Reference is made to the Company’s announcements made on 27 June 2024 and 30 August 2024, respectively, in relation to the Memorandum of Understanding (“MOU”) entered into between Inbase Partners Limited (“Inbase”), a subsidiary of the Company and Silent Unicorn Ventures Limited (“SUVL”) for the purpose of establishing a collaboration framework between Inbase and SUVL. 

Mlabs Systems Berhad (“Mlabs” or “the Company” or “the Group”) announces that, following a strategic review, the Group has decided not to pursue with the collaboration with SUVL at this juncture. Consequently, the MOU between Inbase and SUVL is set to expire in accordance with its terms ("MOU Expiry").

Following the MOU Expiry, neither party shall have any claim whatsoever, directly or indirectly, against the other in respect of the MOU. The MOU Expiry will not have any material financial impact on the Group.
 
This announcement is dated 27 December 2024.