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MEMORANDUM OF UNDERSTANDING ADVANCECON HOLDINGS BERHAD ("ADVANCECON" OR "THE COMPANY") MEMORANDUM OF UNDERSTANDING BETWEEN ADVANCECON SOLAR SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY AND YHI MANUFACTURING (MALAYSIA) SDN BHD ("MOU")

ADVANCECON HOLDINGS BERHAD

Type Announcement
Subject MEMORANDUM OF UNDERSTANDING
Description
ADVANCECON HOLDINGS BERHAD ("ADVANCECON" OR "THE COMPANY")
MEMORANDUM OF UNDERSTANDING BETWEEN ADVANCECON SOLAR SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY AND YHI MANUFACTURING (MALAYSIA) SDN BHD ("MOU")

Reference is made to the Company’s announcement made on 29 June 2020 in relation to the MOU. Unless otherwise stated, all definitions and terms used in this announcement shall have the same meaning as defined in the announcement dated 29 June 2020.

 

The Board of Directors of Advancecon Holdings Berhad (“Advancecon” or “the Company”) wishes to announce that Advancecon Solar Sdn Bhd (“Adv Solar”), a wholly-owned subsidiary of the Company and YHI Manufacturing (Malaysia) Sdn Bhd have on 17 May 2021 mutually agreed to terminate the MOU with immediate effect after taking into consideration of infeasibility of the project (“Termination”).

 

Upon the Termination, the MOU shall have no further force or effect and neither party shall have any claim whatsoever against the other, whether directly or indirectly in respect of the MOU.

 

The Termination will not have any material financial impact on Advancecon.

 

This announcement is dated 17 May 2021.






Announcement Info

Company Name ADVANCECON HOLDINGS BERHAD
Stock Name ADVCON
Date Announced 17 May 2021
Category General Announcement for PLC
Reference Number GA1-17052021-00038




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