Reference is made to the Company’s announcement dated 17 July 2020 in relation to the Collaboration Agreement entered into between Sanichi and PDZ (hereinafter referred to collectively as “Parties” and individually as “Party”) to jointly develop and operate a regional e-Commerce logistics hub (“Logistics Hub”) on the land located in Desaru, Johor (“the Land”).

The Board of Directors (“Board”) of Sanichi wishes to announce that the Company had on 30 October 2020 entered into a Joint Venture Agreement (“JV Agreement”) with PDZ to formalise and set out the terms and conditions of their joint venture and of regulating their relationship with each other via their respective investment participation in the joint venture through a joint venture company (“JV Company”) to be incorporated (“Proposed Joint Venture”). 

Please refer to the attached Appendix for details of the announcement.

This announcement is dated 30 October 2020.