According to the announcement made by Multifield International (00898) on May 28, 2024, the company's indirect wholly-owned subsidiary Highcode has entered into an agreement with THY Land and a joint venture company. Under the agreement, Highcode (which holds 49% of the issued shares of the joint venture company) has committed to provide a maximum financing of MYR 78.4 million (equivalent to approximately HKD 130 million) to the joint venture company for the acquisition and development of the land in proportion to its equity (regardless of whether it is in the form of loan, guarantee or other means).

The board of directors believes that cooperating with THY Land under this agreement can provide a good opportunity for the Group to make good use of its knowledge and expertise in property acquisition and project management, and to expand its business together with experienced investors. This collaboration will also enable the Group to expand its business into property development, and to build a larger portfolio of projects with the large amount of funds provided by THY Land, making its business portfolio more diversified.