1. Introduction

The Board of Directors of CRB is pleased to announce that the Company has on 1 August 2023 signed a MOBE with RGFC Ventures Sdn. Bhd. (“RGFC”) to participate and explore opportunities relating to the development of Renewable Energy power plants, initiatives for solar energy homes particularly through Net-Energy-Metering programmes, including residential installations, within the State of Selangor, including but not limited to photovoltaic solar power plants, and waste-to-energy power plants.

CRB and RGFC are also desirous to explore any engineering procurement, construction opportunities within the Environment, Social and Governance (“ESG”) essentials within the State of Selangor and to collaborate the execution of the project(s) related to:-

i. photovoltaic solar power plants;

ii. waste-to-energy power plants; and/or

iii. residential renewable energy installations.

(hereinafter collectively referred to as (“the Projects”), whereby CRB and RGFC will utilise their expertise to collaborate together ensuring the execution of the Projects.)  

2. Salient Features of MOBE

CRB and RGFC have agreed to establish a formation of an incorporated Joint Venture Company (“JVCO”) with 80% shares allocated to CRB and the remaining 20% to RGFC. The JVCO is a special purpose vehicle for both parties to implement the Projects. The MOBE comes into effect on the date of execution and will remain in effect for a period of two (2) years.

The MOBE may be extended for a further period as may be agreed in writing by CRB and RGFC.

3. Financial Effects

The MOBE is not expected to have any material effect on the earnings per share, net assets per share and gearing of the Company and its subsidiaries ("the Group") for the financial year ending 30 April 2024.

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 MOBE.

5. Directors' Statement

The Board of Directors of CRB is of the opinion that the MOBE will have a positive impact on the business of CRB and is in the best interest of the Group. This announcement is dated 1 August 2023.