The Board of Directors of the Company wishes to announce that Harimau Studio, a wholly-owned subsidiary of MNC, had on 22 January 2020 entered into a Memorandum of Understanding (“MOU”) with Vision Works (M) Sdn. Bhd. [Registration No. 199701020235 (435732-M)] ("Vision Works"), for the purpose of establishing a close collaborative partnership in producing industry desired, high quality, relevant and cutting edge feature films for both the local and international markets.

Harimau Studio is a company incorporated under the laws of Malaysia and it is a television & film production company focused on quality storytelling, striking visuals and innovative content strategising, insignts and creation. 

Vision Works is a company incorporated under the laws of Malaysia and it is a local audio-visual production house committed to provide creative and exciting content for television, film, theatre and live or recorded musical performance.

The MOU shall enter into force on the date of execution and shall remain in force for a period of twelve (12) months from the date of signing unless otherwise terminated by either parties in writing.

The MOU is not expected to have material effects on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholding of MNC for the financial year ending 30 April 2020.

The MOU does not constitute any legal binding obligation between the parties until definitive and binding agreements are executed between Harimau Studio and Vision Works.

None of the Directors and/or Major Shareholders of the Company and/or persons connected with Directors and/or Major Shareholders has any interest, direct or indirect, in the MOU.

The Board of Directors of MNC, having considered all aspect of the MOU, is of the opinion that the MOU is in the best interest of the Company.

This announcement is dated 22 January 2020.