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1.
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INTRODUCTION
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The Board of Directors of MACPIE ("Board") wishes to announce that the Company had on 13 November 2020 entered into a Master Service Agreement (“MSA” or “Agreement”) with XOX Mobile Sdn Bhd (“XMSB”), a wholly-owned subsidiary of XOX Berhad for services related to the organization of the Event known as XOX Unity Player Unknown Battleground (PUBG) League (“Services”) at the initial price RM2,300,000.
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2.
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INFORMATION OF XMSB
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XMSB is a company incorporated in Malaysia principally involved in telecommunications products & services and having its place of business at Lot 8.1, 8th Floor, Menara Lien Hoe, No. 8, Persiaran Tropicana, Tropicana Golf & Country Resort, 47410 Petaling Jaya, Selangor Darul Ehsan.
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3.
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SALIENT TERMS OF THE MSA
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- MACPIE will procure the materials, equipment and tools that MACPIE determines, in MACPIE’s professional opinion, are needed to provide the Services and individuals to be engaged for completing the Services.
- MACPIE will organise, manage and execute the event and provide digital marketing, digital media management and merchandising platform for XMSB
- MACPIE will be responsible for the relevant licensing, merchandise licensing and any regulatory requirements that are needed to execute the event.
- This Agreement will become effective as of the effective date i.e. 13 November 2020 and will continue until the successful organisation of the Event unless terminated earlier by one of the parties.
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4.
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RATIONALE
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The Board believes that e-sports and digital media management services are essential in this period of Covid-19 pandemic to provide the community with entertainment and digital content.
The Board is motivated to include digital aspects of event management into its portfolio to attempt to circumvent detrimental impacts of the Covid-19 pandemic.
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5.
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FINANCIAL EFFECTS
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The execution of the MSA is not expected to have any material effect on the earnings, net assets, gearing, share capital and substantial shareholders’ shareholdings of the Company for the financial year ending 30 June 2021.
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6.
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RISK FACTORS
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MACPIE does not expect any material risk arising from the MSA other than the normal operational risk associated with the MSA, which the Company would take appropriate measures to minimise such risk.
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7.
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APPROVALS REQUIRED
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The MSA is not subject to the approval of the Company’s shareholders and/or any regulatory authorities.
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8.
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INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED TO THEM
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XOX Berhad is a major shareholder of the Company. Save as disclosed, none of the Directors, major shareholders and/or persons connected have any interest, direct or indirect in the Agreement.
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9.
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STATEMENT OF DIRECTORS
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The Board, having taken into consideration all aspects of the MSA, is of the opinion that the MSA is in the best interests of the Company.
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10.
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DOCUMENT FOR INSPECTION
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The Agreement is available for inspection during normal business hours from 8.30 a.m. to 5.30 p.m. from Monday to Friday (excluding public holidays) at the registered office of MACPIE at 51-21-A Menara BHL Bank, Jalan Sultan Ahmad Shah, 10050 Penang, for a period of 3 months from the date of this announcement.
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This announcement is dated 13 November 2020.
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