Reference is made to the following announcements of the Company:-

(i) the announcement dated 10 November 2023 relating to its wholly-owned subsidiary, Turbo-Mech Asia Pte Ltd (“TMA”), having entered into a memorandum of understanding on 10 November 2023 with Brook Crompton Service Technology Pte Ltd (“BCST”) and Zhejiang iMotorLinx Technology Co., Ltd (“iMotor”) (collectively as “Parties” and any one of them as “Party”).

(ii) the announcements dated 4 December 2023 relating to TMA having entered into a joint venture agreement (the “JVA”) on 1 December 2023 with BC and iMotor. 

Pursuant to the JVA, the Parties had agreed to incorporate a joint venture company, namely Brook-TM Services Technology Pte. Ltd. (the “JVC”), in the shareholding proportion of 45% (TMA), 45% (BCST), and 10% (iMotor) respectively, to undertake projects and provision or sale of the products and services throughout ASEAN (the “JV”) with respect to (i) full service electric motor and rotating equipment, (ii) IOT smart full life cycle solution and (iii) engineering and retrofit solution for energy saving (the “Products and Services”). 

The Board of Directors of Turbo wishes to announce that iMotor is now desirous of exiting the JV and terminating the JVA with respect to itself. Pursuant thereto and in furtherance thereof, the Parties have executed a termination and variation agreement on 8 February 2024 (the “Agreement Date”) to effect the termination of the JVA with respect to iMotor as well as amend the JVA accordingly (the “Termination and Variation Agreement”). Concurrently, iMotor and the JVC have also entered into a licence agreement on 8 February 2024 (the “Licence Agreement”) between iMotor as licensor and the JVC as licensee.

Please refer to the attached file for further details of the Agreements.

This announcement is dated 8 February 2024.