B.Duck Semk Holdings International Limited and PIF entered into the Memorandum in relation to the collaboration in form of investment and project and brand development. Pursuant to the Memorandum, the Memorandum shall remain in effective until the earlier of (i) the execution and delivery of the Definitive Agreement(s) or (ii) the failure of the parties to enter into the Definitive Agreement(s) within three months from the date of the Memorandum or such extended period agreed upon by the two parties. As additional time is required for the Company and PIF to negotiate and agree on the terms of the Definitive Agreement(s), on 28 October 2023, PIF informed the Company in writing to extend the term of the Memorandum to six months from the date of Memorandum.

Save for the above, all other terms and conditions of the Memorandum shall remain unchanged and be in full force and effect in its original terms.