The Board of Directors of the Company wishes to announce that the Company, had on 24 May 2024 entered into a Memorandum of Understanding ("MOU") with Sonid Co., Ltd  ("Sonid") in relation to a collaboration to develop vacation and/or retirement properties at Avillion Admiral Cove, Port Dickson and Langkawi for the Korean market.

The details of the strategic partnership between the parties under this MOU are as follows:

1. Establish a business framework for developing vacation and/or retirement properties at Avillion Admiral Cove, Port Dickson and Langkawi which are owned by the Company and its subsidiaries;

2. Evaluate requirements for the strategic partnership; and

3. Assess commercial joint venture model and legal structure of the joint venture.

Please refer to the attachment for further details.

This announcement is dated 24 May 2024.

Please refer attachment below.