On 22 June 2016, the Company&rsquo s wholly-owned subsidiary, MEG Management Sdn Bhd has entered into an engineering, procurement and construction contract and operation and maintenance agreement with Algae Farm Engineering Sdn Bhd to build and manage a microalgae oil cultivation facility in Selangor, Malaysia. The Group has thus far provided approximately 66% of the project budget. The assembly of the harvesting machine has been completed. The filling of water for 500 tanks is currently in progress and the completion of the microalgae facility is targeted to be by the end of November 2017. Production is expected to commence in December 2017, subject to weather conditions. The project is expected to have a positive effect on the net tangible assets per share and earnings per share of the Group once full production has started. The Group will continue to keep our shareholders informed on the development of the said project.