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MEMORANDUM OF UNDERSTANDING BETWEEN AGESON NET SDN BHD ("ANSB"), AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF THE COMPANY AND KOPERASI BELIA NASIONAL BERHAD

AGESON BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-04102022-00001
Subject MEMORANDUM OF UNDERSTANDING BETWEEN AGESON NET SDN BHD ("ANSB"), AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF THE COMPANY AND KOPERASI BELIA NASIONAL BERHAD
Description
AGESON BERHAD ("AGESON" OR THE "COMPANY")
- MEMORANDUM OF UNDERSTANDING BETWEEN AGESON NET SDN BHD, AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF THE COMPANY AND KOPERASI BELIA NASIONAL BERHAD
Query Letter Contents

We refer to your Company’s announcement dated 3 October 2022, in respect of the aforesaid matter.


In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

 

1)  To disclose whether the Smart Vending Machines are still in the development stage and to comment on the commercial prospects as well as the risk/potential risk together with the relevant mitigating factors for ANSB to undertake such business undertaking.

 

2) The detailed basis in arriving at/ achieving target revenue of approximately RM2.3 billion per annum from the sale of products in/from Smart Vending Machines (“Targeted Revenue”).


3) To provide basis for ANSB’s entitlement of 5% from the Targeted Revenue. 


4) Based on the previous announcement dated 30 September 2022 on entry of MOU between Ageson Retails Sdn Bhd and Kobena to sell the Smart Vending Machines, to clarify whether the contract value of RM120 million forms part of the Targeted Revenue (as stated in item 2 above).


5) Estimated investment cost/ capital outlay by ANSB and/or Ageson Berhad arising from the MOU.

 

6) To further elaborate on whether ANSB (which was incorporated on 29 July 2022) and/or Ageson Berhad has the expertise/ personnel with necessary experience as an operator to manage the business operation of Kobena’s Smart Vending Machines.

 

7) To state the risks in relation to the MOU. 

 

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully,

Listing

Regulation
 

Cc : Market Surveillance Dept., Securities Commission 

Reference is made to the letter dated 4 October 2022 from Bursa Malaysia Securities Berhad ("Bursa Securities") in respect of the Company's annnouncement made on 3 October 2022. 

The Board of Directors of the Company wishes to provide additional information as per Bursa Securities' request as attached. 

 

This announcement is dated 5 October 2022. 



Please refer attachment below.



Announcement Info

Company Name AGESON BERHAD
Stock Name AGES
Date Announced 05 Oct 2022
Category General Announcement for PLC
Reference Number GA1-05102022-00009