ST Group Food Industries Holdings Limited – Monthly Update on Subsidiaries’ Liquidations

Date: 21 November 2025

Executive Chairman and CEO: Saw Tatt Ghee

Key Points for Investors

• Ongoing Liquidations: Multiple indirect subsidiaries of ST Group Food Industries Holdings Limited (“ST Group”) in the UK and Australia are currently undergoing creditors’ voluntary winding up.
• No Material Developments for Some Subsidiaries: There have been no significant updates regarding the liquidations of GCTea Outlets 2B Ltd and GCTea Outlets 2A Ltd since the last report in October 2025.
• Progress on GCTea Ltd Liquidation: A key milestone was reached for GCTea Ltd—on 6 November 2025, a general meeting of shareholders and creditors approved the nomination of joint liquidators, officially commencing the liquidation process.
• Appointment of Liquidator for Australian Subsidiary: On 4 November 2025, Ms. Louisa Sijabat of Merchant Advisory was appointed as the liquidator for PPR Ryde (NSW) Pty Ltd, following a special resolution by members.

Details and Analysis

1. Background and Timeline

Over recent months, ST Group has made several announcements regarding the voluntary winding up of its indirect subsidiaries:

• GCTea Outlets 2B Ltd (UK): Announced on 23 July 2025, with subsequent monthly updates. No material changes reported since October 2025.
• GCTea Outlets 2A Ltd (UK): Announced on 11 September 2025, with subsequent monthly updates. No new developments since October 2025.
• GCTea Ltd (UK): Shareholders and creditors met on 6 November 2025, approving the nomination of joint liquidators and triggering the start of the liquidation process.
• PPR Ryde (NSW) Pty Ltd (Australia): Announced on 31 October 2025. On 4 November 2025, Ms. Louisa Sijabat was appointed as the liquidator after a special resolution by members.

2. Investor Implications

Potential Share Price Sensitivity:

• While the Company has stated that there have been no material developments for GCTea Outlets 2B Ltd and GCTea Outlets 2A Ltd, the commencement of formal liquidation proceedings for GCTea Ltd and PPR Ryde (NSW) Pty Ltd is a significant operational update.
• These liquidations may impact the Group’s asset base, future revenue streams, and possibly its international growth strategy. Shareholders should be aware that continued wind-downs of overseas subsidiaries could affect the Group’s financial performance and market sentiment.
• No indication has been provided on expected recoveries or potential write-downs, which could be material once disclosed. Investors should monitor for subsequent updates, as future announcements may contain price-sensitive information regarding asset recoveries, creditor settlements, or financial implications for the Group.

3. Ongoing Disclosure

The Board has committed to making further announcements to update shareholders on any material developments regarding the liquidations. The Sponsor, Hong Leong Finance Limited, has reviewed the announcement, but the Singapore Exchange has not examined or approved its contents.

What to Watch For

• Updates on the quantum of losses, recoveries, or impacts from the liquidations.
• Any strategic response by the Group to the consolidation of its international operations.
• Potential disclosures on the impact to consolidated financial statements in future earnings releases.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult your financial advisor before making any investment decisions. The content herein is based on company disclosures as of 21 November 2025 and may be subject to further updates.

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