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OTHERS NETX HOLDINS BERHAD - COLLABORATION AGREEMENT WITH MYISCO SDN. BHD.

NETX HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
NETX HOLDINS BERHAD 
- COLLABORATION AGREEMENT WITH MYISCO SDN. BHD.

The Board of Directors (“Board”) of NetX Holdings Berhad (“NetX” or the “Company”) wishes to inform that Emicro Services Sdn. Bhd. (“eMicro” or “Financing Partner”), a subsidiary of the Company, had on 29 July 2022 entered into a Collaboration Agreement (“Agreement”) with MYISCO Sdn. Bhd. (“MYISCO”) whereby the Financing Partner will provide Shariah compliant financial products to the customers of MYISCO’s digital Islamic financial services platform (herein referred to as the “MYISCO Wallet”) subject to the terms and conditions as stipulated in the Agreement.

 

eMicro is a private company incorporated in Malaysia which principally involved in the licensed money lending business in Malaysia.

 

MIYSCO is a fintech & marketplace company aspired to provide a digital wallet experience to the population in the ASEAN region), a wholly-owned subsidiary of MyAngkasa Digital Services Sdn Bhd (“MDS”), a private limited company that is led by Angkatan Koperasi Kebangsaan Malaysia (“ANGKASA”), MyAngkasa Holdings Sdn Bhd, Boustead Digital Services Sdn Bhd, MySwitch Sdn Bhd and MRuncit Commerce Sdn Bhd (“MCash”).

 

In this collaboration, MYISCO is expected to list eMicro’s financial products into the MYISCO Wallet thereby creating synergies and enhancing the visibility of the platform as well as eMicro’s financial products. Approximately 7 million of ANGKASA registered members will have the access to eMicro’s financial products through the MYISCO Wallet. In term of the features, MYISCO deployed artificial intelligence engine that can instantly match different customer’s needs and financial product category. Upon completion of the application, MYISCO’s customer able to withdraw the money through the MYISCO Wallet or designated bank account within 1 working day.

 

eMicro and MYISCO have agreed that the net revenue, less any taxes, received by eMicro through the Personal Financings (“Profit”) shall be shared between eMicro and MYISCO in the following proportions during and throughout the entire duration of Agreement:

 

(a) MYISCO: 20% of the Profit; and

(b) eMicro: 80% of the Profit.

 

The Agreement may be terminated by the occurrence of: 

 

(a) Mutual written agreement by both parties; or

 

(b) either party if it is required by applicable laws made or issued by, governmental, statutory, regulatory, administrative, supervisory or judicial authorities or bodies (including without limitation, any relevant stock exchange or securities commission) or any court, arbitrator, tribunal with competent jurisdiction whether in Malaysia or elsewhere; or 

 

(c) upon occurrence of a force majeure event as stipulated in the Agreement; or 

 

(d) either party upon the expiry of 90 days’ written notice of termination given by one party to the other party with assigning the relevant reasons thereto; or 

 

(e) one party if the other breaches any of its obligations under the Agreement and fails to rectify such breach to the notifying party’s satisfaction within such period stipulated in the Agreement or 14 days where no such period has been stipulated, after it receives a notice in writing demanding that the breach be rectified; or 

 

(f) one party if the other party becomes insolvent or bankrupt, assigns all or a substantial part of its business or assets for the benefit of its creditor(s), permits the appointment of a receiver or a receiver and manager for its business or assets, or becomes subject to any legal proceedings relating to insolvency, reorganisation or the protection of creditors’ rights or otherwise ceases to conduct business in the normal course.

 

The Agreement will not have any effects on the share capital and shareholding structure of the Company. The Agreement is expected to have positive contribution to the earnings per share, net assets per share and gearing of the NetX Group.

 

Similar to all business ventures, there are risk factors affecting the performance of the Agreement, including but not limited to business risks such as prudent financial management, and changes in political, economic and regulatory conditions. However, the Board will continue to exercise due care in considering the risks associated with the Agreement and will take appropriate measures in planning the successful execution of the Agreement.

 

The Agreement, being entered into in the ordinary course of business, is not subject to the approval of the shareholders. 

 

None of the Directors and/or other major shareholders of the Company and/or any persons connected to them have any interest, direct or indirect, in relation to the Agreement.

 

The Board, after due consideration, is of the opinion that the Agreement is in the best interest of the Group.

 

This announcement is dated 29 July 2022.




Please refer attachment below.



Announcement Info

Company Name NETX HOLDINGS BERHAD
Stock Name NETX
Date Announced 29 Jul 2022
Category General Announcement for PLC
Reference Number GA1-29072022-00032




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