The Board of Directors of Mencast Holdings Limited announced that the company has, on 16 March 2020, entered into a joint venture operating agreement with Phomi MCM Co., Ltd. (PMC) and Mr. Wong Chee Herng ("Mr. Wong") (collectively, the "Parties") to incorporate and operate a company in Singapore with the name `Menji Pte. Ltd.' (the "JV Company"). The Parties intend to establish the JV Company to market, produce and distribute PMC's products in Singapore and such other markets as may be agreed between the Parties (the "Joint Venture"). The Joint Venture is in line with the Group's business, as well as its long-term objective of delivering growth and enhancing its revenue stream, and the Board is of the view that the Joint Venture will be beneficial to the Group. With this collaboration, the Group also expects to achieve resource sharing with the other Parties and a win-win development through the integration of resource advantages.