The Board of Directors of JAG announced that Jaring Metal Industries Sdn. Bhd. on 10 July 2024 entered into a Memorandum of Understanding with Mitsubishi Materials Corporation to develop, construct, finance and operate a household appliance recycling business in Malaysia, whose scope of business will include the collection and recycling of end-of-life household appliances and the sale of resources recovered through the recycling process.

The Parties agreed that the Business will be implemented pursuant to the key terms and conditions as set forth in the MOU, and the definitive terms and conditions relating to the joint venture will be set forth in the Transaction Documents (that is Shareholders Agreement, the Subscription Agreements and any other agreements which the Parties consider necessary for the Business) including a Shareholders' Agreement, between the Parties. A special purpose vehicle ("SPV") will be incorporated in Malaysia to undertake and conduct the Business and which each of the Parties intends to subscribe for shares in the SPV and the terms to be stated in the Shareholders' Agreement to be entered into between the Parties. The execution of the Transaction Documents shall take place within 10 Business Days following the satisfaction or waiver (in writing, if permitted) of the last of the following conditions: the completion by each Party of the Feasibility Study, to the satisfaction of all Parties; each Party being satisfied, based on the results of the Feasibility Study and any projections and assumptions agreed by the Parties, that the Business will be viable; enactment of the Recycling Legislation in Malaysia; Each Party shall ensure the satisfaction of the conditions, to the extent possible, as soon as possible following the date of the MOU and in any event by the Longstop Date, that is 31 December 2025 or any other date as may be mutually agreed between the Parties in writing ("Longstop Date"); A Party may terminate the MOU by written notice to that effect to the other Party if any of the Conditions has not been satisfied or waived in accordance with the terms of this MOU by the Longstop Date.