General Announcement for PLC
01/09/2020OTHERS MANAGEPAY SYSTEMS BERHAD ("MPay" or "the Company") - Appointment of Passion Venture Capital Pte. Ltd. as Financial Advisor to ManagePay Resources Sdn. Bhd. a wholly-owned subsidiary of the Company for the fund management setup
MANAGEPAY SYSTEMS BERHAD |
Type | Announcement |
Subject | OTHERS |
Description | MANAGEPAY SYSTEMS BERHAD ("MPay" or "the Company") - Appointment of Passion Venture Capital Pte. Ltd. as Financial Advisor to ManagePay Resources Sdn. Bhd. a wholly-owned subsidiary of the Company for the fund management setup |
The Board of Directors of MPay wishes to announce that ManagePay Resources Sdn. Bhd., a wholly-owned subsidiary of MPay, a licensed money lending company (“MRSB” or “Investee”) had on 1 September 2020 confirmed and accepted the mandate letter dated 24 August 2020 (“Mandate Letter”) from Passion Venture Capital Pte. Ltd. (“PVC”) on the appointment of PVC as its financial advisor (the “Financial Advisor”) or as the Financial Advisor to an entity to be nominated by MRSB in connection with the proposed fund management setup (the “Appointment”) for the purpose of the solar Net Energy Metering project and/or New Enhanced Dispatch Agreement project and/or Large Solar Scheme project subject to the terms and conditions in the Mandate Letter.
The Appointment will not have any material effect on the share capital, substantial shareholders’ shareholdings, net assets per share, earnings per share, and gearing of the Company and its subsidiaries (the “Group”) for the financial year ending 31 December 2020.
None of the Directors and/or major shareholders of MPay and/or persons connected with them have any interests, direct or indirect, in the Appointment.
Having considered all aspects of the Appointment, the Board of Directors of MPay is of the opinion that the Appointment is in the best interest of the Group.
This announcement is dated 1 September 2020. |
Announcement Info
Company Name | MANAGEPAY SYSTEMS BERHAD |
Stock Name | MPAY |
Date Announced | 01 Sep 2020 |
Category | General Announcement for PLC |
Reference Number | GA1-01092020-00091 |