We refer to our announcement made on 27 June 2023 for the Memorandum of Understanding between Fajarbaru Builder Sdn Bhd (“FBSB”) and Penang Development Corporation (“PDC”).

The Board of Directors of Fajarbaru Builder Group Bhd (“FBG” or “the Company”) wishes to announce that the Company had on 14 October 2024 accepted the Letter of Offer dated 7 October 2024 from PDC (“Letter of Offer”) in respect of the proposed joint development project between PDC and FBG known as MediCity in Batu Kawan (“MediCity”) through a purchase and development arrangement on the freehold land of approximately 235.81 acres located in Bandar Cassia, Mukim 13, Batu Kawan, Seberang Perai Selatan, Pulau Pinang (“Land”).

The terms and conditions of the Letter of Offer will be finalised in a Master Purchase and Development Agreement to be signed between FBG and PDC, upon which further announcement will be made by the Company (“Master PDA”).

This announcement is dated 14 October 2024