M N C Wireless, M3 Tech scrap plans to jointly develop e-commerce platform four years later

M N C Wireless, M3 Tech scrap plans to jointly develop e-commerce platform four years later
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KUALA LUMPUR (Aug 17): After four years of waiting, M N C Wireless Bhd has scrapped plans to collaborate with M3 Technologies (Asia) Bhd (M3 Tech) for the development of an inclusive e-commerce platform with integrated payment gateway solutions and end-to-end logistics support, which was supposed to operate in the Malaysia Digital Free Trade Zone.

In a bourse filing today, M N C said the mobile and digital solutions company and its ACE Market-listed peer M3 Tech today mutually agreed to terminate the memorandum of understanding (MoU) with immediate effect as there is no further material development of the MoU.

On April 12, 2017, M N C entered into the MoU with M3 Tech for the proposed development of the e-commerce platform. It was expected to be finalised and completed by the first quarter of 2018, but nothing materialised.

"The termination is not expected to have any material effect on the company's earnings, net assets, gearing, share capital and substantial shareholders' shareholding for the financial year ending April 30, 2022," said M N C.

M N C shares closed unchanged at three sen today, bringing a market capitalisation of RM46.17 million. M3 Tech shares settled at 6.5 sen, up 0.5 sen or 8.33% from yesterday's closing price, for a market capitalisation of RM58.25 million.