The Board of Directors of Innopac Holdings Limited and together with its subsidiaries in which the company announced that it had entered into a Memorandum of Understanding ("MOU") with Masmeyer Holdings Sdn Bhd on 10 May 2019, for a proposed joint venture between the Company and Masmeyer to explore the development of the leasehold land held under HSD 328, PT 16944, Mukim Hulu Bernam Timor, Daerah Mualim, Negeri Perak, Malaysia, owned by the Company's subsidiary, Awana Rentak Sdn Bhd ("Awana"), into a an industrial and recycling hub comprising 24 plots of land with ready basic infrastructure or any other development type as the local authorities may approve ("Proposed JV Development"). The Proposed JV Development is conditional upon (i) the entry by the Parties into definitive agreements for the execution of the Proposed JV Development; and (ii) that the Proposed Placements as announced on 9 October 2019 be approved by the Singapore Exchange Securities Trading ("SGX-ST") and the shareholders of the Company, and be successfully completed.