General Announcement for PLC

23/05/2022

MEMORANDUM OF UNDERSTANDING UCREST BERHAD ("UCREST" OR "THE COMPANY") - MEMORANDUM OF UNDERSTANDING WITH RUSSIAN DIRECT INVESTMENT FUND ("RDIF") ("MOU") - MASTER SERVICE AGREEMENT BETWEEN UCREST'S WHOLLY OWNED SUBSIDIARY, UCREST TECHNOLOGY LIMITED ("UTL") AND LIMITED LIABILITY COMPANY HUMAN VACCINE ("HUMAN VACCINE"), A WHOLLY OWNED SUBSIDIARY OF RDIF ("MSA")

UCREST BERHAD

Type Announcement
Subject MEMORANDUM OF UNDERSTANDING
Description 
UCREST BERHAD ("UCREST" OR "THE COMPANY") 
- MEMORANDUM OF UNDERSTANDING WITH RUSSIAN DIRECT INVESTMENT FUND ("RDIF") ("MOU")
- MASTER SERVICE AGREEMENT BETWEEN UCREST'S WHOLLY OWNED SUBSIDIARY, UCREST TECHNOLOGY LIMITED ("UTL") AND LIMITED LIABILITY COMPANY HUMAN VACCINE ("HUMAN VACCINE"), A WHOLLY OWNED SUBSIDIARY OF RDIF ("MSA")

Unless otherwise stated, all defined terms used in this announcement shall have the same meanings as those used in the announcements made by the Company in relation to the MOU on 9 April 2021, 14 April 2021, 28 April 2021, 19 May 2021, 20 May 2021, 9 June 2021, 11 June 2021 and 13 August 2021, and the announcements made by the Company in relation to the MSA on 6 September 2021, 7 September 2021 and 9 September 2021, as well as the further updates in relation to the MOU and MSA on 24 November 2021, 26 November 2021, 30 November 2021 and 23 February 2022.

 

The Board of Directors of the Company wishes to announce that the Company and RDIF have mutually agreed to terminate the MOU due to rapid decline of the market demand. Consequent thereto, the Company’s wholly owned subsidiary, UTL had on 21 May 2022 executed a supplementary agreement with Human Vaccine, a wholly owned subsidiary of RDIF for the termination of the Sputnik V Vaccine project .

 

The termination does not have material effect on the earnings per share, net assets per share and gearing of the Company for the financial year ending 31 May 2022.

 

This announcement is dated 23 May 2022.



Announcement Info

Company Name UCREST BERHAD
Stock Name UCREST
Date Announced 23 May 2022
Category General Announcement for PLC
Reference Number GA1-19052022-00034


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