AGTECH HOLDINGS (08279): Termination of Joint Venture Agreement

AGTECH HOLDINGS (08279) announced the establishment of a joint venture company, Asia Technology Limited, and the granting of options to subscribe for new shares of the company in accordance with the joint venture company shareholder agreement. On January 19, 2007, Ladbroke Group, Maxprofit Investment Holdings Limited (a wholly-owned subsidiary of the company), the joint venture company, Ladbrokes Coral Group Limited (formerly Ladbrokes Plc), and the company entered into a joint venture agreement to establish the joint venture company. The joint venture company (or any of its subsidiaries from time to time) is primarily engaged in (i) management and development of products; (ii) selling and distributing products to qualified customers; (iii) providing maintenance, after-sales services, training, and consulting services related to the products; (iv) managing, developing, selling and distributing additional products and providing additional services as may be agreed in writing from time to time by the parties under contract. Due to changes in the business environment and strategy, the parties entered into a termination agreement on August 1, 2025, agreeing to voluntarily wind up the business of the joint venture company and its sole subsidiary, Asia Pacific Science and Technology (Beijing) Co., Ltd. (the sole subsidiary), and formally terminate the joint venture agreement. Except in cases of any prior breach of the joint venture agreement, the parties agreed to release each other from their contractual obligations and from any other existing or contingent legal obligations, claims or liabilities arising from or related to the joint venture agreement or its termination. Considering that the joint venture company and its sole subsidiary currently have no operating business, the board believes that voluntarily winding up the business of the joint venture company and its sole subsidiary and terminating the joint venture agreement will not have any significant adverse impact on the existing business of the group and is in the overall interest of the company and its shareholders.