ACE Innovate Asia Berhad announced that AIAB had on 15 October 2021 entered into a Joint Venture cum Shareholders Agreement with Aseagate (M) Sdn. Bhd. to formalise and set out the basic terms of their relationship with each other via their respective investment participation in the joint venture company (i.e., Ace Ikhlas Gold Sdn. Bhd.) incorporated to carry out the business of the joint venture. The duration of JVSA will be in accordance with the terms and conditions set out in the JVSA. If there is any transfer of shares in accordance with the JVSA and there is only one shareholder who is a shareholder of Ace Ikhlas, the JVSA will automatically be terminated. If a Shareholder no longer holds shares in Ace Ikhlas, then that Shareholder ceases to be a party and all of its rights and obligations and all entitlements and requirements relating to it under the JVSA will cease save for any liabilities or obligations in respect of any breach occurring prior to the effective date of such cessation or arising out of or in respect of or in connection with this JVSA at any time up to and including the date of the transfer of the shares. The JVSA shall be terminated if Ace Ikhlas is wound up or liquidated, whether voluntarily or compulsorily.