Memorandum Of Understanding

We refer to the announcements dated 19 April 2021 and 27 July 2021 on the Memorandum of Understanding (“MoU”) entered into between Boustead Holdings Berhad (“BHB” or Company”) and Next Generation Oil Sdn Bhd (“NGO SB”).

We wish to inform that NGOS SB had on 10 September 2021, entered into a Conditional Land Lease Agreement with BHB’s public listed subsidiary, Boustead Plantations Berhad for NGO SB to lease between 1,040 to 1,286 acres of land in Telok Sengat Estate to develop an algae cultivation and extraction facility for a period of 30 years with option to extend for another 30 years subject to lease rental to be based on a market rate to be mutually agreed by both Boustead Plantations Berhad and NGO SB.

The Company shall make further announcements as and when there are further material developments in relation to the MoU.

This announcement is dated 10 September 2021.