Anjoy Foods Group (02648) plans to acquire a 60.0005% equity stake in IFC for US$30.474 million.

Anjoy Foods Group (02648) has announced that, in order to further improve the Company's industrial layout in the frozen bakery food sector, enrich its product categories, and in line with the Company's overseas business development plan, the Company intends to acquire control of IFC through this transaction. IFC is headquartered in Singapore and is primarily engaged in the research and development, production, and sales of frozen cakes, bread, and other bakery foods, and has established a business system covering product research and development, manufacturing, customer service, and market sales. The target company operates a mature production base and management team in China, and has established a certain business foundation in the research and development and production of frozen bakery products such as frozen cakes, as well as in channels including coffee beverages, new-style tea drinks, bakery, e-commerce, and supermarkets. This acquisition will help the two parties form synergies in product research and development, manufacturing, supply chain procurement, and market channels, further improving the Company's domestic frozen bakery business layout. At the same time, the target company has production and operating entities in Singapore and Malaysia. This acquisition will also help the Company further expand into Southeast Asia and other overseas markets, accumulate experience in localized operations, supply chain management, and market expansion, and form synergies with the Company's overseas business development direction. Based on the above strategic considerations, on October 12, 2026, the Company signed an Equity Acquisition Agreement with the sellers and IFC. The Company intends to acquire, in cash, a total of 69,500 ordinary shares of International Foodgnostics Corporation Pte. Ltd. (hereinafter referred to as the "Target Company" or "IFC") held collectively by Tay Teck Eng, Boo Choon Chik, Ron Sim Chye Hock, and V3 Brands Pte. Ltd., representing 60.0005% of the total issued shares of IFC. Based on the valuation results and after unanimous negotiation among the transaction parties, the overall transaction price corresponding to 100% equity of IFC in this transaction is US$50.7895 million. The transaction consideration for the Company's acquisition of the aforementioned 60.0005% equity is US$30.474 million, corresponding to a transaction price of US$438.79 per share, with the source of funds being the Company's own funds. After the completion of this transaction, IFC and its subsidiaries included in the consolidation scope will be included in the Company's consolidated financial statements. After the completion of the transaction, the Company will hold 60.0005% equity of IFC, Tay Teck Eng will hold 30.7208% equity, Boo Choon Chik will hold 9.2787% equity, and Ron Sim Chye Hock and V3 Brands Pte. Ltd. will no longer hold any shares of IFC. After the completion of this transaction, the Target Company will be included in the Company's consolidated financial statements. The Target Company is primarily engaged in the research and development, production, and sales of frozen bakery and related foods, which has certain synergies with the Company's existing business. This will help further supplement the Company's business capabilities in the frozen bakery product sector and provide the Company with a corresponding production and operating platform for expanding its overseas food business.