Ageson sells RM120m of smart vending machines to national youth co-op

PROPERTY and construction-based Ageson Bhd via its indirect wholly-owned subsidiary, Ageson Retails Sdn Bhd, has today inked a memorandum of understanding (MOU) with Koperasi Belia Nasional Bhd (KOBENA) to sell 4,000 units of smart vending machines with integrated Internet of Things (IoT) features to the latter.

A filing with Bursa Malaysia shows that the total value from the sale of the smart vending machines is estimated at RM120 mil based on the estimated cost of RM30,000 for each unit of the smart vending machine.

“This marks another step forward for the group as it demonstrates our initiatives to continue to add value for our shareholders,” commented Ageson’s executive director Datuk Seri Chin Kok Foong.

Chin Kok Foong

“We are optimistic that KOBENA, a respected and renowned conglomerate of cooperatives in Malaysia, can add value to all its members by providing these innovative vending machines that come with integrated IoT features.”

More broadly, the MoU also provides an opportunity for Ageson to explore a new business segment that is expected to contribute positively to the future earnings of the group.

Incorporated on Nov 26, 1976 with a membership of 37,000 members, KOBENA has formed various local and international partnerships with a number of government and non-government agencies.

The MOU will set out the key terms for both Ageson Retails and Kobena. It will form the basis of commitment for both companies to create a mutual understanding and pave the way for further discussions before signing any definitive agreement on the business proposal.

According to the Bursa Malaysia filing, a sale and purchase agreement (SPA) to formalise the business proposal is envisioned to be executed by both parties within a period of six months from the signing of the MOU.

At the close of today’s trading, Ageson was unchanged at 33 sen with 2.57 million shares traded, thus valuing the company at RM103 mil. – Sept 30, 2022

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