KUALA LUMPUR (May 8): ManagePay Systems Bhd announced that it will be deploying more than 3,000 credit card terminals to Johor Corp’s subsidiary Virtualflex Sdn Bhd — which has 748 outlets of pre-paid payment kiosks nationwide — for a period of five years.
This, said ManagePay, is subject to the commissioning of its terminals.
“A formal agreement shall be executed between the parties for an initial five-year term with an extended five-year option,” ManagePay said in a filing with Bursa Malaysia this evening.
ManagePay also said in a filing with Bursa Malaysia that it will absorb the costs to deploy terminals including the support and maintenance of the terminals, in lieu of earnings from the payment processing and Tag-On revenue.
As for Virtualflex, ManagePay said it will collaborate exclusively on terminals deployment and usage.
“Virtualflex shall acquire MPay Corporate MasterCard Prepaid Cards issued by ManagePay,” it said, adding that “further announcements will be made of any material development changes as and when appropriate.”
ManagePay shares closed unchanged at 24 sen today, giving it a market capitalisation of RM170.51 million.