Alco Holdings Limited announced that Mr. Lei Kam Chao resigned as (1) executive director, (2) chairman, and (3) authorized representative of the Company for purpose of Rule 3.05 of The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("Stock Exchange") with effect from 10 November 2023, due to his health issues. Mr. Lei confirmed that he has no disagreement with the Board and there is no other matter in relation to his resignation that needs to be brought to the attention of the shareholders of the Company or Stock Exchange. The Board announced that Mr. Lai Ka Fung ceased to act as authorized representative for accepting service of process and notices in Hong Kong on behalf of the Company for the purpose of Part 16 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) with effect from 10 November 2023.

Mr. Lai will remain as company secretary after he ceased to be the process agent. The Board also announced that Mr. Yang Min has been appointed as a non-executive director of the Company with effect from 10 November 2023. Mr. Yang, aged 57, obtained a Master of Business Administration degree from Charisma University in 2022.

He has over 20 yeas of experience in shipping and logistics. He has been the chairman of Zhoushan Fengfan Shipping Co. Ltd. since 2003.

Mr. Yang has entered into a service contract with the Company commencing from 10 November 2023 for an initial term of three years, and thereafter from year to year, and may be terminated in accordance with its terms. He is subject to retirement from office and re-election at the annual general meeting of the Company in accordance with the Bye-laws. Pursuant to his letter of appointment, Mr. Yang was entitled to a monthly Director's fee of HK$10,000 for his appointment as a non-executive Director. Mr. Yang's remuneration has been determined by the Board with reference to market rates and his qualifications and experience.