Saudee Group Berhad announced that its wholly owned subsidiary, Saudi Cold Storage Sdn. Bhd. ("SCS") had on 3 October 2023 entered into a Joint Venture Agreement ("JVA") with NetX Holdings Berhad ("NetX") for the purpose of setting up and operate the Saudi fast-food outlet under the brand name of SAUDI BURGER ("Proposed JV").

Pursuant to the JVA, SCS and NetX intend to venture into a mutual business in order to operate SAUDI BURGER store as well as future expansion plan including franchising outlet ("Project") by incorporating a joint venture company or acquiring shares in an existing dormant company which is free from any encumbrances and any liability, at the shareholding structure of 49% and 51% respectively ("JV Company"). The salient terms of the JVA are as follows: Within sixty (60) days from the date of the JVA ("Effective Date"), SCS and NetX shall exercise the purchase of the shares in the JV Company. ii) SCS and NetX shall cause the required number of shares in accordance with the following ratio or proportion of shareholding: (a) SCS shall directly or through one or more of its nominees contribute amount of MYR 490,000.00 representing 49% of the issued and paid-up equity share capital of the JV Company; and (b) NetX shall directly or through one or More of its affiliates or nominees, contribute to the amount of MYR 510,000.00 representing 51% of the issued and paid-up equity share capital of the JV Company.

The JVA shall come into effect on the Effective Date and shall remain valid and subsisting in consistent with the Project, until and unless both parties mutually agreed to discontinue with the same. Either party may terminate the JVA upon mutual written agreement of the parties. The Proposed JV will pioneer the master franchise of an exciting new fast-food chain in the heart of Kuala Lumpur.

The first outlet will be located in the iconic main entrance of Sungei Wang Plaza in the heart of Bukit Bintang. This vibrant district is known for its bustling shopping, entertainment, and dining scene, making it the perfect location to introduce the Group's exciting new offering.