Reference is made to Progressive Impact Corporation Berhad's ("PICORP" or "the Company") announcements dated 18 September 2024, 26 November 2024, 25 February 2025, 13 May 2025, 26 August 2025, 25 November 2025 and 24 February 2026 in relation to the Memorandum of Understanding ("MOU") entered into between the Company and Jamiat Ulama-i-Hind Halal Trust ("JUHHT") (collectively, the "Announcements").
Unless otherwise defined, the definitions set out in the Announcements shall apply herein.
The Board of Directors of PICORP wishes to announce that the Company had on 21 April 2026 entered into a Memorandum of Agreement ("MOA") with JUHHT to formalise the framework for the collaboration between the Parties pursuant to the MOU.
The MOA sets out the roles and responsibilities of the Parties in relation to the adoption and usage of the Integrated Digital Halal Ecosystem ("IDHE"), with particular emphasis on the Certification Bodies Master System ("CBMS") by JUHHT, and where applicable, the digital Halal assurance system known as VH Smart ("VH Smart") by the affiliates under JUHHT .
The MOA is a framework agreement and does not constitute as the definitive agreement for the commencement of any commercial transactions between the Parties.
Pursuant to the MOA, the Parties have agreed that any transactions, commercial arrangements, customisations, maintenance and services arising from the adoption and implementation of the CBMS and/or VH Smart shall be governed by separate definitive agreements.
The salient terms of the MOA include the following:
The MOA shall not serve as the definitive agreement for the Parties to commence any transaction under the CBMS and/or the digitalised Halal assurance systems ("VH Smart").
Any transaction between the Parties with regards to the CBMS will be formalised via separate definitive Global CBMS Service Agreement.
Any transaction in relation to the adoption of VH Smart by JUHT and/or its members will be governed by via a separate Global VH Smart Service Agreement.
Customisation (if any) required to address the needs of JUHT and/or its members relating to the CBMS and /or VH Smart will be addressed via separate Customisation Agreements.
Any maintenance required to the CBMS and /or VH Smart will be addressed via separate Service Level Agreements.
JUHT will receive a commission for every subscription of VH Smart by its members whereby percentage of such commission shall be mutually agreed between the Parties which shall form part of the Global VH Smart Service Agreement.
The MOA shall be automatically renewed on an annual basis and upon execution of the Global CBMS Service Agreement and the validity of the MOA shall mirror the validity period of the Global CBMS Service Agreement.
The MOA is not expected to have any immediate material financial effect on the earnings, net assets, or gearing of PICORP for the financial year ending 31 December 2026.
None of the Directors and/or major shareholders of the Company and/or persons connected to them have any interest, direct or indirect, in the MOA.
The Board of Directors of PICORP, upon considering all the relevant aspects of the MOA, is of the opinion that entering the MOA is in the best interest of the Company.
This announcement is dated 24 April 2026.