The Board of Directors of TXB announced that the Company had on 17 January 2024 entered into a Joint Venture Agreement with Netsec Sdn. Bhd. to subscribe for 51% of the equity interest in Netsec, for the purpose of collaborating on projects and solutions involving cybersecurity and AI integration opportunities.

It is the intention of the Parties to increase the paid-up capital of Netsec to MYR 500,000/- within three (3) months from entering in the joint venture. The shareholdings shall be maintained in the following proportions: TXB - 51% and Azman Bin Mohamad Azizi - 49%. The Board of Directors of Netsec shall initially comprise three (3) Directors, two (2) of whom shall be appointed by TXB and one (1) shall be appointed by Azman Bin Mohamad Azizi.

During the term of the joint venture, the Parties agree not to engage in or support any business activities that directly compete with the primary business objectives and operations of Netsec. This includes, but is not limited to, the development, production, or marketing of any products or services that are substantially similar to those offered by Netsec. Exceptions to this clause must be mutually agreed upon in writing by the Parties.

Completion shall take place thirty (30) business days (or such date as the Parties otherwise mutually agree in writing) after the fulfilment of all the Conditions Precedent set out below. Netsec shall provide to TXB on completion: certified true copies of the resolutions passed by the board of directors of Netsec authorising the execution and delivery of the Joint Venture Agreement and all other documents and agreements ancillary or pursuant thereto or in connection therewith. The Joint Venture Agreement is legally binding on the Parties.

Each party shall be entitled to terminate the Joint Venture Agreement if the conditions precedent is not fulfilled within sixty (60) days from the date of Joint Venture Agreement or such other date mutually agreed between the Parties or for any antecedent breach as stipulated in the Joint Venture Agreement. In the event that completion does not take place due to TXB's default, Netsec shall be entitled to forthwith terminate the Joint Venture Agreement by written notice to TXB (in addition to and without prejudice to all other rights or remedies available to Netsec, including the right to claim damages).