CHANGE OF CONTROL IN TAIGA'S MAJOR SHAREHOLDER

BURNABY, BC, Nov. 12, 2024 /CNW/ - Taiga Building Products Ltd. ("Taiga" or the "Company") announces that, as disclosed in the early warning report filed by Dr. Kooi Ong Tong ("Dr. Tong") on November 11, 2024 (the "Early Warning Report") in Canada, Dr. Tong, through TKO Pte Ltd. ("TKO") (a wholly-owned subsidiary of ZICO Trust (S) Ltd., which holds all of the shares of TKO in its capacity as sole trustee of Phileo Trust, a family trust constituted under a trust deed pursuant to which Dr. Tong is the sole beneficiary), indirectly acquired (the "Acquisition") ownership of, or control or direction over a total of 183,246,925 ordinary shares of Avarga Limited ("Avarga"), being Taiga's largest shareholder.

To the best of the Company's knowledge, following the completion of the Acquisition, Dr. Tong will own directly or indirectly, or exercise control or direction over, 481,493,925 ordinary shares of Avarga, representing approximately 53.0% of the total number of issued and outstanding ordinary shares of Avarga. Avarga currently owns, directly or indirectly, or exercises control or direction over 77,708,814 common shares of Taiga, representing approximately 69.7% of the total number of issued and outstanding common shares of Taiga. After the completion of the Acquisition, Dr. Tong will own, directly or indirectly, or exercise control or direction over, 77,708,814 common shares of Taiga, representing approximately 69.7% of the total number of issued and outstanding common shares of Taiga.

As disclosed in the Early Warning Report, pursuant to the Singapore Code on Take-overs and Mergers (the "Code"), as a result of the Acquisition, TKO is required to make a mandatory unconditional general cash offer for all of the issued and paid-up shares in Avarga, other than those already owned, controlled and agreed to be acquired, directly or indirectly, by TKO and certain parties acting or presumed to be acting in concert with it (as defined in the Code). As disclosed in the Early Warning Report, Dr. Tong may, in the future, increase or decrease his beneficial ownership, control or direction over securities of Avarga or Taiga. 

SOURCE Taiga Building Products Ltd.

For further information regarding Taiga, please contact: Mark Schneidereit-Hsu, CFO and VP, Finance & Administration, Tel: [phone], Email: [email protected]