OTHERS novaCITYNETS International Pte Ltd, a subsidiary of NOVA MSC Berhad, secured new order in Nigeria

NOVA MSC BERHAD
10 January 2022

Type Announcement
Subject OTHERS
Description novaCITYNETS International Pte Ltd, a subsidiary of NOVA MSC Berhad, secured new order in Nigeria

 

Nova MSC Berhad (the “Company”) is pleased to announce that the Company’s wholly owned subsidiary, novaCITYNETS International Ltd (“NCI”) has signed an agreement with  ENL-Nova Limited (“ENLN”) today for the provision of FORNAX ePlanCheck (“FXEPC”) Software with its associated supports to ENLN’s Electronic Physical Planning Process System Project (“EPPPS”) from the Nigeria Lagos State Government (herein refer to as “Agreement”).  The duration of the Agreement will be for 10 years from 2022 -2031.  The value of the Agreement is currently indeterminate as it will be based on a pay-per-use revenue model, and would depend on ENLN’s revenue collection from EPPPS and the end-users adoption to the EPPPS.  However, the Company projected the total sum over the next 10 years to be approximately USD3.4 million (approximately RM14.4 million).

 

NCI does not expect any material risk arising from the Agreement other than the normal operational risk associated with the Agreement.

 

The said Agreement will not have any effect on the share capital and shareholding structure of Nova MSC Berhad. It is also not expected to have any material impact to the result of the Group for the financial year ending 31 March 2022.

 

None of the directors and/or substantial shareholders of Nova MSC Berhad or persons connected to the said directors and/or substantial shareholders have any interest, direct or indirect in the new contract awarded.

 

This announcement is dated 10th January 2022.