Virtual Mind Holding Company Limited (01520.HK): Proposed Establishment of a Joint Venture in Saudi Arabia to Lay Out Business in Industrial IP and Smart Manufacturing
Virtual Mind Holding Company Limited (01520.HK) issued a voluntary announcement on January 21, disclosing an overseas investment cooperation plan.
According to the announcement, the Company has entered into an investment cooperation agreement with Mr. Sami Abdullah AlShammary, an independent third party. Pursuant to the agreement, both parties plan to jointly establish a limited liability company in the Kingdom of Saudi Arabia to expand business in the field of industrial intellectual property in Saudi Arabia.
The joint venture will operate primarily under the relevant frameworks of the Saudi Ministry of Industry, with a core focus on smart manufacturing, super complexes and Robotics-as-a-Service (RaaS) businesses. The registered capital of the joint venture is USD 1,000,000, of which Virtual Mind Holding Company Limited will contribute USD 900,000 for a 90% equity interest, and the partner Mr. Sami will contribute USD 100,000 for a 10% equity interest.
The announcement stated that this cooperation aims to leverage the Group’s accumulated expertise in artificial intelligence and Web3 technologies to seek business expansion in the industrial IP sector, which is in line with the Company’s long-term development strategy. The board of directors is of the view that this cooperation is aligned with the Company’s development direction and is expected to generate returns for shareholders.
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