1. Introduction
1.1 The Board of Directors of OCR Group Berhad (“OCR” or the “Company”) is pleased to announce that the Company has on 8 December 2021 entered into a Memorandum of Understanding (“MOU”) with Plytec Holding Sdn Bhd (“PLYTEC”) (“Party” or collectively, “Parties”) to utilize PLYTEC’s advanced construction technologies (“PLYTEC Technologies”) in OCR’s projects.
2. Salient Features of MOU
2.1 OCR has agreed to utilize the following PLYTEC Technologies in the specific projects listed below:
a) Self-Climbing Platform ("SCP") in YOLO Signature Suites at Bandar Sunway development; and
b) Building Information Modelling ("BIM Technology") in The Mate at Damansara Jaya project.
2.2 Separate contracts will be / has been awarded to PLYTEC and its related companies accordingly. Both parties shall continue to explore on new opportunities for the application of PLYTEC Technologies in other OCR projects.
2.3 The MOU shall be effective from the date of this MOU and the MOU shall terminate:
a) when the contract has been concluded; or
b) in the event a notice of termination is served by either Party; or
c) on the expiry of six (6) months from the date of signing of this MOU (hereinafter referred to as “the Term”);
whichever is earlier.
2.4 The Term may be extended to such other period upon mutual written agreement of the Parties.
3. Financial Effects
3.1 The MOU will not have any material financial impact on the Company.
4. Directors’ and/or Substantial Shareholders’ Interest
4.1 None of the Directors and/or substantial shareholders or any person connected to the Directors and/or substantial shareholders of OCR has any interest, either direct or indirect in the MOU.
5. Directors' Statement
5.1 The Board of Directors of OCR is of the opinion that the MOU will have a positive impact on the business of OCR and is in the best interest of the OCR Group.
This announcement is dated 8 December 2021.