The board of directors of the WMCH Global Investment Limited announce that on 11 January 2022, the Company entered into a memorandum of understanding with PANGU CREATION GROUP (MALAYSIA) SDN. BHD. in relation to a possible cooperation with the Prospective Partner for the development of a service condominium and commercial lot project in Kuching, Sarawak, Malaysia. The site of the Project covers a total site area of approximately 1.45 acres, with a total gross floor area of approximately 700,000 square metres. The Prospective Partner is an investment
holding company incorporated in Malaysia and principally engages in property and infrastructure development projects in Malaysia. Pursuant to the MOU, the Prospective Partner will be responsible for (i) managing the Target Company and establish an appropriate plan and making finance arrangements for the Project; and (ii) preparing all relevant documentation including but not limited to plans, drawings and costings pertaining to the Project and submit the same to the relevant parties.