Kwan Yong Holdings Limited announced that on 1 June 2020, the Company and Joy Famous International Investment Limited entered into a memorandum of understanding on strategic cooperation. Pursuant to the MOU, the Company and Joy Famous International intend to promote the online business platform in sales and promotion of new building materials such as prefabricated prefinished volumetric construction (PPVC) and building information modelling 5D (BIM5D), with an objective to explore new business opportunities in the upstream of building construction industry in Singapore. The Potential Cooperation is subject to the signing of a formal binding agreement within six months after the date of the MOU. Joy Famous International undertakes that it will only engage in negotiation with the Company and that it will not, directly or indirectly, enter into any form of negotiation with any third party in relation to the Potential Cooperation within six months after signing of the MOU and either party can terminate the MOU by giving the other party one month's notice. Save for the clauses relating to exclusivity, termination and governing law, the MOU is not legally binding.