The Board of Directors of Metronic announced that the Company had on 15 October 2021 entered into a Subscription and Joint Venture Agreement with Earthtech Energy Sdn Bhd and Mr. Chew Keng Yaw to regulate their joint venture arrangement to undertake the business activities of carrying out the design, research and development, production and/or installation of solar power equipment to be marketed and sold as well as to provide after-sales services support thereafter. Metronic is a public limited company incorporated in Malaysia under the Companies Act 1965 on 22 October 2003 and listed on the Main Market of the Bursa Malaysia Securities Berhad. Metronic is an investment holding company. The SJV Agreement is subject to and conditional upon the following conditions precedent, being fulfilled within one (1) month from the date of the SJV Agreement or such other period as the Parties may mutually agree in writing:- (a) the approval by the shareholders of Metronic in an extraordinary general meeting in respect of the proposed diversification of the existing business of Metronic and its subsidiaries to include engineering, procurement, construction and commissioning of solar photovoltaic facilities, being obtained; (b) the completion of the restructuring of Sinaran PPA whereby all the shares held by Mr. Chew to be transferred to ET; (c) upon the completion of the Proposed Restructuring, the completion of the subscription of 70 shares by paying a total consideration of Ringgit Malaysia One Million (MYR 1,000,000) only to Sinaran PPA and in exchange thereof, Mr. Chew and ET shall cause Sinaran PPA to complete the Proposed Subscription by allotting and issuing the Subscription Shares to Metronic as well as issuing and delivering to Metronic the share certificate in respect of such Subscription Shares; and (d) such other waivers, consents or approvals as may be required from any third party or governmental, regulatory body or relevant authorities having jurisdiction over any part of the transactions contemplated under the SJV Agreement.