Reference is made to the announcements dated 5 March 2025 and 31 October 2025 in relation to the service agreement and supplemental agreement respectively and the announcements dated 14 March 2025 and 25 March 2026 in relation to the joint venture and shareholders agreement with Stonepeak Kelvin Holdings Limited and Kumpulan Wang Persaraan (Diperbadankan) ("KWAP") respectively.
On 5 March 2025, the Board of KJTS ("Board") announced that KJ Technical Services Sdn. Bhd., a wholly-owned subsidiary of the Company ("KJTS SB"), had on even date, entered into a service agreement with Pacific Trustees Berhad, acting solely in its capacity as the trustee for and on behalf of KIP Real Estate Investment Trust ("REIT Trustee") ("Original Agreement") for the retrofit works and the provision of operation and maintenance ("O&M") services and supply of chilled water at 7 sites of KIPMall for 20 years ("Project").
Thereafter, on 31 October 2025, the Board announced that KJTS SB had entered into a supplemental agreement with the REIT Trustee to amend and vary certain terms under the Original Agreement ("Supplemental Agreement") for the inclusion of an additional site to the Project, namely KIPMall Desa Coalfields.
On 14 March 2025, the Board announced that KJTS SB had entered into a joint venture and shareholders' agreement with Stonepeak Kelvin Holdings Limited ("Stonepeak Kelvin") ("Joint Venture"). Subsequent to the Joint Venture, Lestari Cooling Energy Sdn. Bhd. ("Lestari") was incorporated as the joint venture vehicle to undertake the business of developing, upgrading, investing in and/or owning cooling assets for distribution to offtakers. On 25 March 2026, the Board announced that, among others, KWAP had acquired 30% equity interest in Lestari and that KJTS SB had entered into an amended and restated joint venture and shareholders agreement with Stonepeak Kelvin, KWAP and Lestari.
In line with the business objectives and investment structuring strategy of KJTS and its subsidiaries (collectively, the "KJTS Group"), Lestari will assume the asset ownership and capital investment role for the Project, while KJTS SB and KJ Engineering Sdn. Bhd., a wholly-owned subsidiary of KJTS SB ("KJE"), will assume the retrofit works, chilled water supply and O&M services for the Project.
As part of the above investment restructuring, the Board wishes to announce that, on 8 May 2026 the following have been entered into:
- novation agreement between KJTS SB, the REIT Trustee and Lestari to effect the novation by KJTS SB of its rights and obligations under the Original Agreement, as supplemented by the Supplemental Agreement, to Lestari. (For the avoidance of doubt, as at the date of this announcement, KJTS SB holds a 10% equity interest in Lestari) ("Novation Agreement");
- letter of acceptance to KJE, from Lestari for the design, engineering, procurement, installation, testing and commissioning of chiller plants ("LOA"); and
- retrofit, operation and maintenance and transfer agreement between KJTS SB and Lestari ("ROMT Agreement").
(The Novation Agreement, LOA and ROMT Agreement are collectively referred to as the "Agreements".)
Please refer to the attachment for further details of the Agreements.
This announcement is dated 8 May 2026.