The Board of Directors (the "Board") of Mary Chia Holdings Limited announced that the Company has on 2 April 2024 entered into a non-binding memorandum of understanding (the "MOU") with Hong Choi International Limited ("Hong Choi Int"), to establish a basis of co-operation and collaboration in the sales and marketing of selling energy capsules and medical beauty products in Singapore, Hong Kong and South East Asia ("SEA") ("Proposed Collaboration"). The Group has been actively exploring various business opportunities to enhance its revenue streams. This includes but is not limited to exploring potential collaborations with international partners, aligning with the Company's strategy to expand into overseas markets and drive beauty product sales. This strategic move aims to provide access to new customer bases in markets that might otherwise be challenging to reach.

Hong Choi Int possesses valuable insights into local preferences, regulations, and market trends. The Proposed Collaboration could help the Company tailor its products and marketing strategies to better resonate with target markets. Additionally, it could provide access to resources such as distribution networks, market research, and expertise in logistics and marketing strategies.

Accordingly, the Proposed Collaboration offers the potential for both parties to maximise the reach of beauty brands effectively. Considering these factors, the Board has determined that Hong Choi Int, given its involvement in the sales and distribution of health products, presents synergies with the Group. The Board believes that the Proposed Collaboration provides an opportunity for the Group to enhance its revenue streams through a collaboration with an international partner and ultimately create value for shareholders.

The MOU, being non-binding (save for provisions relating to cost and expense, confidentiality and governing law), will serve as the understanding for the preparation of the definitive agreement. Each Party will negotiate in good faith and use their best efforts to arrive at a mutually acceptable definitive agreement (the "Definitive Agreement") in relation to the Proposed Collaboration. There is no assurance or certainty that such a Definitive Agreement will be entered into or reached or that such matters will be proceeded with.