Sinotop Holdings Berhad, an investment holding company had announced four resolutions that were approved during its EGM meeting.
The approved resolutions include the proposed disposal by Sinotop for the entire equity interest in its wholly-owned subsidiary Be Top Group Ltd (Be Top), for RM70 million and for the proposed diversification of the existing core business of Sinotop to include mobile and digital solutions business.
Additionally, the resolutions also include for the proposed reduction of Sinotop’s share capital to rationalise its financial position by eliminating the accumulated losses at its level (without change in the number of shares issued) as well as a change of name from ‘Sinotop Holdings Berhad’ to ‘Pertama Digital Berhad’.
“The disposal of Be Top along with the share capital reduction puts Sinotop on a clean slate, as the Company is rearing to kick off its mobile and digital solutions business as soon as possible. Sinotop, to be known as Pertama Digital Berhad moving forward, will receive a cash consideration of RM33.52 million for the disposal, and the amount will be used for taking a stronger position in DAPAT Vista via Television Airtime Services Sdn Bhd (TAS), future investments as well as for the working capital of the Pertama Digital Berhad group of companies,” said executive director of DAPAT Vista (M) Sdn Bhd, Sabri Ab Rahman.
“The jewel in Pertama Digital Berhad is DAPAT Vista’s superapp, MyPay, which was first developed back in 2014. It is a government digital service platform, which aims to offer a one-stop centre for all queries and payment-related transactions with government agencies in Malaysia. MyPay is a smartphone app with a payment gateway built into it,” Sabri added.
“Currently, DAPAT Vista has rolled out MyPay 2.0 services for 17 government ministries and government agencies which include the Polis Diraja Malaysia, PTPTN, local councils such as Majlis Perbandaran Subang Jaya and Petaling Jaya, and the Election Commission. There are 374 government agencies out there with which we have already built a rapport from past services under a Build-Operate-Own contract with the Malaysian Administrative Modernisation and Management Planning Unit (MAMPU), and we are reaching out to them this time for MyPay. We aim to launch the MyPay app in early 2021,” he said.
MyPay will also launch its own e-wallet along with this project. Thus, the coins that are cashed in by the public will immediately be deposited into MyPay’s e-wallet, which can be used to transact over MyPay.