We refer to the announcements dated 25 February 2021, 31 May 2021, 22 July 2021, 11 August 2021 and 29 November 2021 in relation to the Proposals (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

On behalf of the Board, TA Securities wishes to announce that the Board, after due deliberations and having considered the current economic conditions amid the elevated inflationary pressure, changes in the monetary policy and prognosis of global recession which may affect the consumers’ sentiment, has decided not to proceed with the Proposals at this juncture. Such decision was made as the Company has been continuously evaluating the structural changes in the retail environment brought on by recent market and economic conditions in order to drive the business growth of each unique in-house brand within the Group.

The Group remains committed with its brand building exercise and will undertake corporate restructuring exercise for its in-house brands to enhance shareholders’ value in the long term. Further announcement will be made by the Company upon finalisation of the terms for the restructuring exercise.  

This announcement is dated 21 June 2023.