The Board of Directors of MGB Berhad announced that the Company had on 6 October 2023 entered into a Letter of Intent ("LOI") with Malaysian Green Technology and Climate Change Corporation (MGTC), LBS Bina Group Berhad (LBGB) and Midwest Green Sdn. Bhd. ("Midwest") with the objective of aiming to promote collaboration and innovative renewable energy projects in Malaysia. The LOI serves as a general framework for potential cooperation among the Parties, in the following: Establishment of a consortium for the effective development and delivery of innovative solar farm projects in Malaysia; Knowledge transfer and sharing of expertise and technological innovation and commercialization in solar photovoltaic development such as agrivoltaics, aquavoltaics and carbon farming; Post-project activities which include recycling and reusing the project materials; and Other innovative projects as discussed and agreed between the parties. The LOI indicates the intention of the Parties to collaborate and has no legal binding effect.
The LOI shall take immediate effect with no expiry date. Upon finalisation of the terms of the collaboration by the Parties, the Parties shall enter into a
definitive agreement to record their mutual terms in the Proposed Innovative Solar Farm Project.