Reference is made to the Company’s announcement dated 27 November 2023 on Advancecon Development Sdn. Bhd. (“ADSB”) accepted the Letter of Award (“LOA”) from Perak Corporation Berhad (“Perak Corp”) for the appointment of ADSB as joint venture partner for the development of the main infrastructure for the Silver Valley Technology Park (“SVTP”) Industrial Hub and sale of completed industrial lots with main infrastructure on thirty-nine (39) pieces of leasehold lands measuring 798.32 acres all located in Mukim Hulu Kinta, Daerah Kinta, Perak (“Lands”) for an estimated Total Gross Development Value of RM1,032,755,328 (“Joint Development”)(“Announcement”). Unless otherwise stated, the words and abbreviations used herein shall have the same meaning as those defined in the Announcement.

The Board of Directors of Advancecon wishes to further announce that ADSB, an indirect wholly-owned subsidiary of the Company had on 8 January 2024 entered into a Joint Development Agreement (“JDA”) with Perak Corp, to fund and undertake the development of the main infrastructure works for the SVTP Industrial Hub and sale of completed industrial lots with main infrastructure on the Lands, subject to the terms and conditions contained therein and the JDA.

(ADSB and Perak Corp shall hereinafter be collectively referred to as the “Parties” and individually as the “Party”).

Please refer to the attachment for further details.

This announcement is dated 8 January 2024.