Poser over MoUs

TheStar Sat, Aug 15, 2020 08:10am - 3 years View Original


BE CAUTIOUS: MSWG CEO Devanesan Evanson (pic) advises investors to read the announcements made through Bursa Malaysia to fully understand the details of the announced proposals.“An MoU is different from a contract. MOUs are not firm like contracts. Even contracts can be terminated. Thus, there are varying levels of risk when it comes to the fruition of the proposals, ” he tells StarBizWeek.

The termination of a memorandum of understanding (MoU) by Berjaya Corp Bhd (BCorp) to take over Singer (M) Sdn Bhd has raised questions about the viability of a slew of other similar agreements recently announced by listed companies.

BCorp, in less than two months of announcing the deal to purchase Singer at a price of more than half a billion ringgit, has called it quits, citing a challenging economic environment due to the coronavirus (Covid-19) pandemic.

BCorp first announced the MoU on June 2, which was in the midst of the Covid-19 pandemic itself.

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