MLAB

0.040

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OTHERS MLABS SYSTEMS BERHAD - COLLABORATION AGREEMENT WITH M3 TECHNOLOGIES (ASIA) BERHAD

MLABS SYSTEMS BERHAD

Type Announcement
Subject OTHERS
Description
MLABS SYSTEMS BERHAD 
- COLLABORATION AGREEMENT WITH M3 TECHNOLOGIES (ASIA) BERHAD

The Board of Directors of Mlabs Systems Berhad (“Mlabs” or the “Company”) wishes to inform that Mlabs Research Sdn. Bhd. (“Mlabs Research”), a wholly-owned subsidiary of the Company, had on 18 March 2021 entered into a Collaboration Agreement (“Collaboration”) with M3 Technologies (Asia) Berhad (“M3 Tech”) to establish and explore collaboration opportunities to develop and enriching the existing i3 platforms together with Mlabs Research’s mobile communication solution platform (i.e. Let’s Talk).

 

M3 Tech is a public company listed on ACE Market of Bursa Malaysia Securities Berhad that are primarily involves in global delivery and settlement of mobile messaging and data services, business solutions provider in offering software platform products and workforce monitoring platform, rapid mobile application development, and digital displays and signages.

 

The Collaboration is for a period of one (1) year, commencing on and from 18 March 2021, unless otherwise mutually extended or terminated. Either party may terminate the Collaboration upon delivery of written notice at least 30 days prior to such termination.

 

The Collaboration will not have any effects on the share capital and shareholding structure of the Company. However, it is expected to have positive contribution to the earnings and net assets of Mlabs Group.

 

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

 

The Collaboration being incurred 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 Collaboration.

 

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

 

This announcement is dated 18 March 2021.




Please refer attachment below.

Attachments

Press Release.pdf
49.4 kB



Announcement Info

Company Name MLABS SYSTEMS BERHAD
Stock Name MLAB
Date Announced 18 Mar 2021
Category General Announcement for PLC
Reference Number GA1-18032021-00110