The Board of Directors of ANZO HOLDINGS BERHAD announced that the Company had on 31 October 2022 entered into a memorandum of understanding (MOU) with ECO GROUP HOLDINGS SDN BHD to negotiate in good faith with a view of entering into joint collaboration agreement (JCA) and subject to mutual agreement by the Parties of the terms of the same and subject to obtaining all necessary approvals and authorisations, to participate in the proposed regularisation plan of Anzo. The Proposed Regularisation Plan shall comprise, inter-alia the following: joint collaboration in undertaking civil & structural and mechanical & electrical for construction projects in Malaysia; joint collaboration in undertaking interior fit-out, design and decoration projects in Malaysia; and proposed funds raising exercise to be undertaken by Anzo. The MOU is not intended to be a legally binding agreement and is meant only to serve as a statement of intention of the Parties to the MOU.

The MOU sets out the intention of the Parties to negotiate in good faith with a view of entering into JCA and all other key terms of the Proposed Regularisation Plan. The salient terms of the MOU are set out below: The respective Parties hereby agree and shall provide all such information and documents as may be required by the other Party and their appointed advisers for the purposes of conducting a thorough legal and financial due diligence on the Eco Group, Anzo and its subsidiary companies respectively; With effect from the date of execution of the MOU, the Parties have agreed to co-operate exclusively with each other with respect to the Proposed Regularisation Plan. The MOU shall be terminated and ceased to have effect upon execution of the definitive agreement or any other agreements, unless terminated earlier in writing by either Party hereto; The MOU shall become effective for a period of six months from the date of the MOU, during which the JCA or any other agreements in relation to the Proposed Regularisation Plan will be finalised and executed; The Parties acknowledge that the JCA and other agreements to be executed under the Proposed Regularisation Plan shall be subject to inter-alia: Anzo having first obtained the approval from Bursa Securities for an extension of time to submit a regularisation plan; the approvals of the Securities Commission, Bursa Securities and/or other regulatory authorities; and both Parties are satisfied with the outcome of the due diligence.