KUALA LUMPUR (Sept 30): YGL Convergence Bhd has inked a memorandum of understanding (MOU) with Tricor Services (Malaysia) Sdn Bhd (Tricor) to provide quality and cost efficient solutions to its existing and new customers in the Asia Pacific region.   

In a filing to the local bourse today, YGL said the MOU will integrate Tricor professional team and the company’s proprietary software Ygl e-Corporate Suite, which was developed in Malaysia.

“This value proposition is made attractive, at the back of depreciating Malaysian currency. The MOU will create synergy to provide a high quality and cost efficient solutions to existing and potential customers in Malaysia and Asia Pacific Region,” YGL said.

The parties intend to take advantage of Tricor’s outsourcing services and combine it with YGL’s expertise as a business application software developer and owner, to cater for the complexity of outsourcing businesses in Malaysia and other Asia Pacific countries.

YGL is a business solution provider specialised in niche vertical industries in Asia Pacific, with products and services backed by strong domain expertise.  

It is the proprietor of Ygl e-Corporate Suite software, which enables the Company’s software to be integrated to certain add-on and industry specific solutions offered by both local and international software vendors for multi-national companies, listed and small and medium enterprise companies.

Tricor, a provider of integrated business, corporate and investor services, has invested 10 million shares in YGL, through a private placement exercise on Sept 21, 2015.  

Tricor is now a significant shareholder of YGL, having owned 5.1660% of YGL’s enlarged share capital.

The MOU shall take effect from and continue to be in full force, for a period of 18 months following the date of the MOU.  

The MOU will not have any material effect on the issued and paid up capital, net assets and earnings of the Company for the financial year ending Dec 31, 2015.

“Taking into consideration all aspects of the MOU, the Board of Directors are of the opinion that the MOU is beneficial and is in the best interest of the group,” YGL said.
 
Shares in YGL closed unchanged at 15.5 sen today, for a market capitalistaion of RM30 million.

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