Metasurface Technologies Holdings Limited (stock code: 08637, “Metasurface”) announced that Chief Executive Officer and controlling shareholder Dato’ Sri Chua completed the acquisition of a 51% equity stake in Pryon International Pte. Ltd. (“Pryon”) on 15 May 2026. The purchase converts Pryon into an “associate” of Dato’ Sri Chua under the GEM Listing Rules, thereby making existing dealings between Metasurface’s wholly owned subsidiary, Metasurface Technologies Pte. Ltd. (“MST”), and Pryon a continuing connected transaction.
Key terms of the Service Agreement between MST and Pryon (signed 5 August 2025) are unchanged: • Term: 1 September 2025 – 31 December 2027, with either party able to terminate on 12-months’ written notice. • Services: MST provides management, manpower and logistics support—including receiving, inspection, production scheduling, packaging, delivery, storage and inventory management—at Pryon’s site in Singapore (No. 43 Tuas View Circuit). Additional support such as transportation, loading/unloading and forklift services are available on request. • Pricing: Standard Services are charged at a fixed S$58,500 per month (exclusive of GST), payable in advance. Fees for Additional Services follow pre-set rates in the agreement. • Renewal Option: Pryon may extend the arrangement for up to four successive three-year terms at stepped monthly fees of S$62,600, S$67,000, S$71,690 and S$76,700 commencing 1 January 2028, 2031, 2034 and 2037, respectively.
Regulatory implications • Under GEM Rule 20.58(1)(a), the transaction now requires annual review and public disclosure. • Any renewal or variation of the Service Agreement will trigger full compliance with Chapter 20 of the GEM Listing Rules.
Board assessment The Board—excluding interested directors Dato’ Sri Chua and his spouse—considers the agreement on normal commercial terms, fair and reasonable, and in the interests of shareholders.
Corporate profiles • Metasurface is a Cayman-incorporated investment holding company, headquartered in Singapore, specialising in precision machining and welding services. • MST manufactures dies, moulds, tools, jigs and fixtures. • Pryon supplies, fabricates and installs stone countertops and surfaces in Singapore; its ownership now stands at 51% Dato’ Sri Chua, 40% Tan Chee Soon and 9% Fang Minjie.
With controlling shareholders Dato’ Sri Chua and Mrs. Chua jointly holding approximately 51.48% of Metasurface’s issued shares, the company affirms that all connected-transaction obligations under the GEM Listing Rules will be observed going forward.