The Board of Directors of Ecoscience International Berhad announced that the Company?s wholly-owned subsidiary, Ecoscience Manufacturing & Engineering Sdn. Bhd. had on 25 August 2023 accepted a Letter of Award issued by PT.

WIJAYA INTI NUSANTARA SAWIT to undertake, amongst others, the design, supply and fabricate works for the construction of the palm oil refinery complex consisting 300 tonnes per day (?TPD?) physical refining plant, 300TPD dry fractionation plant and bottling plant for Palopo Industrial Park at Sulawesi, Indonesia. (i) The contract sum is MYR 24,040,000.00. (ii) The commencement of the Works shall be subject to the receipt of down payment from PWINS, which will be notified by PWINS in writing at a later stage.

(iii) The completion period of the Project inclusive of any mobilisation shall be six (6) months upon receipt of the down payment from PWINS. (iv) In the event EMESB fail to complete the Works by the completion period stipulated or by any extended date as provided in the LA, EMESB shall pay the liquidated ascertained damages sum of MYR 24,000.00 per day on a per day basis for the period in the Works that remained incomplete. The maximum percentage of liquidated ascertained damages may not exceed 5% of the contract sum (i.e. MYR 1,202,000.00).

(v) The defects liability period shall be twelve (12) months from the actual completion of the Works. (vi) A performance bond by way of a banker's guarantee of an amount equivalent to 5% of the contract sum (i.e. MYR 1,202,000.00) shall be provided by EMESB and to be effective until the completion period and including the defects liability period as set out above.