The Board of Directors of Lambo is pleased to announce that Lamboplace Sdn. Bhd. (Company No.:1255316-V) ("Lamboplace"), a wholly owned subsidiary of the Company has today entered into a Memorandum of Understanding (“MoU”) with Axiata Digital Ecode Sdn. Bhd. (Company No.:1214970-T) ("eCode").

Lamboplace is engaged in e-commerce business and having its registered address at 3-2, 3rd Mile Square, No. 151 Jalan Kelang Lama, Batu 3 1/2, 58100 Kuala Lumpur, Wilayah Persekutuan. Whereas, eCode is a payment service provider operating and facilitating an e-wallet system, branded as Boost and having its registered address at Level 5, Corporate Headquarters, Axiata Tower, No. 9 Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur, Wilayah Persekutuan (collectively known as "the Parties").

The rationale of this MoU is to formalise the intention between Lamboplace and eCode on the following intiatives:-

1.  to enter into discussions so as to establish collaboration and explore opportunities to develop, support and enrich the marketing activities in the fields which will be mutually beneficial to both Parties; 

2.  to assist and support each other in the collaboration for marketing activities which will be mutually beneficial for both parties; and 

3.  to engage in any other projects that shall be mutually identified and agreed by both Parties at a later stage.

The validity, termination and renewal of the MoU shall be as follows:-

1.  the MoU is valid and shall remain in effect for a period of three (3) years from the date of the MoU or until the execution of the definitive collaboration agreements, whichever comes first;

2.  either party may terminate the MoU by giving one (1) month's written notice to the other party. Notwithstanding the expiry or the earlier termination of the MoU, the obligations of the Parties as stated in the MoU shall survive and remain binding on the Parties subject to the terms and conditions stated therein; and 

3.  the MoU may be renewed upon the mutual agreement between both Parties. 

The MoU is not expected to immediately have any material effect on the earnings per share, net assets per share, gearing and share capital of Lambo for the financial year ending 31 December 2019.

None of the Directors and/or major shareholders of Lambo or persons connected with them has any interest, whether direct or indirect, in the MoU.

This announcement is dated 28 August 2019.