News

Status Of Prestariang Systems Sdn Bhd As A Channel Partner Of Microsoft Regional Sales Pte. Ltd. ("Microsoft")

BackSep 15, 2020

PRESTARIANG BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-15092020-00003
Subject STATUS OF PRESTARIANG SYSTEMS SDN BHD AS A CHANNEL PARTNER OF MICROSOFT REGIONAL SALES PTE. LTD. ("MICROSOFT")
Description

STATUS OF PRESTARIANG SYSTEMS SDN BHD AS A CHANNEL PARTNER OF MICROSOFT REGIONAL SALES PTE. LTD. ("MICROSOFT") - REPLY TO QUERY FROM BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") DATED 15 SEPTEMBER 2020
Query Letter Contents

We refer to your Company’s announcement dated 15 September 2020, in respect of the aforesaid matter.

 

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

  1. The financial impact of the discontinuation as Channel Partner of Microsoft (“Discontinuation”)  to Prestariang Berhad (“PRESBHD”) group.
  2. The operational impact of the Discontinuation to PRESBHD group.

Please furnish Bursa Securities with your reply immediately today.

 

Yours faithfully

 

LISTING

REGULATION

 

Cc : Market Surveillance Dept., Securities Commission (via fax)

 

Reference is made to the Company’s announcement and the query of Bursa Securities on 15 September 2020 regarding the financial and operational impact of the discontinuation as Channel Partner of Microsoft to Prestariang Berhad group.

 

As announced earlier today, the Board of Directors is assessing the impact of Microsoft decision.  For avoidance of doubt, the formal notice of termination will only be served on Prestariang Systems Sdn. Bhd. (“PSSB”) sometime end December 2020 and will take effect from 31 January 2021, as for business operations dealing with Microsoft licensing, it will be business as usual from now until 31 January 2021. Based on the financial year ended 30 June 2020, the revenue from the Microsoft Channel Partner Agreement is material to the Group at 91% of total Group revenue.

 

The Board of Directors will require more time to provide accurate assessment of the extent of the impact. We are also seeking clarification with Microsoft and other stakeholders which will have a bearing on our assessment of the extent of the impact. The Company will make the relevant update announcement(s) on the foregoing in due course.

 

This announcement is dated 15 September 2020.

 

Announcement Info

Company Name PRESTARIANG BERHAD
Stock Name PRESBHD
Date Announced 15 Sep 2020
Category General Announcement for PLC
Reference Number GA1-15092020-00090