The Board of Directors of Nova Pharma Solutions Berhad announced that the Company has on 27 May 2019 entered into a joint venture cum shareholders agreement with Acara Juara Sdn Bhd to jointly invest in, establish, and operate a total engineering solutions business focusing on turnkey or engineering, procurement, construction and commissioning services for advanced technology facilities via a special purpose vehicle to be incorporated later, namely Nova HiTech Solutions Sdn Bhd or any other name as may be determined by both parties. Share subscription and ownership: The SPV will be a private company with limited liability by share in accordance with the laws of Malaysia. The liability of the shareholders in the SPV will be limited to their total investments in the issued and paid-up capital of the SPV. The basis of the Proposed JVSA (and the shareholding ratio of the SPV) shall be such manner that: a) NPS controls and owns 51% of the SPV; and b) AJ controls and owns 49% of the SPV. Board of Directors and Chairperson: Unless otherwise agreed by the Parties, the number of directors shall be three, comprising of two directors to be nominated by NPS, and one Director to be nominated by AJ. The chairperson of the board of directors ("Board") of SPV shall be a director appointed by NPS. Contribution of capital and funding: The Parties agree to make capital contribution of MYR 100,000 ("Initial Fund Arrangement") within 30 days from the date of the Agreement or such other date as maybe acceptable by the Parties.