OUR BUSINESS AND STRATEGY STRATEGIES TO SUSTAIN VALUE CREATION (cont’d) The construction of the Group’s new projects in Penang, Selangor and Johor are targeted to commence later in 2024, with the requisite approvals already in place. MYEG is well positioned to contribute to the development of workers’ housing given its existing track record in building and managing worker dormitories in Selangor and Melaka (which are presently at full capacity). RAISING CAPITALS FOR BUSINESS DEVELOPMENT EXPENDITURE In FY2023, MYEG’s Sukuk Wakalah programme raised an additional RM425 million, bringing the total raised through the programme to RM575 million. The Sukuk Wakalah is part of MYEG’s Sustainable Financing Framework (“Framework”), specifically developed and launched to accelerate MYEG’s continued pivot on “green” or sustainability driven projects and initiatives. The Framework will apply to any forthcoming Green / Social / Sustainable / Sustainable & Responsible Investment (“SRI”) financings which will be aligned to: r 4PDJBM #POE 1SJODJQMFT (SFFO #POE 1SJODJQMFT BOE 4VTUBJOBCJMJUZ #POE (VJEFMJOFT PG UIF *OUFSOBUJPOBM $BQJUBM Markets Association or as they may be subsequently updated or amended; r 4PDJBM #POE 4UBOEBSET (SFFO #POE 4UBOEBSET BOE 4VTUBJOBCJMJUZ #POE 4UBOEBSET PG UIF "4&"/ $BQJUBM .BSLFUT Forum or as they may be subsequently updated or amended; r 4PDJBM -PBO 1SJODJQMFT BOE (SFFO -PBO 1SJODJQMFT PG UIF "TJB 1BDJàD -PBO .BSLFU "TTPDJBUJPO UIF -PBO .BSLFU Association and the Loan Syndications and Trading Association or as they may be subsequently updated or amended; and r 43* 4VLVL 'SBNFXPSL PG UIF 4FDVSJUJFT $PNNJTTJPO .BMBZTJB iSC”) or as they may be subsequently updated or amended. Proceeds from the said sukuk issuance will be used for the Group’s blockchain ventures as well as funding expansion of its foreign worker accommodation projects. Additionally, the sale of Zetrix tokens has unlocked a new potential revenue stream for MYEG, going beyond conventional financial markets to raise funds for the expansion of the Group’s blockchain venture. MYEG successfully launched its Zetrix tokens through an initial exchange offering on Coinstore, a Singapore-based cryptocurrency exchange, in October 2023. Since this launch, Zetrix tokens were listed on Coinstore, MEXC, and BitForex as of October 2023, with Zetrix’s token priced at 5 USDT each, with more than 66.7 million tokens in circulation at the time of listing. INVESTING IN PROMISING START-UP VENTURES In paving more opportunistic pathways into sustaining long-term growth, MYEG has further ventured into identifying promising start-ups to invest in and support, both at home in Malaysia as well as overseas such as in China. The Group already has an extended track record of investing in technology start-up companies in Malaysia, with the list including technology businesses such as FashionValet, Stampede Solution and Agmo Studio. In China, MYEG start-up investments include Ximmerse, HiScene and DeepScience Technology. MYEG views these start-up investments as a promising way to participate in and contribute towards the next generation of technology and innovations with disruptive potentials, while at the same time gaining access to emerging innovations and exploring opportunities for collaborations with partners that can offer solutions that complement and enhance MYEG’s service offerings. The growth potential for these start-ups can also expand to their eventual listing, generating more positive returns on MYEG’s investments. Agmo Studio’s listing on Malaysia’s ACE Market is a case in point. ANNUAL REPORT 2023 51 4PDJBM#POE1SJODJQMFT (SFFO#POE1SJODJQMFT BOE4VTUBJOBCJMJUZ#POE(VJEFMJOFT PGUIF*OUFSOBUJPOBM$BQJUBM 4PDJBM#POE4UBOEBSET (SFFO#POE4UBOEBSETBOE4VTUBJOBCJMJUZ#POE4UBOEBSETPGUIF"4&"/$BQJUBM.BSLFUT 4PDJBM-PBO1SJODJQMFTBOE(SFFO-PBO1SJODJQMFTPGUIF"TJB1BDJàD-PBO.BSLFU"TTPDJBUJPO UIF-PBO.BSLFU 43*4VLVL'SBNFXPSLPGUIF4FDVSJUJFT$PNNJTTJPO.BMBZTJB i promising start ups to invest in and support both at home in Malaysia as well as overseas such as in China
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