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MEMORANDUM OF UNDERSTANDING Inix Technologies Holdings Berhad (INIX) Memorandum of Agreement between INIX Network Sdn. Bhd. and Rlongtou Watch (Shenzhen) Co. Ltd.

INIX TECHNOLOGIES HOLDINGS BERHAD

Type Announcement
Subject MEMORANDUM OF UNDERSTANDING
Description
Inix Technologies Holdings Berhad (INIX)
Memorandum of Agreement between INIX Network Sdn. Bhd. and Rlongtou Watch (Shenzhen) Co. Ltd.

1. INTRODUCTION

 

The Board of Directors INIX wishes to announce that INIX Network had on 03 September 2019 entered into a Memorandum of Understanding with Rlongtou Watch (Shenzhen) Co. Ltd. (“RW”) for exclusive distributorship in Malaysia for 10 years.

 

2. INFORMATION OF RW

 

RW is a China base Company which specialized in researching, developing, manufacturing and distributing luxury watches.

 

3. SALIENT TERMS OF MOA

 

The exclusive distributorhip in Malaysia for 10 years with minimum sales target or RM3 million for first year and annual target sales of RM5 million for subsequent years.

 

4. RATIONALE OF MOA

 

The rationale of the MOA is to pave way for further discussions and negotations between the Parties prior to signing any definitive agreement.

 

5. FINANCIAL EFFECTS OF THE MOA

 

The execution of the MOA is not expected to have any material effect on the earnings, net assets and gearing of INIX for the current financial year ending 31 July 2020. Nonetheless, INIX expects a positive contribution to its earnings in the future should the definitive agreement be finalised and successfully completed.

 

6. DIRECTORS AND MAJOR SHAREHOLDERS’ INTEREST

 

None of the Directors, Substantial Shareholders of the Company and persons connected to them has any interest, direct and/or indirect, in the MOA.

 

 

7. APPROVAL REQUIRED

 

The execution of the MOA is not subject to the approval of the shareholders of the Company or any relevant authorities.

 

8. STATEMENT BY DIRECTORS

 

The Board of Directors, having taken into consideration all aspects of the MOA, is of the opinion that the MOA is in the best interest of INIX.

 

9. DOCUMENTS AVAILABLE FOR INSPECTION

 

The MOA is available for inspection at Unit 1119, 11th Floor, Block A, Damansara Intan, No.1 Jalan SS20/27, 47400 Petaling Jaya, Selangor Darul Ehsan during normal working hours from Monday to Friday except for public holidays.

 

This announcement is dated 04 September 2019.






Announcement Info

Company Name INIX TECHNOLOGIES HOLDINGS BERHAD
Stock Name INIX
Date Announced 04 Sep 2019
Category General Announcement for PLC
Reference Number GA1-03092019-00005




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