Reference is made to the Company's announcement dated 24 March 2023 in relation to the joint venture agreement entered between DNeX and Ajlan & Bros Holding Group (“Ajlan & Bros”) to govern the formation, management and operation of a limited liability company (“KSA JVCo”).

Reference is also made the Company’s announcement dated 23 October 2023 in relation to the joint venture agreement entered between DNeX and Zhongheguoji Construction Group Co. Ltd. (“CSI”) to establish a joint venture enterprise (“China JVE”) to provide licenses and/or services to Chinese and international customers.

The Board of Directors of DNeX wishes to announce that the parent companies of the China JVE to be incorporated, namely DNeX MENA Sdn. Bhd., the Company’s wholly-owned subsidiary and CSI had on 21 October 2023 entered into a Collaboration Agreement (“the Collaboration Agreement”) with the parent companies of the KSA JVCo to be incorporated, namely SealNet Sdn. Bhd., a wholly-owned sub-subsidiary of the Company and Ajlan & Bros Information Systems Technology, a business unit under Ajlan & Bros (collectively referred to as “the Parties”).

The Collaboration Agreement is intended for the Parties to enter into discussions and explore avenues of working together to complement each other for making bids and undertaking commercial projects including but not limited to the Kingdom of Saudi Arabia (“Proposed Project”). The discussion shall include but not limited to:

1. Exploring and agreeing on the possible formal collaboration structure between the Parties;
2. Defining the scope of the Proposed Project
3. Identifying the roles and responsibilities of the Parties;
4. Such other matters as the steering committee may deem necessary of fit to be considered.

Please refer to the attachment for futher details.

This announcement is dated 23 October 2023.