The Board of Directors of CN Asia is pleased to announce that the Company together with its wholly owned subsidiary, Southborn Capital Sdn Bhd ("Southborn"), had on 26 June 2024 entered into a Settlement Agreement ("SA" or the "Agreement") with SMTRACK Berhad ("SMTRACK") and its wholly-owned subsidiary, SMT Turbojet Resources Sdn Bhd ("SMTRSB") to settle a loan together with interest accrued thereon, up to 23 November 2024 of RM7,630,000 ("Setllement Sum") owing by SMTRSB to Southborn, via the issuance and allotment of up to 218,000,000 new ordinary shares of SMTRACK ("Settlement Shares") to CN Asia at an issue price of RM 0.035 per Settlement Share ("Issue Price"), representing approximately a 10% discount to the 5-day volume weighted average price ("VWAP") of SMTRACK shares calculated up to 25 June 2024, being the last practicable day preceding the date of this Agreement ("Proposed Debt Settlement" or "Proposal").

Please refer to the attached file for the full text of the announcement.