For consistency purposes, the abbreviations and definitions used throughout this announcement are the same as those previously defined in the Company's announcement made on 18 February 2020 in relation to the MOU between Advancecon and Solarvest Energy.


Reference is made to the Company’s announcement made on 18 February 2020 in relation to the MOU dated 18 February 2020 entered into between Advancecon and Solarvest Energy.

The Board of Directors of the Company wishes to update that on 16 March 2020, Advancecon has issued a letter of intent (“LOI”) to Solarvest Energy expressing the intent for appointing Solarvest Energy as the EPCC Contractor to undertake the proposed development of solar photovoltaic system on the rooftops and building-integrated photovoltaics located in Senawang Industrial Estate, in the state of Seremban under the net energy metering (NEM) scheme for Oon Corp Resources (M) Sdn. Bhd., subject to the execution of an EPCC agreement to be entered into between the parties for the project.

The preliminary understanding expressed in the LOI requires Solarvest Energy to carry out all the applications for local authorities, engineering design and execution of the work. Pursuant to the LOI, Advancecon has agreed to pay to Solarvest Energy a refundable initial downpayment amounting to RM234,122.88, which is equivalent to 10% of the contract value, in order for Solarvest Energy to carry out the preliminary work under the project. The aforesaid downpayment has been received by Solarvest Energy from Advancecon on 28 May 2020.

Save and except of the abovementioned, there is no other material development on the status of the MOU as of the date of this announcement.


This announcement is dated 29 June 2020.