The Board of Directors of Ageson announced that Ageson Development Sdn Bhd ("ADSB"), a wholly-owned subsidiary of the Company, had on 21 January 2021, entered into a memorandum of understanding ("MOU") with BASB, whereby ADSB is desirous to appoint BASB as the main contractor to undertake and complete main building and infrastructure works ("Main Construction Works") for a proposed mixed development project on a parcel of development land measuring 7,395 square metres held under title of H.S.(D) 18991, PT No. 129, Seksyen 1, Bandar Batu Ferringgi, Daerah Timor Laut, Negeri Pulau Pinang ("Land"), with a contract value of MYR 120.0 million.