Announcement Details/Table Section :
On behalf of the Board of Directors of Efficient, the Company wishes to announce that Efficient had on even date entered into a non-binding MOU with SingPost concerning the proposed business collaboration and co-operation between the two (2) parties in data and document management services (“Proposed Collaboration”) in Indonesia and such other countries as may be mutually agreed in writing between the parties.
Pursuant to the MOU, it is contemplated that Efficient and SingPost (i) will jointly invest in setting up of data and document management business operations in Indonesia; (ii) will jointly identify business opportunities relating to data and document management in such countries as may be mutually agreed in writing between parties; and (iii) may mutually agree to engage in discussions and negotiations with other potential investors and/ or business partners in relation to the Proposed Collaboration.
Following the signing of the MOU, Efficient and SingPost will discuss in good faith the signing of a definitive agreement on the Proposed Collaboration in due course.
In relation to the above, the Board also wishes to highlight that following the completion of Efficient’s private placement exercise on even date, Singapore Post Enterprise Private Limited, a wholly-owned subsidiary of SingPost, has become a substantial shareholder of the Company. Please refer to the announcement made by Efficient on even date on the subject matter.
This announcement is dated 13 June 2011
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