Reference is made to the Company’s announcements dated 23 December 2019, 23 March 2020, 23 June 2020 and 23 September 2020 in relation to the MOU between the Company and Luminor Capital Sdn Bhd (“Luminor”) (“Announcements”).

Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

The Company wishes to announce that PUC and Luminor (the “Parties” or individually referred to as “Party”) have yet to obtain regulatory approval as at the expiry date of the MOU on 22 December 2020. In view thereof, the Parties have mutually agreed that the MOU shall lapse on 22 December 2020 and shall be of no further force and effect (“MOU Expiry”).

Notwithstanding the above, the Company shall continue exploring other avenues/partners for the project. Any material or significant development will be announced accordingly.

Following the MOU Expiry, the Parties have also mutually agreed that neither Party shall have any claim whatsoever, directly or indirectly, against the other in respect of the MOU. The MOU Expiry will not have any material financial impact on PUC and its subsidiaries.

This announcement is dated 22 December 2020.