The Board of Directors of Advancecon Holdings Berhad announced that the Company had on 26 March 2019 entered into a Memorandum of Understanding ("MOU") with Kumpulan Semesta Sdn Bhd. This MOU expressed intentions of the Company and KSSB to collaborate and to explore opportunities in the solar energy industry in Malaysia, particularly in respect of the proposed Large Scale Solar Project 3 by the Energy Commission (Suruhanjaya Tenaga) ("Project") ("Collaboration"). The Parties hereby agree to cooperate and collaborate in respect of the Project and to enter into a formal Collaboration Agreement which shall be conditional upon ADVANCECON's procurement of the Large Scale Solar Project 3 by the Energy Commission (Suruhanjaya Tenaga) ("Conditions Precedent").