We refer to the previous announcements dated 15 March 2021 and 5 July 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 Special Purpose Vehicle set up by the successful bidder, a wholly-owned subsidiary of M K Land Resources Sdn. Bhd, which in turn is a wholly-owned subsidiary of the Company, has on 26 August 2021 signed a Large Scale Solar Protolvotaic (LSS4) Power Purchase Agreement (“PPA”) with Tenaga Nasional Berhad (“TNB”).

1.0         POWER PURCHASE AGREEMENT (“PPA”)

SCSB will undertake to design, construct, own, operate and maintain a solar photovoltaic energy generating facility with a capacity of 10.95 MWac located in Lot 1513 Mukim Beriah, Daerah Kerian, 34310 Beriah, Perak Darul Ridzuan for connection to TNB’s medium voltage Distribution Network at 33kV PMU Bukit Merah.

The PPA, which has an expected commercial operation date by 30 December 2022, governs the obligations of SCSB and TNB to sell and purchase the energy generated by the LSSPV Project for a period of 21 years from the commercial operation date in accordance with the agreed terms and conditions.

2.0       EFFECTS ON THE EXECUTION OF THE AGREEMENT

The signing of the PPA 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 2022.

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 PPA.

This announcement is dated 26 August 2021.