Iskandar Waterfront City Berhad announced that the Company had on 4th March 2024, signed a Memorandum of Understanding with Meliá Hotels International in relation to the management of the Hotel to be developed by the Company or any of its subsidiaries or affiliates or related companies under Meliá Hotels International's "Melia Hotels & Resorts" brand. The Hotel will need to be designed, built, equipped and decorated in accordance with the standards of the Brand with the aim of then being managed by Meliá Hotels International. The purpose of the MOU is to set forth the principles upon which the Parties shall look into finalizing Parties' negotiations with respect of the Hotel Management Agreement.

The Parties agree to explore and access in good faith the possibility of the Proposed Collaboration including but not limited to the following initiatives: (a) Conceptualization and initial planning; (b) Marketing and planning; (c) Mutual exchange of skills, knowledges and expertise; and (d) Implementation of the development and management of the Proposed Collaboration. The Parties agree and responsible to: (i) carry out the MOU in the manner to be mutually agreed by the Parties; (ii) establish a regular consultation mechanism to implement the MOU effectively; and (iii) establish technical working groups to study and consult on specific issues as and when required. The MOU is effective immediately from the date of execution of the MOU and shall remain in effect until the earliest of: (a) execution of a Definitive Agreement or (b) 31st August 2024.