Capitalised terms and all abbreviations used in this announcement shall have the same meaning as that used in our announcement dated 2 October 2018 unless stated otherwise.

1.    The Company wishes to announce that it had on 29 March 2019 entered into a Collaboration Agreement with Grab Partners (“Collaboration Agreement”) to govern the relationship of both UEMS and Grab Partners with regard to the Proposed Collaboration (“Collaboration”).

2.    UEMS and Grab Partners noted that the terms and provisions of the Collaboration Agreement are similar to the MOU and that the purpose of the Collaboration Agreement is to strengthen the terms and provisions detailed out under the MOU signifying a definitive understanding of the parties’ obligations in relation to the Collaboration.

3.    The Collaboration is:

a.    Non-exclusive but Grab Partners shall give preference to UEMS in the Area over other property developers and UEMS shall give preference to Grab Partners over any other transportation and e-payment service providers in the Area;

b.    Carried out within the Area only, with priority given to specific area within Mont’Kiara, Dutamas, Iskandar Puteri and other areas agreed by both parties; and

c.    Principally related to:

i.   Implementation of cashless payment services by GPay;

ii.   Implementation and provision of Grab Services; and

iii.  Exploration of other business opportunities.

4.    UEMS and Grab Partners will also undertake a branding exercise and marketing initiatives to utilise and complement each other’s competencies, expertise and common areas or space, and bring out the best of both parties’ synergies for the benefit of the Collaboration.

5.    Any cost relating to the activities carried out under the Collaboration shall either be jointly borne by both UEMS and Grab Partners or separately by each party depending on the nature of the activity as per the Collaboration Agreement.  

6.    The Collaboration Agreement is valid as follows:

a.    Two (2) years from 2 October 2018 (“Term”);

b.    Two (2 )years from the expiry of the Term (“Initial Renewed Term”); and

c.    Duration to be agreed by both parties upon the expiry of the Initial Renewed Term (“Further Renewed Term”).

7.    The Collaboration Agreement is available for inspection at the Company’s registered office at 19-2, Mercu UEM, Jalan Stesen Sentral 5, Kuala Lumpur Sentral, 50470 Kuala Lumpur during normal business hours from Mondays to Fridays (except public holidays) for a period of three (3) months from the date of this announcement.

This announcement is dated 29 March 2019.