Willas-Array Electronics (Holdings) Limited — Regulatory Filings 2021

Jun 3, 2021

Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Singapore Exchange Securities Trading 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 Exchange Securities Trading Limited assumes no responsibility for the correctness of any of the statements made, reports contained or opinions expressed in this announcement.

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WILLAS-ARRAY ELECTRONICS (HOLDINGS) LIMITED 威雅利電子(集團)有限公司

(Incorporated in Bermuda with limited liability) (Hong Kong stock code: 854) (Singapore stock code: BDR)

OVERSEAS REGULATORY ANNOUNCEMENT

This overseas regulatory announcement is issued pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

Please refer to the following pages of the document which has been published by Willas-Array Electronics (Holdings) Limited (the “Company”) on the website of Singapore Exchange Securities Trading Limited on June 3, 2021.

For and on behalf of

Willas-Array Electronics (Holdings) Limited Leung Chun Wah

Chairman and Non-executive Director

Hong Kong, June 3, 2021

As at the date of this announcement, the Board comprises one Non-executive Director, Leung Chun Wah (Chairman); three Executive Directors, namely Hon Kar Chun (Managing Director), Leung Hon Shing and Leung Chi Hang Daniel; and three Independent Non-executive Directors, namely Wong Kwan Seng, Robert, Iu Po Chan, Eugene and Lim Lee Meng.

In the case of inconsistency, the English text of this announcement shall prevail over the Chinese text.

Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Singapore Exchange Securities Trading 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 Exchange Securities Trading Limited assumes no responsibility for the correctness of any of the statements made, reports contained or opinions expressed in this announcement.

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WILLAS-ARRAY ELECTRONICS (HOLDINGS) LIMITED 威雅利電子(集團)有限公司

(Incorporated in Bermuda with limited liability) (Hong Kong stock code: 854) (Singapore stock code: BDR)

RESPONSE TO SGX QUERIES ON THE COMPANY’S AUDITED FULL YEAR RESULTS ANNOUNCEMENT RELEASED ON MAY 28, 2021

Willas-Array Electronics (Holdings) Limited (the “Company”) refers to its audited full year results announcement for the year ended March 31, 2021 (“FY2021 Results Announcement”) released on May 28, 2021. The Company wishes to inform the shareholders and prospective investors of the Company that it has received the following queries from the Singapore Exchange Regulation (“SGX RegCo”) on June 1, 2021 in relation to the FY2021 Results Announcement, and the Company’s responses to SGX RegCo’s queries are as follows.

Unless otherwise defined, all capitalised terms used in the Company’s responses shall have the same meanings as accorded to them in the FY2021 Results Announcement.

SGX RegCo’s Query 1:

Page 4: Trade receivables

Further elaborate upon and explain the increase to HK$844,049,000 from HK$660,912,000 .

Company’s Response:

As mentioned on page 27 of the FY2021 Results Announcement, the increase in trade receivables by approximately HK$183,100,000 was mainly due to increased sales revenue towards the end of FY2021 when compared with the sales revenue towards the end of FY2020. As mentioned on page 36 of the FY2021 Results Announcement, the sales for the

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second half year of FY2021 increased by 24.5% as compared to the corresponding period in FY2020. The increase in trade receivables is therefore reflective of the increase in the sales revenue. In addition to the foregoing, as mentioned on page 27 of the FY2021 Results Announcement, the debtors turnover days increased from 2.5 months as at March 31, 2020 to 2.9 months as at March 31, 2021, and this has also contributed to the said increase in the trade receivables.

SGX RegCo’s Query 2:

Page 4: Other receivables, deposits and prepayments Explain the increase to HK$8,273,000 from HK$5,486,000.

Company’s Response:

Other receivables, deposits and prepayments increase by HK$2,787,000 was mainly due to:

• (i) a reclassification of rental deposits of certain premises in Hong Kong and mainland China of HK$1,554,000 from non-current assets as at March 31, 2020 to current assets as at March 31, 2021 as the lease of these premises will expire before March 31, 2022; and

• (ii) an amount of HK$581,000 due from G.M.I. Technology Inc., being the other shareholder of GW Electronics Company Limited (an associated company of the Company), for the legal costs incurred for the permanent stay application of the winding-up order against the associated company. In relation to (ii), please refer to the Company’s announcement released on June 18, 2020 titled “Update on Dispute Involving Associated Company” for further details.

For and on behalf of

Willas-Array Electronics (Holdings) Limited

Leung Chun Wah Chairman and Non-executive Director

Hong Kong/Singapore, June 3, 2021

As at the date of this announcement, the Board comprises one Non-executive Director, Leung Chun Wah (Chairman); three Executive Directors, namely Hon Kar Chun (Managing Director), Leung Hon Shing and Leung Chi Hang Daniel; and three Independent Non-executive Directors, namely Wong Kwan Seng, Robert, Iu Po Chan, Eugene and Lim Lee Meng.

In the case of inconsistency, the English text of this announcement shall prevail over the Chinese text.

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