Managepay accepts LOI from OCBC to provide terminal services

by **Cals** Tue 01 Dec 2015, 00:33

Managepay accepts LOI from OCBC to provide terminal services

By Tan Siew Mung / theedgemarkets.com | November 30, 2015 : 8:11 PM MYT

KUALA LUMPUR (Nov 30): [size=16]Managepay Systems Bhd (Mpay) ([You must be registered and logged in to see this image.] Valuation: 0.00, Fundamental: 1.30) has accepted a letter of intent from Oversea-Chinese Banking Corp Ltd (OCBC) ( Valuation: 2.55, Fundamental: 2.20) to provide terminal services to the bank's merchants.

The electronic payment specialist announced to Bursa Malaysia today that its subsidiary MPay International had, also today, accepted a letter of intent (LoI) from OCBC dated Nov 25 to negotiate a proposed arrangement, whereby MPay International will be appointed as vendor for the bank's project, 'OCBC MPOS PinPad Terminal Programme for Bank Leased Merchant and Merchant Leased Merchant'.

Under the project, it would provide certain services to OCBC, including the rental of its MPOS PinPad Terminal to the bank's merchants, and the provision of installation/deployment and maintenance services to the same.

MPay International is required to set up a production data centre and equipment setup in Singapore and a disaster recovery data centre and equipment setup in Malaysia. The investment cost for these will be borne by MPay International.

Managepay was closed at 1.96% or 0.5 sen lower at 25 sen today, for a market capitalisation of RM181.2 million. Year-to-date, the shares have declined 16.28%.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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