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 announcements made on 18 February 2020, 29 June 2020 and 30 June 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 the Tenaga Nasional Berhad (TNB) had on 30 June 2020 approved the Net Energy Metering Assessment Study (NEMAS) in respect of the proposed development of solar photovoltaic system on the rooftops and building-integrated photovoltaics located in Senawang Industrial Estate, in the state of Seremban, for a total capacity of 777.04 kilowatt peak (kWp) under the net energy metering ("NEM") scheme for Oon Corp Resources (M) Sdn. Bhd. and the parties are targeting for signing an EPCC agreement for the project by early September 2020.

The Board of Directors of the Company also wishes to update that on 4 August 2020, Advancecon has issued the second 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 located in Kawasan Industri Rawang Integrated, in the state of Selangor under the NEM scheme for Prominent Image Sdn. Bhd.

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. 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. The Company will make the necessary announcements to Bursa Malaysia Securities Berhad should there be any updates on the status of MOU.


This announcement is dated 28 August 2020.