MEMORANDUM OF UNDERSTANDING

Company Name CN ASIA CORPORATION BHD
Stock Name CNASIA
Date Announced 05 Dec 2022
Category General Announcement for PLC
Reference Number GA1-20112022-00002

Type Announcement
Subject MEMORANDUM OF UNDERSTANDING
Description
CN ASIA CORPORATION BHD ("CNASIA" OR "COMPANY") -
MEMORANDUM OF UNDERSTANDING ("MOU") ENTERED INTO 
BETWEEN CAPRICORN FOUNDATION LTD. AND SOUTHBORN CAPITAL 
SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF CNASIA IN RELATION 
TO SETTING UP A STRATEGIC PARTNERSHIP AND TO PROVIDE THE 
FOUNDATION AND STRUCTURE FOR BLOCKCHAINIZATION

For consistency purposes, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the announcements dated 18 March 2022, 15 June 2022 and 8 September 2022 (the “announcements”) in relation to the MOU entered into between Capricorn Foundation Ltd. (“Capricorn”) and Southborn Capital Sdn Bhd (“Southborn”), a wholly-owned subsidiary of the Company (Capricorn and Southborn collectively referred to as the “Parties”). The Parties have intimated their intention to work together to maximise the benefits for mutual interests in setting up a strategic partnership and to provide the foundation and structure for blockchainization in providing total containment solutions and services of integrity through teamwork and innovation using AI, blockchain and big data (“Project”).

 

The Board of Directors of the Company wishes to announce that there is no material development as announced previously except the Parties are still in the process of developing a feasible business model for the Project. Further announcement will be released should there be any new development to the MOU.

 

This announcement is dated 05 December 2022.






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