Singapore, 23 November 2021 &ndash NutryFarm International Limited (&ldquo NutryFarm&rdquo or the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ), is pleased to announce that Global Agricapital (Singapore) Pte Ltd (&ldquo GAS&rdquo ), a wholly-owned subsidiary of Global Agricapital Holdings Pte Ltd, which is in turn a wholly-owned subsidiary of the Company, has secured a sales order from Shenzhen Runtai Silk Road Intelligent Retail Co., Ltd 深 圳 润 泰 丝 路 智 能 零 售 有 限 公 司 (&ldquo Runtai Silk Road&rdquo ) for the delivery of 100 containers of fresh durians from Thailand, starting from 22 November 2021 till 31 December 2022.

 

Runtai Silk Road is part of the Fortune 500 Company, Ruentex Group, 润 泰 企 业 集 团 , a conglomerate based in Taiwan with diversified business activities that includes retail hypermart, RT-Mart (大 润 发 ), among others. Established in Shenzhen in 2016, Runtai Silk Road leverages on Ruentex Group&rsquo s extensive sales channels and resources to tap business opportunities arising from the new retail industry under China' s Belt and Road initiatives.

 

Thailand' s durian exports remain top in the world, with new export records constantly being created. According to the latest report released by the Kasikorn Research Center, Thailand&rsquo s total export value in May 2021 reached a record high of US$934.9 million, an annual increase of 95.3%. Export value to China, the country&rsquo s main durian export market, increased a staggering 130.9%(1).

 

The Group&rsquo s durian business has been a strong contributor to its third quarter results for the financial period ended 30 June 2021, which led to revenue surging 42-fold to HK$516.77 million and net profit of HK$19.24 million.

 

In August 2021, the Group obtained approval from shareholders via an Extraordinary General Meeting to diversify its business and expand its core business to include fruit trading.

 

And in September 2021, the Group completed a share placement exercise, via the issuance of 20 million new ordinary shares at an issue price of S$0.29 per share, to raise gross proceeds of S$5.8 million to accelerate its growth plans in Asia&rsquo s durian industry. 

 

&bull Mr. Levin Lee Keng Weng will be appointed as the Company&rsquo s Executive Director and he will be responsible for fund raising and investor relations activities

 

&bull Mr. Leong Choong Cheng has been hired as the Head of CEO Office to assist and support the Company&rsquo s Executive Director and CEO in the implementation of business strategies, integration of and coordination of new business relationships of the Group

 

&bull Since December 2020, the Group has announced various agreements, totalling more than RMB 1 billion, to sell fresh durians from Thailand to major Chinese fruit importers and its durian business has been a strong contributor to its third quarter results for the financial period ended 30 June 2021, with revenue surging 42-fold to HK$516.77 million and a net profit of HK$19.24 million

 

Singapore, 17 November 2021 &ndash NutryFarm International Limited (&ldquo NutryFarm&rdquo or the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ), is pleased to announce that the appointment of Mr. Levin Lee Keng Weng as a new Executive Director of the Company. Mr Levin Lee will be responsible

for fund raising and investor relations activities of the Group.

 

A seasoned finance and investment professional, Mr Levin Lee is also a Director of Ace Peak Capital Group Pte Ltd, Singapore incorporated company, which is principally a private equity investment company, advising on strategic investments and operational activities. Mr Lee is the fund manager of Sino Pacific Capital Limited, a Hong Kong registered company, managing a private equity fund with assets under management of US$100 million, investing mainly in equities in Malaysia, Singapore, Thailand and Hong Kong.

 

In addition, the Group has hired Mr. Leong Choong Cheng as the Head of CEO Office to assist and support the Company&rsquo s Executive Director and Chief Executive Officer, Mr. Cheng Meng, in the implementation of business strategies, integration of and coordination of new business relationships of the Group.

 

With more than 30 years of regional experience in Asia Pacific, Mr. Leong is a supply chain industry veteran industry and he has deep expertise in supply chain management, e-commerce, distribution, logistics, and port operations, particularly in China. Mr. Leong holds a Bachelor of Business Administration from National University of Singapore. He has also obtained an Executive Diploma in Asia Pacific Marketing from Marketing Institute of Singapore and he is a Certified Professional Marketer under the Asia Pacific Marketing Federation.

 

In August 2021, the Group obtained approval from shareholders via an Extraordinary General Meeting to diversify its business and expand its core business to include fruit trading. 

 

In September 2021, the Group completed a share placement exercise, via the issuance of 20 million new ordinary shares at an issue price of S$0.29 per share, to raise gross proceeds of S$5.8 million to accelerate its growth plans in Asia&rsquo s durian industry.

 

Executive Director and Chief Executive Officer of NutryFarm, Mr. Cheng Meng (程 勐 ), said, &ldquo We are delighted to welcome Levin as our Executive Director. With many years of relevant experience in the finance and investment industry, Levin brings extensive expertise, business networks and industry relationships that are aligned with our growth plans.

 

As NutryFarm continues to grow, leadership support will become more important than ever. Supply chain management is a vital part of our fresh fruit business operations, hence I believe that Leong&rsquo s deep industry experience and insights will improve our supply chain functions and enhance our efficiency.

 

With the combined decades of experience in their respective fields, I look forward to working closely with them to build a stronger foundation to support our growth ambitions in Asia&rsquo s durian industry.&rdquo  

 

NUTRYFARM International NutryFarm: AZT +5.97% on Sept 30 reached agreements for the repayment of an outstanding deposit refund owed by the owner of First Linkage, as well as for the refund of equipment previously acquired from the company' s subsidiary.

 

In a bourse filing late on Monday, the group said an outstanding HK$59.2 million (S$10.3 million) was due from First Linkage' s owner Wang Xiaoxin as at Jun 30, 2021, following the termination of Nutryfarm' s proposed acquisition of the tech company.

 

Under the repayment agreement Mr Wang will pay 60 million yuan (S$12.6 million) to Nutryfarm' s indirect wholly owned subsidiary, LottVision Internet Management, as a full and final settlement for the outstanding deposit refund. Repayment of this sum will take place over three and a half years from Oct 1, 2021.

 

First Linkage' s subsidiary Beijing Zhonglian Shengtong Internet Technology will also refund Nutryfarm' s indirect wholly owned subsidiary, WiVision Network Digital Video Technology, 33.5 million yuan for the latter company' s return of Internet hardware and software equipment.

 

WiVision first acquired the equipment in April 2019. Under the latest agreement it will also receive the agreed refund amount over a three-and-a-half-year period from Oct 1, 2021.

 

In September this year Nutryfarm was issued a notice of compliance from the Singapore Exchange Regulation (SGX RegCo) to appoint a suitable independent reviewer to conduct an investigation over two key issues.

 

One of the issues was regarding an assessment into the payment of a significant HK$91.4 million refundable deposit which LottVision made in relation to the proposed acquisition of First Linkage.