PETALING JAYA: Ageson Bhd has entered into a memorandum of understanding (MoU) with Koperasi Belia Nasional Bhd through its indirect wholly-owned subsidiary Ageson Net Sdn Bhd on its appointment as the operator to manage the business operation of Koperasi Belia’s 4,000 smart vending machines.
The MoU is to record the intention of Ageson Net to manage the operations of the smart vending machines and to secure and identify new suitable locations for the installation and operations of the smart vending machines.
Ageson executive director Datuk Seri Chin Kok Foong said it is confident in its collaboration given Koperasi Belia’s large base of membership of about 37,000.
“The sale products of the smart vending machines are expected to meet the demand of the mass market, and with a sales target of RM2.3 billion per year, this will help to generate a sustainable recurring income for the group in the long-term.”
Ageson Net will be entitled to the 5% of the target revenue, which will generate recurring revenue of RM115.0 million per year for the group.
“We are still amid negotiations with Koperasi Belia, but the MoU sets out key terms of our collaboration. This will help accelerate the appointment process and a definitive agreement to formalise the appointment is expected over the next six months,” Chin added.
With Koperasi Belia’s track record since 1976 and its collaboration with various local and international partners that consist of both government and non-governmental agencies, Ageson is confident that the collaboration bodes well for the long-term prospect of the group.