Friday 29 Mar 2024
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KUALA LUMPUR (May 27): Mobile app and IT security service provider AppAsia Bhd has inked a memorandum of understanding (MoU) with a China-based company and Datuk Mohd Nazifuddin Najib, son of Prime Minister Datuk Seri Najib Razak, to develop a big data opportunity in the Asean and Australasia region.

In a filing with Bursa Malaysia today, AppAsia said the MoU is for the development and promotion of AppAsia's Business to Business to Customer (B2B2C) e-aggregator platform for countries in the region and elsewhere.

The MoU is valid for six months from the date of signing and may be further modified or extended subject to mutual written agreement between AppAsia, Mohd Nazifuddin and Shanghai Rongxin Software Co Ltd, a private limited company incorporated in China.

Subject to a satisfactory due diligence conducted by AppAsia and Mohd Nazifuddin on Rongxin and all its business activities, a joint venture (JV) company between AppAsia, Rongxin and Mohd Nazifuddin will be set up in Malaysia, with AppAsia holding 60% of the shares, Rongxin 10% and Mohd Nazifuddin 30%.

Rongxin will enter into a service maintenance agreement with the JV company to continue to undertake to provide the services on the terms and conditions to be agreed upon by the both Rongxin and the JV company.

In another filing, AppAsia said it has entered into another MoU with Infinity Channel Sdn Bhd today for the purpose of a strategic partnership to further expand the programmes, which include Malaysia Brand Outlet (MBO), to promote and market Malaysian made products overseas.

Infinity is principally providing services of television production, video corporate event management, exhibition design construction, advertisement and promotion.

AppAsia said the Infinity and AppAsia support will jointly organise the Asia Pacific Young Business Conference as a yearly event where young entrepreneurs from Asia Pacific converge.

AppAsia is to solely provide platform support for the promotion of local products and service to Asia, Middle East and the European market, participation in international trade exhibitions, missions and expos, event management services, advertising and promotion, trade exhibition, product launching, roadshow, corporate and private function and conference and convention.

AppAsia shares closed half a sen or 3.7% lower today at 13 sen, with a market capitalisation of RM36.55 million.

 

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