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MEMORANDUM OF UNDERSTANDING TFP SOLUTIONS BERHAD ("TFP" OR "THE COMPANY") TERMINATION OF MEMORANDUM OF UNDERSTANDING ("MOU") BETWEEN ITS WHOLLY-OWNED SUBSIDIARY, MBP SOLUTIONS SDN. BHD. AND NWP ACCESS SDN. BHD.

TFP SOLUTIONS BERHAD

Type Announcement
Subject MEMORANDUM OF UNDERSTANDING
Description
TFP SOLUTIONS BERHAD ("TFP" OR "THE COMPANY")
TERMINATION OF MEMORANDUM OF UNDERSTANDING ("MOU") BETWEEN ITS WHOLLY-OWNED SUBSIDIARY, MBP SOLUTIONS SDN. BHD. AND NWP ACCESS SDN. BHD.

Reference is made to the Company’s announcements dated 1 April 2021 and 5 July 2021 in relation to the MOU entered into between its wholly-owned subsidiary, MBP Solutions Sdn. Bhd. (“MBP”) and NWP Access Sdn. Bhd. (“NWP Access”) (“Announcements”). Unless otherwise stated, all definitions used throughout this Announcement shall carry the same meaning as defined in the earlier Announcement.

 

The Board of Directors of TFP wishes to announce that its wholly-owned subsidiary, MBP and NWP Access had mutually agreed to terminate the MOU with effect from 6 October 2021 (“Termination”) due to the low sales volume of motorbikes as result of the months of lockdown and 70% of sales consist of spare parts, accessories and services which is irrelevant to the products offered by OneCall that is micro loan and PA Coverage.   No definitive agreement has been entered by MBP with NWP Access pursuant to the MOU.

 

This announcement is dated 7 October 2021.






Announcement Info

Company Name TFP SOLUTIONS BERHAD
Stock Name TFP
Date Announced 07 Oct 2021
Category General Announcement for PLC
Reference Number GA1-07102021-00068




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