OTHERS ANCOM BERHAD - TERM SHEET FOR THE PROPOSED COLLABORATION BETWEEN ANCOM BERHAD AND MANAGEPAY SYSTEMS BERHAD TO SET UP A JOINT-VENTURE COMPANY TO ACQUIRE CROSS BOARDER ELECTRONIC PAYMENT SERVICES IN MALAYSIA FOR THE PROMOTION OF MALAYSIAN TOURISM INDUSTRY TO CHINESE TOURISTS
Please refer to the earlier announcement reference number: GA1-03052017-00023
ANCOM BERHAD - TERM SHEET FOR THE PROPOSED COLLABORATION BETWEEN ANCOM BERHAD AND MANAGEPAY SYSTEMS BERHAD TO SET UP A JOINT-VENTURE COMPANY TO ACQUIRE CROSS BOARDER ELECTRONIC PAYMENT SERVICES IN MALAYSIA FOR THE PROMOTION OF MALAYSIAN TOURISM INDUSTRY TO CHINESE TOURISTS
The Board of Directors of Ancom Berhad (“the Company” or “Ancom”) wishes to announce that the Company had on 3 May 2017 entered into term sheet with ManagePay Systems Berhad (“MPay”) to set up a joint venture company to acquire electronic payment services in Malaysia for promotion of Malaysian Tourism Industry to Chinese tourists (“Term Sheet”) (“Proposal”). (Ancom and MPay are collectively referred to as the “Parties”).
Ancom and MPay are expressing their intention to collaborate for the set-up of a joint-venture company for the Proposal leveraging on MPay’s subsidiaries’ capabilities to operate electronic payment system and merchant aggregator business consented by various authorities which is capable of providing merchant acquisition services nationwide, deploy Quick Response (“QR”) code scanner or two-in-one smart Point-of-Sales (“POS”) terminal, and provides support services to merchants. MPay, as a merchant aggregator, also possess the necessary electronic commerce market place development technology and capability to power a B2B2C Travel Portal for the Malaysian Travel and Entertainment industry, inclusive but not limited to travel related products and services or tour packages targeting all tourists, in particular Chinese tourists from China (“the Project”).
The Proposal will enable the Company to expand its earning base and diversify into new business.
Upon signing the Term Sheet, the Parties will proceed with the next steps to:
The salient obligations of the Parties are as follows:-
The Term Sheet shall come into force on the date it is signed and executed by the Parties and shall continue in force and effect for a period of three (3) months) (herein referred as the “Initial Term”). On the expiry of the Initial Term, the Term Sheet shall be automatically be renewed for a further 3-month period (herein referred as the “Extended Tern”) on the same terms and conditions unless prior written notice to be contrary is given by one Party to other Parties at least fourteen (14) days prior to the expiration of the Initial Term, in the event that both Parties do not execute a joint-venture agreement by the expiry of the Initial Term (if not extended) or Extended Term as the case may be, this Term Sheet shall be lapsed and with no effect.
None of the directors and/or major shareholders of the Company or persons connected to them have any interest, direct or indirect, in the Proposal.
The Company will make further announcement(s) to Bursa Malaysia Securities Berhad (“Bursa Securities”) in a timely manner in accordance with the Bursa Securities’ Listing Requirements, as and when necessary.
The Term Sheet is available for inspection at the registered office of Unit 30-1, Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, during office hours from Mondays to Fridays (except public holidays) for a period of three (3) months from the date of this announcement.
[This is an amended announcement to the announcement released on 3 May 2017 to rectify the date of the Term Sheet entered between Ancom and MPay.]
|Company Name||ANCOM BERHAD|
|Date Announced||04 May 2017|
|Category||General Announcement for PLC|