JES International : Transfer of Subsidiary

JES INTERNATIONAL HOLDINGS LIMITED

(Incorporated in the Republic of Singapore on 4 April 2006)

(Company Registration Number 200604831K)

_____________________________________________________________________________________________________

TRANSFER OF WHOLLY-OWNED SUBSIDIARY - FUKUMAYA PTE LTD ________________________________________________________________________________

The board of directors of JES International Holdings Limited (the "Company") refers to the Company's earlier announcements dated 29 November 2016, 23 February 2017 and 8 September 2017.

As announced on 23 February 2017, the Company has incorporated a wholly-owned subsidiary, Fukumaya Pte Ltd (Company Registration Number: 201704500G) (the "Subsidiary"), with a view to undertake transactions and businesses in connection with the proposed acquisition of Maya Asia Resources Sdn Bhd.

The Subsidiary has an issued and paid-up capital of S$1.00 comprising one (1) ordinary share and is wholly-owned by the Company. The Subsidiary is dormant since incorporation and has not undertaken any business activity. As at the date of this announcement, the Subsidiary has no assets nor liabilities. Save for the issued and paid-up capital of S$1.00 and costs incurred in usual statutory compliance matters, the Company has not made any investments nor incurred any costs in the Subsidiary.

As further announced by the Company on 8 September 2017, the proposed acquisition of Maya Asia Resources Sdn Bhd has since terminated and as a result the Subsidiary is not expected undertake any business. Therefore, the Company has on 22 January 2018 transferred its entire shareholding in the Subsidiary to one Mr You Yi (the "Transferee") for a nominal consideration of S$1.00, with a view to cut down on costs in relation to statutory compliance matters (the "Transfer").

The Transferee was introduced to the Company by a mutual business associate, and none of the directors or controlling shareholders of the Company has any connection (including business relationship) with the Transferee prior to the Transfer.

The Transfer is not expected to have any material financial effect on the earnings per share and net tangible assets per share of the Company for the financial year ended 31 December 2017.

None of the directors or controlling shareholders of the Company or their respective associates has any interest, direct or indirect, in the above transaction.

BY ORDER OF THE BOARD

JES INTERNATIONAL HOLDINGS LIMITED

JIN YU

Chief Executive Officer

23 January 2018