General Announcement for PLC

10/12/2021

Service Agreement for 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") ("Agreement")

MANAGEPAY SYSTEMS BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-10122021-00001
Subject Service Agreement for 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") ("Agreement")
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") ("Agreement")
Query Letter Contents

We refer to your Company’s announcement dated 8 December 2021 in respect of the aforesaid matter.
 

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

  1.  The value of the services to be provided under the Agreement or the basis thereof.
  2.  The risks arising from the Agreement.
  3. The commencement and completion dates of the Agreement.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully

LISTING

REGULATION

 

Cc : Market Surveillance Dept., Securities Commission (via fax)

We refer to the Company’s announcement dated 8 December 2021 and query letter from Bursa Malaysia Securities Berhad to Company dated 10 December 2021 pertaining to the above matter.

 

The terms herein shall bear the same meaning as defined in the said announcement.

 

The Board of Directors of the Company wishes to provide the following additional information:-

  1. The value of the services is derived from the Merchant Discount Rate sharing from each payment transaction facilitated by MPay’s payment terminal placed at merchant outlets and monthly terminal rental to be paid by acquiring bank.
  2. The Company does not foresee any exceptional risk from the Agreement. Nonetheless, the Agreement entered with PLUS will be subject to the normal operational risk associated with the Agreement throughout the contract period.
  3. The commencement date of the Agreement shall be 3 December 2021 (“Effective Date”) and the completion date shall be three (3) years from the Effective Date of the Agreement i.e. 2 December 2024, with automatic renewal of successive one (1) year period in accordance with the terms and conditions set out in the Agreement.

 

This announcement is dated 10 December 2021.


Announcement Info

Company Name MANAGEPAY SYSTEMS BERHAD
Stock Name MPAY
Date Announced 10 Dec 2021
Category General Announcement for PLC
Reference Number GA1-10122021-00025


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