General Announcement

22/01/2007

SANICHI TECHNOLOGY BERHAD("Sanichi" or "Company") Memorandum of Understanding ("MOU") between IGM Idustria Global De Moldes ("IGM") and Asia Pinnacle Sdn Bhd("APSB"), a wholly owned subsidiary company of Sanichi

SANICHI TECHNOLOGY BERHAD

Type

Announcement
SubjectSANICHI TECHNOLOGY BERHAD("Sanichi" or "Company")
Memorandum of Understanding ("MOU") between IGM Idustria Global De Moldes ("IGM") and Asia Pinnacle Sdn Bhd("APSB"), a wholly owned subsidiary company of Sanichi

Contents :

1. Introduction

    The Board of Directors of Sanichi wishes to announce that its wholly-owned subsidiary company, APSB, has entered into a Memorandum of Uderstanding ("MOU") with IGM on 21 January 2007 outlining the intention of IGM to appoint APSB as their sole plastic injection mould fabricator in Malaysia ("Appointment")

2. Information on APSB and IGM
    APSB was incorporated in Malaysia under the Companies Act, 1965 as a private limited company on 5 July 2004. APSB's principal activity is the design and fabrication of precision moulds and tooling. APSB is a wholly-owned subsidiary company of Sanichi.

    IGM is a subsidiary company of Grupo Simoldes which has a strong presence in the areas of moulds and plastics injection, with plants in Portugal, Brazil and France. IGM is a 100% privately owned company established in 2001 having a correspondence address at Apartado 390, 3721-909 Oliveira de
    Azemeis, Portugal.

3. Contents of the MOU

The salient terms of the MOU are inter alia as follows:-
    (i) IGM is now desirous of appointing APSB to be their sole Palstic Injection Mould fabrication plant in Malaysia.

    (ii) The appointment will assist IGM to increase its capacity to support the automotive and electrical/electronics industry globally.

    (iii) IGM is to transfer their technology know-how to APSB for the fabrication of plastic injection moulds for the automobile sector ("Technology Transfer")

    (iv) IGM will assign a Technical Manager to APSB for the Technology Transfer.

    (v) The payroll, accommodation and transportation of the assigned Technical Manager will be borne by APSB

    (vi) Under the Appointment and Technology Transfer, IGM commit to purchase not less than RM20 million for the first year and not less than RM30 million for the second year worth of plastic injection moulds from APSB.

    (vii) APSB is to pay a Royalty Fee based on the percentage of the total mould fabrication turnover on a bi-annual basis for the Technology Transfer.

    (viii) APSB is to pay IGM for the Technology Transfer license fee.

    (ix) The tenure of the Technology Transfer license shall be for 10 years with an annual renewal.

    (x) To facilitate the above, both Parties hereby enter into this MOU to outline the general intentions, principles and guidelines to be observed as a means of collaborations and corporation agreement in accordance with the terms and conditions hereinafter appearing to be mutually agreed.

    (xi) An official formalised agreement will be made for both parties signatory to commence the said intended activity after concluding all negotiations.

    (xii) The expected schedule of the activity commencement shall be February 2007

    Full details of the Appointment will be announced upon signing of the official formalised agreement.

4. Directors and Substantial Shareholders

None of the directors, substantial shareholders of the Company and persons connected to them have any interest, direct or indirect, in the MOU.


This announcement is dated 22 January 2007



Announcement Info

Company NameSANICHI TECHNOLOGY BERHAD (MESDAQ Market) 
Stock Name SANICHI
Date Announced22 Jan 2007  
CategoryGeneral Announcement
Reference NoC&-070122-57968

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