The board of directors of MECOM Power and Construction Limited, the board of Coastal Contracts Bhd and Yong Mui Global Pte. Ltd. announced that on 16 February 2023, MECOM, Coastal and YMG entered into a memorandum of understanding (the MOU), pursuant to which MECOM, Coastal and YMG proposed to be business partners with each other in relation to the development of the electric vehicle charging system business in Singapore, Malaysia and Vietnam (the Designated Locations), each of the above locations referred as Designated Location for a term of 3 years (the Term) commencing from the date of the MOU (the Strategic Cooperation). Subject to the terms of the definitive legally binding agreement(s) subsequently to be entered into between the MECOM Group, the Coastal Group and the YMG Group within 6 months after signing of this MOU, the Strategic Cooperation between MECOM, Coastal and YMG shall include but not limited to the following: (i) the design, production, installation and maintenance of EV charging systems; (ii) sales and marketing of EV charging systems; and (iii) operation and payment collection of EV charging systems business developed between MECOM, Coastal and YMG, Furthermore, subject to the terms of the definitive legally binding agreement subsequently to be entered into by between the MECOM Group, the Coastal Group and the YMG Group, the MECOM Group, the Coastal Group and the YMG Group may form a joint venture company incorporated in Singapore (the JV Company) with following key functions within six months after signing of this MOU: (a) JV Company to obtain charger system qualification by government authorities in the Designated Locations; (b) JV Company to set up initial trial charger system (50-100 sets) in the Designated Locations with proven mobile applications with payment collection model authorised in the Designated Locations; (c) to approve the plans for EV Charging System Business to be carried out by the JV Company; and (d) JV Company may engage a subsidiary of the China Electric Equipment Group Co.

Ltd. and a manufacturer to supply hardware to the JV Company for the manufacturing of the EV chargers as such subsidiary is able to provide project financing for the EV chargers.