The board of Directors of Singapore Paincare Holdings Limited announced that on 4 July 2023, the Company entered into a joint venture agreement (the "JVA") with Beijing Puxiang Hospital Investment Management Co. Ltd. Under the JVA, the Parties intend to establish a joint venture company, PuXin Pain Technology Hospital Management Company Limited ("JV Company"), to be incorporated in China to perform technical services related to pain care, training services, health consulting services or such other businesses as the Parties may agree from time to time (the "Joint Venture"). The Board believes that the proposed Joint Venture will enable the Group to increase its presence and involvement in pain-care related services in China. The Joint Venture will enable SPCH to tap into China's healthcare market through BPXHI's group of hospitals where it intends to establish its pain care ecosystem that comprises a pain care ecosystem that comprises two-year-year-year-term term of the JV Company. Upon satisfaction of the condition precedent and pursuant to the JVA, each of the Parties shall subscribe for such number of new shares in the JV such that upon completion of the subscription (the "Proposed Subscription"), the JV Company will have a registered capital of RMB 1,000,000 divided into 1,000,000 Shares. In connection with the incorporation of the JV Company, the Parties shall pay the registered capital of the JV Company and the shareholding proportion of the JV company shall be as follows: Name of shareholder, Registered capital (RMB '000), Shareholding ratio, BPXHI, 510, 51%, SPCH, 490, 49%, Total, 1,000, 100%. Upon incorporation, the JV Company will become a 49% owned associated company of the Company. The term of the JV Company is 50 years from the date of issuance of the business license of the JV Company, where such period may be extended six months before the expiration if approved by shareholders, where the JV Company applies to the relevant authority for an extension. Now that most borders have opened, Singapore Paincare has resumed talks with potential and synergistic partners overseas. The markets it is eyeing are those from which the bulk of its foreign
patients hail from as this means a higher possibility of immediate brand recognition for the Group. Besides China, they include Indonesia, the Philippines, Malaysia and Vietnam.