1. INTRODUCTION

The Board of Directors of AWC wishes to announce that the Company, had on 9 January 2023 entered into a Memorandum of Understanding (“MOU”) with PT Gema Karya Manunggal (“GKM”) and PT Prasarana Danoes Cemerlang (“PDC”).

(each hereinafter referred to as a “Party”, and collectively “the Parties”)


2. DETAILS OF THE MOU

(a)  AWC is an investment holding company with subsidiaries involved in Engineering Services.

(b)  The Parties are collaborating with each other to jointly explore opportunities in the development of oil and gas business, airport and port infrastructure, safety, water treatment, waste treatment, municipal waste treatment and environmental maintenance sectors in Malaysia and Indonesia.


3. INFORMATION ON GKM AND PDC

GKM and PDC are companies engaged in the business of oil and gas, infrastructure, agriculture, property, regional property, ports, logistics, construction, water treatment, waste treatment, and environmental maintenance sectors.


4. RATIONALE OF THE MOU

The MOU will enable the parties to explore opportunities in the development of oil and gas business, airport and port infrastructure, safety, water treatment, waste treatment, municipal waste treatment and environmental maintenance sectors in Malaysia and Indonesia.


5. DURATION OF THE MOU 

This MOU shall come into force from the date of signature and is valid for twelve (12) months unless terminated by the Parties. The MOU shall be terminated automatically if: (i) The Parties have made a definitive agreement to implement the purposes and objectives of this MOU; or (ii) the expiration of the term of the MOU, whichever comes first.


6. EFFECTS OF THE MOU

The MOU will not have any effect on the share capital and substantial shareholders’ shareholdings of AWC. The MOU is not expected to have any material immediate effect on the earnings per share, net assets per share and gearing of AWC for the financial year ending 30 June 2023.


7. DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS

None of the directors and/or major shareholders of AWC and/or persons connected with them have any interest, whether directly or indirectly, in the MOU.


8. DOCUMENT FOR INSPECTION

A copy of the MOU will be available for inspection by the shareholders at the registered office of the Company at Third Floor, No. 77, 79 & 81, Jalan SS 21/60, Damansara Utama, 47400 Petaling Jaya, Selangor from 9 January 2023 for a period of three (3) months.


The Company will make the necessary announcement on further development of the MOU in due course.


This announcement is made on 10 January 2023.