The Board of Directors of Ageson announced that Ageson Development Sdn Bhd ("ADSB"), a wholly-owned subsidiary of the Company, had on 21 January 2021, entered into a memorandum of understanding ("MOU") with Billion Apex Sdn. Bhd., whereby ADSB is desirous to appoint BASB as the main contractor to undertake and complete main building and infrastructure works ("Main Construction Works") for a proposed mixed development project on a parcel of development land measuring 7,395 square metres held under title of H.S.(D) 18991, PT No. 129, Seksyen 1, Bandar Batu Ferringgi, Daerah Timor Laut, Negeri Pulau Pinang ("Land"), with a contract value of MYR 120.0 million. The proposed mixed development project is a development of a building block comprising 79 units of service apartments, 138 rooms hotel and 1-storey basement car park ("Proposed Development"). ADSB and BASB are collectively referred to as the "Parties". The objective of the MOU is to express the intention of ADSB to appoint BASB as the main contractor to undertake Main Construction Works prior to the signing of definitive agreement ("Agreement"), with a contract value of MYR 120.0 million ("Award"). The Main Construction Works shall include building construction works, civil engineering works, mechanical and electrical works.