28 Dec 15 – Press Release – PUC Founder Inks Cross Border Internet Payment Services Collaboration Agreement with China Lakala
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 PUCF’s wholly-owned subsidiary, EPP Solution Sdn Bhd (“EPP”) has entered into a Cross Border Internet Payment Services Collaboration Agreement (“Agreement”) with one of China’s leading internet financial services group, Lakala Payment Co., Ltd. (“Lakala”). Under 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 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 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 renewed every year unless both parties agree to terminate the Agreement.
PUCF Group Managing Director, Mr. Cheong Chia Chieh commented, “We are expecting the revenue contribution from this business starting from the second quarter of 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.”
PUCF has on 9 December 2015 received approval from the Securities Commission Malaysia 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.
About PUC Founder (MSC) Berhad:
PUC Founder (MSC) Berhad (Stock code: 0007) is an investment holding group, principally engaged in three business segments namely, Media & Advertising; E-payment Services; and Renewable Energy. It was incorporated in Malaysia by China Founder Group on 3rd November 1997 bearing the Company Number 451734-A, and is listed on the ACE Market of Bursa Malaysia on 3rd April 2002. It is one of the first companies in Malaysia to qualify for the Multimedia Super Corridor or MSC status. The company’s businesses have expanded throughout Asia.
Corporate Website: http://www.founder.com.my