The Board of Directors of PLS (“Board”) wishes to announce that on 5 March 2024, ShenZhen Shenyue Investment, IWH and the Company (collectively, the “Parties”) had entered into a memorandum of understanding (“MOU”) in relation to a proposed strategic collaboration for the development and implementation of Johor – Shenzhen Industrial Park and Innovation Hub project (“Project”) to enhance the international competitiveness of its industries within the State of Johor, Malaysia (“Proposed Collaboration”).

ShenZhen Shenyue Investment is a wholly-owned subsidiary of Shenzhen Investment Holding Co. Ltd., a Fortune 500 company. ShenZhen Shenyue Investment has rich experience in overseas industrial park investment, development, operation management, and supporting services.

IWH, a public-private partnership (PPP) company involving the Johor State Government, is a master developer and investment holding company established with comprehensive experience in property development, property investment and constructions.

PLS group is the land owner of one of the identified locations for the Johor – Shenzhen Industrial Park and Innovation Hub.

The purpose of the MOU is to formalise the intention of the Parties to explore further, discuss, prepare and plan the going forward actions for the development of the Project in the State of Johor, Malaysia with the following objectives:

1. To enhance the international competitiveness of industries within Johor – Shenzhen Industrial Park;
2. To implement development strategies focusing on manufacturing quality engineering, ecosystem expansion projects, and opening international markets; and
3. To foster the development of strategic emerging industries in alignment with the outlined industry and technologies.

Pursuant to the MOU, the Parties mutually agree to explore including but not limited to the following cooperation directions:

1. Industrial Parks: To construct an industrial park to provide companies with offices and production facilities, as well as related support services, to promote industrial development and collaboration.
2. Johor – Shenzhen Innovation Development Hub: Establishing an innovation development center to provide resources and support for innovative activities and research projects in Johor.

The MOU is effective immediately from the date of execution of the MOU and shall remain in effect for period of twelve (12) months from the date of the MOU unless earlier mutual termination by the Parties or any extended period to be mutually agreed between the Parties.

The Parties agree to enter into final definitive agreements for the Proposed Collaboration upon the Parties have agreed to proceed further with implementation of the Project.

This announcement is dated 5 March 2024.