MEMORANDUM OF UNDERSTANDING NETX HOLDINGS BERHAD - MEMORANDUM OF UNDERSTANDING WITH XOX MEDIA SDN. BHD.
NETX HOLDINGS BERHAD
Type Announcement Subject MEMORANDUM OF UNDERSTANDING Description NETX HOLDINGS BERHAD - MEMORANDUM OF UNDERSTANDING WITH XOX MEDIA SDN. BHD. The Board of Directors of NETX Holdings Berhad (“NETX” or “the Company” or "the Group") is pleased to announce that GEM Pay Sdn. Bhd. (“GEM Pay”), a subsidiary of the Company, had on 9 October 2020 entered into a Memorandum of Understanding (“MOU”) with XOX Media Sdn. Bhd. (“XOX Media”), a wholly-owned subsidiary of XOX Bhd, for the purpose to discuss, explore and enter into negotiations in respect of a business arrangement to provide and rent to XOX Media of up to 1,000 units of contactless payment terminals and/or cashless e-wallet payment solutions to be incorporated into smart vending machines.
XOX Media is a private limited company incorporated in Malaysia which primarily involved in the business of telecommunication products and services, mobile application services and E-wallet services. XOX Media has now further ventured into the business of smart vending machines.
Pursuant to the MOU, GEM Pay shall provide and rent to XOX Media of up to 1,000 units of contactless payment terminals and/or cashless e-wallet payment solutions in return for a monthly rental. Whereas, XOX Media shall provide GEM Pay with the deployment road-map in respect of the smart vending machines.
The MOU shall commence from 9 October 2020 and shall continue to be in force for a duration of 6 months unless one of the following occurs :
(a) the MOU is earlier terminated by either party by giving 1 month prior written notice of its intention to do so to the other party; or
(b) this MOU is superseded by a definitive agreement executed by and between GEM Pay and XOX Media.
The MOU being incurred in the ordinary course of business, is not subject to the approval of the shareholders.
The MOU will not have any effect on the share capital and substantial shareholders’ shareholdings of NETX. The MOU is also not expected to have any material immediate effect on the earnings per share, net assets per share and gearing of the Group for the financial year ending 30 November 2020.
Save as disclosed below, none of the directors and/or major shareholders of the Company and/or persons connected with them have any interest, whether direct or indirect, in the MOU:
(a) Common directorships of Mr. Tan Sik Eek in NETX and XOX Bhd and his shareholdings of 1,000,000 ordinary shares (0.02%) in NETX.
The Board of Director of NETX, having taken into consideration all aspects of the MOU, is of the opinion that the MOU is in the best interest of the Group.
NetX, PUC explore collaboration to invest in ... 13 Nov 2019 — "Through the collaboration, the company intends to invest in a micro-financing credit industry that
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PUC managing director and CEO Cheong Chia Chou concurs. “With Presto Credit’s niche micro-lending offering, we are not in direct competition with the majority of moneylenders. Our financial assistance is solely used to purchase tangible products and services within Presto,” he says.
“This ensures the funds disbursed are only used for legitimate purposes, where all transactions are digitally logged and available for audit when necessary. Such positioning is not easily replicated, due to the existing scale of Presto’s services.
“Presto Credit is targeting consumers who wish to stretch their dollars to purchase home essential items such as home appliances, home office equipment, groceries and related products. We are also extending our offerings to help SMEs that are looking to digitalise their businesses to operate on our digital ecosystem.”
Presto Credit’s micro-lending scheme enables consumers to obtain micro-loan approvals on-the-go for their purchases within the Presto ecosystem. Credit offered will be disbursed into a Presto account and it can only be used within the Presto ecosystem to purchase products and services from multiple categories, including daily necessities such as groceries, food delivery and household essentials.
SMALL and medium enterprises (SMEs) lament that despite their essential role in job creation and contribution to the country’s economy, they continue to lack access to financial assistance, particularly from banks. But that is about to change.
On Nov 13, the Ministry of Housing and Local Government announced the approval of licences for eight new online moneylenders, on top of the 4,572 traditional licensed players already operating. The ministry, which governs the moneylending business, said more online moneylending licences would be issued in the future.
These online moneylenders have set their sights on the SME sector, promising fast and easy loans with limited collateral. The eight companies that were granted licences to provide loans online are GHL Payments Sdn Bhd, BigPay Later Sdn Bhd, Axiata Digital Capital Sdn Bhd, Grabfin Operations (Malaysia) Sdn Bhd, ******Presto Credit Sdn Bhd*******, JCL Credit Leasing Sdn Bhd, Fortune Tree Capital Sdn Bhd and Hoop Fintech Sdn Bhd.
TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS NETX HOLDINGS BERHAD - LETTER OF INTENT FOR THE PROPOSED ACQUISITION OF SHARES IN EMICRO CAPITAL (M) SDN. BHD. NETX HOLDINGS BERHAD
Type Announcement Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS Description NETX HOLDINGS BERHAD - LETTER OF INTENT FOR THE PROPOSED ACQUISITION OF SHARES IN EMICRO CAPITAL (M) SDN. BHD. The Board of Directors (“Board”) of NETX Holdings Berhad (“NETX” or the “Company”) wishes to inform that GEM Pay Sdn. Bhd. (“GEM Pay”), a subsidiary of the Company, had on 13 October 2020 signed a Letter of Intent (“LOI”) with Mr Foo Jee Hai (“Vendor”) for the proposed acquisition of 1,800,000 ordinary shares in Emicro Capital (M) Sdn. Bhd. (“Emicro”), representing 60% of the total issued and paid-up share capital of Emicro for a sum to be determined later based on the due diligence exercise to be undertaken by the Company (“Proposed Acquisition”).
Emicro was incorporated in Malaysia as a private limited company which primarily involved in the licensed money lending business.
Pursuant to the LOI, GEM Pay shall proceed to further negotiate with the Vendor and/or Emicro on the salient terms of the Proposed Acquisition and subsequently enter into a definitive share subscription agreement upon satisfied with the required due diligence result on Emicro.
The Proposed Acquisition is in line with NETX’s business objective of venturing into financial technology industry. Due to the outbreak of Covid-19 pandemic, NETX deems is best time to offer a micro finance services to small and medium enterprises and general public due to minimal savings and cash flow to buffer against unpredictable events.
The Proposed Acquisition is not expected to pose any additional risks to the NETX Group other than operational risks associated to the business of Emicro.
The LOI will not have any effects on the share capital and shareholding structure of the Company and is not expected to have any material immediate effect on the earnings per share, net assets per share and gearing of NETX for the financial year ending 30 November 2020.
None of the Directors and/or other major shareholders of the Company and/ or any persons connected to them have any interest, direct or indirect, in relation to the LOI.
The Board, after due consideration, is of the opinion that the LOI is in the best interest of the Group.
Further announcement will be made to Bursa Malaysia Securities Berhad if there is any significant development in respect of this matter.
KUALA LUMPUR (Nov 13): 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 e-commerce and financial technology (e-payment) industry.
In a bourse filing today, 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 micro-financing credit service providers that will place the company in a pioneer position in the future," said NetX.
Under the proposed strategic partnership, NetX Digital will invest a revolving amount of up to RM50 million for the initiative while PUC’s companies will process, issue and disburse approved micro-financing through an application to Presto users/subscribers.
"PUC Ventures will remunerate NetX Digital based on PUC Ventures’ commission tiers, the terms and conditions of which will be agreed to between the parties in the definitive agreement," it added.
Japanese stocks got off to a bright start after Moderna Inc said it had applied for U.S. emergency authorization for its COVID-19 vaccine. Moderna's candidate is the second vaccine likely to win U.S. approval for a potential rollout this year.
TOKYO: Japan's benchmark Nikkei closed near a 29-1/2-year high on Tuesday, tracking gains in U.S. stock futures over growing optimism that major drugmakers will roll out coronavirus vaccines before year-end.
The Nikkei 225 index ended up 1.34% at 26,787.54, near its highest level since April 1991, hit earlier in the session. The broader Topix rose 0.77% to 1,768.38.
Securities brokerages, non-ferrous metals and metal products led the advance on the main bourse.
Japanese stocks got off to a bright start after Moderna Inc said it had applied for U.S. emergency authorization for its COVID-19 vaccine. Moderna's candidate is the second vaccine likely to win U.S. approval for a potential rollout this year.
In addition, Japan's government has vowed to compile a stimulus package to help the economy mitigate short-term economic impacts from a recent rise in coronavirus infections.
"There may be some slight adjustments, but Japanese stocks won't fall very far," said Kiyoshi Ishigane, chief fund manager at Mitsubishi UFJ Kokusai Asset Management Co.
"Approval of a vaccine is a big boost. Some traders are also focused on an increase in Japanese fiscal spending."
Gains in U.S. stock futures, up more than 0.8% in Asian trade, and strong Chinese factory activity data also bolstered Japanese shares.
The stocks that gained the most among the top 30 core Topix names were Fanuc Corp, up 3.09%, and Shin-Etsu Chemical Co Ltd, up 2.8%.
The underperformers among the Topix 30 were Nintendo Co Ltd, down 3.19%, and Recruit Holdings Co Ltd, which lost 2.89%.
There were 193 advancers on the Nikkei index against 30 decliners.
The volume of shares traded on the Tokyo Stock Exchange's main board was 1.33 billion, compared to the average of 1.27 billion in the past 30 days. - Reuters
Notice of Interest Sub. S-hldr (Section 137 of CA 2016)
NETX HOLDINGS BERHAD Particulars of Substantial Securities Holder
Name CREDIT SUISSE GROUP AG Address Paradeplatz 8, Zurich, 8001, Switzerland Switzerland. Company No. CH-020.3.906.075-9 Nationality/Country of incorporation Switzerland Descriptions (Class) Ordinary Shares Name of registered holder Credit Suisse AG, Dublin Branch Address of registered holder HSBC NOMINEES (ASING) SDN BHD EXEMPT AN FOR CREDIT SUISSE AG (DUB CLT N-TREAT)/ No. 2. Leboh Ampang 50100 Kuala Lumpur Date interest acquired & no of securities acquired
Date interest acquired 24 Nov 2020 No of securities 29,530,000 Circumstances by reason of which Securities Holder has interest Acquisition of 29,530,000 shares on 24 November 2020 by Credit Suisse AG, Dublin Branch. Credit Suisse Group AG has deemed interests. Nature of interest Deemed Interest
Total no of securities after change
Direct (units) 0 Direct (%) 0 Indirect/deemed interest (units) 52,470,000 Indirect/deemed interest (%) 6.28 Date of notice 24 Nov 2020 Date notice received by Listed Issuer 26 Nov 2020
MATERIAL EVENTS SUBSEQUENT TO THE INTERIM REPORTING PERIOD 1) On 9 October 2020, Gem Pay Sdn Bhd, a subsidiary company had entered into a Collaboration Agreement with DGB Networks Sdn Bhd, a wholly owned subsidiary of DGB Asia Berhad, for the supply of up to 1,000 units of contactless payment terminals to aid cashless and e-wallet payment solutions via DGB Networks Sdn Bhd’s next-generation artificial intelligences (AI) vending machines. 2) On 9 October 2020, Gem Pay Sdn Bhd, a subsidiary company had entered into a Memorandum of Understanding with XOX Media Sdn Bhd, a wholly owned subsidiary of XOX Bhd, for the purpose to discuss, explore and enter into negotiations in respect of a business arrangement to provide and rent to XOX Media Sdn Bhd of up to 1,000 units of contactless payment terminals an/or cashless e-wallet payment solutions to be incorporated into smart vending machines. 3) On 13 October 2020, Gem Pay Sdn Bhd, a subsidiary company signed a Letter of Intent with Mr Foo Jee Hai (“vendor”) for the proposed acquisition of 1,800,000 ordinary shares in Emicro Capital (M) Sdn Bhd, representing 60% of the total issued and paid up share capital of Emicro Capital (M) Sdn Bhd for a sum to be determined later based on the due diligence exercise to be undertaken by the Company.
DEBT AND EQUITY SECURITIES There were no issuances, cancellations, repurchases, resale and repayments of debt and equity securities during current quarter and year to date ended 31 August 2020 other than as disclosed below: 1) 200,000,000 ordinary shares were issued under Share Issuance Scheme during 1st quarter. 2) 368,484,500 ordinary shares were issued under Share Issuance Scheme during 2nd quarter 3) 390,038,800 ordinary shares were issued under Private Placement during 2nd quater quarter 4) 186,961,000 ordinary shares were issued under Share Issuance Scheme during current quarter. 5) 459,891,000 ordinary shares were issued under Private Placement during current quarter.
The Group also recognizes that while e-wallets as a financial payment product have a legitimate place in our financial system, there is a further need and opportunity to build an ecosystem for both merchants and e-wallet companies to work together and leverage off each other’s industrial capabilities. The focus moving forward would be to build up the entire user experience with GEM’s platform ecosystem that is meant to grow both user base and increase the touchpoints for merchants who are looking to elevate their businesses. This will ultimately improve the overall internal structure of financial management and benefit all parties. Whilst we remain cautious over the outlook of the economy, the Group will continue to explore new business opportunities to invest. The Group will continue to reinvent and improve the business and will take affirmative steps to expand the Group’s scope. Despite the uncertain market condition, the Group is optimistic to deliver a reasonable performance for the financial year ending 30 November 2020.
If the company is very small, and if its shares are not traded with much frequency, its stock will not really be liquid and the market price may not be representative of the stock’s true value. Stockbrokers simply will not follow and do research on the stock because there will not be enough trading activity to generate sufficient brokerage commission to cover the cost of following and researching the stock.
The directors who do not maintain control over shareholding are concerned with takeover offers and proxy fights. There is pressure on them to make annual profit even when it may be in the shareholders’ best long-term interests to adopt a strategy that reduces a short-term profit but raises it in future years. These factors have led a number of public listed companies to go private and in leveraged buyout deals where the directors borrow money to buy out the non-management shareholders.
To f&b businesses, hotels, or catering services: if you have surplus for at the end of the day and don't know how to get rid of it apart from throwing it out, you can contact GemSpot.
Naysayers Mickey con mouse why you escape from TDM specialist hospital for mental disorders treatment... please come back for vaccine treatment at TDM specialist hospital
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
PopperMask
25 posts
Posted by PopperMask > 2020-12-01 11:38 | Report Abuse
I bought NETX on 2017...
14,000 unit X 0.073 = RM1035
now I check my port folio, the holding is...
560 unit x 0.15 = RM84
where those unit and money goes? or I missed anything?