General Announcement for PLC
08/12/2021OTHERS MANAGEPAY SYSTEMS BERHAD ("MPay" or "the Company") - Cashless Retail Payment at Rest & Service Areas, Laybys and Other Platforms for a period of three (3) years for PLUS Malaysia Berhad ("PLUS") and its group of companies (collectively known as "PLUS Group")
MANAGEPAY SYSTEMS BERHAD |
Type | Announcement |
Subject | OTHERS |
Description | MANAGEPAY SYSTEMS BERHAD ("MPay" or "the Company") - Cashless Retail Payment at Rest & Service Areas, Laybys and Other Platforms for a period of three (3) years for PLUS Malaysia Berhad ("PLUS") and its group of companies (collectively known as "PLUS Group") |
Introduction
The Board of Directors (“Board”) of MPay wishes to announce that ManagePay Services Sdn. Bhd., a wholly-owned subsidiary of the Company (“MPSB”) had on 3 December 2021 entered into a service agreement for cashless retail payment at rest and service areas, laybys and other platforms with PLUS (“Agreement”) for appointment of MPSB to provide services relating to software application development, merchant application, systems integration, payment terminals roll out and Internet Payment Gateway (“Services”) to PLUS Group’s business partners that operate businesses at Rest and Service Areas, Overhead Bridge Restaurants and Laybys along highways operated by PLUS Group, for a period of three (3) years from the date of the Agreement with automatic renewal of successive one (1) year period in accordance with the terms and conditions set out in the Agreement.
Information of the Parties
MPSB
MPSB is a Bank Negara Malaysia licensed Fintech company engaged in the business of development, provision and management of payment services, privilege and loyalty programmes, card issuing and acquiring business and its related payment technology, business know-how and security requirements thereto, and provision of logistics support.
PLUS
PLUS is an investment holding company, having investment in, amongst others in Projek Lebuhraya Usahasama Berhad, the largest highway operator in Peninsular Malaysia and one of the largest expressway operators in Southeast Asia. PLUS is responsible for managing, as well as ensuring the safety and comfort of 1.2 million daily customers along the 1,130 kilometres (91% interstate highways) in the country.
Financial Effects of the Agreement
The Agreement will not have any effect on the issued share capital and shareholdings of the substantial shareholders of the Company. The Agreement is not expected to have any material effect on the net assets, earnings and gearing of the Company and its subsidiaries (“the Group”) for the financial year (“FY”) 2021. It is expected to contribute positively to the Group's revenue for FY 2022.
Directors’ and major shareholders’ interest
None of the Directors and/or major shareholders of MPay and/or persons connected with them have any interests, direct or indirect, in the Agreement.
Statement by Directors
Having considered all aspects of the Agreement, the Board of the Company is of the view that the Agreement is in the best interest of the Group.
Approvals required
The Agreement does not require approval of the shareholders of MPay and any relevant regulatory bodies.
This announcement is dated 8 December 2021. |
Announcement Info
Company Name | MANAGEPAY SYSTEMS BERHAD |
Stock Name | MPAY |
Date Announced | 08 Dec 2021 |
Category | General Announcement for PLC |
Reference Number | GA1-06122021-00075 |