TypeAnnouncement
SubjectMEMORANDUM OF UNDERSTANDING
DescriptionBOUSTEAD HOLDINGS BERHAD (“BHB” OR “COMPANY”) MEMORANDUM OF UNDERSTANDING WITH ACCUBITS TECHNOLOGIES FZ LLE

1.         INTRODUCTION

 

The Board of BHB is pleased to announce that on 13 January 2022, the Company entered into a Memorandum of Understanding (“MOU”) with Accubits Technologies FZ LLE (“Accubits”).

 

BHB and Accubits are hereinafter collectively referred to as “the Parties”.

 

2.         INFORMATION ON ACCUBITS

 

Accubits is an enterprise solutions development company specializing on Artificial Intelligence and Blockchain technologies, based in Virginia, USA with offices in India and UAE. Accubits specializes and provides multiple services in the area of artificial intelligence, product development, blockchain development, robotic process automation and enterprise solutions and have received multiple recognitions as a leading and key player in the blockhain technology.

 

3.         DETAILS OF THE MOU

 

3.1       Objectives

 

The purpose of the MOU is to strengthen, promote and develop the partnership co-operation between BHB and Accubits on the basis of equality and mutual benefit.

 

3.2       Salient terms

 

The Parties are desirous of entering into the MOU to declare their respective intentions and to establish a basis of co-operation and collaboration between the Parties in accordance with the Parties’ needs and financial capacity.

 

The salient terms of the MOU are as follows:

 

a.     Scope of collaboration:

Subject to the terms of the MOU and on a non-exclusive basis, each Party shall use commercially reasonable efforts to develop capabilities for real estate asset tokenization and sustainable green energy tokenization.

 

b.     The duration of the MOU is one (1) year effective from the date of signing, unless mutually agreed otherwise by the Parties.

 

c.     Each party will bear its own costs and expenses in relation to the MOU, unless mutually decided otherwise by the Parties.

 

4.         FINANCIAL EFFECTS OF THE MOU

 

The MOU is expected not to have any material effect on the earnings of the BHB and / or its subsidiaries (“BHB Group”) for the financial year ending 31 December 2022 but will contribute positively to its future earnings.

 

5.         DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTEREST

 

None of the Directors or major shareholders of BHB or any persons connected to them has any interest, direct or indirect, in the MOU.

 

6.         STATEMENT BY DIRECTORS

 

The Board of Directors of BHB is of the opinion that the signing of the MOU is in the best interest of the Company.

 

7.         APPROVALS OF SHAREHOLDERS AND THE RELEVANT GOVERNMENT AUTHORITIES

 

The MOU is not subject to the approval of the shareholders of the Company and any relevant government authorities.

 

This announcement is dated 13 January 2022.

 


Announcement Info

Company NameBOUSTEAD HOLDINGS BERHAD
Stock NameBSTEAD
Date Announced13 Jan 2022
CategoryGeneral Announcement for PLC
Reference NumberGA1-11012022-00021