MEMORANDUM OF UNDERSTANDING WITH EDRA POWER HOLDINGS SDN BHD AND NEUTRINOS ENGINEERING PTE LTD FOR POTENTIAL DEVELOPMENT OF AN INTEGRATED ENERGY COMPLEX

1. INTRODUCTION

The Board of Directors of Zecon Berhad (“ZECON” or  the “Company”) wishes to inform that the Company had on 16 October 2025, entered into a Memorandum of Understanding (“MOU”) with Edra Power Holdings Sdn Bhd (“EPH”) and Neutrinos Engineering Pte Ltd (“NEPL”), for potential development of an Integrated Energy Complex (“IEC”) within the Kota Petra Green Technology Park (“KPGTP”), an economic zone located in the northeast of the city of Kuching, Sarawak (the "Project”), which shall comprise the following:

• A 200MWac solar photovoltaic plant; and
• A 500MW combined cycle gas turbine power plant

​(Hereinafter, Zecon, EPH and NEPL shall collectively be referred to as “the Parties” and individually known as “the Party”)

2  INFORMATION OF THE MOU PARTIES

2.1 Information on ZECON

ZECON, Registration No. 198501002015 (134463-X), a company incorporated under the laws of Malaysia and having its registered office at 8th Floor, Menara Zecon, No. 92, Lot 393, Section 5 KTLD, Jalan Satok, 93400 Kuching, Sarawak.

ZECON is the master developer of the KPGTP.

2.2 Information on EPH

EPH, Registration No. 201501039563 (1164881-X), a company organized and registered under the laws of Malaysia and having its registered office at Level 31, Menara Maxis, Kuala Lumpur City Centre, 50088 Kuala Lumpur, Malaysia.

EPH is an international independent power producer with an existing operating portfolio of eight (8) power and desalination plants across Malaysia, Bangladesh, UAE and Pakistan with a total capacity of 7,684MW and an effective capacity of 5,042MW.

2.3  Information on NEPL

NEPL, Registration No. (201127736D), a company incorporated under the laws of Singapore with its registered address at 18 Kaki Bukit Rd 3, #05-16, Singapore 415978.

NEPL is an energy company specializing in the development, engineering, procurement, construction and commissioning of renewable energy infrastructure and operations  management, with a focus on clean energy solutions.

3. SALIENT TERMS OF THE MOU

The Parties have agreed to cooperate and work together with each other to develop the Project and will finalise a detailed Heads of Terms at a later stage to clearly define the scope and responsibilities of each Party, amongst others, the following:

a) Procuring and/or conducting the necessary technical studies for the development of the Project such as preliminary feasibility study and power system study;

b) Securing the necessary permits, licences, land, rights of way, access and regulatory approvals required for the Project;

c) Negotiating and procuring the electricity off-take agreements and fuel supply agreements for the Project;

d) Procuring the Engineering, Procurement, Construction and Commissioning (“EPCC”) contractor, as well as the Operation and Maintenance team for the Project; and

e) Arranging and securing the project finance required for the Project, including but not limited to negotiating the financing documents with potential financiers.

f) The MOU shall become effective on the date of execution and unless earlier terminated or superseded by a definitive agreement, the MOU shall remain in force for a period of two (2) years.

4.  EFECTS OF THE MOU

The MOU will not have any effect on the earnings per share, net assets per share, gearing and share capital of Zecon for the financial year ending 31 December 2025.

5.  RISK FACTORS

The Board is not aware of any risk factors arising from the MOU as the MOU is not legally binding until the execution of a formal agreement to formalise the potential collaboration between the MOU Parties and the agreed terms in the MOU.

6. INTERESTS OF DIRECTORS, MAJOR SHAREHOLDER AND/OR PERSONS CONNECTED TO THEM

None of the directors, major shareholder and/or persons connected to them has any interest, either directly or indirectly in the MOU.

7. APPROVALS REQUIRED

The MOU is not subject to and conditional upon approvals from the shareholders of the Company and/or any other relevant authorities.

8. DIRECTORS’ STATEMENT

The Board, having considered all relevant aspects of the MOU, is of the opinion that the MOU is in the best interest of the Company.

This announcement is dated 16 October, 2025.