The Board of Directors of Press Metal Aluminium Holdings Berhad announced that the Company had on 29 August 2023 entered into a Memorandum of Understanding (?MOU?) with Xi?an Jiaotong University (?XJTU?) to conduct collaborative research in flue gas collection and analysis, and increase CO2 feedstock concentration, capture, and utilisation to be undertaken at PMAH?s smelting plants ("Project"). The duration of the Project is expected to commence from 1 September 2023 until 31 August 2026 or such other extension as may be mutually agreed in writing by the Parties. The MOU has been entered into to drive research and development efforts in carbon capture and utilisation.

This collaboration aims to develop an economically viable carbon capture and utilisation model towards a greener and more sustainable future for PMAH group. Under the terms of the MOU, the Parties agreed, inter-alia, on the following: Develop the partnership between the Parties through well-planned research projects; Prompt collaborative research between the Parties through conducting joint research projects; Conduct collaborative research with PMAH in flue gas collection and analysis, increasing CO2 feedstock concentration and conduct CO2 capture and utilisation; and The total grant to be contributed by PMAH is RMB12.0 million based on successful milestones including system design, research fee, professional training programs, resources, transfer of knowledge etc. The MOU is effective from the date of the MOU and shall remain in force and effect for a valid term of six (6) months.

Any extension shall be subject to seven (7) calendar days? notice in writing to the other party before the expiration of the MOU.