The board of directors of Astaka Holdings Limited announced that the Company's 99.99%-owned indirect subsidiary, Astaka Padu Sdn Bhd, intends to enter into a joint venture with Seaview Holdings Sdn. Bhd. in relation to a proposed property and real estate development business in Malaysia.

APSB and SHSB have entered into a shareholders' agreement on 31 May 2023 to formalise and set out the terms and conditions of the Joint Venture. Pursuant to the terms and conditions of the Shareholders' Agreement, APSB and SHSB will incorporate a joint venture company in Malaysia to be named as Astaka Capital Sdn Bhd (or such other name as may be approved by the relevant authorities in Malaysia) to undertake the JV Business. The JVCo will be incorporated with an initial issued and paid-up share capital of MYR 100,000 (equivalent to approximately SGD 29,357 based on the exchange rate of MYR 3.4063: SGD 1 as at 30 May 2023) comprising 100,000 ordinary shares with an issue price at MYR 1.00 per share, of which 51,000 JVCo Shares (representing 51% of the shareholding in the JVCo) will be held directly by APSB, and the remaining 49,000 JVCo Shares (representing 49% of the shareholding in the JVCo) will be held directly by SHSB.

The amount of Initial Equity Contribution by each JVCo Shareholder to the issued and paid-up capital of the JVCo will be proportionate to their respective shareholding percentages in the JVCo. The principal activity of the JVCo will be property and real estate development in Malaysia.