The Board of Directors of Boldtek Holdings Limited, and its subsidiaries (the Group) announced that the Company has on 28 August 2020 entered into a joint venture agreement (the JVA) with Neo Group Limited (NGL, and collectively with the Company, the Parties). Under the JVA, the Parties intend to establish a joint venture company, to be incorporated in Singapore to carry out the business of property development, property investment and property management, or such other businesses as the Parties may agree from time to time (the Joint Venture). The JVA has been entered into by NGL in connection with the NGL Proposed Diversification.

Accordingly, the JVA is, and the obligations of the Parties under the JVA are, conditional upon approval having been granted by the shareholders of NGL for the NGL Proposed Diversification. If such condition precedent is not satisfied by 31 December 2020 (or such other date as the Parties may agree in writing), the JVA shall terminate. Upon satisfaction of the condition precedent and pursuant to the JVA, each of the Parties shall subscribe for such number of new shares in the joint venture company such that upon completion of the subscription, the JV Company will have an initial issued and paid-up share capital of SGD 1,000,000 divided into 1,000,000 Shares.

The purpose of the joint venture is for the JV Company to carry out the business of property development, property investment and property management, or such other businesses as the Parties may agree from time to time.