The Board of Directors of Encorp Berhad (“ENCORP” or “The Company”) is pleased to announce that it’s indirect wholly-owned subsidiary, Encorp Development Sdn. Bhd. (“EDSB” or “the Developer”) had on 18 May 2022 signed a Joint Venture Agreement (“JV Agreement”) with Ipmuda Properties Sdn. Bhd. (“IPSB” or “the Proprietor”) to jointly develop all that piece of land held under Master Title Town Lease 017549665, located at Bukit Kepayan, District of Kota Kinabalu, State of Sabah measuring ­approximately 1.60­­­­ acres ("Project Land") owned by IPSB into One (1) Block of Ten (10) storey Condominium (166 Units) with Six (6) storey of carpark, commercial facilities, convenience stores and laundry room at Level 1 together with the infrastructure works thereon (“Proposed Development”).

Please refer to the attached document for further details.

This announcement is dated 18 May 2022.