The Board of Directors of PMB Technology Berhad announced that the Company has on 30 March 2022, entered into a memorandum of understanding with SABAH OIL & GAS DEVELOPMENT CORPORATION SDN. BHD., herein after known as the whereby: a) The State Government of Sabah is in the process of developing the Sipitang Oil and Gas Industrial Park located at Mengalong, District of Sipitang, Sabah ("SOGIP") which is to be an industrial park dedicated for oil and gas activities; b) SOGDC is a State of Sabah owned company, incorporated to among others, own, manage and market SOGIP; and c) SOGDC is keen to sub-lease/sell approximately 200 acres of land to PMBT and PMBT is keen to consider a prospective development and operation of a new silicon metal production plant (`Silicon Plant') on the said Land within SOGIP upon mutually acceptable terms to be agreed upon between SOGDC and PMBT. Details of the MOU: The main objectives of the MOU are as follows: a) To determine and agree on the rent/price, tenure/completion period and other commercial terms for the sub-lease/sale for the said Land by SOGDC to PMBT, having regards to the following: (i) PMBT's need to secure external financing for the sub-lease/sale of the said Land and the construction of Silicon Plant; (ii) PMBT's requirement that the Silicon Plant shall be assured, and shall receive a sufficient, constant and steady supply of natural gas at acceptable rates to PMBT; (iii) PMBT's satisfaction that the necessary infrastructure (including but not limited to roads, amenities, port access and facilities, housing etc.) to support the operations of the Silicon Plant has been constructed or put in place by the State of Sabah; (iv) PMBT's satisfaction on the maximum sales tax that will be imposed by the State of Sabah for the export of silicon metal by PMBT; and (v) Both Parties being able to obtain and clear all regulatory, shareholders and other approvals required for inter alia, the sub-lease/sale for the said Land by SOGDC to PMBT; b) To promote the economic and employment growth of Sabah, including the vocational training of locals, and as part of the corporate social responsibility for both establishments; and c) To decide on such other ancillary matters relating to the aforesaid.