KINGDOM HOLDING (00528) announced on October 24, 2025, that its indirectly wholly-owned subsidiary, Zhejiang Jinyuan, entered into a master agreement with Zhejiang Haichen following a public tender procedure. Under this agreement, Zhejiang Haichen will act as the general contractor and provide procurement and management services for the project, with a total cost of RMB 72 million (including a contract price of RMB 70 million and a bonus of RMB 2 million). In accordance with the master agreement, Kingdom Linen (an indirect subsidiary of Zhejiang Jinyuan, 1% directly owned and 99% indirectly owned by the company) will enter into a procurement and installation contract with Hangzhou Lixuan for procurement services and a construction and project management agreement with Haichen Egypt for management services. These subcontracts are meant to elaborate on the procurement and construction aspects of the project based on the principles, guidelines, terms, and conditions outlined in the master agreement. The contractor rights, obligations, and responsibilities stipulated in the master agreement are equally applicable to the three contractors: Zhejiang Haichen, Hangzhou Lixuan, and Haichen Egypt. This project involves Kingdom Linen's high-quality linen yarn production with an annual output of 3,800 tons, situated in the Sadat Industrial Zone of Manufiya Province, Egypt, and covering a total construction area of 26,611.25 square meters. Kingdom Linen intends to utilize this project for producing linen yarn. The group is a leading exporter in China's linen yarn industry and aims to expand its production capacity in response to the growing demand for hemp and linen yarn in light of the current growth trends in the hemp and linen sectors. Egypt is one of the group's key strategic development areas. The project is expected to reduce land leasing, labor, and energy costs for the group's linen yarn production. Additionally, according to Egypt's current applicable tax policies, the project is anticipated to enjoy certain tax incentives, including potential exemptions on quotas and tariffs for exporting Egyptian-made linen yarn to EU countries. As the project and its linen yarn production progress smoothly, the group's long-term returns are expected to be enhanced.