1.         Introduction

The Board of Directors of Sasbadi Holdings is pleased to announce that the Company has today entered into a Memorandum of Collaboration (“MoC”) with Huawei.

(Sasbadi Holdings and Huawei shall hereinafter be collectively referred to as the “Parties”.)

Huawei is a company incorporated under the Companies Act 1965 and has its place of business at Suite 32-01, Level 32, Integra Tower, The Intermark, 348, Jalan Tun Razak, 50400 Kuala Lumpur. Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices.

2.         Salient Terms of the MoC

The objective of this MoC is for the Parties to collaborate on the development of Intelligent Education solutions by leveraging HUAWEI CLOUD + Artificial Intelligence (“AI”) Technology and to plan, consult, develop and implement joint opportunities.

The scope of collaboration includes (but is not limited to) the following:

(a) To collaborate on the development of Sasbadi Holdings’ e-learning products embedded with future technology powered by Huawei, including (but not limited to) Virtual Reality (VR) and AI to enhance the user’s learning experience. 

(b) To provide expertise and support to Sasbadi Holdings with Huawei Cloud AI Technology and its marketplace for partners solution for the Company’s development of learning products.

(c) To jointly promote Sasbadi Holdings’ e-learning products in Malaysia and South-East Asia region via Huawei Cloud Marketplace.

3.         Entry into Force, Duration and Termination

The MoC shall come into operation on the date of the MoC and shall remain in force for two (2) years from the date of the MoC. Either party may terminate this MoC by serving at least three (3) months prior written termination notice.

4.         Execution of Agreements

The Parties agree that each party shall in its best endeavour and good faith negotiate for and enter into definitive agreement(s) as expeditiously as possible when the need arises.

5.         Financial Effects

Through the collaborative activities with Huawei, the MoC is expected to contribute positively to the earnings and net assets of the Sasbadi Holdings Group for the financial year ending 31 August 2020 and onwards, during the duration of the MoC.

The cost of the collaborative activities under this MoC shall be funded on terms that will be mutually agreed upon by the Parties, on a case to case basis and subject to the availability of funds.

6.         Directors’ and/or Major Shareholders’ Interest

None of the Directors and/or major shareholders of Sasbadi Holdings or persons connected with them has any interest, whether direct or indirect, in the MoC.

This announcement is dated 30 June 2020.