CL GROUP and its partner Novocomms Limited have agreed to enter into a Memorandum of Understanding for their planned collaboration.
CL GROUP and its partner Novocomms Limited are planning to draft a Memorandum of Understanding for cooperation, aiming to collaborate in the smart city project and 5G/6G millimeter wave fixed wireless access product field. Both parties will further negotiate and sign a formal agreement.
Zhitong App news, CL GROUP (08098) announced that on February 23, 2024, the company signed a memorandum of understanding with partner Novocomms Limited.
According to the memorandum of understanding, the company and the partner will cooperate under a strategic partnership to explore the possibility of establishing a joint venture, 1) to develop smart city projects involving investment in the development, sales, marketing, and service of partner products; and 2) to act as the exclusive distributor of the partner's innovative 5G/6G millimeter-wave fixed wireless access products in the ASEAN market.
The details of the cooperation will need further negotiation and the signing of a formal agreement. The memorandum of understanding does not legally bind the proposed cooperation between the two parties.
