start of the
 meeting or any later time the chairman of the meeting permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless
 the proxy notice states otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 is valid for any adjournment of the meeting to which it relates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) confers
 authority on the proxy to vote or abstain as the proxy thinks fit on any resolution to be
 considered at the meeting (including an amendment to a resolution).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 chairman of the meeting may accept as valid a copy of any proxy notice and any power of attorney
 or other authority (if any) under which it was signed or executed. If the chairman does so,
 within seven days of the date of the meeting, the shareholder must produce to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 original proxy notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 copy of the power of attorney or other authority (if any) under which it was signed or executed
 certified in a manner acceptable to the directors,

otherwise the votes cast by the proxy will be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A
 vote given by proxy will be treated as valid despite the previous termination or revocation
 of the authority of the proxy if the Company has not received written notice of the termination
 or revocation of authority at Company's registered office (or any other place for the
 deposit of proxy notices specified in the notice of meeting) prior to the time set for the
 start of the meeting (or any adjournment of the meeting).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If
 two or more valid but differing proxy notices are received from a shareholder for use at
 the same meeting, the one which is last received (regardless of its date or the date of its
 signature) will be treated as replacing and revoking the others. If the Company is unable
 to determine which proxy notice was last received, none of them will be treated as valid.

11.13 **Shareholders with legal incapacity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where
 a shareholder suffering from any legal incapacity has appointed an attorney or is the subject
 of an order made by any court having jurisdiction in matters concerning legal incapacity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 shareholder may:

&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) vote
 at any meeting of shareholders (or class of shareholders) or AGM; or

&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) sign
 or consent to any written resolution of shareholders (or class of shareholders),

by the attorney or by any guardian, trustee or other person appointed by the court (each, an **appointed person**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 appointed person may vote at any meeting of shareholders (or class of shareholders) or AGM
 by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 directors may require any evidence they think fit of the authority of an appointed person
 prior to any vote being exercised, or any written resolution of shareholders being signed
 or consented to, by the appointed person.

11.14 **Corporate representatives** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 body corporate which is a shareholder may, by a resolution of its directors or other governing
 body, authorise any individual to act as its representative at a meeting of shareholders
 (or class of shareholders) or an AGM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 the purposes of these articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 body corporate is taken to be present in person at any meeting of shareholders or AGM if
 its representative is present at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 representative is entitled to exercise the same rights the body corporate could exercise
 if it were an individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 directors may (but are not bound to) require evidence of the authority of any individual
 to represent a body corporate at a meeting of shareholders (or class of shareholders) or
 an AGM, certified in any manner they think fit.

11.15 **Participation by electronic means** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 shareholder is taken to be present at a meeting of shareholders (or class of shareholders)
 or an AGM if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 shareholder participates in the meeting (in person or by proxy) by telephone or other electronic
 means; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 shareholders participating in the meeting are able to hear each other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 one or more shareholders participate in a meeting of shareholders or an AGM by telephone
 or other electronic means, the meeting will be taken to be held at the place where the chairman
 of the meeting is located.

11.16 **Written resolutions of shareholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 action that may be taken by the shareholders at a meeting of shareholders (or class of shareholders)
 may also be taken by the shareholders (or class of shareholders) passing a written resolution
 of shareholders without the need for any prior notice to be given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 written resolution of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may
 consist of several documents (including electronic communications) in substantially the same
 form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) may
 be signed or consented to by the relevant shareholder or the shareholder's attorney
 or (in the case of a body corporate) a properly authorised officer or attorney; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) must
 be sent to each shareholder who would be entitled to attend a meeting of shareholders and
 vote on the resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where
 a written resolution of shareholders is passed without all of the shareholders signing or
 consenting to it, the Company must send a copy of it to those shareholders who have not signed
 or consented to it. If the Company fails to do so, this will not invalidate the resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 directors may (but are not bound to) require evidence of the authority of any attorney or
 any authorised officer of a body corporate to sign or consent to a written resolution of
 shareholders, certified in any manner they think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 the Company has a sole shareholder, the sole shareholder may pass a written resolution of
 shareholders.

12. **DIRECTORS - GENERAL** 

12.1 **Number** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 number of directors (excluding alternate directors) is not subject to a maximum and the minimum
 number is one.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 there are no continuing directors, any shareholder or (if a secretary has been appointed)
 the secretary, may call a meeting of shareholders for the purpose of appointing directors
 by way of resolution of shareholders (but for the avoidance of doubt, for as long as there
 is one or more director appointed, article 12.3(c) shall apply).

12.2 **No share qualification** 

A director need not be a shareholder.

12.3 **Appointment and election** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 person may be elected or appointed a director, alternate director or reserve director if
 the person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is
 disqualified by law from, or would (if already a director) be ineligible under these articles
 to continue, acting as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has
 not consented in writing to act as a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 first directors are to be appointed by the Company's first registered agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 any time, the directors may appoint by a resolution of directors, any person to be a director,
 either to fill a vacancy or as an additional director, for any term (if any) the directors
 decide (and for the avoidance of doubt (but subject to article 12.1(b)), the shareholders
 have no right to appoint a director and for this purpose, section 113(2)(a) (Appointment
 of directors) of the Act does not apply to the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where
 the directors appoint a person as director to fill a vacancy, the term of appointment must
 not exceed the term remaining of the director who ceased to hold office.

12.4 **Ceasing to be a director** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 director ceases to hold office if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 director's term of office expires and the director is not re-elected or reappointed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 director resigns by written notice to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 director dies or enters into bankruptcy, liquidation or any similar procedure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 director becomes of unsound mind or is mentally or physically incapable of acting as a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 director is prohibited or disqualified by law or under the applicable Listing Rules from
 being a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 director becomes bankrupt or insolvent or makes any arrangement or composition with the director's
 creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the
 director is removed from office by a resolution of directors (and, for the avoidance of doubt,
 the shareholders have no right to remove a director and for this purpose, section 114 (Removal
 of directors) of the Act does not apply to the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 a director resigns, the resignation takes effect from the later of the date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on
 which the notice of resignation is received at the Company's registered office or the
 office of the Company's registered agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) specified
 in the notice of resignation.

12.5 **Fees and expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 directors may be paid for their services as directors any fees they decide by a resolution
 of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 a director is requested to perform services, which the directors consider to be beyond the
 scope of the ordinary duties of a director, the director may be paid any additional remuneration
 (whether by way of fees, salary, commission, participation in profits or otherwise) the directors
 decide by a resolution of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 director may be paid or reimbursed for all expenses properly incurred by the director in
 carrying out the director's duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 directors may decide by a resolution of directors to provide benefits (whether by paying
 allowances, gratuities or pensions, by providing any form of insurance or in any other manner)
 for any director or former director or the relatives, or dependants of, or persons connected
 to, any director or former director. No director or former director is accountable to the
 Company for any benefit provided under this article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any
 fees, additional remuneration, salary, commission, participation in profits, expenses or
 benefits provided to a director are subject to, and must be in accordance with, the applicable
 Listing Rules and any other applicable laws of any jurisdiction outside of the British Virgin
 Islands.

12.6 **Alternate directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 director (other than an alternate director) may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) appoint
 any person to be the director's alternate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) remove
 the alternate from office at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An
 alternate director ceases to hold office if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 alternate's appointor ceases to be a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 alternate's appointor removes the alternate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 alternate resigns; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an
 event occurs which, if the alternate were a director, would cause the alternate to vacate
 that office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 director must notify the Company in writing as soon as practicable of any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) appointment
 of an alternate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) event
 that results in an alternate ceasing to hold office.

The notice must be sent to the Company's registered office or the office of the Company's registered agent. An appointment or removal of an alternate by the director will only take effect once the notice has been received by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An
 alternate director is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) responsible
 to the Company for the alternate's own acts and defaults; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not
 an agent of the alternate's appointor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An
 alternate director is entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) receive
 notice of each meeting of directors and each meeting of any committee of which the alternate's
 appointor is a member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) act
 as an alternate for more than one director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) attend
 and vote at any meeting of directors at which the alternate's appointer is not present
 and exercise all powers and perform all the duties of the alternate's appointor at
 the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) sign
 or consent to any written resolution of directors if the alternate's appointor is unable
 to do so for any reason;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a
 separate vote for each appointor the alternate represents in addition to any vote the alternate
 has in the alternate's own right if the alternate is a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) count
 separately toward the quorum for any meeting (whether of directors or any committee) for
 each appointor the alternate represents in addition to counting toward the quorum in the
 alternate's own right if the alternate is a director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) be
 paid or reimbursed for any expenses properly incurred by the alternate but is not entitled
 to any fees or other compensation from the Company.

12.7 **Corporate directors** 

Any director which is a body corporate may appoint any individual as its properly authorised representative for the purpose of performing its duties as a director.

13. **POWERS OF DIRECTORS** 

13.1 **General powers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 business and affairs of the Company are to be managed by, or under the direction or supervision
 of, the directors. The directors have all the powers necessary for managing, directing and
 supervising, the business and affairs of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 directors may exercise all powers of the Company that are not required by the Act, the applicable
 Listing Rules, the memorandum or these articles to be exercised by the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 shareholders may pass a resolution of shareholders directing the Company to take, or refrain
 from taking, any action. No resolution of shareholders will invalidate anything done by the
 directors before the resolution is passed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 general powers given by this article are not limited by any special power given to the directors
 by any other article.

13.2 **Sale of assets** 

Section 175 (Disposition of assets) of the Act does not apply to the Company.

13.3 **Borrowing** 

The directors may exercise all of the powers of the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) incur
 any debt, liability or other obligation (including to give a guarantee, indemnity or other
 payment obligation in respect of the obligations of any person); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) create
 any charge over its assets or undertaking (whether present or future) as security for any
 debt, liability or other obligation of the Company or any other person.

13.4 **Cheques** 

All cheques, promissory notes, bills of exchange and other negotiable instruments, and all receipts for moneys paid to the Company, may be signed, drawn, accepted, endorsed or otherwise executed in any way approved by a resolution of directors.

14. **DELEGATION OF POWERS** 

14.1 **Committees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 directors may by a resolution of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delegate
 any of their powers to any committee, consisting of one or more directors on any terms they
 think fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) dissolve
 the committee or vary or revoke any of the committee's powers, but no person dealing
 in good faith with the Company who does not have notice of the revocation or variation will
 be affected by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 committee may consist of members who are not directors, however, a majority of the members
 of the committee must be directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 directors cannot delegate to a committee the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend
 the memorandum or these articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) establish
 a committee other than a sub-committee of it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) delegate
 powers to another committee other than a sub-committee of it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) appoint
 or remove a director or agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) approve
 a plan of merger, consolidation or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) make
 a declaration of solvency or approve a liquidation plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) make
 a determination that the Company will, immediately after a proposed distribution, satisfy
 the solvency test.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless
 its terms of reference state otherwise, a committee has power to establish a sub-committee
 and to sub-delegate any of its powers to the sub-committee or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) When
 exercising its powers, a committee must adhere to any directions given to it, or limitations
 imposed on it, by the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If
 a committee has more than one member, the provisions in these articles relating to meetings
 and proceedings of the directors and written resolutions of directors apply to it except
 to the extent that its terms of reference state otherwise.

14.2 **Nominating Committee** 

The Nominating Committee shall be established and operated in accordance with the Nominating Committee Charter.

14.3 **Officers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 directors may by a resolution of directors appoint any person to hold any office with the
 Company (including chairman of directors, chief executive officer, vice-president, secretary
 and treasurer) on any terms, and for any period, they think fit. A person may hold more than
 one office at the same time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 directors may by a resolution of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) confer
 on any officer any of their powers, on any terms and with any restrictions, they think fit;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) revoke,
 withdraw or vary an officer's powers or remove an officer but:

&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) no
 person dealing in good faith with the Company who does not have notice of the revocation,
 withdrawal, variation or removal will be affected by it; 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
 removal of the officer will be without prejudice to any claim for damages for breach of any
 contract of service between the officer and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 an officer's duties are not set out in the resolution of directors appointing the officer,
 any subsequent resolution of directors or a contract of service between the officer and the
 Company, it will be the duty of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 chairman of directors to chair meetings of directors and shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 chief executive officer to manage the day to day affairs of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 vice-president to:

&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) act
 (or, if there is more than one vice-president, the longest holding office to act) in the
 absence of the chief executive officer; 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) perform
 the duties delegated to the vice-president by the chief executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 secretary to:

&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) maintain
 (or cause to be maintained) the Company's statutory registers, minute books and other
 records (other than financial records);

&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) perform
 any duties which these articles state are to be performed by a secretary; 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;(C) ensure
 that the memorandum and these articles are complied with and that the Company complies with
 all procedural requirements imposed on it by applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a
 treasurer to be responsible for the financial affairs of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An
 officer may be paid (in addition, if applicable, to any fees as a director) any remuneration
 (whether by way of salary, commission, participation in profits or otherwise) the directors
 decide by a resolution of directors.

14.4 **Agents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 directors may by a resolution of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) appoint
 any person (including a director) to be an agent of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) delegate
 any of their powers (by power of attorney or in any other way) to an agent of the Company
 on any terms they think fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) remove
 any agent or vary or revoke any of the agent's powers, but no person dealing in good
 faith with the agent who does not have notice of the revocation or variation will be affected
 by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 directors cannot delegate to an agent the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend
 the memorandum or these articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) change
 the Company's registered office or registered agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) establish
 a committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) delegate
 powers to a committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) appoint
 or remove any director or agent other than a substitute or sub-delegate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) fix
 the compensation of any director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) approve
 a plan of merger, consolidation or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) make
 a declaration of solvency or approve a liquidation plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) make
 a determination that the Company will, immediately after a proposed distribution, satisfy
 the solvency test; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) authorise
 the Company to continue as a body corporate incorporated under the laws of a jurisdiction
 outside of the British Virgin Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless
 an agent's terms of appointment state otherwise, an agent has power to appoint a substitute
 or sub-delegate.

15. **INTERESTS OF DIRECTORS** 

15.1 **Directors may have interests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the Act or any other applicable legislation, if a director has disclosed the director's
 interest in accordance with these articles and the applicable Listing Rules, the director
 may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be
 a party to, or otherwise interested in, any transaction with the Company or in which the
 Company is directly or indirectly interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) hold
 any other office or place of profit with the Company (other than the office of auditor) in
 addition to the director's office of director on any terms (including as to tenure
 and remuneration or reward) the directors decide by a resolution of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) act
 for the Company in a professional capacity other than as auditor (either personally or through
 a partnership, body corporate or other person in which the director is interested) on any
 terms (including as to remuneration or reward) the directors decide by a resolution of directors;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) be
 a director or other officer of, or employed by, or a party to any transaction with, or otherwise
 interested in, any subsidiary of the Company or any body corporate or other person in which
 the Company is directly or indirectly interested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 director is not, by reason of holding office as a director or the fiduciary relationship

 or resulting, from any interest permitted by paragraph (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No
 transaction permitted by paragraph (a) above is liable to be avoided on the grounds that
 a director has an interest in it or derives any remuneration, profit or other benefit from
 it.

15.2 **Voting and quorum** 

Where a director is interested in a transaction entered into, or to be entered into by, the Company, if the director has disclosed the interest in accordance with these articles, the director may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) attend,
 and be included in the quorum for, any meeting of directors at which any matter relating
 to the transaction is considered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) vote
 on any matter relating to the transaction (including by signing or consenting to any written
 resolution of directors); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sign
 a document on behalf of the Company, or do any other thing in the director's capacity
 as a director, that relates to the transaction.

15.3 **Declaration of interests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the Act and the applicable Listing Rules, a director must, immediately after becoming
 aware of the fact that the director is interested in a transaction entered into, or to be
 entered into, by the Company, disclose the interest to all of the other directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 the purposes of these articles, a disclosure by a director to all of the other directors
 to the effect that the director is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 shareholder, director, officer or trustee of another body corporate or other person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 be regarded as interested in any transaction which may, after the date of disclosure, be
 entered into with that body corporate or other person,

is sufficient disclosure of the director's interest in that transaction.

16. **DIRECTORS' MEETINGS AND WRITTEN RESOLUTIONS** 

16.1 **Calling meetings** 

A director may, and (if a secretary has been appointed and is requested to do so by a director) the secretary must, call a meeting of directors.

16.2 **Time and place** 

A meeting of directors may be held at any time and any place (whether within or outside the British Virgin Islands) the person calling the meeting decides.

16.3 **Length and form of notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 least 24 hours' notice of each meeting of directors must be given to each director
 and alternate director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 notice of meeting of directors must indicate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 date, time and place of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (if
 it is anticipated that not all directors will participate in the meeting from the same place)
 the means by which they will communicate with each other during the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 general nature of the business to be conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless
 the directors decide otherwise by a resolution of directors, notice of a meeting of directors
 need not be given in writing.

16.4 **Waiver and failure to give notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 director may (either generally or in any specific case):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) consent
 to a meeting of directors being held on short notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) waive
 notice of a meeting of directors either before or after the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 a director participates in a meeting of directors, the director is taken to have consented
 to the meeting being held at short notice or waived notice of the meeting unless the director
 indicates otherwise in writing before or at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 waiver given after a meeting of directors has been held does not affect the validity of the
 meeting or of any business conducted at it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 meeting of directors will be valid even if the person who calls the meeting inadvertently
 fails to give notice of the meeting to a director or a director does not receive it.

16.5 **Quorum** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 meeting of directors at which a quorum is present may exercise any power of the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 directors may decide by a resolution of directors the quorum necessary for the conduct of
 business at a meeting of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless
 the directors decide otherwise by a resolution of directors, a quorum will be present at
 a meeting of directors if more than one half of the total number of directors is present.
 If the Company only has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) two
 directors, a quorum is present if two directors are present; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 sole director, a quorum is present if the sole director is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 the purposes of this article, an alternate director will count towards the quorum for a meeting
 of directors in the absence of the alternate's appointor, but where the Company has
 two or more directors, a quorum will not be present unless at least two individuals are present.

16.6 **Chairman** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 directors may elect, and remove, a chairman of directors to hold office for any period they
 decide by a resolution of directors. The chairman must be a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 chairman is to chair all meetings of directors at which the chairman is present unless the
 chairman asks another director to chair it. If the directors have not elected a chairman,
 or the chairman is not present within 15 minutes of the time set for the start of the meeting,
 the directors present at the meeting must choose from among themselves a chairman for the
 meeting.

16.7 **Voting** 

A resolution put to a vote at a meeting of directors, will be passed and become a resolution of directors if the necessary number of votes is cast in favour of the resolution.

16.8 **Participation by electronic means** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 director is taken to be present at a meeting of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 director participates in the meeting by telephone or other electronic means; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 directors participating in the meeting are able to hear each other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 one or more directors participate in a meeting of directors by telephone or other electronic
 means, the meeting is taken to be held at the place where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 chairman of the meeting is located; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) another
 director participating in the meeting is located if the directors agree to do this.

16.9 **Written resolutions of directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 action that may be taken by the directors at a meeting of directors may also be taken by
 the directors passing a written resolution of directors without the need for any prior notice
 to be given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 written resolution of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may
 consist of several documents (including electronic communications) in substantially the same
 form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) must
 be sent to each director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where
 a written resolution of directors is passed without all of the directors signing or consenting
 to it, the Company must send a copy of it to those directors who have not signed or consented
 to it. If the Company fails to do so, this will not invalidate the resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 the Company has a sole director, the sole director may pass a written resolution of directors.

16.10 **Defects in appointments** 

All acts done in good faith by a meeting of directors or any committee or by any person acting as a director will be valid and effective, even if it is afterwards discovered that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there
 was a defect in the appointment of any person as a director or member of the committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 person was disqualified from being a director, had vacated office or was not entitled to
 vote.

17. **INDEMNITY AND INSURANCE** 

17.1 **Indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the Act and the applicable Listing Rules, the Company must indemnify any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is
 or was a party, or is threatened to be made a party, to any threatened, pending or completed
 proceedings, whether civil, criminal, administrative or investigative, by reason of the fact
 that the person is or was a director or officer of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is
 or was, at the request of the Company, serving as a director or officer of, or in any other
 capacity is or was acting for, another body corporate or a partnership, joint venture, trust
 or other enterprise,

against any expenses, judgments, fines or amounts paid in settlement and reasonably incurred in connection with any legal, administrative or investigative proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to the Act and the applicable Listing Rules, the Company may, in relation to any person referred
 to in paragraph (a) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay
 on behalf of the person: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) lend
 funds to the person to enable the person to pay,

any expenses incurred, or to be incurred, by the person in defending any legal, administrative or investigative proceedings.

17.2 **Insurance** 

Subject to the Act and the applicable Listing Rules, the Company may purchase and maintain insurance in relation to any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 or was a director or officer of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at
 the request of the Company is or was serving as a director or officer of, or in any other
 capacity is or was acting for, another body corporate or a partnership, joint venture, trust
 or other enterprise,

against any liability asserted against the person and incurred by the person in that capacity.

18. **RECORDS, UNDERLYING DOCUMENTATION AND REGISTERS** 

18.1 **Records and underlying documentation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company must keep records and underlying documentation in a form that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) are
 sufficient to show and explain the Company's transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will,
 at any time, enable the financial position of the Company to be determined with reasonable
 accuracy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) complies
 with the applicable Listing Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 records and underlying documentation, registers, minutes and resolutions kept by the Company
 under this article 18 shall be in written form or either wholly or partly as electronic records
 complying with the requirements of the Electronic Transactions Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company must retain its records and underlying documentation for any period specified in
 the Act or any other applicable legislation, including but not limited to, the applicable
 Listing Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where
 the Company does not keep any record or underlying documentation at the office of its registered
 agent, the Company must give its registered agent written notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 physical address of the place where the record or underlying documentation is kept;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 name of the person who keeps and controls the record or underlying documentation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 change in that physical address or the person within 14 days of the change.

18.2 **Registers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company must maintain the following registers in accordance with the Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 register of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 register of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 register of charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 the Company does not keep any register referred to in paragraph (a) above at the office of
 its registered agent, the Company must give its registered agent written notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 change in the register within 15 days of the change:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 location at which the register is kept; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 change in the location at which the register is kept within 14 days of the change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject
 to the requirements of the Act, the register of shareholders may be in any such form as the
 directors may approve, but if it is in electronic form the Company must be able to produce
 legible evidence of its content and until the directors determine otherwise, the electronic
 form shall be the original register of shareholders.

18.3 **Minutes and written resolutions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 directors must ensure that the following documents (together, **Company Decisions**) are
 entered in books kept for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) minutes
 of all meetings of shareholders or any class of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 written resolutions of shareholders or any class of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) minutes
 of all meetings of directors or any committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all
 written resolutions of directors or any committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Minutes
 of any meeting that are signed by the chairman of the meeting, are sufficient evidence of
 the proceedings at the meeting and the decisions taken at it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company must keep all Company Decisions at the office of its registered agent or any other
 place the directors decide by a resolution of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where
 the Company does not keep Company Decisions or any type of Company Decisions at the office
 of its registered agent, the Company must give its registered agent written notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 location(s) at which those Company Decisions are kept; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 change in the location(s) at which those Company Decisions are kept within 14 days of the
 change.

18.4 **Registered agent** 

Subject to the Act and these articles, the Company must keep the following things at the office of its registered agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 memorandum and these articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 register of shareholders or a copy of it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) its
 register of directors or a copy of it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) its
 register of charges or a copy of it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an
 imprint of each common seal of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
 copy of each notice or other document filed by the Company with the registrar in the previous
 10 years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) each
 Company Decision or a copy of it.

19. **COMMON SEAL** 

19.1 **Common seal** 

The Company may have more than one common seal.

19.2 **Authorisation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 common seal may only be used with the authorisation of a resolution of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An
 authorisation may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be
 given before or after a common seal is affixed to a document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be
 general or specific; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) permit
 a common seal to be affixed on any number of occasions.

19.3 **Application** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as expressly stated otherwise in these articles, where a common seal is affixed to a document,
 it must be witnessed by the signature of a director or some other person authorised by a
 resolution of directors for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 directors may decide by a resolution of directors (either generally or in any specific case)
 that a facsimile of a common seal or the signature of any witness may be reproduced on any
 document by some mechanical or other means or by printing. This has the same effect as if
 the common seal and any signature were originals.

20. **DISTRIBUTIONS** 

20.1 **Power of directors** 

Subject to the Act, any rights attaching to any class of shares and these articles, the directors may by a resolution of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) authorise
 a distribution at any time and in any amount they think fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) set
 a record date (which may be before or after the date on which the resolution of directors
 is passed) for determining the shareholders entitled to be paid the distribution.

20.2 **Solvency test** 

The directors may only authorise a distribution if they are satisfied (on reasonable grounds) that the Company will satisfy the solvency test immediately after the distribution is paid.

20.3 **Apportionment** 

Subject to any rights attaching to any class of shares, a distribution is payable on each share in the proportion which the amount paid on the share is to its issue price.

20.4 **Form** 

A distribution may be paid in money, shares or other property.

20.5 **Payment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 distribution may be paid to a shareholder (or any person nominated by the shareholder) by
 cheque, electronic funds transfer or any other means approved by a resolution of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless
 the directors decide otherwise by a resolution of directors, a cheque is to be sent by post
 at the risk of the shareholder to the address of the shareholder recorded in the register
 of shareholders or any other address the shareholder notifies the Company for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 distribution will only be paid by electronic funds transfer to an account notified to the
 Company by the shareholder for this purpose prior to the payment date for the distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
 payment made under this article will be a good discharge to the Company.

20.6 **Notice** 

The directors must notify each shareholder of any distribution authorised by them.

20.7 **No interest** 

No interest accrues on any distribution.

20.8 **Treasury shares** 

No distribution may be paid on any treasury shares.

20.9 **Deduction of unpaid amounts** 

The directors may apply any part of a distribution otherwise payable to a shareholder towards payment of any sum currently payable by the shareholder to the Company in respect of the shareholder's shares whether on account of calls or otherwise.

20.10 **Forfeiture** 

If a shareholder fails to claim any distribution for three years after the date on which it was authorised by the directors, the directors may decide by a resolution of directors that the distribution is forfeited for the benefit of the Company.

20.11 **Entitled persons** 

This article applies to an entitled person in the same way it applies to a shareholder.

21. **FINANCIAL STATEMENTS AND AUDIT** 

21.1 **Financial statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 directors may decide by a resolution of directors to, and must if required to do so by a
 resolution of shareholders, prepare financial statements for any financial period of the
 Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 financial statements prepared in accordance with these articles must give a true and fair
 view of, or be presented fairly in all materials respects so as to show, the Company's:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) profit
 or loss for the relevant financial period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) assets
 and liabilities at the end of that financial period.

21.2 **Appointment of auditor** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 auditor from time to time shall be appointed by a resolution of directors,.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 shareholder may be appointed as auditor, but no director or other officer may be appointed
 as auditor while in office.

21.3 **Remuneration of auditor** 

The remuneration of the auditor is to be fixed by a resolution of directors.

21.4 **Powers of auditor** 

The auditor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has
 a right to access the books and records of the Company at all reasonable times; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may
 require the directors and officers of the Company to provide the auditor with any information
 and explanations the auditor thinks necessary for the performance of the auditor's
 duties.

22. **COMMUNICATIONS** 

22.1 **In writing** 

Except for notice of a meeting of directors or a committee, any document or information to be sent or supplied to or by any person in accordance with these articles must be in writing.

22.2 **From the Company** 

Any notice, information or written statement to be given by the Company to a shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) must
 be in writing and may be given by personal service, registered mail, courier, email or fax
 to the address of the shareholder recorded in the register of shareholders or any other address
 or email address as notified by the shareholder to the Company for this purpose; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Company has a class of shares listed on a Designated Stock Exchange, may be given as
 permitted by and in accordance with the applicable Listing Rules.

22.3 **To the Company** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 document or information may only be sent or supplied to the Company in the English language.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to the Act and these articles, a shareholder may send or supply any document or information
 to the Company by leaving it at, or by sending it by registered mail to, the Company's
 registered office or the office of the Company's registered agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 shareholder may send a proxy notice to the Company by way of email, to the email address
 provided in the relevant shareholder meeting notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 directors may, either generally or in any specific case, agree that a shareholder may send
 or supply any document or information to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 a language other than English and may require a certified English translation which, in the
 event of any conflict, will prevail; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by
 any other means.

22.4 **When received** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For
 the purposes of this article, a document or information is taken to be received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (if
 it is supplied in person or left at an address) at the time it is supplied or left;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (if
 it is sent or supplied by registered mail) 7 days after being deposited in the post, postage
 prepaid, in a correctly addressed envelope;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (if
 it is sent or supplied by fax) when the transmission has been successfully completed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (if
 it is sent or supplied by email) when the email has been sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 shareholder present in person or by proxy at any meeting of shareholders is, for all purposes,
 regarded as having received due notice of the meeting.

22.5 **Notice binding on transferees** 

Each person who becomes entitled to a share (whether by operation of law, transfer or otherwise) is bound by any notice in respect of the share which, before the person's name is entered in the register of shareholders, was given to the person from whom the person derives title.

22.6 **Entitled persons** 

This article applies to an entitled person in the same way it applies to a shareholder.

23. **VOLUNTARY LIQUIDATION** 

Subject to the Act, the shareholders may decide by a resolution of shareholders, or the directors may decide by a resolution of directors, to appoint a voluntary liquidator in respect of the Company.

24. **CONTINUATION** 

Subject to the Act, the shareholders may decide by a resolution of shareholders, or the directors may decide by a resolution of directors, to continue the Company as a body corporate incorporated under the laws of a jurisdiction outside the British Virgin Islands in the manner provided under those laws.

We, Vistra (BVI) Limited of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign these Articles of Association the 31st day of October, 2023.

---

| |
|:---|
| Incorporator |
| /s/ (Sd.) Rexella D. Hodge |
| (Sd.) Rexella D. Hodge |
| Authorised Signatory |
| Vistra (BVI) Limited |

---

## Exhibit 5.1

**Exhibit 5.1**

 ****

---

| | |
|:---|:---|
| ![](ex5-1_001.jpg) | Mourant Ozannes<br> 5th Floor<br> Waters Edge Building<br> Meridian Plaza<br> Road Town<br> Tortola, British Virgin Islands<br>T +1 284 852 1700<br> F +1 284 852 1799 |

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Sagtec Global Limited (SAGT)

No 43-2, Jalan Besar Kepong

Pekan Kepong

52100 Kuala Lumpur

(the **Addressee**)

30 January 2026

Our ref: 8071358/252465690/1

Dear Addressee

**Sagtec Global Limited** (the **Company**)

We have acted as the Company's British Virgin Islands legal advisers in connection with the registration statement on Form S-8 (the **Registration Statement**) which has been filed on or around to the date of this opinion with the U.S. Securities and Exchange Commission (the **SEC**) under the U.S. Securities Act of 1933 (as amended) (the **Securities Act**).

We are providing this opinion as Exhibits 5.1 and 23.1 to the Registration Statement.

1. Documents, searches and definitions

1.1 We have reviewed a copy of each of the following documents for the purposes of this
opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the 2026 share incentive plan of the Company (**2026 Share Plan**) approved and adopted by the Company
under the Director Resolutions (defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company's certificate of incorporation (the **Certificate of Incorporation**) and memorandum and
articles of association (the **M&A**) obtained from the Company Search (defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a copy of the Company's register of directors (the **Register of Directors**)
dated 23 January 2026 which was provided to us by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a copy of the Company's Class A and Class B shareholder lists (the **Register of Members**) dated 29 January 2026 which was provided to us by Ortoli Rosenstadt LLP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the resolutions in writing of the directors of the Company passed on 28 January 2026
(the **Director Resolutions**);

Mourant Ozannes is a British Virgin Islands partnership

<br> mourant.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a certificate of the Company's registered agent dated 30 January 2026 (the **Registered Agent's Certificate**);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a certificate of good standing for the Company dated 29 January 2026 (the **Certificate of Good Standing**)
issued by the Registrar (defined below).

1.2 We have carried out the following searches (together, the **Searches**) in relation to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a search of the records maintained by the Registrar that were on file and available for public inspection
at 9:00am BVI time on 30 January 2026 (the **Company Search**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a search of the records of proceedings in the BVI Courts (defined below) available for public inspection
contained in the judicial enforcement management system (the electronic register of proceedings) maintained at the registry of the High
Court of Justice of the Virgin Islands (the **High Court**) at 9:00am BVI time on 30 January 2026 (the **High Court Search**).

1.3 In this opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **agreement** includes an agreement, deed or other instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **BVI** means the territory of the British Virgin Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **BVI Courts** means the Eastern Caribbean Supreme Court, Court of Appeal (Virgin Islands) and the
High Court (Civil and Commercial Divisions), and BVI Court means any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Companies Act** means the BVI Business Companies Act, 2020 (Revised Edition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Company Records** means the M&A, the Certificate of Incorporation, the Register
of Directors, the Register of Members, the Certificate of Good Standing and the Registered Agent's Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Documents** means the Registration Statement and the 2026 Share Plan, and **Document** means either of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **execute** and its other grammatical forms mean (unless the context requires otherwise) that a document
has been signed, dated and unconditionally delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Insolvency Act** means the Insolvency Act, 2020 (Revised Edition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **non-assessable** means, in relation to a SIP Share (defined below), that the
purchase price for which the Company agreed to issue that SIP Share has been paid or satisfied in full to the Company and that no further
sum is payable to the Company in respect of that SIP Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Prospectus** means the prospectus that forms part of the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Registrar** means the Registrar of Corporate Affairs appointed under the Companies Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **signed** means that a document has been duly signed or sealed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **SIP Shares** means up to 1,965,000 Class A ordinary shares of no-par value in the Company to be issued
in accordance with the terms of the Registration Statement (each a **SIP Share**).

2. Assumptions

We have assumed (and have not independently verified) that:

2.1 each document examined by us:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether it is an original or copy, is (along with any date, signature, initial,
stamp or seal on it) genuine and complete, up-to-date and (where applicable) in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was (where it was executed or filed after we reviewed it) executed or filed in materially
the same form as the last draft of that document examined by us;

2.2 where we have only been sent a copy of the signed signature pages of any Document, each party to that
Document has unconditionally delivered the entire document (including its signed signature page) in materially the same form as the last
draft of that Document examined by us;

2.3 in causing the Company to enter into each Document, and to issue each SIP Share,
each director of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acted honestly, in good faith and in what the director believed to be the best interests
of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercised the director's powers as a director for a proper purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) exercised the care, diligence and skill that a reasonable director would exercise
in the same circumstances;

2.4 each director of the Company (and any alternate director) has disclosed to each
other director any interest of that director (or alternate director) in the transactions contemplated by each Document in accordance with
the M&A and the Companies Act;

2.5 the Director Resolutions were duly passed, are in full force and effect and have
not been amended, revoked or superseded and any meeting at which the Director Resolutions were passed was duly convened, held and quorate
throughout;

2.6 each document examined by us that has been signed by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has been signed by the person(s) authorised by the Company to sign it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (where any signatory is a body corporate) it has been signed in accordance with
that body corporate's constitution and then current signing authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has been dated and unconditionally delivered by the Company;

2.7 there are no documents or arrangements to which the Company is party or resolutions
of the Company's directors or shareholders that conflict with, or would be breached by, or which prohibit the Company's entry into, or
performance of its obligations under, each Document or the issuance of each SIP Share;

2.8 when each SIP Share is issued, there will be no documents or arrangements to which the Company is party,
or resolutions of the Company's directors or shareholders that conflict with, that issuance of that SIP Share;

2.9 the Company is not insolvent (as defined in the Insolvency Act) and will not become
insolvent as a result of executing, or performing its obligations under, any Document or in connection with the issuance of a SIP Share
and no steps have been taken (or will have been taken at the time that SIP Share is issued), or resolutions passed, to appoint a liquidator
of the Company or appoint a receiver in respect of the Company or any of its assets;

2.10 at all times the affairs of the Company have been conducted in accordance with the Companies Act and the
M&A;

2.11 the Company is not carrying on any **financial services business** (as defined in the Financial Services
Commission Act 2001);

2.12 the Company is not, nor is it owned or controlled directly or indirectly by, a state
or sovereign entity;

2.13 neither the Company nor any of its subsidiaries has an interest in any land in the BVI or in any shares,
debt obligations or other securities of any body corporate which has an interest in land in the BVI;

2.14 each party to each Document (other than, as a matter of the laws of the British
Virgin Islands, the Company) has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the capacity and power;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) taken all necessary action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) obtained or made all necessary agreements, approvals, authorisations, consents,
filings, licences, registrations and qualifications (whether as a matter of any law or regulation applicable to it or as a matter of any
agreement binding upon it),

to execute and perform its obligations under that Document;

2.15 each Document has been authorised and executed by each party to it (other than,
as a matter of the laws of the British Virgin Islands, the Company);

2.16 the obligations of each party under each Document are legal, valid, binding and
enforceable under all applicable laws other than the laws of the British Virgin Islands;

2.17 none of our opinions will be affected by the laws or public policy of any foreign
jurisdiction;

2.18 the choice of the governing law of each Document was made in good faith;

2.19 no recipient of a SIP Share will carry out any of its obligations under any Document in, or from within,
the BVI;

2.20 in relation to the Searches:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all public records of the Company we have examined are complete and accurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all filings required to be made in relation to the Company with the Registrar have been made and there
was no information which had been filed that did not appear on the records of the Company at the time of the Company Search; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the information disclosed by the Searches was at the time of each search, and continues to be, accurate
and complete;

2.21 the Company Records were and remain at the date of this opinion accurate and complete;

2.22 no SIP Share will be issued for a price which is less than its par value;

2.23 where the SIP Shares are to be issued for a consideration, which is in whole or in part, other than money,
the directors of the Company shall prior to the issuance of such SIP Shares pass a resolution stating: (a) the amount to be credited for
the issue of such SIP Shares; and (b) that, in the opinion of the directors of the Company, the present cash value of the non-money consideration
and money consideration, if any, is not less than the amount to be credited for the issue of such SIP Shares;

2.24 the SIP Shares will be unconditionally issued and awarded to the recipients of SIP Shares in accordance
with the terms of the 2026 Share Plan; and

2.25 no monies paid to or for the account of any person in relation to any SIP Share or property received or
disposed of by any person in relation to any SIP Share (including under each Document), represent or will represent proceeds of criminal
conduct (as defined in the Proceeds of Criminal Conduct Act, 1997 (as amended)).

3. Opinion

Subject to the assumptions, observations, qualifications and limitations set out in this opinion, and to matters not disclosed to us, we are of the following opinion.

3.1 **Status**: the Company is registered under the Companies Act, validly exists under the
laws of the BVI and, on the date of issue of the Certificate of Good Standing, is of good standing with the Registrar.

3.2 **Issuance of SIP Shares**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company has duly authorised the issuance of each SIP Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when (i) the terms of the issuance of SIP Shares have been duly established in conformity with the M&A,
the Companies Act and the 2026 Share Plan, (ii) those SIP Shares have been issued and delivered as contemplated by the Registration Statement,
the Prospectus (and the relevant prospectus supplement) and the 2026 Share Plan, (iii) the Company has received the consideration provided
for (and to be credited in respect of) those SIP Shares, and (iv) the name of the relevant shareholder(s) is entered in the Company's
register of members, such SIP Shares will be validly issued, fully paid and non-assessable.

3.3 **No liquidator or receiver**: neither the Company Search nor the High Court Search shows
any evidence of any current:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) order or resolution for the appointment of a liquidator of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) notice of the appointment of a receiver in respect of the Company or any of its assets.

3.4 **High Court Search**: the High Court Search does not show any actions or petitions pending
against the Company in the BVI Courts at the time of our search.

4. Qualifications and observations

This opinion is subject to the following qualifications and observations.

4.1 This opinion is subject to all laws relating to bankruptcy, dissolution, insolvency,
re-organisation, liquidation, moratorium, court schemes and other laws and legal procedures of general application affecting or relating
to the rights of creditors.

4.2 Where a director fails, in accordance with the Companies Act, to disclose an interest
in a transaction entered into by a BVI company, the transaction is voidable.

4.3 Under the Companies Act, a company is of **good standing** if the Registrar is satisfied that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the company is listed on the register of companies maintained by the Registrar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the company has paid to the Registrar all fees, annual fees and penalties due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the company has, where applicable, filed with the Registrar a copy of its register of members in accordance
with section 43A of the Companies Act or is not yet due to file its register of members with the Registrar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the company has, where applicable, filed with the Registrar a copy of its register of directors in accordance
with section 118B of the Companies Act or is not yet due to file its register of directors with the Registrar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Registrar has not received any notification, pursuant to section 98A(4) of the Companies Act, that
the company has failed to file its annual return (as defined in the Companies Act) where applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the company has, where applicable, filed with the Registrar beneficial ownership information in accordance
with section 96A(2) of the Companies Act or is not yet due to file the beneficial ownership information with the Registrar.

4.4 The BVI Courts may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) hold that despite any term of an agreement to the contrary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any certificate, calculation, determination or designation of any party to the agreement
is not conclusive, final and/or binding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any person exercising any discretion, judgment or opinion under the agreement must
act in good faith and in a reasonable manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any power conferred by the agreement on one party to require another party to execute
any documents or do any things the first party requires must be exercised reasonably; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) imply terms (for example, good faith between parties in relation to the performance
of obligations) into an agreement governed by BVI law.

4.5 Where a foreign law is expressly selected to govern an agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) matters of procedure upon enforcement of the agreement and assessment or quantification
of damages will be determined by the BVI Courts in accordance with BVI law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the proprietary effects of the agreement may be determined by the BVI Courts in accordance
with the domestic law of the place where the relevant property is taken to be located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the mode of performance of the agreement may be determined by the BVI Courts in accordance
with the law of the place of performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that law may not be applied by the BVI Courts to non-contractual obligations arising
out of the agreement (even if it is expressly selected to do so).

4.6 Where a director of a BVI company fails, in accordance with the Companies Act, to disclose an interest
in a transaction entered into by the company, the transaction may be voidable.

4.7 The BVI Courts may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) stay or set aside proceedings where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there is a more appropriate forum than the BVI where the action should be heard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) earlier or concurrent proceedings have been commenced outside the BVI; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there has already been a final and conclusive judgment given on the merits by a foreign
court of competent jurisdiction according to BVI conflicts of laws rules; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant injunctions restraining the commencement or continuance of proceedings outside
the BVI.

4.8 The Company Search will not reveal any document which has not been filed with the Registrar or which was
filed but was not registered or did not appear on the Company's file at the time of the Company Search.

4.9 The requirement for a BVI company to file an annual return (as defined in the Companies Act) in accordance
with section 98A of the Companies Act does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a listed company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a company that is regulated under a financial services legislation and provides financial statements to
the British Virgin Islands Financial Services Commission in accordance with the requirements of that financial services legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a company that files its annual tax return to the Inland Revenue Department accompanied by the company's
financial statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a company in liquidation (unless the annual return has become due prior to the commencement of the liquidation).

4.10 The High Court Search will not reveal (among other things) if there are any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) proceedings or appointments that have not been filed or that have been filed but have not been recorded
in the High Court's judicial enforcement management system or that have been filed but did not appear on the High Court's judicial enforcement
management system at the time of the High Court Search;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) proceedings commenced prior to 1 January 2000 if no document has been filed since that date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) proceedings against the Company that have been threatened but not filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) files that have been sealed pursuant to a court order; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) arbitration proceedings in which the Company is a defendant or respondent.

5. Limitations

5.1 This opinion is limited to the matters expressly stated in it and it is given solely
in connection with the Registration Statement and each Document.

5.2 For the purposes of this opinion, we have only examined the documents listed in
paragraph 1.1 above and carried out the Searches. We have not examined any term or document incorporated by reference, or otherwise
referred to, whether in whole or part, in any Document and we offer no opinion on any such term or document.

5.3 We offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on whether the commercial terms of any Document reflect or achieve the intentions
of the parties (unless otherwise expressly stated in this opinion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on any factual statement, financial or numerical computation, representation or warranty
made or given in any Document unless otherwise expressly stated in this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as to whether the parties to any Document will be able to perform their obligations
under it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as to the title or interest of any party to or in, or the existence or value of,
any property or collateral the subject of any Document.

5.4 We have made no investigation of, and express no opinion with respect to, the laws
of any jurisdiction other than the BVI or the effect of any Document under those laws. In particular, we express no opinion as to the
meaning or effect of any foreign statutes referred to in any Document.

5.5 We assume no obligation to advise the Company (or any person we give consent to
rely on this opinion) in relation to changes of fact or law that may have a bearing on the continuing accuracy of this opinion.

6. Governing law

This opinion, and any non-contractual obligations arising out of it, are governed by, and to be interpreted in accordance with, BVI laws in force on the date of this opinion.

7. Consent

7.1 This opinion is addressed to the Company in connection with each Document.

7.2 We consent to the filing of a copy of this opinion as Exhibits 5.1 and 23.1 to the Registration Statement.

7.3 In giving the consent at paragraph 7.2 (above), we do not admit that we are included in the category of
persons whose consent is required under section 7 of the Securities Act or the rules and regulations promulgated by the SEC under the
Securities Act.

Yours faithfully

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| |
|:---|
| ![](ex5-1_002.jpg) |
| **Mourant Ozannes (British Virgin Islands)** |

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## Exhibit 23.2

**Exhibit 23.2**

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 under the Securities Act of 1933 of our report dated April 30, 2025, with respect to the consolidated balance sheets of Sagtec Global Limited (collectively referred to as the "Company") as of December 31, 2024, the related consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for each of the year in the year ended December 31, 2024.

We also consent to the reference to our firm under the heading "Experts" in such Registration Statements.

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| |
|:---|
| /s/ Onestop Assurance PAC |
| Onestop Assurance PAC |
| Singapore |
| January 30, 2026 |

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**SAGTEC GLOBAL LIMITED**

**Table 1: Newly Registered Securities**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Class A Ordinary Shares, no par value each ("Class A Ordinary Shares") | (1) | Other | 1965000 | $1.9150 | $3762975.00 | 0.0001381 | $519.67 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $3762975.00 |  | 519.67 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $519.67 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) This Registration Statement on Form S-8 covers additional shares of Class A Ordinary Shares of Sagtec Global Limited ("Registrant") issuable pursuant to the 2026 Equity Incentive Plan (as amended and restated, the "2026 Equity Incentive Plan") of the Registrant. Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement is deemed to cover an indeterminate number of Class A Ordinary Shares which may be offered and issued to prevent dilution resulting from share splits, share dividends or similar transactions as provided in the 2026 Equity Incentive Plan. The proposed maximum offering price per share, which is estimated solely for the purposes of calculating the registration fee under Rule 457(h) and Rule 457(c) under the Securities Act, is based on US$1.915 per Class A Ordinary Share, the average of the high and low prices for the Registrant's Class A Ordinary Shares as quoted on the Nasdaq Capital Market on January 28, 2026.