A second interest-free loan of S$4.0 million was obtained in March 2024

Completed audit for 18-month financial period from 1 July 2021 to 31 December 2022

Annual General Meeting for FP2022 scheduled to be held on 10 May 2024

Preparation for quarterly and full year results announcements as well as audit for financial year ended 31 December 2023 initiated

Significant progress made to rectify, restore and rejuvenate the Company

Company is well placed to work towards resumption of trading of the Company’s shares

The board of directors (the “Board”) of SDAI Limited (the “Company” or “SDAI”, and together with its subsidiaries, the “Group”) today announced that its statutory auditor, Foo Kon Tan LLP (“FKT”), had in April 2024 completed the Group’s audit for the 18-month financial period from 1 July 2021 to 31 December 2022 (“FP2022”). The notice of annual general meeting of the Company (“AGM”) and the Company’s annual report for FP2022 were despatched to shareholders of the Company (“Shareholders”) on 25 April 2024 and the AGM for FP2022 will be held on 10 May 2024 at the Grand Copthorne Waterfront Hotel. The preparation for quarterly and full- year results announcements as well as the audit work for the 12-month financial year ended 31 December 2023 (“FY2023”) is currently underway, and the Board will announce the Group’s quarterly and full-year results for FY2023 and hold the next AGM for FY2023 as soon as possible. This is a significant step in working towards the Company’s compliance with reporting requirements for 2024 onwards.

Madam Hao Dongting, Executive Chairperson of the Board, said, “Through the effective stewardship of the new Board, we have now completed the FP2022 audit, a significant step in fulfilling our statutory and reporting responsibilities. While non-compliance issues still need to be rectified, we will continue to work on addressing these to the best of our ability to fulfil all statutory and reporting requirements."

“I have recently extended an interest-free loan of S$4.0 million to the Company for 18 months starting March 2024 and obtained an extension on the repayment of the first interest-free loan of S$4.0 million, which had originally been due this year, to September 2025. This will address ongoing concerns and ensure adequate working capital for the Group.

We want to reassure Shareholders that the new management and Board are making significant headway in rectifying the missteps and lapses of the past, restoring processes and structures that either did not exist or were broken down and working on rejuvenating the Company by exploring new strategies and businesses to create long-term value. We thank Shareholders for their unwavering and continued trust in our efforts thus far, and the Board is firmly committed to the rebuilding process to right the ship and work towards the resumption of trading and a brighter future for the Company.” added Madam Hao.

Progress since June 2023

Since taking over the reins of the Company on 26 June 2023, the new Board, consisting of qualified and motivated individuals, has left no stone unturned in addressing the multitude of issues that the Company has been beset with over recent years that resulted in numerous non-compliance issues and systemic shortcomings, which finally led to its share suspension in July 2021.

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