On 13 November 2007, GR Vietnam Retail Limited, a wholly-owned subsidiary of the Company, entered into the a joint venture agreement with Food Company of Ho Chi Minh City, a company incorporated in Vietnam and a wholly-owned member of Vietnam Southern Food, pursuant to which the two parties have agreed to form a joint venture to engage in the operation of convenience store and other retail and commercial businesses.

The Group will be interested in 49% of the equity interest of the aforesaid joint venture, whereas the remaining 51% will be held by Food Company of Ho Chi Minh City. The total invested capital of the joint venture will be US$22 million.

It is expected that the grand opening of its first convenience store will be not later than by May 2008. The Group also anticipates the convenience store business will reach a store base of 550 stores within a 10-year span, of which 340 of them will be company-owned stores and 210 of them will be franchise stores.