Suria Capital Holdings Berhad announced that on 5 February 2024, the Company and BEDI Development Sdn Bhd have entered into two (2) Joint Venture cum Shareholders Agreements in respect of the joint venture for the purpose of developing two (2) parcels of prime land within Kota Kinabalu Port area respectively measuring approximately 2.543 hectares held under Town Lease 01756 1974 "Land 1" and 11.69 hectares held under Country Lease 015722791 "Land 2", situated at Jalan Tanjung Lipat, Kota Kinabalu, Sabah collectively the "Development Land". The purposes of the JV Agreements are to inter alia, formalize the mutual intention of Suria Capital and BEDI in respect of the Joint Venture, and to record their respective rights and obligation on thereto. Under the JV Agreements, both parties have agreed to incorporate two (2) joint venture companies namely Jesselton Docklands 1 Sdn Bhd and Jesselton Docklands 2 Sdn Bhd (collectively "JV Co") as the developers to undertake the development, construction and completion of the integrated mixed-commercial project (the "Project") on Land 1 and Land 2 respectively, with a net development value of approximately MYR 4.2 billion.

The Shareholders are desirous of developing the Development Land into an integrated mixed-commercial project in multiple phases (provisionally known as "Jesselton Docklands") comprising serviced apartments, hotel suites, SOHO, office/commercial suites (and such other components as the Shareholders may mutually agree in writing) as more particularly provided for in the Joint Development Agreement ("JDA") to be formalized at a later date. The Shareholders have agreed to co-operate exclusively with each other to jointly pursue the Joint Venture and manage all affairs of the JV Co in carrying out the development of the Jesselton Docklands Project. The land lease is for a period of 99 years, commencing from 1 January 2010 un 31 December 2108.

Suria Capital had on 21 May 2013 entered into a joint venture agreement with SBC Corpora on Berhad to develop the 16.25 acres of the 23.25 acres land as a mixed development project named as Jesselton Quay. The first phase of Jesselton Quay was completed in year 2020 and phase two of the project will commence in year 2024. The main asset for Suria Capital to enter into the Joint Venture is to unlock the potential all of its prime lands located in the Central Business District of Kota Kinabalu, the capital city of Sabah.

Recognizing BEDI's expertise and the track record of EXSIM, a renowned property developer based in Kuala Lumpur, Suria Capital has decided to undertake the development of Jesselton Docklands Project by way of the Joint Venture with BEDI to leverage on the combined expertise and experience and to act in good faith to ensure commercial and strategic advantages in the interest of the Shareholders of the respective JV Co for the purpose of the development of the Project. The Joint Venture is expected to contribute to the Company's future revenue stream, earnings and profitability. With the strategic location and positive prospect of the property market in Sabah, the Management is confident that the Joint Venture will receive demand and growth potential .

The Joint Venture will not have any effect on the issued and paid-up share capital and substan all shareholder's shareholding of Suria Capital as the Joint Venture does not involve any issuance of ordinary shares in Suria Capital. The Joint Venture is not expected to have any material effect on the net asset and gearing level of Suria Capital for the current asset and gearing level of SurIA Capital for the current asset and the current asset and the current assets and the current asset and the Joint Venture is not expected to be in the current assets. The Joint Venture is not expect to have any material effect on any material effect on the current asset and expected to have a material effect on the net asset.

The Joint Venture is expected. The Joint Venture is expected of the net asset and the current asset and will be issued and expected to have been considered in the current asset and the current portfolio of Suria.