Japan Foods Holding Ltd. has entered into a binding joint venture agreement with Minor Food Group (Singapore) Pte. Ltd. (MS) on 29 January 2019 to conduct the business of franchising and operating existing restaurant brands owned by the Company and MS in Japan, Thailand, the People's Republic of China (the "Joint Venture"). Pursuant to the terms of the JVA, the Company and MS have jointly incorporated a joint-venture company in Singapore, named Dining Collective Pte. Ltd. ("Dining Collective"). Pursuant to the terms of the JVA, the Company and MS have agreed to contribute an amount of SGD 99,999 each in equity in Dining Collective, resulting in an issued and paid up share capital of SGD 200,000 in aggregate divided into 200,000 ordinary shares. Following this, the shareholding structure of Dining Collective will be as: The Company: 100,000 ordinary shares (50%) shareholding and MS 100,000 ordinary shares (50%) shareholding.