TTC Viet Nam

pending

The proposed investment is a loan of up to US$50 million to Bien Hoa Consumer Joint Stock Company (“BHC”) with use of proceeds to fund: 1) relocation of BHC’s Dong Nai refinery facilities, including dismantle and transportation of existing equipment’s and facilities; ii) renovate and upgrade existing facility in Tay Ninh to a state-of-the-art modern sugar refinery; iii) establish a new warehouse in Tay Ninh; and, iv) the cost of raw sugar to be used exclusively by BHC at Dong Nai (before closure) or Tay Ninh refinery (once operational).BHC is a subsidiary of TTC Bien Hoa Joint Stock Company (“TTCS or TTC AgriS”), the largest sugar producer in Vietnam. BHC’ operational asset is a sugar refinery in Bien Hoa City, Dong Nai province, Vietnam (referred to as Dong Nai site), which includes offices, warehouses, and a sugar refinery plant. The refinery plant, which processes imported raw sugars, is known as the Dong Nai Sugar Refinery Plant. The plant is in the process of being relocated to a brownfield site that BHC owns in Tay Ninh city, Vietnam. The relocation process is expected to be initiated in late 2025 and completed in 2027. The plant will continue to operate at its current location until preparation works, including site preparation in Tay Ninh, are completed. The actual moving process is expected to take six months, during which there will be no operation at either site. The Dong Nai site will eventually be used solely as warehouses and offices, with no processing capacity. No additional land is required to be acquired at Tay Ninh site to accommodate the relocation and resume the refinery operation.