MNC Wireless gold e-commerce platform fails as MoU terminated

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KUALA LUMPUR (Oct 24): MNC Wireless Bhd said the Memorandum of Understanding (MoU) it signed with Urban Setup Sdn Bhd to provide a mobile physical gold retail platform in Malaysia has been terminated.

MNC Wireless told the stock exchange today that Urban terminated the MoU both parties signed some three months ago with mutual agreement from both parties, although no reason was stated for the termination.

Urban is the licensee of the rights to the physical gold retail platform of SGPMX (M) Sdn Bhd.

On July 16, MNC Wireless announced both parties signed the MoU for the purpose of providing a mobile physical gold retail platform in Malaysia that it said would be transparent, secure and convenient.

MNC Wireless was expecting to launch the gold e-commerce retail platform by end-2019 to allow consumers to buy physical gold via the mobile application with a minimum fraction value of one sen.

At market close today, MNC Wireless shares were half a sen up at 2.5 sen, valuing the company at RM28 million.

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