Memorandum Of Understanding

Back Dec 04, 2023
Type Announcement
Subject MEMORANDUM OF UNDERSTANDING
Description Cypark Resources Berhad ("CRB" or "the Company") - Memorandum of Understanding ("MOU") between Abu Dhabi Future Energy Company PJSC - Masdar and the Company
1. Introduction

The Board of Directors of CRB is pleased to announce that the Company has on 1 December 2023 signed a MOU with Abu Dhabi Future Energy Company PJSC - Masdar ("Masdar") (collectively known as the "Parties") to formalise the intention of the Parties to further discuss the following potential areas of collaboration and possibly potential projects and services related thereto, upon the terms and conditions stipulated in the MOU:-

(a) Development of renewable energy projects in Malaysia.
(b) Development to focus on technologies such as floating solar, ground mounted solar, rooftop solar, hydro and hybrid systems.
(c) Parties to also focus on development of Battery Energy Storage Systems.
(d) Parties target to develop 1 GW of projects in Malaysia.
(e) Of the 1 GW, the Parties will target to develop 500 MW in phase 1 across any states to be discussed and agreed.

Masdar is an investment vehicle of the Government of Abu Dhabi owned by Mubadala Investment Company PJSC ("Mubadala"), Abu Dhabi National Oil Company ("ADNOC") Group and Abu Dhabi National Energy Company PJSC ("TAQA"), with the mandate to generate sustainable economic benefits for Abu Dhabi through the development of, and investment in, business ventures related to renewable energy and green hydrogen in partnership with local, regional and international investors.

2. Salient Features of MOU

The MOU comes into effect on the date of execution and will remain in effect for a period of two (2) years. The MOU may be extended for a further period as may be agreed in writing by the Parties.

The MOU shall not constitute and is not intended to establish any legally binding contractual obligation or other form of relationship between the Parties with the exception of the relevant clauses which the Parties agree shall be legally binding. The MOU will also not give rise to any financial obligation by one party to the other.

3. Financial Effects

The MOU 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 ("Group") for the financial year ending 30 April 2024 but is expected to contribute positively to the Group's future earnings and cash flow position.

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, having taken into consideration all aspects of the MOU, 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 4 December 2023.

 

Please refer attachment below.

 

Announcement Info

Company Name CYPARK RESOURCES BERHAD
Stock Name CYPARK
Date Announced 04 Dec 2023
Category General Announcement for PLC
Reference Number GA1-29112023-00055

Attachments

  1. Press_Release_-_Memorandum_of_Understanding_-_Cypark_and_Masdar_20231204.pdf (Size: 136,111 bytes)