eTRS GTF Systems Sdn Bhd, which is partnering MPay to bid for the management of the government’s Tourist Refund Scheme (TRF), is expected to emerge as a substantial shareholder of MPay.
eTRS – a bumiputera owned company – Mpay and South Korea’s Global Tax Free Co Ltd Dec 2013 set up Managepay GTF Sdn Bhd on a 20:50:30 basis and submitted a bid for the contract that could potentially provide the JV revenue to the tune of rm50 million in the first half of operations.
The scheme will enable foreign tourists to claim a tax refund on goods purchased in Malaysia, which will be introduced in conjunction with the implementation of the GST come April 2015.
eTRS will emerge as a substantial shareholder of MPay via the subscription on new shares under a proposed private placement.
MPay would make a private placement of up to 10% to third party bumiputera investors to be identified later. The proposed private placement is expected to raise as much as rm8.57 million based on an issue price of 15.6 sen per placement shares.
A total of five million MPay shares were sold off market at 17.5 sen per share.
ManagePay GTF is not the only bidder for the TRS contract. The other parties are IRIS, Salihin Consulting Group Sdn Bhd and Islah Wawasan Sdn Bhd.
eTRS is confident that ManagePay GTF will emerge as a winner of the TRS contract. The TRS requires that the company handling the system to first reimburse the tax to tourists before it can make its claims from the government.
Mpay is also a Ministry Finance qualified payment system gateway to provide a secure payment and refund network.
The first part of the selection will see two parties being selected before the winning bidder is announced later in the year.
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