Submitting Merchant Bank
K & N KENANGA BHD
e-COVER ELECTRONIC HIRE PURCHASE AGREEMENT (e-Cover) WITH AMBANK (M) BERHAD ("AmBank")
K & N Kenanga Bhd, on behalf of Rexit Berhad ("Rexit"), is pleased to announce that Rexit's wholly-owned subsidiary company, Rexit Software Sdn Bhd ("Rexit Software") has on 12th April 2006 entered into an e-Cover Electronic Hire Purchase Agreement ("e-Cover Agreement") with AmBank to enable AmBank's hire purchase applications to be processed electronically via the Internet through Rexit's e-Cover portal, at the agreed fees and terms specified in the e-Cover Agreement.
The signing of the e-Cover Agreement with AmBank, one of the leading providers of hire purchase financing for motor vehicles in the country, is part of the group's efforts to further enhance the applications of its e-Cover portal services towards providing comprehensive financial services.
The directors believe that e-Cover Electronic Hire Purchase System will improve the efficiency of the process for hire purchase operations especially in terms of a substantially reduced turnaround time for the processing of applications. The e-Cover Agreement is valid from 12th April 2006 to 11th April 2007. The e-Cover Agreement will be terminated by notice in accordance with the provisions of the e-Cover Agreement.
The e-Cover Agreement does not have any effect on the share capital and substantial shareholders shareholdings of the Company. The e-Cover Agreement is expected to enhance the revenue of the Company and consequently contribute positively to the earnings and net assets of the Company for the future financial years.
None of the Directors and/or substantial shareholders and/or persons connected to the Director and/or substantial shareholders of Rexit has any interest, direct and indirect in the said e-Cover Agreement.
This announcement is dated 12
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