The Board of Directors of A-Smart Holdings Ltd. announced that Mr. Loo Kenneth has been re-designated from Non-Executive Director to Independent Director of the Company with effect from 20 December 2023. Upon his re-designation as an Independent Director of the Company, Mr. Loo will be appointed as a member of the Audit Committee, Nominating Committee and Remuneration Committee. In considering Mr. Loo's independence, the Board and the Nominating Committee have considered the following factors:- That Mr. Loo is currently designated as non-executive Director of the Company; On the date of Mr. Loo's initial appointment as Director of the Company, he was in a subordinate/superior relationship with Mr. Wong Swee Chun who was a substantial shareholder holding more than 5% of the Company's shares.

Mr. Loo was considered non-independent as he was the Executive Director and Chief Operating Officer of Straits Construction Group Pte. Ltd. whereas Mr. Wong was the controlling shareholder as well as the Chairman of the Board of Straits Construction Group Pte. Ltd. Mr. Wong has ceased to be a substantial shareholder of the Company as his shareholding in the Company has remained below 5% for a period of more than one year.

Meanwhile, Mr. Loo has demonstrated independence in his conduct, character and judgment, and has maintained no relationship with the Company, its related corporations, its substantial shareholders or its officers that could interfere, or be reasonably perceived to interfere, with the exercise of the director's independent business judgement in the best interests of the Company. Consequent to the above-mentioned changes, the composition of the Board and Board Committees of the Company shall be reconstituted as follows: Board of Directors - Mr. Ma Weidong as (Non-Executive Chairman; Mr. Lim Huan Chiang as (Executive Director and Chief Executive Officer); Mr. Sam Chong Keen as (Lead Independent Director); Mr. Darlington Tseng Te-Lin as (Non-Executive Director); Mr. Loo Kenneth as (Independent Director) and; Ms. Chu Hongtao as (Independent Director). Audit Committee - Ms. Chu Hongtao as (Chairman); Mr. Darlington Tseng Te-Lin; Mr. Sam Chong Keen and; Mr. Loo Kenneth.

Remuneration Committee - Ms. Chu Hongtao as (Chairman); Mr. Ma Weidong; Mr. Sam Chong Keen and; Mr. Loo Kenneth. Nominating Committee - Ms. Chu Hongtao as (Chairman); Mr. Ma Weidong; Mr. Sam Chong Keen and; Mr. Loo Kenneth.