The Board of Directors ("Board") of Nextgreen wishes to announce that Nextgreen IOI Pulp Sdn Bhd ("NIP"), a 55%-owned subsidiary of Nextgreen had on 10 April 2024 entered into a Memorandum of Understanding ("MOU") with Xiamen C&D Paper & Pulp Group Co. Ltd. ("Xiamen C&D") to form a joint venture company ("JVC") to undertake the proposed development of a paper pulp production facility ("Pulp Production Facility") on the plot of land measuring approximately 43 acres in area ("Development Land") comprised in the 410-acre in Green Technology Park located in Pekan, Pahang. The Pulp Production Facility would have an initial capacity to produce 100,000 metric tonnes per annum of paper pulp, made from oil palm empty fruit bunches ("EFB"), using the patented Preconditioning Refiner Chemical-Recycle Bleached Mechanised Pulp ("PRC-RBMP") technology (‘referred to as "Project").

NIP and Xiamen C&D are each referred to as the "Party" and collectively referred to as the "Parties".

Please refer to the attachment for the details of the announcement.

This announcement is dated 12 April 2024.

Please refer attachment below.