| Type | Announcement |
| Subject | MEMORANDUM OF UNDERSTANDING |
| Description | Sunsuria Berhad ("Sunsuria" or "Company") - Memorandum of Understanding with Nanjing University of Chinese Medicine ("NJUCM") |
1. INTRODUCTION
The Board of Directors of Sunsuria (“Board”) wishes to announce that the Company had on 21 November 2022 entered into a Memorandum of Understanding (“MoU”) with Nanjing University of Chinese Medicine (“NJUCM”) (the Company and NJUCM to be collectively referred to as “the Parties”) to foster joint development of Traditional Chinese Medicine (“TCM”) centre in Malaysia.
2. INFORMATION ON NJUCM
NJUCM was established in 1954 and is located in Nanjing, capital of China's Jiangsu province. The university is one of the earliest established universities of Traditional Chinese Medicine in China and was included in the national “Double First-Class University Plan” and the Jiangsu High-Level Construction University Plan, a university jointly constructed by the People’s Government of Jiangsu Province and the State Administration of Traditional Chinese Medicine of the People’s Republic of China.
NJUCM is WHO Collaborating Center for Traditional Medicine designated by the World Health Organization, and is International Acupuncture Training Center approved by the Ministry of Health, and is one of the first advanced Chinese Medicine institutions authorized by the Ministry of Education to enroll international students as well as students from Taiwan, Hong Kong and Macau.
3. SALIENT TERMS OF THE MoU NJUCM
Under the terms of the MoU, both Parties agreed, inter-alia, on the following:
to jointly develop a China-Malaysia Chinese Medicine Center;
to cooperate to build a TCM Service Export Hub;
to carry out TCM-centric academic education and non-academic training; and
to form other cooperations as agreed upon both parties.
4. VALIDITY
The MoU shall become effective from the date of the execution of the MoU and shall remain in force and effect for a valid term of five (5) years, unless terminated or renewed upon mutual agreement between the Parties.
5. FINANCIAL EFFECTS
The MoU is not expected to have a material effect on the earnings, net assets and gearing of the Company and of the Group for the financial year ending 30 September 2023.
The MoU will not have any effect on the issued and paid-up share capital of the Company as well as its director or its substantial shareholdings.
6. RATIONALE
The MoU is an effort for international cooperation spearheaded by the National Administration of Traditional Chinese Medicine of China, which will be jointly initiated by NJUCM and Sunsuria.
7. APPROVAL REQUIRED
The MoU is not subject to the approval of the shareholders of Sunsuria or any other relevant authorities.
8. DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS
None of the Directors, major shareholders and/or persons connected with a Director or a major shareholder of the Company, have any interest, direct or indirect, in the MoU.
9. DOCUMENTS FOR INSPECTION
The MoU is available for inspection at the Registered Office of the Company at Suite 8, Main Tower, Sunsuria Avenue, Persiaran Mahogani, Kota Damansara PJU 5, 47810 Petaling Jaya, Selangor during normal office hours from Mondays to Fridays (except for public holidays) for a period of three months from the date of this announcement.
This announcement is dated 21 November 2022.
| Company Name | SUNSURIA BERHAD |
| Stock Name | SUNSURIA |
| Date Announced | 21 Nov 2022 |
| Category | General Announcement for PLC |
| Reference Number | GA1-21112022-00021 |