PUC inks MOU with Pan Malaysian Pools for potential payment collaboration

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KUALA LUMPUR (Oct 6): PUC Bhd's wholly-owned subsidiary Presto Pay Sdn Bhd has inked a memorandum of understanding (MOU) with Pan Malaysian Pools Sdn Bhd (PMPSB), a licensed telephone betting channel provider, for the possible introduction of an alternative payment solution to the latter's business.

PMPSB operates the dmcGO mobile betting application, while Presto Pay is involved in providing payment solutions, digital lifestyle services and loyalty points programme.

Under the MOU, the parties will carry out the appropriate feasibility studies to ascertain the legality and commercial viability of the proposed collaboration, with both parties setting a reasonable general and specific time frame for the implementation of the collaboration.

"The proposed collaboration will improve the attractiveness of Presto by introducing alternative payment solution to PMPSB for PMPSB's business through Presto Pay's Presto ecosystem, thereby increasing Presto's reach.

"The MOU also provides an opportunity for both parties to unlock business potential by exploring other strategic collaboration in the future," said PUC in a filing with Bursa Malaysia.

The MOU will be effective for a period of 12 months.

PUC's share price closed unchanged at 24.5 sen, giving the group a market capitalisation of RM151.2 million.

S Kanagaraju