Resource Holding Management Limited PUCF Collaboration Agreement (2824K)
December 29 2015 - 1:01AM
UK Regulatory
TIDMRHM
RNS Number : 2824K
Resource Holding Management Limited
29 December 2015
29 December 2015
Resource Holding Management Limited
("RHM" or the "Company")
PUCF Collaboration Agreement
The Board of RHM (AIM:RHM) notes the announcement made on 28
December 2015 by PUCF Founder (MSC) Berhad ("PUCF").
RHM's wholly-owned subsidiary, RedHot Media International
Limited ("RMIL"), currently holds 443,168,402 ordinary shares in
PUCF, which represents 41.58% of PUCF's issued share capital, and
36,215,840 warrants to subscribe for new PUCF shares.
The PUCF announcement from 28 December 2015 is in respect of
PUCF's wholly-owned subsidiary, EPP Solution Sdn Bhd, entering into
a cross border internet payment services collaboration agreement
with internet financial services group, Lakala Payment Co.,
Ltd.
The following is an extract from PUCF's announcement:
PUC Founder Inks Cross Border Internet Payment Services
Collaboration Agreement with China Lakala
PETALING JAYA, 28 December 2015 - The Board of Directors of PUC
FOUNDER (MSC) BERHAD ("PUCF" or the "Company"), a Bursa Malaysia
ACE market listed company (Stock code: 0007) is pleased to announce
that PUC Founder's wholly-owned subsidiary, EPP Solution Sdn Bhd
("EPP") has entered into a Cross Border Internet Payment Services
Collaboration Agreement ("Agreement") with one of the China's
leading internet financial services group, Lakala Payment Co., Ltd.
("Lakala"). In this agreement, EPP has been appointed as the sole
authorised agent in Malaysia to jointly set up a cross-border
financial platform to offer bilateral customers online financial
and payment services.
Lakala is a leading online financial services and community
e-commerce company whereby Lakala is one of the authorised
companies in China to obtain the payment license for all categories
issued by the central bank of China.
Lakala provides their customers with diversified financial
services and community e-commerce services, including credit
checks, credit, finance services, fee payment, repayment and
shopping.
Lakala has strategic partnerships with UnionPay and various
banks in China including China Construction Bank, Bank of China,
Agricultural Bank of China, the Industrial and Commercial Bank of
China and Bank of Communications.
Lakala's customer base includes approximately 100 million
personal users and more than 3 million corporate users. In 2014,
Lakala recorded more than RMB1.8 trillion in payment transactions.
It was founded in 2005 and is based in Beijing, China. Lakala is a
subsidiary of Legend Holdings Corporation, which is one of the
largest diversified conglomerates in China. In 2014, its revenue
was approximately RMB289.5 billion and its total asset was
approximately RMB289 billion.
EPP's Chief Executive Officer, Mr Kenneth Hiew commented, "This
collaboration is a strategic move for both EPP and Lakala. The main
beneficiaries will be merchants in Malaysia and China UnionPay
("CUP") cardholders as they would be provided with more online
payment options with the addition of CUP. As we broaden the
acceptance of the system with Malaysia's merchants, CUP cardholders
can conveniently make their online transaction payments."
The Agreement is effective for one year upon signing and sealing
date and is automatically renew every year unless both parties
agree to terminate the Agreement.
PUC Founder Group Managing Director, Mr. Cheong Chia Chieh
commented, "We are expecting the revenue contribution from this
business starting from second quarter next year. 2016 will be an
exciting year for us as we will be seeing revenue contributions
from our new business namely our 1 MW solar power plant and also
our existing payment solutions business. We will strive to work
harder and achieve better results to enhance our shareholders'
value."
PUC Founder has on 9 December 2015 received approval from the
Securities Commission for the proposed rights issues of ICULS with
warrants to raise up to RM83.9 million ("Proposed Rights Issue").
The extraordinary general meeting for the Proposed Rights Issue
will take place on 29 December 2015.
For further information please contact:
Resource Holding Management Limited
Cheong Chia Chieh Tel: +852 8192 6166
Allenby Capital Limited (Nominated Tel: +44 (0)203
Adviser and Broker) 328 5656
Nick Athanas / Alex Brearley
This information is provided by RNS
The company news service from the London Stock Exchange
END
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December 29, 2015 02:01 ET (07:01 GMT)
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