INTRODUCTION

 

Rexit Berhad ("Rexit" or the “Company") is pleased to announce that Rexit Software Sdn Bhd (“Rexit Software”), a wholly-owned subsidiary of the Company, had on 25th March 2019 entered into an Outsourcing Services Agreement (“Agreement”) with Great Eastern Takaful Berhad (“GETB”) to develop, manage and operate the mySalam portal for the eligible members.  Rexit Software Sdn Bhd and Great Eastern Takaful Berhad (“GETB”) shall individually be referred to as “Party” or collectively as “Parties”).

 

 

SCOPE OF SERVICES

 

The scope of services includes the development, operation, management and maintenance of the mySalam portal for eligible members to access for enquiries and claim submission.

 

 

SALIENT TERMS

 

1. The Agreement shall commence and take effect from 1st January 2019 until 31st December 2023, irrespective of the date Agreement was executed. The Agreement may be renewed for a further period of two (2) years or any other specified period as required by GETB.

 

1. The Agreement may be terminated by either party at any time, upon three (3) days prior written notice if there has been a breach of security or confidentiality of Confidential Information.

 

1. The Agreement value will be calculated at RM1.40 per annum per eligible member subject to a maximum charge of 4,000,000 members.

 

 

FINANCIAL EFFECTS

 

The Agreement will not have any effect on the share capital and shareholding structure of the Company but is expected to contribute positively to the earnings of the Company and enhance net assets per share of the group for the financial year ending 30 June 2019 and onwards until the expiry of the Agreement.

 

 

RISKS IN RELATION TO THE AGREEMENT

 

Rexit does not foresee any exceptional risk other than the normal operational risks associated with the Agreement. Rexit will take the necessary steps to mitigate the risks as and when it occurs.

 

 

DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

 

None of the Directors and/or major shareholders and/or persons connected with the Directors and/or major shareholders of the Company has any direct or indirect interest in the Agreement.

 

 

STATEMENT BY DIRECTORS

 

The Board of Directors of the Company is of the opinion that the acceptance of the Agreement is in the best interest of the Company

 

This announcement is dated 25th March 2019.