Reference is made to the Company’s announcements made on 8 March 2022, 27 April 2022 and 29 July 2022 in relation to the Strategic Framework Partnership Agreement entered into between the Company, Shaoxing City Government and other parties.

Pursuant to the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Key ASIC (“Board”) wishes to announce that the Company had on 28 October 2022 entered into a Public Private Partnership Agreement (“PPP Agreement”) with Shaoxing City Government and Cheerplan (China) Investments Co. Ltd., an investment holding company of Minth Group, a Hong Kong public listed company (collectively referred to as “the Parties”) to set up a joint venture company called Shaoxing Jucheng Park Operation and Management Co. Ltd. (“JV Co”) to elevate the development of Digital Economy Park in Shaoxing City, Zhejiang Province, China (hereinafter referred to as “Joint Venture”). Key ASIC will own 24% of the JV Co.

Please refer to the attachment for further information.

This announcement is dated 31 October 2022.