News

Advance Synergy Berhad ("ASB") Proposed Restructuring Of Investment In Isynergy Sdn Bhd

BackDec 15, 2006
General Announcement
Reference No AS-061215-62356
Company Name : ADVANCE SYNERGY BERHAD 
Stock Name : ASB
Date Announced : 15/12/2006


Type : Announcement
Subject : ADVANCE SYNERGY BERHAD ("ASB")
Proposed Restructuring of Investment in iSynergy Sdn Bhd

Contents :

Further to our announcement on 10 April 2006 and the subsequent updates via our quarterly announcements in relation to the above, we wish to inform the Exchange that we have received from Bank Negara Malaysia ("BNM") the approval pursuant to section 25(1) of the Payment Systems Act 2003 for Synergy Cards Sdn Bhd ("SCSB"), a subsidiary of ASB, to issue credit cards under the VISA and MasterCard brand and line of credit provided by a domestic banking institution. The approval however is subject to conditions which amongst others include the following:-

1. SCSB complies with the Credit Card Guideline, Guideline on Minimum Requirement on Risk and Fraud Management of Credit Card Operations, Guidelines on
Management of IT Environment and other relevant guidelines issued by BNM from time to time;

2. SCSB undertakes a readiness audit to be conducted by an independent credible party and a copy of the audit report to be submitted to Jabatan Dasar Sistem Pembayaran prior to commencement of its credit card business;

3. ASB shall provide an undertaking letter endorsed by its Board, to provide continuous financial support sufficient to sustain SCSB's operations as an on-going concern;

4. SCSB implements a chip-based infrastructure for its credit cards in line with the country's adoption of the EMV standards;

5. SCSB obtains the prior approval of BNM for the introduction of any new services or products in respect of the credit cards; and

6. BNM reserves the right to review this approval from time to time and may vary, revoke or impose additional conditions as it deems fit.

[This announcement is dated 15 December 2006]