MNC

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MEMORANDUM OF UNDERSTANDING M N C WIRELESS BERHAD ("MNC"OR "THE COMPANY") - MEMORANDUM OF UNDERSTANDING ENTERED BETWEEN MNC AND HOT TV ENTERTAINMENT SDN. BHD.

M N C WIRELESS BERHAD

Type Announcement
Subject MEMORANDUM OF UNDERSTANDING
Description
M N C WIRELESS BERHAD ("MNC"OR "THE COMPANY")
- MEMORANDUM OF UNDERSTANDING ENTERED BETWEEN MNC AND HOT TV ENTERTAINMENT SDN. BHD.

The Board of Directors of MNC wishes to announce that the Company had on 13 April 2022 entered into a Memorandum of Understanding (“MOU”) with Hot TV Entertainment Sdn. Bhd. [Registration No.: 201801038201 (1300232-T)] ("Hot TV") to kick-start its Lifestyle e-commerce Platform by expressing its interest to acquire, invest, develop or collaborate with Hot TV. The Lifestyle e-commerce Platform combines social media features with an e-commerce marketplace that matches buyers and merchants. The platform aims to eliminate layers of sales channels in product adoption via a Business-to-Consumer (B2C) model. 

 

Hot TV is a company incorporated under the laws of Malaysia and having its registered address at A508, Block A, Kelana Square, 17 SS7/26, Kelana Jaya, 47301 Petaling Jaya, Selangor. It specialises in e-commerce lifestyle digital platform and wireless telecommunications services. 

 

The MOU shall enter into force on the date of execution and shall remain in force for a period of one (1) year from the date of signing subject to renewal upon mutual consent unless otherwise terminated by either parties in writing.

 

The MOU is not expected to have material effects on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholding of MNC for the financial year ending 30 April 2022.

 

The MOU does not constitute any legal binding obligation between the parties until definitive and binding agreements are executed between MNC and Hot TV.

 

None of the Directors and/or Major Shareholders of the Company and/or persons connected with Directors and/or Major Shareholders has any interest, direct or indirect, in the MOU.

 

The Board of Directors of MNC, having considered all aspect of the MOU, is of the opinion that the MOU is in the best interest of the Company.

 

We are pleased to attach herewith a press release dated 13 April 2022 entitled "MNC kick-starts Lifestyle E-Commerce Platform, tapping on the near RM1 trillion ASEAN e-commerce market by 2025".

 

This announcement is dated 13 April 2022. 

 




Please refer attachment below.



Announcement Info

Company Name M N C WIRELESS BERHAD
Stock Name MNC
Date Announced 13 Apr 2022
Category General Announcement for PLC
Reference Number GA1-11042022-00017