On July 15, 2024, ARB IOT Group Limited entered into a Service Agreement (the ?Contract?) with ARB IOT Limited, a Cayman Islands exempted company that holds approximately 28.38% of the Company?s issued and outstanding ordinary shares (?AIL?). Pursuant to the Contract, the Company will provide platform as a service to AIL. The duration of the Contract is five (5) years, commencing from July 15, 2024.
The subscription service fee payable to the Company is USD 7.0 million per year.
