The board of directors of the Taste Gourmet Group Limited announced that, the Group through a wholly owned subsidiary of the Company entered into a new lease agreement for the opening of a new Khao San Restaurant in Hong Kong. The New Lease is still subject to execution by the landlord. The landlord is a major property developer and operator of premium shopping malls in Hong Kong.

The basic terms of the New Lease are as follows: Shop 431, 4th Floor, Lease Term: 3 years with an option to renew for a further 3 years, Lease Commencement Date: 1 March 2023. The new restaurant is expected to commence operations in second quarter of 2023. This will be the Group's second restaurant under this brand.

The terms of the New Lease were determined after arm's length negotiations between the Landlord and the Group, with reference to the prevailing market rentals for properties of similar type, age and location. Located at the Tai Wai MTR Station, The Wai is covers approximately 650,000 square foot of retail and dinning space which is managed by a major property developer in Hong Kong that also manages a diversified portfolio of investment properties.