Mlabs has announced that Pacifica Direct Sdn. Bhd., a wholly-owned subsidiary of the Company, had entered into a Master Sales Agreement with LG Electronics to outline the obligations and responsibilities of each party relating to the distribution of products bearing LG brand by PCSB in the territory of Malaysia.
This comes from the MOU the parties signed earlier which will now be replaces with the master sales agreement.
LG Electronics is a private limited company incorporated in Malaysia which principally engaged in the business of selling and distribution of electrical and electronic appliances.
MLabs said the agreement will not have any effect on the share capital and substantial shareholders’ shareholdings. The Agreement is also not expected to have any material immediate effect on the earnings per share, net assets per share and gearing of the Group for the financial year ending 30 June 2024.