Sersol Berhad announced that reference is made to the announcement in relation to the Heads of Agreement (HOA) entered between the company and MJets Limited (MJets) (Parties) announced on 30 June 2022 with the intention to form a joint venture by becoming shareholders in private limited companies to be registered in Malaysia and Indonesia which will be in the business of private aviation, business aviation, aircraft handling, aircraft management, aircraft charter sales, private jet terminal and other aviation related activities. The Board of Directors announced that the Parties had transited from the HOA into a business arrangement where the Parties had on 27 December 2022 entered into a Joint Venture Agreement to establish a Joint Venture Company to be registered in Malaysia to engage and operate in aviation related business and any other business as agreed upon by the Parties.