The Board of Directors (Board) of Hafary Holdings Limited announced that the Group has on 22 July 2022 entered into a joint venture agreement (the "JVA") with CNA Pte. Ltd. pursuant to which the parties to the JVA had agreed to incorporate a joint venture company, International Ceramic Manufacturing Hub Pte. Ltd. ("ICMH SG") to carry on the Business.

ICMH MY will leverage on CNAPL's experience as an operator of tile manufacturing plants to (a) provide technical and other services to; and (b) acquire ceramic tiles from, Malaysian Mosaics Sdn Bhd ("MMSB", and such business, the "Business") in reliance on and subject to the review procedures of the Company's existing mandate for interested person transactions last approved by shareholders on 7 April 2022.