Submitting Merchant Bank
K & N KENANGA BHD
ELECTRONIC AGENCY SERVICES CENTER (e-COVER) AGREEMENT WITH COMMERCE ASSURANCE BERHAD ("CAB")
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 7 February 2006 entered into an e-Cover Agreement with CAB to provide e-Cover portal services to CAB ("e-Cover Agreement"). Under the e-Cover Agreement, Rexit Software agrees to provide to CAB e-Cover portal services at the agreed fees and terms specified in the e-Cover Agreement.
Rexit's e-Cover portal is an agency business to business service portal that connects the public, insurance agents, telecommunication companies, banks, insurance companies and Jabatan Pengangkutan Jalan, via Reward-Link.com Sdn Bhd to perform Internet-based insurance transactions.
The e-Cover Agreement is valid from 1 January 2006 to 31 December 2006 ("Term") and the Term shall be deemed automatically renewed at the expiration of the Term for subsequent terms of twelve (12) months each until the e-Cover Agreement is terminated by notice in writing.
None of the Directors and/or substantial shareholders and/or persons connected to the Directors and/or substantial shareholders of Rexit has any interest, direct and indirect in the said e-Cover Agreement.
This announcement is dated 8 February 2006.
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