Midas : Quarterly Update On Recent Development Of Suspension Of Trading

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.

(Singapore Registration No.: 200009758W) (Incorporated in Singapore with limited liability)

(Hong Kong Stock Code: 1021) (Singapore Stock Code: 5EN)

QUARTERLY UPDATE ON RECENT DEVELOPMENT OF

SUSPENSION OF TRADING

This announcement is issued pursuant to Rule 13.24A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") (the "Listing Rules").

Reference is made to the announcements of Midas Holdings Limited (the "Company", and together with its subsidiaries, the "Group") dated 12 March 2018 in relation to the timeline, dated 25 May 2018 in relation to the First Delisting Stage and dated 31 July 2018 in relation to quarterly update (the "Announcements").

(I)

RESUMPTION PLAN AND EXPECTED TIMETABLE, FURTHER DELAY IN PUBLICATION OF THE ANNUAL RESULTS AND THE ANNUAL REPORT OF THE GROUP FOR THE YEAR ENDED 31 DECEMBER 2017

Judicial Managers of Midas Aluminium Industries Co., Ltd ("Jilin Midas"), Luoyang Midas Aluminium Industries Co., Ltd ("Luoyang Midas"), Jilin Midas Light Alloy Co., Ltd ("JMLA") and Jilin Midas Investments Co., Ltd ("JMI") have not finalised their audit, which continue to result in the Company losing management control as well as access to the management accounts. On 16 October 2018, Dalian Huicheng Aluminium Co., Ltd ("DLHC") entered judicial management. Hence, no audit arrangement can be made by the Company for publication of the annual results and the annual report of the Group for the year ended 31 December 2017.

The Company has been proactively following up and implementing the following actions to meet the Resumption Conditions. The actions that the Company has taken up to the date of this announcement include, among others: -

• (a) following up with the Commercial Affairs Department of the Singapore Police Force, Singapore Exchange Securities Trading Limited, Stock Exchange, Hong Kong Securities and Futures Commission and Accounting and Corporate Regulatory Authority ("ACRA") on the investigation of issues raised by the board of the Company (the "Board");

• (b) following up on litigations as announced with court in PRC;

• (c) preparing necessary documents for defamation suit brought by the former Chairman of the Group, Mr. Chen Wei Ping in Singapore; and

• (d) engaging in discussions with the judicial managers in relation to their audit report.

• (e) discuss with potential interested investors who may want acquire a stake in the Group

While assisting the ongoing investigations carried out by the authorities, the Board wishes to announce the action plan with expected timeline in order for the Company to maintain a sufficient level of operation or assets:

(II)

CONTINUED SUSPENSION OF TRADING OF SHARES

At the request of the Company, trading in the Shares on the Stock Exchange hasbeen suspended with effect from 9:00 am on 8 February 2018, and will remain suspended until further notice.

The Board will issue further announcements as appropriate, as and when there are any material developments in the matter.

On behalf of the Midas Holdings Limited

Tong Din Eu Executive Director

Hong Kong, 7 November 2018

As at the date of this announcement, the executive directors of the Company are Mr. Tong Din Eu and Dr. Xu Wei Dong; and the independent non-executive director of the Company is Mr. Chan Soo Sen.