SIGNIFICANT EVENT OCCURRING AFTER THE REPORTING PERIOD On 19 June 2024, Megah Sedaya Sdn. Bhd. (“MSSB”) a wholly-owned subsidiary of MCHB Development (NS) Sdn. Bhd. (“MCNS”) entered into a Development Rights Agreement (“DRA”) with NS Corporation (“NS Corp”), wherein the parties hereto have agreed to jointly develop the freehold agriculture lands measuring approximately 1,000 acres located in Mukim Labu, Daerah Seremban, Negeri Sembilan forming part of the lands located in Malaysia Vision Valley 2.0 (“MVV2 Lands”). Concurrently, on the same day, NS Corp has entered into a Sale & Purchase Agreement (“SPA”) with Kumpulan Sime Darby Berhad (“KSDB”) being the registered proprietor of the MVV2 Lands, an indirect wholly-owned subsidiary of Sime Darby Berhad, to acquire from KSDB the MVV2 Lands upon the terms and conditions as contained therein. Additionally, MSSB also entered into a Strategic Joint Venture Agreement (“JVA”) with MCNS and NS Corp wherein the parties hereto have agreed to collaborate for the development of the MVV2 Lands and to regulate their rights as shareholders of the same upon the terms and subject to the conditions as contained in the JVA. MSSB will serve as the special purpose vehicle for the JVA. AUDITORS The auditors, Crowe Malaysia PLT have expressed that they do not wish to seek re-appointment at the forthcoming annual general meeting. The details of the auditors’ remuneration for the financial year are as follows:- THE GROUP THE COMPANY RM’000 RM’000 Audit fees 730 70 Non-audit fees 8 8 738 78 SIGNED IN ACCORDANCE WITH A RESOLUTION OF THE DIRECTORS DATED 25 JUNE 2024 Dato’ Seri Lee Tian Hock Ho Kong Soon DIRECTORS’ REPORT (CONT’D) FINANCIAL STATEMENTS MATRIX CONCEPTS HOLDINGS BERHAD 142
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