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OTHERS YGL CONVERGENCE BERHAD ("YGL" OR "COMPANY") - COLLABORATION ARRANGEMENT BETWEEN YGL AND NEGERI SEMBILAN SKILLS DEVELOPMENT CENTRE ("NSSDC") AS PEMBEKAL UTAMA OF INDUSTRY 4.0 SOFTWARE UNDER NSSDC'S GROUP OF ENTREPRENEURS

YGL CONVERGENCE BERHAD

Type Announcement
Subject OTHERS
Description
YGL CONVERGENCE BERHAD ("YGL" OR "COMPANY") 
- COLLABORATION ARRANGEMENT BETWEEN YGL AND NEGERI SEMBILAN SKILLS DEVELOPMENT CENTRE ("NSSDC") AS PEMBEKAL UTAMA OF INDUSTRY 4.0 SOFTWARE UNDER NSSDC'S GROUP OF ENTREPRENEURS

(This announcement should be read in conjunction with the earlier announcements made on 26 July 2019. The terms used herein, unless the context otherwise states, shall bear the same meaning as those defined in the announcement aforementioned.)

 

Further to the announcement dated 26 July 2019 in relation to the Letter of Award from NSSDC awarded to the Company in relation to the collaboration arrangement between the Company through the subsidiary of the Company, NS Infotech Sdn Bhd on the development of Industrial Revolution 4.0 (“Industry 4.0”) technology in the State of Negeri Sembilan (the “State”), the Board of Directors of Ygl wishes to announce that the Company had on 10 December 2019 entered into a Cooperation Agreement with NSSDC as “Pembekal Utama” of Industry 4.0 Software under NSSDC’s group of entrepreneurs ("Cooperation"). 

 

The Board believes that the Cooperation is in the best interest of the Company and its shareholders, as the Cooperation with NSSDC under its group of manufacturing industries:-

 

a) is in line with Ygl’s direction and strategy to expand its product and service offerings to a wider market including the government sector;

 

b) will allow Ygl to leverage on its Industry 4.0 enabled Enterprise Resource Planning (ERP) solution and Hong Kong subsidiary’s experience and software knowhow in providing      service platforms to government and semi government organisations; and

 

c) will enable Ygl to create new revenue stream by tapping on business opportunities in relating software, IT and telecommunication products and services.

 

The Cooperation will not have material effect on the issued share capital, earnings per share, net assets per share and gearing of the Company for the financial year ending 31 March 2020 but is expected to contribute positively to the future earnings and net assets of Ygl Group.

 

None of the Directors or major shareholders of Ygl and/or persons connect to them has any interest, direct or indirect in the Cooperation.

 

The Board of Directors of the Company having considered all aspects of the Cooperation is of the opinion that the Cooperation is in the best interest of the Company.

 

This announcement is dated 10 December 2019.

 






Announcement Info

Company Name YGL CONVERGENCE BERHAD
Stock Name YGL
Date Announced 10 Dec 2019
Category General Announcement for PLC
Reference Number GA1-10122019-00042



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