1.Introduction:
The Board of Directors of Lebtech Berhad (“Lebtech” or “the Company”) is pleased to announce that Lebtech Energy Sdn. Bhd. (“Lebtech Energy”), a subsidiary of the Company has on 13 August 2024 entered a Memorandum of Understanding (“MoU”) with Geospatial AI Sdn Bhd (“Geospatial”) for potential collaboration in marketing and sales of satellite-based leveraging expertise and resources, of local authorities and government agencies in Malaysia.
(Lebtech Energy and Geospatial, shall collectively be referred to as the “Parties”)
2. Salient Terms:
The salient terms of the MOU are as follows:
(a))the parties may collaborate by promoting relevant research cooperation in the following areas: –
(i) joint marketing, sales of satellite-based expertise and resources, targeting relevant local authorities and government agencies in Malaysia.
(ii)utilize remote sensing and geographic information system technologies.
(iii)Geospatial will provide data to support the development of software, dashboards and user interfaces for urban planning and management; and
(b)The duration of the MoU will be for one (1) year effective 13 August 2024 until 12 August 2025 with an option of a further one-year extension.
3. Risk Factors
The risk factors involved in the MoU are expected to be minimal. In the event Lebtech Energy enters into a written agreement with Geospatial, the Board and the management will exercise due care in considering the associated risks and benefits.
4. Financial Effects
The MoU is not expected to have any immediate material effect on the earnings per share, net assets per share, gearing, share capital and shareholding structure of the Company for the financial year ending 31st December 2024.
5. Directors’ and Major Shareholders’ Interests:
None of the Directors and/or major shareholders and/or persons connected with the Directors and/or major shareholders of Lebtech Berhad has any direct or indirect interest in the MoU.
6. Directors’ Statement
The Board of Directors of the Company, after considering all the relevant factors, is of the opinion that the entering of the MoU is in the best interest of the Company.
This announcement is dated 14 August 2024.
