The board of directors of Target Insurance (Holdings) Limited announced that on 24 February 2022, the Company entered into a revolving facility agreement with Smart Neo Holdings Limited. Smart Neo is a substantial shareholder of the Company and is wholly and beneficially owned by Dr. Ng Yu, the Chairman and an executive Director of the Company. Pursuant to the Facility Agreement, it is agreed that Smart Neo shall grant a revolving facility up to the principal amount of USD 750,000,000 (which is equivalent to approximately HKD 5.85 billion) to the Company for a term of 12 months effective from the date of the Facility Agreement.

The Facility is unsecured, interest-free and repayable on demand. The draw-down and provision of each tranche of loan under the Facility is subject to the fulfilment of the conditions specified in the Facility Agreement. Smart Neo shall have the absolute discretion to waive any or all of the conditions of the Facility Agreement as it thinks appropriate.

The funds drawn down from the Facility shall be used strictly for (i) acquisition of recognised insurance companies and/or projects worldwide, particularly insurance companies and/or projects in the Asian regions (including Singapore etc.), European regions (including the United Kingdom etc.) and Northern American regions (including the United States etc.) (the "Proposed Acquisitions"); or (ii) provision of financial assistance to Target Insurance Company, Limited (the "Subsidiary"), being a wholly owned subsidiary of the Group.