Agritrade Resources : QUARTERLY UPDATES REGARDING DEVELOPMENTS REGARDING BUSINESS OPERATIONS AND TRADING SUSPENSION AND CLAIM REGARDING BREACH OF CONTRACT AND FIDUCIARY DUTY

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Provisional Liquidators Appointed)

(For Restructuring Purposes)

(Incorporated in Bermuda with limited liability)

(Stock Code: 1131)

QUARTERLY UPDATES REGARDING DEVELOPMENTS REGARDING BUSINESS OPERATIONS AND TRADING SUSPENSION AND CLAIM REGARDING BREACH OF CONTRACT AND FIDUCIARY DUTY

This announcement is made by Agritrade Resources Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rules 13.24A and 13.09(2)(a) of the Rules (the "Listing Rules") Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong).

Reference is made to the announcement of the Company dated 21 August 2020, 14 October 2020, 5 November 2020 and 13 January 2021 (collectively, the "Announcements") in relation to, among others, quarterly updates regarding business operations and trading suspension.

Unless the context otherwise specified, capitalized terms used herein shall have the same meanings as those defined in the Announcements.

Pursuant to Rule 13.24A of the Listing Rules, the Board wishes to update the shareholders and potential investors of the Company that, as the date of this announcement, the latest developments in the progress of the Company's efforts to fulfil the resumption conditions and the development of its principal business are as follows:

UPDATE ON PROGRESS OF RESUMPTION

As mentioned in the Announcements, the Company's auditors have been impeded from proceeding with their audit work as a result of the following factors: (a) the outbreak of the novel coronavirus (COVID-19) in Indonesia and India (b) the Company's claims against Mr Ashok Kumar Sahoo ("Mr Sahoo"), the former Chief Financial Officer of the Company in High Court of Hong Kong and (c) the NCLT petition in India.

Since the release of the 13 January 2021 announcement, the COVID-19 infection rates in Indonesia and India have not seen any significant improvement. Travels and access to mines and offices remain restricted.

The Company with the appointed Receivers for all subsidiaries are working closely to recover any documentation and financial information that will enable the audit work to proceed.

In relation to the NCLT proceedings, the Company has managed to clear significant hurdle when the Indian courts dismissed the Foreign Exchange Management Act ("FEMA") application initiated by SKS Power Generation (Chhattisgarh) Limited ("SPGCL"), led by Mr Sahoo on 18 February 2021. With the dismissal of the application, it allowed for the NCLT to proceed. On 16 March 2021, SPGCL filed for an appeal against the FEMA application in National Company Law Appellate Tribunal (NCLAT).

The next NCLT would be heard on 26 to 28 April 2021.

UPDATES MAREVA INJUNCTION AGAINST MR SAHOO

On 28 September 2020, the Company together with its subsidiary (Fair Thermal Power Limited) have filed for a Mareva Injunction against Mr Ashok Kumar Sahoo, in light of fraudulent actions and misappropriation of Company's funds. The injunction was filed with the courts of Hong Kong.

In March 2021, in reference to Hong Kong Court Judgement [2021] HKCFI 685 ("the Judgement"):

1. The worldwide Mareva injunction against Mr Sahoo shall be continued until trial or further order in the reduced amount of US$5,060,000.
2. Leave was granted to enforce the injunction in Singapore and for that purpose only to use the information obtained in the Hong Kong proceedings
3. Disclosure Application of Mr Sahoo's assets by the Company is allowed

Mr. Sahoo had separately filed on 2 March 2021 to challenge the jurisdiction of the Hong Kong Court in regard to the Mareva injunction. His application will be heard on 16 April 2021.

The Company will keep its shareholders and the public informed of the latest developments by making further announcement(s) as and when appropriate.

UPDATES REGARDING DISPOSAL OF 51% SHAREHOLDING IN THE GROUP'S INTEREST IN SOLFUELS GROUP

Solfuels Ltd is the disposed company (the "Disposed Company"). The Company holds 51% shareholding in the Disposed Company

The Disposed Company and its subsidiary which comprised of Solfuels Ltd, Hong Kong subsidiary and Solfuels USA INC, a direct 100% shareholding subsidiary of Solfuels Ltd, holding a biodiesel plant located in Arkansas, USA.

The disposal was led by the existing court-appointed Joint Provisional Liquidators ("JPL") and transaction was approved by the Bermuda Courts for the disposal of the 51% interest at USD 800,000.

The disposal will be finalized in the month of April 2021.

Shareholders and potential investors should exercise caution when dealing or investing in the securities of the Company.

By order of the Board

Agritrade Resources Limited

(Provisional Liquidators Appointed)

(For Restructuring Purposes)

Sim Mingqing

Executive Director

Hong Kong, 7 April 2021

As at the date of this announcement, the Board comprises Mr. Sim Mingqing, Mr. Yew Chu Sern and Mr. Ong Jia Sheng, Jeffrey as executive Directors; Mr. Goh Jun Feng, Ms. Song Kaixin, Cecilia and Mr. Chew Shee Koon, Malcolm as non-executive Directors and Mr. Siu Kin Wai, Mr. Cheng Yu and Mr. Phen Chun Shing Vincent as independent non-executive Directors.