OTHERS INDUSTRONICS BERHAD (ITRONIC OR THE COMPANY)
– HEADS OF AGREEMENT BETWEEN ITS WHOLLY-OWNED SUBSIDIARY, ECGO INTERNATIONAL LIMITED AND MYWORLD HOLDINGS BERHAD
INDUSTRONICS BERHAD (ITRONIC OR THE COMPANY) - HEADS OF AGREEMENT BETWEEN ITS WHOLLY-OWNED SUBSIDIARY, ECGO INTERNATIONAL LIMITED AND MYWORLD HOLDINGS BERHAD
Pursuant to Chapter 9.29 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of ITRONIC wishes to announce that its wholly-owned subsidiary, ECGO International Limited (“ECGO”) had entered into a non-binding Heads of Agreement (“HOA”) with MyWorld Holdings Berhad (hereinafter referred to as “MyWorld”) on 23 February 2021 for the purpose of cooperating in the industry and business of Financial Technology (FINTECH).
2. DETAILS OF THE HOA
2.1 Information of ECGO
ECGO was incorporated in Hong Kong on 13 February 2019 and is principally engaged in the business of trading and provision of cloud services. The current issued share capital of ECGO is HKD 1 comprising 1 ordinary share.
2.2 Information of the MyWorld
MyWorld was incorporated in Malaysia on 07 August 2013 and is principally engaged in the business of reselling plastic magnetic card and card reader, and providing marketing platform for merchant and consumer. The current issued share capital of MyWorld is MYR200,000.00.
The Directors of MyWorld are :
(i) Datuk Dr Tan Hang Ming
(ii) Ms. Cheong Kah Fong
The Shareholders of MyWorld are:
(i) Datuk Dr Tan Hang Ming
(ii) M. Cheong Kah Fong
4. FINANCIAL EFFECTS OF THE HOA
The HOA will not have any effect on the share capital, shareholdings of major shareholders (where relevant), net assets per share and gearing of ITRONIC Group. It will also not have any material effect on earnings per share of the Group.
The effects of the collaboration will only be determined upon the finalisation of terms of the legally binding business agreement. Should the business agreement materializes, it is expected to contribute positively to the future earnings of the Group.
5. RISK FACTORS
The Board of Directors of ITRONIC wishes to inform that there is no certainty that the HOA will result in the signing of a definitive collaboration agreement, and that further details of the HOA will be announced once a definitive collaboration agreement has been entered into.
6. INTEREST OF DIRECTORS, SUBSTANTIAL SHAREHOLDERS AND CONNECTED PERSONS
None of the directors and/or major shareholders of ITRONIC as well as persons connected with them has any interest, direct and/or indirect in the HOA.
7. STATEMENT OF THE DIRECTORS
The Board of Directors of the Company is in the opinion that the HOA is in the best interest of the Company and its shareholders.
8. OTHER MATTERS
8.1 Validity of the HOA
The HOA shall remain valid for 6 months from the date of the HOA unless extended by mutual consent.
This announcement is dated 23 February 2021.
|Company Name||INDUSTRONICS BERHAD|
|Date Announced||23 Feb 2021|
|Category||General Announcement for PLC|