Ev Dynamics (Holdings) Limited announced that on 12 March 2024, the Company entered into a loan agreement for the advance of a loan facility of EUR 594,339 (equivalent to approximately HKD 5,082,000) for a period of three months commencing from the disbursement date of the Loan. Interest rate is 5.0% per annum commencing from the Disbursement Date. Reasons for the Loan is Despite the Company continued to safeguard its working capital by requesting the customers to pay deposit before commencing production of any purchase orders, the customers of the Group have postponed the purchase orders in order to maintain their working capital due to the cautious economic sentiment and the prevailing high interest rate environment, which in turn exerted pressure on the working capital of the Group.

In particular, as at 31 January 2024, the balance of the cash and cash equivalent of the Group amounted to approximately HKD 2,117,000. Parties: The company (as Borrower); and S.C.I SATO EV (as Lender).