The Board of Directors of AIAB announced that its wholly owned subsidiary, Ace Capital Growth Sdn. Bhd. had on 4 January 2021 entered into a Joint Venture cum Shareholders Agreement with TFP Solutions Berhad to formalise and set out the basic terms of their relationship with each other via their respective investment participation in the joint venture through a joint venture company to be incorporated ("NEWCO") to carry out the business of the joint venture as disclosed below. The Proposed Joint Venture is in line with AIAB and its subsidiaries' ("AIAB Group") strategic plan to expand its sale channel for its existing products. Barring any unforeseen circumstances, the Proposed Joint Venture is expected to benefit AIAB Group. The Proposed Joint Venture will not have any effect on the share capital and substantial shareholders' shareholding of the Company. The Proposed Joint Venture is not expected to have any material effect on the earnings per share, net assets per share and gearing for the financial year ending 31 December 2021.