News

With reference to the Company's first announcement on 2 June 2022 and series of subsequent announcements thereafter in relation to the MOU entered into between HDC and ASSB, a wholly-owned subsidiary of Awantec, the Company wishes to disclose further information on the announcement made on 30 May 2023 in respect of the MOU.

1. Why no definitive agreement has been entered by ASSB with HDC pursuant to the MOU that led to the termination of the MOU.

Despite the best efforts and intentions of both parties to solidify their collaboration through a definitive agreement, regrettably, ASSB and HDC were unable to conclude on the business model in respect of the MOU.

2. Why the MOU is terminated one (1) year ahead of its expiry date of 1 June 2024.

The decision for early termination of the MOU was made after careful evaluation of the evolving market dynamics surrounding the collaboration and a comprehensive assessment of the long-term viability and strategic alignment in the business model between ASSB and HDC. After careful deliberation and with the best interests of both parties in mind, it was mutually agreed between the parties to terminate the MOU so that ASSB and HDC could focus their resources and efforts on alternative strategies and partnerships that align more effectively with their respective business goals.

This announcement is dated 1 June 2023.