The Board of Directors of Fajarbaru Builder Group Bhd (“FBG” or “the Company”) wishes to announce that FBG Land Sdn Bhd (formerly known as Fajarbaru Land (M) Sdn Bhd), a wholly-owned subsidiary of FBG, has on 20 January 2025 entered into a Strategic Collaboration Agreement (“SCA”) with The Penang Development Corporation and Pelaburan Hartanah Berhad for the Parties to enter into discussions and activities to collaborate in a project to develop and invest in commercial and/or industrial properties on all that piece of land measuring approximately 51.172 acres located in Bandar Cassia, Batu Kawan, Mukim 13, Daerah Seberang Perai Selatan, Pulau Pinang as part of the proposed development known as MediCity in Batu Kawan, Mukim 13, Daerah Seberang Perai Selatan, Pulau Pinang.
Further details on the SCA are set out in the attachment.
This announcement is dated 20 January 2025.