The Board of Directors of AWC Berhad announced that the Company, had on 18 October 2023 entered into a Memorandum of Understanding ("MOU") with Universiti Sains Malaysia ("USM"). The Parties are exploring the possibility to collaborate with each other on Smart and Green Campus with focus on Provision of Electric Bike (e-Mobility) and related services and solutions within the scope of the concept (hereinafter referred to as "the Collaboration"). The MOU will enable the parties to explore opportunities in Smart and Green campus with focus on e-Mobility and related services and solutions.

The Collaboration is in line with the overall strategy of the Group to focus on growing its Environmental, Social and Governance ("ESG") related businesses and facilitate the continuing growth of the Group's core business as a diverse ESG player. The MOU will not have any effect on the share capital and substantial shareholders? shareholdings of AWC.

The MOU is not expected to have any material immediate effect on the earnings per share, net assets per share and gearing of AWC for the financial year ending 30 June 2024.