NOVA MSC BERHAD
27 December 2024
| Type | Announcement |
| Subject | OTHERS |
| Description | Nova MSC Berhad (NOVAMSC or Company) Signing of Share Subscription Agreements in Dex-lab and Eyris |
We refer to the announcement dated 30 September 2024, in relation to the signing of Share Subscription Agreements in Dex-lab and Eyris. Unless otherwise stated, all definitions and terms used in this announcement shall have the same meaning as defined in the said announcements.
The Company wishes to provide an update on the
- Share Subscription Agreement signed between Dex-lab Pte Ltd, Jostar, and MIG dated 31 July 2024 (“SSA1”); and
- Share Subscription Agreement signed between Eyris Pte Ltd, Jostar, and MIG dated 31 July 2024 (“SSA2”).
In light of the extended timeframes required to complete their internal and regulatory processes, the Company has, after a comprehensive evaluation, decided not to proceed with SSA1 and SSA2. This decision underscores the Company’s commitment to forging partnerships that align with its long-term strategic goals and deliver both financial and operational value, in addition to fostering innovation.
As part of this reassessment, the Company is pleased to advise that it is currently in advanced discussions with another investor for an investment in Eyris. This potential partnership is expected to bring significant strategic benefits, including:
- Access to the Chinese Market: The prospective investor has a robust network and expertise that could enable the Company to enter and scale operations in the rapidly growing Chinese market.
- Product Expansion Opportunities: The investor’s support extends beyond capital, offering the potential to enhance and diversify the Company’s product offerings.
The Board remains focused on achieving sustainable growth and maximizing shareholder value. The Company will make the appropriate announcement if there is any material development.
This announcement is dated 27 December 2024.
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