|Subject||TRANSACTIONS (CHAPTER 10 OF LISTING
NON RELATED PARTY TRANSACTIONS
|Description||PROPOSED SUBSCRIPTION OF 35% STAKE IN A JOINT VENTURE COMPANY TO PROVIDE ICT SOLUTION FOR THE SINGAPORE ACADEMY OF LAW’S E-DISCOVERY SOFTWARE AS A SERVICE PLATFORM IN SINGAPORE|
Rexit Berhad (“Rexit” or “the Company”) had on 10 October 2012 entered into a Memorandum of Understanding with Stone Forest Corporate Advisory Pte Ltd (“Stone Forest”) and Fulcrum Asia Management Pte Ltd (“Fulcrum”) under the SG Law Cloud Consortium (“the Consortium”) with the intention to bid for the Singapore Law Academy e-Discovery software as a service platform (“SAL eDiscovery SaaS Platform” or “the Project”).
On 3 October 2013, the Singapore Academy of Law (“SAL”) has notified the Consortium that it has been selected as the ICT provider for the SAL eDiscovery Saas Platform. The SAL in its letter stated that it will contact the Consortium to arrange for a meeting to discuss the details of the award and the implementation of the Project.
In response to
the award, a new joint venture company named SGLAW Cloud Pte Ltd
(“SLCJV”) is incorporated on 21 October 2013 to undertake the
2.0 THE PROPOSED JOINT VENTURE
2.1 SLCJV is incorporated on
21 October 2013 in Singapore with an initial issued and paid-up share
capital of SGD100.00 (approximately RM256.00). Rexit subscribed for 35
ordinary shares of SG1.00 each representing 35% equity interest in SGLC
for a total cash consideration of SG35.00 (approximately RM90.00). The
remaining 65% will be subscribed by
2.2 A joint venture agreement (“JVA”) will be entered within the parties to formalise terms and conditions of the Proposed Joint Venture. Details of the JVA will be announced in due course.
3.0 DIRECTORS’ AND SUBSTANTIAL
None of the Directors
and/or substantial shareholders of Rexit and persons connected with them
have any interest, direct or indirect, in the Proposed Joint
This Announcement is dated 21 October 2013.
|Company Name||REXIT BERHAD (ACE Market)|
|Date Announced||21 Oct 2013|