News

The Board of Directors of ASB wishes to announce that ASCAP has on 5 December 2017 entered into a Memorandum of Understanding (“MOU”) with AppAsia Berhad (“AppAsia”) for the purpose of recording their intention to enter into a share sale agreement and other ancillary agreements (collectively, “Definitive Agreements”) in relation to the proposed disposal by ASCAP of 80% equity interest in SCSB to AppAsia (“Proposed Disposal”). The Definitive Agreements shall be executed by 28 February 2018 or such other period as may be mutually agreed between the parties (“Execution Deadline”).

SCSB is a private limited company incorporated on 15 March 2005 in Malaysia and is carrying on the business of provision of payment card issuing and acquiring services.

ASCAP is a private limited company incorporated on 10 January 1994 in Malaysia and is the absolute legal and beneficial owner of the entire issued share capital of SCSB.

AppAsia is a company listed on the ACE Market of Bursa Malaysia whose principal activities are ICT Security Business which provides solutions, products and services in the information technology security sector and E-Commerce Business which includes the development and operation of e-commerce websites and mobile applications.

The MOU shall become effective from the date of the MOU and shall be terminated and cease to have effect upon execution of the Definitive Agreements or if the parties fail to execute the Definitive Agreements by the Execution Deadline, upon expiry of the Execution Deadline.

None of the Directors and/or major shareholders of the Company and/or persons connected with them have any interest, direct or indirect, in the MOU.

The Proposed Disposal is subject to the execution of the Definitive Agreements to be entered into by the parties and a separate announcement will be released upon execution of the same.

This announcement is dated 5 December 2017.