VIRTUAL MIND (01520) plans to establish a joint venture in the Kingdom of Saudi Arabia to expand its business in the industrial IP sector in Saudi Arabia.

VIRTUAL MIND (01520) announced that on January 20, 2026, the company signed an investment cooperation agreement with Mr. Sami Abdullah AlShammary (Mr. Sami). According to the investment agreement, the company plans to establish a joint venture with Mr. Sami in the Kingdom of Saudi Arabia to expand its business in the industrial IP field in Saudi Arabia. The joint venture will primarily operate within the framework of the Saudi Ministry of Industry, including in Smart Manufacturing and Super Complex (SMSC) and Robot-As-A-Service (RAAS) services. According to the terms of the investment agreement, the parties shall cooperate in applying for the MISA investment license and other approvals related to business operations. The registered capital of the joint venture is $1 million, with the company contributing $900,000 (90% of the joint venture's equity) and Mr. Sami contributing $100,000 (10% of the joint venture's equity). The group has been actively seeking to expand its existing businesses and has rich AI and Web3 technologies to create intelligent new consumer ecosystems covering sports, culture and tourism, entertainment, and other fields. The board believes that establishing the joint venture will further expand the company's business operations in the industrial IP field and bring returns to the company's shareholders.