The board of directors of PCBL Limited has at the Meeting held on 29 November 2023, in-principle approved the term sheet for entering into a joint venture with Kinaltek Pty limited (Kinaltek). The company shall own 51% of the shareholding in the joint venture company (JV Company) and shall be infusing a consideration of USD 16,000,000 in the JV Company and a commitment to infuse funds up to USD 28,000,000 in stages in the JV company, for setting up a manufacturing facility (Proposed Transaction); and in furtherance of such approval, the company has executed a term sheet dated 29 November 2023 (Term Sheet) with Kinaltek, for undertaking the Proposed Transaction, subject to inter alia: (a) the Company and Kinaltek entering into definitive agreements, (b) the Company having completed its financial, legal, tax due diligence, (c) receipt of regulatory, relevant third-party and board or shareholder approvals, as applicable, of the company required for consummating the Proposed Transaction, as per the terms and conditions specified in the Term Sheet and the definitive agreements.