News

Announcement Details/Table Section :

1 INTRODUCTION

The Board of Directors of Focus Point (“Board”) wishes to announce that its wholly-owned subsidiary, Focus Point Management Sdn Bhd (“FPM”) had today signed a Memorandum of Collaboration ("MoC") with Perbadanan Nasional Berhad ("PNS").

2 INFORMATION ON PNS

PNS, a company incorporated in Malaysia under the Companies Act, 1965 and having its principal place of business at level 9B, Menara Dato’ Onn, Putra World Trade Centre, No 45, Jalan Tun Ismail, 50480 Kuala Lumpur.

PNS is an agency under the Ministry of Domestic Trade Co-Operative and Consumerism and is engaged in, among others, efforts to promote and assist Bumiputra entrepreneurs and franchise industry in Malaysia.

3 SALIENT TERMS OF MoC

3.1 PNS and FPM have agreed to collaborate with each other and develop a Focus Point franchise programme (“Focus Point Franchise Programme”) under a financing scheme offered by PNS (“Focus Point Financing Facility”).

3.2 PNS and FPM agreed to develop their relationship for the mutual benefit of both parties in jointly promoting the establishment of more franchisees having the rights and license to operate a Focus Point-franchised outlet.

3.3 The MoC sets out the intention of the parties to collaborate and co-operate with each other in promoting the Focus Point Franchise Programme under the auspices of PNS as well as setting out the parties’ respective roles and responsibilities
in respect of the Focus Point Financing Facility.

3.4 The parties hereby acknowledge that the collaboration shall be construed as a platform for the creation and development of Bumiputra entrepreneurs as well as creating a new dimension for PNS in financing the franchisees under the Focus Point
Financing Facility, to be in line with the aspiration and objective of the Government.

4 RATIONALE FOR MoC

The MoC is consistent with Company’s expansion plan to increase the number of its professional eye care services outlets in Malaysia. The Company is confident that the collaboration is expected to contribute positively to the earnings of Focus Point and the Group in the long term.

5 FINANCIAL EFFECTS OF THE MoC

The MoC is not expected to have a material effect on the earnings, net assets and gearing of the Company and the Group for the financial year ending 31 December 2011.

The MoC will not have any effect on the issued and paid-up share capital of the Company as well as its shareholders’ shareholdings.

6 DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS

None of the Directors, major shareholders of the Company and/or persons connected with them has any interest, direct and/or indirect in the MoC.

A copy of the press release in relation to the MoC is attached herewith.

This announcement is dated 9 March 2011.

Attachments

1. Focusp090311.pdf (Size: 249,467 bytes)