On 2 November 2022, a Press Conference and Memorandum Agreement was signed between the Universiti Malaya Library and FM Group.

The ceremony was held at the ParkRoyal Collection Hotel and the hotel was the sponsor of the ceremony. The ceremony was also attended by Precious of Malaysia's sponsors, including VIVO, Daily TV, Super Model Universal, DreamsSkins Giat MARA, Empro, Top Gloves and many more. The ceremony was also attended by the Patron of Precious of Malaysia, His Excellency Tengku Dato Dr Hishammuddin Zaizi Tengku Azman Shah Alhaj, and His Excellency Tengku Intan Rahimah Tengku Mat Saman, Director of the National Textile Museum. The Library was represented by the Precious of Malaysia Co-Director, Yg Bhg Dr. Mohd Faizal Hamzah and Senior Deputy Head Librarian, University of Malaya Library, Mr. Mahbob Yusof. FM Group was represented by the FM Group President, Mr. Farel Mikhail.

The MOU Signing Event between FM Group and the Universiti Malaya Library was witnessed by His Highness Tengku Dato Hishammuddin Zaizi Tengku Azman Shah Alhaj, YBrs. Mr. Mohd Yusri bin Mohd Yusoff, His Highness Tengku Intan Rahimah Tengku Mat Saman and Dato Kevin Lee. Also taking place during the ceremony was the MOU signing event between FM Group and His Highness Tengku Dato Hishammuddin Zaizi Tengku Azman Shah Alhaj.