We refer to the previous announcement dated 15 March 2021 in respect of the development of LSSPV Project.

The Board of Directors of M K Land wishes to announce that Solar Citra Sdn Bhd (“SCSB”), a wholly-owned subsidiary of M K Land Resources Sdn. Bhd., which in turn is a wholly-owned subsidiary of the Company, had on 5 July 2021 awarded a contract to Altantic Blue Sdn Bhd (“ABSB”) as the main Engineering, Procurement, Construction and Commissioning (“EPCC”) contractor (“the Contract”) to undertake the LSSPV Project and the interconnection facilities up to the interconnection point on part of the vacant land known as Lot 7948 P.T 1513, Mukim Beriah, Kerian, Perak Darul Ridzuan.

1.0         DETAILS OF THE CONTRACT

The Contract is for a sum of RM42,898,487.80 (“Contract Sum”). The Contract shall commence on 8 July 2021 and is scheduled to be completed within thirty (30) days before the Schedule Commercial Operation Date (“SCOD”) on 30 December 2022.

SCSB and ABSB will be entering into an EPCC Contract outlining full details of the terms and conditions of the LSSPV Project. Pending the execution of the EPCC Contract, both parties shall finalise the design of the LSSPV Project. ABSB has the option to adopt any design for the LSSPV Project, subject to the design adoption is in compliance with the Energy Commission (“EC”) and Tenaga Nasional Berhad’s (“TNB”) technical requirements based on the Power Purchase Agreement to be executed between TNB and SCSB as the project owner.

1.1 Background information on Solar Citra Sdn Bhd

SCSB is a private company incorporated in Malaysia on 10 May 2021 to undertake the development of LSSPV Project.

The principal activity of SCSB will be the owner and operator of the LSSPV Project in the generation of electric energy.

1.2 Background information on Altantic Blue Sdn Bhd

ABSB is a private limited company incorporated in Malaysia on 18 March 2008 as a subsidiary of Solarvest Holdings Berhad, a company listed with Bursa Malaysia Securities Berhad.

ABSB’s principal activity is in the provision of EPCC services for solar protovoltaic (PV) systems and investment in solar PV plant.

2.0       EFFECTS ON THE AWARD OF THE CONTRACT

The award of the Contract will not have any effect on the share capital or substantial shareholders’ shareholdings of the Company and are not expected to have any material effect on the earnings per share, net assets per share and gearing of the Group for the financial year ending (“FYE”) 30 June 2021.

3.0         INTEREST OF DIRECTORS, MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED TO THEM

None of the Directors and/or major shareholders of M K Land, including persons connected with them have any interest, direct or indirect in the Contract.

This announcement is dated 5 July 2021.