We refer to our announcement dated 13 December 2023 in relation to the Mediation of Debt Restructuring of SEB and its Admitted Group Companies Under Corporate Debt Restructuring Committee – Receipt Of Approval-In-Principle (the “First AIP Announcement”), and our announcements dated 12 March 2024 and 10 June 2024 in relation to the extension of the CDRC standstill period. We further refer to our announcements dated 7 March 2024 and 6 June 2024 relating to the convening and restraining orders obtained by the Company and 22 of its subsidiaries (the “Applicants”), to enable each of the Applicants to summon meetings with its creditors, to consider and approve a proposed scheme of arrangement and compromise. Unless otherwise stated, all abbreviations and terms used in this announcement shall have the same meanings as those defined in the First AIP Announcement.

The Board of Directors of the Company wishes to announce that the Company and the MCF Financiers had on 11 January 2025 received written confirmation dated 10 January 2025 from the CDRC stating that, in accordance with section 8.10 of the CDRC Participants’ Code of Conduct, MCF Financiers representing at least seventy-five percent (75%) in value of the Multi-Currency Financing Facilities have provided their requisite additional approval-in-principle in respect of certain refinements to the terms of the Proposed Restructuring Scheme (“PRS”) proposed by the Company for its debt restructuring exercise (collectively, the "Second AIP").

The Second AIP paves the way for the Applicants to finalize the proposed schemes of arrangement constituting the PRS, and in due course, to present the finalized schemes of arrangement to the relevant court-convened meetings of the various classes of creditors of the Applicants, for their approval. The Second AIP will also facilitate ongoing discussions relating to a prospective financial investment from a White Knight in connection with the PRS.  

Further announcements will be made as and when appropriate.

This announcement is dated 13 January 2025.