My EG Services Berhad Annual Report 2020

ANNUAL REPORT 2020 233 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For The Financial Year Ended 31 December 2020 (CONT’D) 49. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD (CONT’D) (b) On 27 January 2021, MLSB, a wholly-owned sub-subsidiary of the Company has made the final payment amounting to RM5,381,795 whereby MLSB has previously requested a temporary extension on the payment period for the remaining lease consideration with Johor Corporation for the land at PLO 59, Tanjung Langsat Industrial Complex in relation to a proposed Tanjung Langsat Foreign Workers’ Accomodation (“FWA”) project. (c) On 29 January 2021, MYEGC announced its participation in a recent Series A financing by Beijing DeepScience Technology Co., Ltd. (“DeepScience”), a leading virtual live streaming, real-time animation and digital human company. (d) On 3 February 2021, MYEGM entered into a Exclusive Distribution Agreement with Rubin Investment Pte. Ltd. (“Rubin”), a company incorporated under the laws of Singapore, to act as Distributor for COVID-19 Diagnostic Suit of Products (“Products”) from Veredus Laboratories Pte. Ltd. (“Veredus”) in order to promote and sell the said Products in Malaysia. (e) On 19 February 2021, the Company launched Hotel Quarantine Portal SafeQ, an online portal offering an array of hotel accommodation and amenity options available to low risk COVID-19 local patients who wish to undergo mandatory quarantine requirements in more comfortable settings (“SafeQ online portal”). (f) On 22 February 2021, the Company’s joint venture, MYEG Philippines entered into an Exclusive Distribution Agreement with Rubin to act as Distributor for Products from Veredus in order to promote and sell the said Products in Philippines. (g) On 25 February 2021, the Company launched the use of deep throat saliva-based testing for the COVID-19 virus in Malaysia with the introduction of an at-home screening service in collaboration with BP Healthcare. The service will be offered at RM150 per test from 1 March 2021 at MYEG’s online portal. (h) On 10 March 2021, EGSB entered into a Shareholders Agreement with 2Car Sdn. Bhd. to establish a new subsidiary - MYEG Twocar Sdn. Bhd. to undertake the registration and transfer of motor vehicle ownership business segment. Both parties had agreed to the equity participation as below:- Party Number of Shares to be Subscribed Percentage (%) EGSB 80,000 80 2Car Sdn. Bhd. 20,000 20 Total 100,000 100 (i) On 16 March 2021, the Company had proposed to undertake the following proposals:- (i) proposed bonus issue of up to 4,149,122,710 new ordinary shares in MYEG (“Bonus Shares”) on the basis of one Bonus Shares for every one existing MYEG Share; (ii) proposed diversification of existing businesses of MYEG and its subsidiaries to include healthcare related businesses; and (iii) proposed amendment to Constitution of the Company to provide greater clarity, enhance administrative efficiency. (j) On 18 March 2021, MLSB, a wholly-owned sub-subsidiary of the Company acquired 11 units of office located at Lorong Sultan Mohamed 25, Taman IKS PKNS, Bandar Sultan Suleiman, 42000 Pelabuhan Klang, Selangor Darul Ehsan, Malaysia, from the Selangor State Development Corporation for a total consideration of RM4,525,000. (k) On 12 April 2021, the Company further subscribed a total of 5,923,415 shares of MYEG Philippines, with par value of P1.00 per share representing 15% of the enlarged issued and outstanding capital stock for a total consideration of PHP43,704,000 which is equivalent to approximately RM3,723,300. As at the financial year end, the Company holds a 40% equity interest in MYEG Philippines.