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KUALA LUMPUR: Managepay Systems Bhd
will set up a newly incorporated company (newco) to undertake a corporate exercise with stakeholders in NVBA Petaling Jaya BC Sdn Bhd (PJBC).
ManagePay said on Wednesday the parties had failed to fulfil the conditions of a share sale agreement (SSA) that would have seen the acquisition of a 60% stake in PJBC, a sports management and services company, by ManagePay.
According to the terms of the settlement, the vendors agreed to assign all rights and goodwill in PJBC to the newco.
ManagePay entered into the SSA with the vendors in March for the acquisition of an initial 120,000 shares or a 24% stake in PJBC for RM154,000 cash.
Following the successful transfer of the shares, the electronic payment solutions provider would subscribe for an additional 450,000 ordinary shares for RM450,000 cash, giving it a total 60% stake in the company.
"Further announcement will be made of any material development changes as and when appropriate," ManagePay said in its filing to Bursa Malaysia.
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