The Board of Directors of HC Surgical Specialists Limited informed shareholders that it has entered into a joint venture agreement with, Iridium Investment Management Pte. Ltd. and JILB International Pte. Ltd. with the objective to establish a joint venture company for the provision of medical services. Iridium Investment Management Pte. Ltd. and JILB International Pte. Ltd. are both investment holding companies. The rationale for the joint venture is to expand the Group's presence across all heartland areas in Singapore by operating and expanding additional clinics, and to develop and grow the range of medical services provided by the Group. Pursuant to the JV Agreement, the JV Parties intend to incorporate a joint venture company, HSN Healthcare Pte. Ltd., in the Republic of Singapore, with each of the JV Parties subscribing to the total issued share capital in the following manner: SGD 800,000, equivalent to 40.0% of the total issued share capital in HSN.