The board of directors of Citaglobal announced that the company has on 6 October 2022 entered into a collaboration agreement with Genetec in relation to a proposed collaboration between Citaglobal's group of companies and Genetec's group of companies for broad-based multi-angle and exclusive collaboration and strategic cooperation arrangement in connection with the development of battery energy storage management system to store and manage excess power during the generation of the renewable energy. The proposed collaboration is to establish a broad-based multi-angle and exclusive collaboration and strategic cooperation arrangement in respect of the Battery Energy Storage System Projects, which draws on and combines the respective unique resources, expertise, knowledge and experience of Citaglobal Group and Genetec Group. The Parties are desirous to work together and to collaborate and utilise their respective resources, capabilities, experiences, expertise and strength, as well as to act in good faith, and do such things as may be necessary or expedient towards the securement, execution, procurement, management and delivery of contracts and projects in respect of the Battery Energy Storage System Projects under the Proposed Collaboration in order to achieve and further to the greater extent possible the economic and commercial objectives of the Proposed Collaboration.

Pursuant to the Collaboration Agreement, the Parties will form a special purpose vehicle (SPV) based on a 50:50 shareholding between both Parties for the Proposed Collaboration. The Parties have agreed to negotiate and to enter into a definitive agreement or shareholders' agreement ("Definitive Agreement") within one (1) month from the date of the Collaboration Agreement with an automatic extension of additional one (1) month or such extended period no later than six (6) months from the date of the Collaboration Agreement as the Parties may mutually agree upon to set out its rights and obligations and to regulate the affairs and the respective rights of each of the Parties including but not limited to the voting rights, equity commitments, board representations, capital requirements, operational matters and reserved matters as shareholders of the SPV. The Collaboration Agreement shall continue and remain in full force and terminate upon the occurrence of any of the following: (i) either Party serving a notice of termination in writing of not less than one (1) month to the other Party to terminate the Collaboration Agreement; or (ii) the Definitive Agreement not having been executed by the Parties within six (6) months from the date of the Definitive Agreement or such other date as may be mutually agreed upon by the Parties in writing.