1. Introduction
The Board of Directors of AGMO wishes to announce that the Company had on 9 March 2023 entered into a Memorandum of Understanding (“MOU”) with Mabroor Fintech Holding Co. Ltd, (“MABROOR”) and Heydoc Sdn. Bhd. (“DOC2US”) to explore potential collaboration opportunities and examine the feasibility of providing an end-to-end one-stop integrated hybrid healthcare solution to pilgrims who are performing Hajj and Umrah in the Kingdom of Saudi Arabia.
AGMO, MABROOR and DOC2US shall hereinafter be collectively referred to as the “Parties” and individually as the “Party”.
2. Information on MABROOR
MABROOR was incorporated in Saudi Arabia as a private company limited by shares, and is an investment holding company for a group of companies primarily involved in financial technology and e-commerce services in Saudi Arabia.
Information on DOC2US
DOC2US was incorporated in Malaysia as a private company limited by shares, and is a telehealth solution provider principally involved in the provision of virtual healthcare services, remote monitoring, electronic prescriptions and other related healthcare services.
3. Salient Terms of MOU
The salient terms of the MOU, amongst other, include the following:
- The MOU shall commence on 9 March 2023 (“Effective Date”) and shall remain in force for a period of one (1) year from the Effective Date. Any party may withdraw from the MOU at any time by giving thirty (30) working days’ written notice to the other party without assigning any reasons, whichever is earlier, save for those obligations expressed in the MOU to survive the termination and/or expiration of the MOU.
- Pursuant to the MOU, the discussion, and negotiations of the terms of the definitive agreement is contingent upon obtaining and the continuance of approvals, consents, authorisations, licenses and permits from the appropriate government, statutory and regulatory authorities, as well as the internal corporate approvals, as may be required or deemed to be necessary by the Parties and as may be satisfactory to them.
4. Rationale of the MOU
The purpose of the MOU is to undertake possible collaboration in the areas as disclosed in Section 1 of this announcement.
5. Financial Effects
The MOU is not expected to have any material effect on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholdings of the Company for the financial year ending 31 March 2023.
6. Risk Factors
The risk factors involved in this MOU at this juncture is expected to be minimal and, in the event AGMO enters into a future definitive agreement with MABROOR and DOC2US, the Board of Directors and the management of the Company will exercise due care in considering the associated risks and benefits.
7. Directors’ and/or Substantial Shareholders’ Interest
None of the Directors and substantial shareholders of AGMO and/or persons connected to them have any interest, direct or indirect, in the MOU.
8. Statement by Directors
The Board of Directors of AGMO, having considered all aspects of the MOU is of the opinion that the MOU is in the best interest of AGMO.
9. Approval Required
The MOU does not require the approval of shareholders of the Company and any relevant government authorities.
10. Document Available for Inspection
The MOU is available for inspection at B-21-1, Level 21, Tower B, Northpoint Mid Valley City, No. 1, Medan Syed Putra Utara, 59200 Kuala Lumpur, W.P. Kuala Lumpur between 9.00 a.m. and 5.00 p.m. from Mondays to Fridays (except on public holidays) for a period of 3 months from the date of this announcement.
This announcement is dated 9 March 2023.