1. Introduction The Board of Directors of CRB is pleased to announce that the Company has on 9 February 2023 signed a tripartite MOU with UTM Holdings Sdn. Bhd. (“UTMH”) and Selgate Healthcare Sdn. Bhd. (“Selgate”) (collectively be referred as the “Parties” and individually as a “Party”) to design, develop, construct, manage, maintain and operate a private specialist hospital (“Specialist Hospital”) on Universiti Teknologi Malaysia’s land measuring 5 acres in Skudai, Johor (“the Project”).

The Specialist Hospital will be adopting renewable and energy efficient technologies that will be in tandem with its effort in Environmental, Social and Governance. The application of sustainable technologies will help the Specialist Hospital provide a secure and reliable source of energy that will reduce both costs and carbon emissions. In this aspect, CRB will bring valuable expertise which will be the state of the art of this eco-friendly hospital.

With the tripartite arrangement between UTMH, CRB and Selgate, it is anticipated that the planning, development and subsequent operations of this Specialist Hospital will be successful and sustainable. The collaboration between the Parties is strengthened as the respective Party has its specific strength in crystallising the partnership, from inception to planning to construction and development and subsequently in operating and managing this Specialist Hospital.

This Tripartite MOU was signed by the respective representatives of the Parties on 9 February 2023 at a signing ceremony held at UTM Residensi Kuala Lumpur. Selgate was represented by its Group Chief Executive Officer, YB Dato’ Noor Hisham Mohd Ghouth, CRB was represented by its Group Chief Executive Officer, YB Dato’ Daud Bin Ahmad and UTMH was represented by its Chief Executive Officer, Encik Ahmad Kamil Kushairi respectively.

2. Salient Features of MOU

UTMH and CRB shall enter into Joint Venture Agreement and Shareholders Agreement to form a Joint Venture Company (“JVCO”) with 90% shares allocated to CRB and the remaining 10% to UTMH. The JVCO is a special purpose vehicle for both parties to undertake the design, development, construction and project management based on the terms and conditions agreed by the Parties which shall be further agreed and negotiated for a set of definitive agreements or other associated agreements in relation to the Project.

Selgate shall be the Hospital Operator for a 30-year period and responsible to obtain and maintain all the required approvals from the Ministry of Health and other authorities for the license to operate a private specialist hospital. In addition, Selgate would pay the lease to the JVCO over a 30-year period based on terms and condition agreed by the Parties.

The MOU comes into effect on the date of signing and will remain in effect for a period of three (3) months and shall be further execute with Joint Venture Agreement, Shareholders Agreement and Agreement to Lease. The MOU may be extended for a further period as may be agreed in writing by the Parties.

3. Financial Effects

The MOU will not have any financial impact on the Company.

4. Directors’ and/or Substantial Shareholders’ Interest

None of the Directors and/or substantial shareholders or any person connected to the Directors and/or substantial shareholders of CRB has any interest, either direct or indirect in the MOU.

5. Directors' Statement The Board of Directors of CRB is of the opinion that the MOU will have a positive impact on the business of CRB and is in the best interest of the CRB Group.

This announcement is dated 9 February 2023.