Key Financial Highlights for October 2025

• Total Assets: S\$68.85 million, comprising:
  • Long-term investment: S\$514,000
  • Trade and other receivables: S\$44.08 million
  • Cash and cash equivalents: S\$24.26 million
• Total Liabilities: S\$1.34 million, with trade and other payables at S\$1.23 million
• Net Assets: S\$67.50 million
• Monthly Cash Flow:
  • Opening cash (1 Oct 2025): S\$23.50 million
  • Receipts: S\$1.01 million (interest income and FX adjustment)
  • Payments: S\$250,000 (bank charges and admin expenses)
  • Closing cash (31 Oct 2025): S\$24.26 million

Important Shareholder Updates & Price-Sensitive Information

Major Acquisition: Entry into Russian Oncology Market

Don Agro International Limited is in the advanced stages of acquiring significant stakes in Russian medical entities:

• 812 Capital LLC: 99.99% stake
• Centre for Innovative Medical Technologies, LLC (CIMT): 11.50% stake
• Target Group Activities: Operates expert oncology clinics under the “Euroonco” brand, offering comprehensive cancer diagnostics, treatment, antitumor and palliative care services in Moscow, Saint Petersburg, and Krasnodar.
• Consideration Paid: RR 2,220,000,000 (~S\$34.50 million) advanced to vendors in March 2025, signifying a major deployment of capital directly tied to new business growth.

SGX Regulatory Milestones & Waivers

• SGX-ST granted waivers for cash utilisation and escrow requirements, as well as continued trading, subject to certain conditions. All conditions have been fulfilled as of February 2025.
• SGX-ST granted a waiver for the requirement to disclose pro forma financial statements for the enlarged group, pending certain conditions.
• A six-month extension for meeting new listing requirements under Rule 1017(2) has been approved by SGX-ST as of July 2025.

Strategic Expansion of Medical Facilities

• In May 2025, JSC Tetra (a wholly-owned subsidiary) extended a short-term loan of RR 236,000,000 (~S\$3.8 million) to the Target Group for acquiring Uni Clinica in Moscow, further expanding their medical footprint. This loan is not part of the escrowed amount, indicating additional investment capacity.
• On 7 October 2025, a formal loan agreement was executed with 812 Capital LLC and CIMT, providing clarity on the terms and conditions of the loan.
• Supplemental agreements were signed on 12 November 2025 to amend terms related to the acquisition structure, including the Balance Stake, CIMT Stake, Minority Stake, and Options Agreements.

Major Milestone: Notification of Very Substantial Acquisition

On 20 November 2025, Don Agro submitted a notification to SGX-ST regarding the proposed acquisition, classifying it as a “very substantial acquisition” under the Catalist Rules. This marks a pivotal step in the company’s move to secure new business and could have a material impact on its future growth and valuation.

Shareholder Considerations & Potential Share Price Impact

• The acquisition of oncology clinics and expansion into the Russian medical sector represents a significant transformation and diversification for Don Agro, potentially unlocking new revenue streams and enhancing future earnings.
• Substantial cash outflows for the acquisition and loans may affect short-term liquidity but are aimed at long-term value creation.
• Regulatory waivers and fulfilment of listing extension requirements ensure continued trading and regulatory compliance, supporting investor confidence.
• Completion of the acquisition is pending audit, due diligence, and shareholder approval via a forthcoming circular and EGM. Investors should monitor the timeline and risks associated with regulatory, operational, and integration challenges.
• Any delays or adverse findings from ongoing audits and due diligence could impact the transaction and share price.

Conclusion

The October 2025 report from Don Agro International Limited highlights a transformative period for the company, with major capital deployment into Russian medical assets, regulatory approvals, and strategic expansion initiatives. These developments are potentially price-sensitive and could materially influence the share price, especially as the company moves towards completion of a very substantial acquisition. Investors are advised to watch for further announcements regarding audit completion, shareholder approvals, and integration progress.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult professional advisors before making investment decisions. The information presented is based on company announcements and may be subject to change.

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