On 24 January 2022, the board of directors (the "Board") of BBR Holdings (S) Ltd (the "Company", and together with its subsidiaries, the "Group") announced that its 25.05%-owned associated company, Northernone Development Pte. Ltd. ("Vendor"), has entered into a sale and purchase agreement with Flaming Power Limited for (i) the sale of the entire issued and paid-up share capital of Northern Retail Pte. Ltd. (the “Target”) which is a wholly-owned subsidiary of the Vendor, and (ii) the assignment of the outstanding principal and all accrued interest under a shareholder’s loan extended by the Vendor to the Target as at the date of completion of the sale and purchase (“Completion Date”) (the “Proposed Disposal”).

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