Minetech inks MOU to acquire 60 pct equity interest of Uniqa

KUALA LUMPUR: Minetech Resources Bhd’s (Minetech) wholly-owned subsidiary Techmile Resources Sdn Bhd (TRSB) has on March 1, 2021, inked a Memorandum of Understanding (MoU) to instigate negotiations in relation to the proposed acquisition of 300,000 ordinary shares in Uniqa (M) Sdn Bhd (Uniqa).

This represents 60 per cent of the entire issued and paidup share capital of Uniqa.

The establishment of the strategic partnership will allow TRSB to leverage on Uniqa’s extensive network and extend TRSB’s reach into the fintech industry in a shorter development time.

TRSB is at present principally engaged in design, development and sale of technology and innovative products, while Uniqa is in the business of information technology, so ware and application development, as well as e-commerce.

Minetech hopes that the exercise will transform TRSB into a full stack fintech solutions provider in Malaysia where consumers can compare and identify a variety of financial products that best suit their needs, in addition to simplifying product purchasing process digitally. For the record, Uniqa’s system is currently being used by two local banks in Malaysia, focusing mainly on crossborder remi ance payments, which will create additional opportunities for TRSB to expand its services and launch supplementary Fintech related products in the near future.

In addition, Uniqa has also established partnership with several local and overseas banks particularly in Indonesia, China, and the Philippines, as well as in other Asian countries and is in the midst of exploring new ventures in the Middle East and European countries.

Under the MoU, both parties are targeting that the sale of shares agreement would be completed anytime soon.