General Announcement for PLC
07/10/2020OTHERS MANAGEPAY SYSTEMS BERHAD ("MPay" or "the Company") - Joint Venture and Shareholders' Agreement between ManagePay Services Sdn. Bhd. ("MPSB"), a wholly-owned subsidiary of the Company and Passion Venture Capital Pte Ltd ("PVC") in relation to the setting up of a joint venture company ("JVC") and application for a digital bank operating licence in Malaysia ("Proposed JV")
MANAGEPAY SYSTEMS BERHAD |
Type | Announcement |
Subject | OTHERS |
Description | MANAGEPAY SYSTEMS BERHAD ("MPay" or "the Company") - Joint Venture and Shareholders' Agreement between ManagePay Services Sdn. Bhd. ("MPSB"), a wholly-owned subsidiary of the Company and Passion Venture Capital Pte Ltd ("PVC") in relation to the setting up of a joint venture company ("JVC") and application for a digital bank operating licence in Malaysia ("Proposed JV") |
Reference is made to the Company’s announcement dated 27 July 2020 in relation to the Proposed JV. The terms herein shall bear the same meaning as defined in the said Announcement.
The Board of Directors of MPay wishes to announce that MPSB and PVC had on 6 October 2020 jointly incorporated a JVC known as MPay Passion Capital Sdn. Bhd. (Registration No. 202001031492 (1387812-X))(“MPCSB”)(the “Incorporation”).
The issued share capital of MPCSB is Ringgit Malaysia One Hundred (RM100.00) only comprising 100 ordinary shares. MPSB had subscribed for 51% of the issued share capital of MPCSB and the remaining 49% is held by PVC.
The Director of MPCSB is Dato’ Chew Chee Seng.
The Incorporation will not have any material effect on the issued and paid-up capital of the Company and the substantial shareholders’ shareholding. The Incorporation also does not have any material effect on earnings per share nor net assets per share of the Company and its subsidiaries (the “Group”) for the financial year ending 31 December 2020.
Save as disclosed above, none of the Directors and/or major shareholders of MPay and/or persons connected with them have any interests, direct or indirect, in the Incorporation.
Having considered all aspects of the Incorporation, the Board of Directors of MPay is of the opinion that the Incorporation is in the best interest of the Group.
This announcement is dated 7 October 2020. |
Announcement Info
Company Name | MANAGEPAY SYSTEMS BERHAD |
Stock Name | MPAY |
Date Announced | 07 Oct 2020 |
Category | General Announcement for PLC |
Reference Number | GA1-07102020-00006 |