OTHERS Nova MSC Berhad (NOVAMSC or Company) Term Sheets With Mark Investment Group VCC

NOVA MSC BERHAD
10 May 2024

1. Introduction

The Board of Directors of NOVAMSC wishes to announce the execution of the following separate Term Sheets by its subsidiary companies on 10 May 2024:

(i) Term Sheet between Dex-Lab Pte. Ltd. (“Dex-Lab”), a 60% owned subsidiary of the Company and Mark Investment Group VCC (Registration No. T22VC0122G) (“MIG”) (collectively, “TS1”).

TS1 records MIG’s desire to invest into Dex-Lab with an investment amount of SGD5.0 million (approximately RM17.4 million) in a single or multiple tranches subject to the finalised valuation of Dex-Lab as of the closure date of the accounting due diligence, and negotiation between the parties.

(ii) Term Sheet between EyRIS Pte. Ltd., a 42% owned subsidiary of the Company (“EyRIS”) and MIG (collectively, “TS2”).

TS2 records MIG’s desire to invest into EyRIS with an investment amount of USD5.0 million (approximately RM23.6 million) in a single or multiple tranches subject to the finalised valuation of EyRIS as of the closure date of the accounting due diligence, and negotiation between the parties.

TS1 and TS2 are both independent and are not inter-related to each other. They only served as the basis for further discussions, negotiation and execution of definitive agreements, completion of due diligence, and fulfilment of any regulatory requirements, and shall not be construed as an intention to create any legally binding obligation on or agreement between the parties to proceed therewith unless and until such time as definitive agreements are executed.  The investment process is estimated to be completed before 31 July 2024.

For the avoidance of doubt, the aforesaid announcement is distinct from the announcement made by the Company on 19 April 2024 pertaining to the term sheets signed with Jostar Investment VCC.

2. Information on MIG

MIG is a single-family office formed under the framework of a Variable Capital Company. It is domiciled in the Republic of Singapore. Its core activities are to seek out high growth private companies and to partake in their growth through equity investment into the company.

3. Further Announcement

The Company will make further announcements upon the execution of the definitive agreements and/or when there is any material development in connection with the TS1 and/or TS2, as and when appropriate.

4. Interests of Directors and major shareholders

None of the Directors and/or major shareholders of NOVAMSC and/or persons connected with the Directors and/or major shareholders of NOVAMSC, has any interest, direct or indirect in the entry of the TS1 and/or TS2.

This announcement is dated 10 May 2024.