NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023 (CONT’D) 46. SIGNIFICANT EVENT DURING THE FINANCIAL YEAR (i) On 28 April 2022, MCHB Development (NS) Sdn. Bhd. (“MCNS”) a wholly-owned subsidiary of the Company entered into a Memorandum of Understanding (“MOU”) with NS Corporation (“NS Corp”), the development arm of the Negeri Sembilan State, to explore the possibility of collaborating in the development of certain land parcels within the Malaysia Vision Valley 2.0 region (“MVV Lands”). Further to the above, on 24 August 2022, N9 Matrix Development Sdn. Bhd. (“N9 Matrix”) an 85%-owned subsidiary of MCNS had entered into a Conditional Sales and Purchase Agreement (“CSPA”) with NS Corp to acquire freehold agriculture lands measuring approximately 1,382.208 acres located in Mukim Labu, Daerah Seremban, Negeri Sembilan forming part of the lands located in MVV Lands for a total cash consideration of RM460,000,000 (“Proposed Acquisition”). In addition, on 24 August 2022, MCNS entered into a Joint Venture Agreement (“JVA”) with N9 Matrix and NS Corp wherein the parties hereto have agreed to collaborate to jointly acquire and develop certain parts of land located in MVV Lands and to regulate their rights as shareholders of the same upon the terms and subject to the conditions as contained in the JVA. N9 Matrix will serve as the special purpose vehicle for the JVA. On 23 March 2023, N9 Matrix had entered into a supplemental agreement to the CSPA with NS Corp in relation to the Proposed Acquisition and MCNS had entered into a supplemental agreement to the JVA with NS Corp and N9 Matrix in relation to the Proposed Joint Venture whereby the parties agreed to vary the terms of the Principal Agreement to effect such variation according to the terms and conditions into these supplemental agreement. The proposals are subject to approvals from shareholders at the forthcoming Annual General Meeting. INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 243
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