The Board of Directors of Cuscapi Berhad (“Cuscapi” or “the Company”) wishes to announce that the Company had on 25 July 2018 incorporated a new wholly-owned subsidiary, namely CUSCAPI BLOCKCHAIN SDN BHD (Company No. 1288743-M) (“CBSB”) in Malaysia.
As of the date of this announcement, the issued share capital of CBSB is RM100.00 divided into 100 ordinary shares. Subsequent to the incorporation, Cuscapi intended to increase the issued share capital of CBSB to RM3,000,000 for its working capital purpose.
The intended and primary business activity of CBSB is to operate a cryptocurrency exchange in Philippines upon obtaining a license issued by Cagayan Economic Zone Authority (“CEZA”) and other IT related business.
The incorporation of CBSB is not expected to have any material impact on the earnings per share, net assets per share, gearing and share capital and substantial shareholders’ shareholding of the Company for the financial year ending 31 December 2018.
The incorporation of CBSB is not subject to the approval of the shareholders of the Company.
None of the Directors and/or major shareholders of the Company and/or persons connected with Directors and/or major shareholders has any interest, direct or indirect, in the incorporation of CBSB.
Having considered all aspects of the incorporation, the Board of Directors of the Company is of the opinion that the incorporation of CBSB is in the best interest of the Company.
Cuscapi sets up unit to operate cryptocurrency exchange in the Philippines
By Supriya Surendran | 2018-07-25 18:44:12 KUALA LUMPUR (July 25): Cuscapi Bhd has set up a wholly-owned subsidiary with the intention to operate a cryptocurrency exchange in the Philippines, upon obtaining a licence from the Cagayan Economic Zone Authority (CEZA).
In a filing with Bursa Malaysia today, Cuscapi said the subsidiary Cuscapi Blockchain Sdn Bhd will also conduct other information technology related businesses.
Cuscapi is primarily involved in the provision of restaurant management solutions. According to its website, its Malaysian clients include prominent food chains such as A
Cuscapi is primarily involved in the provision of restaurant management solutions. According to its website, its Malaysian clients include prominent food chains such as A
Cuscapi is primarily involved in the provision of restaurant management solutions. According to its website, its Malaysian clients include prominent food chains such as A
The Board of Directors of Cuscapi Berhad (“Company”) wishes to announce that the Company and its wholly-owned subsidiary, Cuscapi Malaysia Sdn Bhd (“Cuscapi Malaysia”) had respectively received letters of demand dated 23 July 2018 from Viknesh & Yap, solicitors acting for Hitachi Systems Digital Services (Singapore) Pte Ltd (“Hitachi”).
Hitachi claims that Cuscapi Malaysia had failed, neglected, refused and/or defaulted in making requisite payments pursuant to an agreement for the purchase of Rev Hardware Equipment dated 23 September 2016, and that Hitachi is therefore demanding that Cuscapi Malaysia pays a sum of USD3,600,248.22 and legal cost for the notice, failing which legal proceedings can be instituted against Cuscapi Malaysia.
Hitachi also claims that the Company is liable to pay the sum which is due and payable by Cuscapi Malaysia pursuant to a deed of corporate guarantee dated 26 September 2016, failing which legal proceedings can be instituted against the Company.
The Company and Cuscapi Malaysia are seeking for legal advice in respect of this matter. The Company and Cuscapi Malaysia believe that they have good grounds to defend and contest against Hitachi’s claim.
The Company will make the necessary announcement on material development of this matter in due course.
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Posted by Hope333 > 2018-07-24 17:01 | Report Abuse
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