MPay incorporates new 80%-owned subsidiary

by TMR

Managepay Systems Bhd (MPay) has incorporated a new 80%-owned subsidiary named ManagePay BuyMalaysia Sdn Bhd to support its e-commerce platform in online shopping business targeting at the local small and medium-sized enterprises (SMEs).
 
In an exchange filing to Bursa Malaysia yesterday, MPay noted the incorporation was through its wholly owned subsidiary, ManagePay Marketing Sdn Bhd (MMSB).
 
“BuyMalaysia is intended for the business-to-business-to-customers (B2B2C) e-commerce platform in online shopping to enhance the sale and distribution targeted to Malaysian as well as international customers or buyers. It provides services like product upload, product update, marketing, logistics and customer service,” it said in its filing.
 
MPay named Datuk Chew Chee Seng and Soon Kian Heng as the directors of the newly-incorporated company. It added the remaining 20% stake of Buy Malaysia is owned by NOVA Newlook Sdn Bhd while the total issued share capital of the company is RM100 comprising 100 ordinary shares.
 
On Dec 26, 2017, MPay accepted the letter of offer from Malaysia External Trade Development Corporation (Matrade) to provide services through MPay’s e-marketplace platform BuyMalaysia.com for local SMEs who are registered under eTRADE Programme offered by MATRADE.