Kiri Industries to Invest up to USD 168 Million in Wholly Owned Subsidiary Claronex Holdings Pte. Ltd.

Kiri Industries Ltd. has approved a proposal for further investment of up to USD 168,000,000 in Claronex Holdings Pte. Ltd., its wholly owned subsidiary. The investment is intended to enable repayment of Claronex's credit facility, making it debt free, and to facilitate the commencement of its business operations in trading. The total investment will be made through the issuance of equity shares at an issue price of SGD 7.00 per share. Claronex Holdings Pte. Ltd. is a Singapore-based company, incorporated on 14 February 2024, with the objects of undertaking trading, investment, and financing activities. It has not yet commenced its business operations.