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The Board of Directors of the Company wishes to announce that the Company, had on 24 May 2024 entered into a Memorandum of Understanding (“MOU”) with Sonid Co., Ltd (“Sonid”) in relation to a collaboration to develop vacation and/or retirement properties at Avillion Admiral Cove, Port Dickson and Langkawi for the Korean market.
The details of the strategic partnership between the parties under this MOU are as follows:
1. Establish a business framework for developing vacation and/or retirement properties at Avillion Admiral Cove, Port Dickson and Langkawi which are owned by the Company and its subsidiaries;
2. Evaluate requirements for the strategic partnership; and
3. Assess commercial joint venture model and legal structure of the joint venture.
Please refer to the attachment for further details.
