The Board of Directors of Tiong Nam Logistics Holdings Berhad announced that the company had on 14 August 2022 entered into a Preliminary Collaboration Agreement (PCA) with JLand Group Sdn Bhd (JLG) to jointly develop 300 acres of land being part of the Master Land ("Proposed Land") within the Phase 1 Logistics Park at Sedenak Tech Valley ("the JV Project"). JLG, being the wholly owned subsidiary of Johor Corporation ("JCorp"), has been mandated by JCorp to lead and/or manage the development of the Master Land. Tiong Nam and JLG are collectively referred to as the "Parties".

The PCA shall be subject to further exploration of the feasibility and viability studies by the Parties in relation to the JV Project or any other project(s) mutually agreed upon between the Parties. Parties agree to cooperate with each other to enter into this PCA with regard to the development of the JV Project or other potential projects. Parties agree to render all necessary assistance as may be required by one another or the consultant appointed by each Party in respect of this PCA.

Upon conclusion of feasibility and viability studies, JLG and Tiong Nam or any of their subsidiary or nominated entity shall sign a definitive agreement on the terms and conditions to be mutually agreed upon by the Parties.