The Board of Directors of M K Land announced that M K Land Holdings Berhad had on 3 October 2023 entered into a Memorandum of Understanding with MajuPerak Holdings Berhad with the objective of creating a mutually beneficial working relationship to explore and identify the commercial issues involved, including but not limited to the assessment of risk, project viability and sustainability, technical issues, both directly and indirectly related to the development of floating solar farm in Perak. The salient terms of the MOU: MHB or its subsidiaries intends to explore the commercial potential of setting up floating solar farm on a selected area of the lake or water area located in the state of Perak. M K Land or its subsidiaries has the technical expertise and experience in the development, operation and maintenance of solar farm and is willing to collaborate with MHB or its subsidiaries during the initial period of exploration.

Each Party shall be responsible for its own costs and expenses during the discussions in connection with the MOU, and all discussions shall be done in good faith for the mutual benefit of both Parties involved. Any action taken in reliance on the understanding expressed in the MOU shall be at the Parties' own risk. For avoidance of doubt, MHB's participation in the MOU does not guarantee implementation of the project.

The Parties acknowledge that implementation of the project is subject to various commercial aspects, assessment of risk, project viability and sustainability, technical consideration and relevant approvals being procured from governing authority in the State of Perak and where applicable, at the Federal level. The MOU shall be for a term of twelve (12) months commencing from the date of the MOU and in lieu of a written notice by any Party to state otherwise, shall be deemed to extend for a further six (6) months from the date of expiry. Any Party may choose to withdraw from the MOU within the term period or the extended term, whichever is applicable, by giving to the other Party a three (3) months written notice to withdraw.

The MOU is not intended to, and shall not be deemed or construed to create an exclusive relationship between the Parties. The Parties understand that the MOU shall not be construed as to limit or restrict any Party from using its own information or data to carry out or to conduct discussions, negotiations and/or enter into other business or investment arrangements with any third party(ies). None of the Parties are required to obtain verbal or written approval from any other Party to conduct the aforesaid discussions or negotiation with any third party(ies).