Union Gas Holdings Limited has signed a nonbinding letter of intent ("LOI") with Worldbridge Industrial Developments Limited ("WBID") that will potentially pave the way for the Group to expand its operations overseas and to drive strategic growth for its liquified petroleum gas ("LPG") business segments abroad. Union Gas and WBID have been in discussions to explore a potential strategic partnership but progress was held back because of the global Covid19 pandemic in 2020. With economic activities gradually resuming worldwide and vaccination programmes being carried out globally, the parties now intend to form a joint venture company ("JVCo") to commence the business activities and operations of supplying and distributing LPG in the Kingdom of Cambodia by the end of 2021. Under the plans contemplated, the Group will hold a 55% stake in the JVCo and will second experienced management staff from its Singapore office to support the local Cambodia staff first remotely and then onsite when the Covid19 situation has eased substantially and the gradual lifting of travel and workplace restrictions enable a more conducive environment. WBID will hold the remaining 45% stake and will provide the JVCo access to its substantial local business network and connections in Cambodia.