Waiver::Extension of Time to Comply with Rule 707(1) of the Listing Manual in respect of holding the AGM

JASPER INVESTMENTS LIMITED

(Company Registration No. 198700983H)

(Incorporated in the Republic of Singapore)

EXTENSION OF TIME TILL 31 OCTOBER 2021 TO COMPLY WITH RULE 707(1) OF THE LISTING MANUAL IN RESPECT OF HOLDING THE ANNUAL GENERAL MEETING OF THE COMPANY FOR THE FINANCIAL YEAR ENDED 31 MARCH 2021

The Board of Directors (the "Board") of Jasper Investments Limited (the "Company") and together with its subsidiaries, the "Group") wishes to update shareholders of the Company (the "Shareholders") on the following.

1. BACKGROUND
   Pursuant to Rule 707(1) of the Listing Manual of the Singapore Exchange Securities Trading Limited (the "SGX-ST"), the Company is required to hold its annual general meeting ("AGM") within four months after the end of its financial year of 31 March 2021. On 9 July 2021, the Company made a submission to the Singapore Exchange Regulation Pte. Ltd. ("SGX RegCo") in relation to its application for a 3-month extension from 31 July 2021 to 31 October 2021 to hold the annual general meeting of the Company (the "Extension").
2. GRANT OF EXTENSION OF TIME
   The Company wishes to announce that SGX RegCo has, on 25 October 2021, informed the Company that, based on the Company's submissions and representations to SGX RegCo, it has no objection to granting a 3-month extension till 31 October 2021 for the Company to hold its AGM for the financial year ended 31 March 2021 ("FY2021") (the "Waiver").
   The Waiver is subject to:
3. 1. the Company announcing the Waver granted, the reasons for seeking the Waiver, the conditions as required under Rule 107 of the Listing Manual of the SGX-ST and if the Waiver conditions have been satisfied. If the Waiver conditions have not been met on the date of the announcement, the Company must make an update announcement when the conditions have all been met; and
   2. the Company convening the AGM by 31 October 2021.
4. REASONS FOR SEEKING EXTENSION OF TIME TO HOLD AGM
   The Company has sought the Extension for convening the AGM for the FY2021 for the reasons set out below:
5. 1. due to the unexpected resignation of the Financial Controller of the Company whose last day was on 18 July 2021 and prior to his last day was clearing his annual leave. Although the Company had subsequently appointed an acting Financial Controller with effect from 21 July 2021, and a new Financial Controller with effect from 30 September 2021, additional time was required to finalise the financial statements and complete the statutory audit of the Company as well as the accounts of its subsidiary, Garnet 9 Carriers Pte. Ltd. for FY2021;

1. the commencement of the statutory audit for FY2021 was also delayed due to funding constraints although this has now been resolved as the Company has settled the outstanding invoices due to the external auditors for audit work undertaken in respect of the previous financial year;
2. the acting financial controller of the Company needed more time than originally expected to review and extract information from historical documents and records dating back to 2020 for the purposes of responding to the audit requests from the external auditors and to prepare and finalise the draft FY2021 audited financial statements for the external auditors' review and sign-off. This need for additional time stemmed in part from the fact that the acting financial controller had to familiarise himself with the historical documents, information and records as he was only appointed on 21 July 2021, and in part from the inability to obtain the requisite guidance and input fast enough from the former financial controller of the Company who was responsible for the accounting and book-keeping functions of the Group for the whole of FY2021 and most familiar with the historical basis and supporting documents that are required for the audit.

As a result of the above, the Company was unable to finalise the FY2021 Annual Report in time for release on or prior to 15 July 2021 and to hold the AGM by 31 July 2021.

1. CONFIRMATION BY BOARD The Board confirms that:
2. 1. the Company's financial year end is 31 March;
   2. the Company has published its FY2021 unaudited financial statements on 30 May 2021 (the "FY2021 Unaudited Results");
   3. the Company will make an immediate announcement should there be any material adjustments subsequently made by auditors resulting in material variance from the FY2021 Unaudited Results; and
   4. the Board of the Company confirms that the Extension will not be in contravention of any laws and regulations governing the Company and its Constitution.
3. APPLICATION TO ACRA
   The Board wishes to inform the Shareholders that the Company is separately required to seek the approval of the Accounting and Corporate Regulatory Authority ("ACRA") for an extension of time to hold its AGM. The Company will make an announcement on the outcome of its application to ACRA in due course.
4. ANNUAL GENERAL MEETING SCHEDULED FOR 4.00 P.M. ON 30 OCTOBER 2021

Electronic copies of the annual report for FY2021, the notice of AGM and the proxy form have been published on SGXNET on 15 October 2021. The AGM for FY2021 will be convened and held by way of electronic means on Saturday, 30 October 2021 at 4:00 p.m..

BY ORDER OF THE BOARD

Ng Joo Khin

Company Secretary

25 October 2021