AGESON BERHAD ("AGESON" OR "THE COMPANY")

MEMORANDUM OF UNDERSTANDING BETWEEN AGESON DEVELOPMENT SDN BHD
(FORMERLY KNOWN AS PRINSIPTEK PROPERTIES SDN BHD), A WHOLLY-OWNED
SUBSIDIARY OF THE COMPANY AND BILLION APEX SDN BHD ("BASB") IN RELATION
TO APPOINTMENT OF BASB AS THE MAIN CONTRACTOR FOR A PROPOSED MIXED
DEVELOPMENT PROJECT ("MOU")

We refer to your Company's announcements dated 21 January 2021, in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Malaysia Securities Berhad with the following additional information for public release:-

1. Whether ADSB has proposed and submitted any development plan to the relevant authorities and the status of application todate.
2. To provide the basis and detailed breakdown on how the contract value of RM120.0 million is arrived at.
3. It is noted that BASB is principally involved in general trading and does not have a track record as the main contractor. In this regard, please provide further justification for ADSB to appoint BASB for the Proposed Development.
4. The COVID-19 pandemic has severely impacted the economy including the property sector. As such, please provide further justification for ADSB to undertake the Proposed Development at this juncture.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully

Listing

Regulation

cc:-   Market Surveillance, Securities Commission (via fax)