The board of directors of Annica Holdings Limited announced that the Company has on 21 October 2022, entered into a non-binding Memorandum of Understanding with Calypte Holding Pte. Ltd. (the MOU). Calypte Holding Pte. Ltd. are intending to develop a 1.2 gigawatts solar power plant in Batam, Indonesia (the "Solar Power Plant") for the purposes of supplying electricity to the domestic Indonesian market and as well as for export to Singapore.
The shareholders of CHPL had contacted the Company directly for discussions which lead to the
MOU. The shareholders of CHPL had obtained the Company's contact information from the Energy Market Authority of Singapore ("EMA") website, which contains the contact information of companies that have indicated interest in electricity imports. The Company and CHPL (together, the "Parties") intend to collaborate and participate in the RFP2,
and have entered into the MOU to facilitate further and more detailed negotiations with the intention of: submitting a non-binding expression of interest proposal (EOI Proposal) by the Company to EMA before 29 December 2023 in response to the RFP2; and entering into such detailed legally binding documentation on the Parties' collaboration on the
Authorised Business, including without limitation, the entering into of an offtake agreement
between CHPL and the Company for the Company's purchase of electricity generated by the
Solar Power Plant (the Definitive Agreements).