General Announcement::MONTHLY VALUATION OF ASSETS AND UTILISATION OF CASH FOR THE MONTH OF JULY 2021

AXINGTON INC.

(Company Registration No.: LL12218)

(A Company incorporated under the Labuan Companies Act 1990, Malaysia)

MONTHLY VALUATION OF ASSETS AND UTILISATION OF CASH FOR THE MONTH OF JULY 2021

The Board of Directors (the "Board") of Axington Inc. (the "Company", and together with its subsidiaries, the "Group") wishes to announce the following pursuant to Rule 1017(1)(b) of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist ("Catalist Rules"):

1. MONTHLY VALUATION OF ASSETS AND UTILISATION OF CASH
2. 1. The Company's assets and liabilities(1) as at 31 July 2021 are as follows:-

	S$'000
Assets
Escrow account	26,620(2)
Cash and cash equivalents	2,375
Trade and other receivables	1,088
Prepayment	64
	30,147
Less:-
Liabilities
Other payables and accruals	452
Net Assets	29,695

Notes:

1. 1. Pursuant to the Company's half year results announcement dated 13 August 2021, the Company has decided to change its functional and presentation currency from Ringgit Malaysia ("RM") to Singapore dollar ("SGD" or "S$") (the "Change in Presentation Currency"). The Change in Presentation Currency has been adopted for the financial period ended 30 June 2021 and for the financial year ending 31 December 2021.
   2. The Company had, on 1 July 2021 and 19 July 2021, placed an aggregate of S$26.62 million, representing approximately 90% of the total cash and short-dated securities of the Company in the escrow account with DBS Bank Limited (the "Escrow Agent").
2. The Company's utilisation of cash and cash equivalents for the period from 1 July 2021 to 31 July 2021 is as follows:-

	S$'000
Opening balance as at 1 July 2021	29,420
Less:
- Placement with Escrow Agent	26,620
- Professional services(1)	170
- Director fees(2)	150

- Audit fees	70
- Other expenses(3)	32
- Unrealised loss from FX translation(4)	3
Closing balance as at 31 July 2021	2,375

Notes:

1. Mainly comprise of payment for sponsorship, legal, accounting and consultancy services.
2. Settlement of outstanding director fees paid to current and former directors.
3. Mainly comprise of (i) bank charges incurred to facilitate the opening of the escrow account and the maintenance of the escrow account, and (ii) listing and filing expenses.
4. Adjusted for the unrealised FX movements arising from translation of foreign currency to reporting and presentation currency.

All figures provided in this announcement have not been reviewed or audited by the Company's auditors.

By Order of the Board

Ang Chiang Meng

Executive Director

18 August 2021

This announcement has been prepared by the Company and reviewed by the Company's sponsor, Novus Corporate Finance Pte. Ltd. ("SPONSOR"), in compliance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist.

This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made, or reports contained in this announcement.

The contact person for the Sponsor is Mr. Pong Chen Yih, Chief Operating Officer, 7 Temasek Boulevard, #18-03B Suntec Tower 1, Singapore 038987, telephone [phone].