CN INT DEV CORP(00264) has signed a joint venture agreement for developing artificial intelligence data center business in Southeast Asia.

CN INT DEV CORP (00264) announced that on May 28, 2026, a wholly-owned subsidiary of the company entered into a joint venture agreement with Nexelon Limited (the joint venture partner). According to the agreement, the subsidiary has agreed to sell, and the joint venture partner has agreed to purchase, for a nominal consideration, 40% of the shares of the subsidiary's wholly-owned subsidiary (the joint venture company), in order to make the shareholding structure of the proposed joint venture company more reasonable. Upon completion of the joint venture agreement, the joint venture company will be owned 60% by the subsidiary and 40% by the joint venture partner, and the joint venture company will remain a subsidiary of the company. The parties intend to jointly develop Artificial Intelligence Data Center (AIDC) business in Southeast Asia through the joint venture company. The global wave of artificial intelligence and digitalization, combined with the accelerated development of intelligent computing centers as the infrastructure for artificial intelligence and digitalization, has led to a continuous expansion of the market size, particularly in the Asia-Pacific region. Through the joint venture agreement, the company aims to seize these opportunities and enhance its long-term growth prospects. The board believes that entering into the joint venture agreement is a strategic move that will allow the company to expand its business footprint in the rapidly growing digital infrastructure market in Southeast Asia, leverage the joint venture partner's local expertise and network, and diversify its sources of revenue.