NetX, PUC explore collaboration to invest in micro-financing credit
industry
NetX Holdings Bhd and PUC Bhd have signed a Memorandum of
Understanding (MoU) to explore the manner in which the two companies can
collaborate to jointly expand, promote and strengthen their presence in the ecommerce and financial technology (e-payment) industry. In a bourse filing,
NetX said its wholly-owned subsidiary NetX Digital Ltd has entered into a MoU
with PUC's unit PUC Ventures Sdn Bhd. "Through the collaboration, the
company intends to invest in a micro-financing credit industry that possesses
the platform and technology to potentially disrupt current conventional microfinancing credit service providers that will place the company in a pioneer
position in the future," said NetX. (The Edge)

Last paragraph of announcement please refer to iv,

In relation to the above, the Company wishes to update as follows:
i. The Independent Auditors have expressed an unqualified opinion on the Financial
Statements and their opinion is not modified in respect of the Statement on that matter.
ii. The Company has secured a conditional letter of offer for a bridging facility to meet the
shortfall for the repayment of the guaranteed serial bond due on 14 December 2019.
iii. The Company is in discussion with its financial advisors to implement a holistic
refinancing plan including raising new working capital for the Company’s immediate and
future financing requirements. As part of its plan, the Company has also announced a
capital reduction and share consolidation exercise to rationalize the financial position of
the Company by reducing its accumulated losses and the number of shares issued.



iv. With the realization of the above, the Group will be in a stronger financial position to
participate in the improving oil and gas prospects globally pursuant to which the Group’s
financial position is expected to improve and address the going concern issue.


The Company will continue to make the necessary announcements on further developments in
accordance with the requirements under the Listing Requirements.
This announcement is dated 31 October 2019.


I believe Scomies management will work very hard to solve this issue

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