Bank Rakyat cancels LoI with Microlink for banking system upgrade

Scomi Group Bhd surprised investors when it proposed to revise its current issued share capital reduction from RM224.96mil to RM3mil from the earlier RM40mil.

KUALA LUMPUR: Bank Kerjasama Rakyat Malaysia has cancelled its non-binding letter of intent (LoI) with Microlink Solutions Bhd to improve the group's core banking system.

Microlink said on Monday it had received a letter date Jan 5 from the bank about the latter's cancellation of the LoI which was issued on July 14, 2016.

To recap, the LOI had invited Microlink to take part in detailed discussions to enhance the relating to the core banking system.

“The cancellation letter thanks the company for attending the discussions and for providing its proposals on the project but advises that it will not be pursuing the discussions further with the company due to a change of project requirements and specifications.

“The company intends to seek all advice, including but not limited to legal advice, on this matter,” it said.