The Board of Directors of Green Build Technology Limited announce that the Company had, on 27 October 2022, entered into a joint venture agreement ("JVA") with Hotel NuVe Elements Pte. Ltd. (the "JV Partner") to incorporate a new joint venture company (the "JV Company") to carry on the business of management and consultancy services for hotels (the "Business") (the "Proposed JV"). The JV Partner is a company incorporated under the laws of Singapore.

Its principal business is in the business of hotels and management consultancy services for hotels. The JV partner is familiar with the hotel management industry and has over 3 years of industry experience and wide business connections. The directors of the JV Partner are Ms Soh Shil Fang, Doreen ("Ms Soh") and Mr. Lim Wei Siong ("Mr Lim").

Both directors are the founders of the NuVe group, a hotel management group with a portfolio of 7 hotels in Singapore ("NuVe Group"). Ms Soh has 8 years of hotel management experience and is the operation director of the NuVe Group. Mr. Lim has 10 years of hotel management experience and is the business development and investment director of the NuVe Group.

For avoidance of doubt, no introducer fee was paid or payable by the Group in relation to the Proposed JV. The JV Partner is an independent third party and is not related to the Group or any of the Company's Directors, controlling shareholders, or their respective associates. The JV Company is intended to be incorporated under the laws of Sinapore with an issued and paid-up share capital of SGD 400,000.