Exhibit 99.1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item Entry into a Material Definitive Agreement
On November 4, 2023, Agape ATP Corporation (the “Company”) entered a memorandum of agreement (the “Volt Industries MOA”) with Volt Industries Sdn. Bhd. (“Volt Industries”), whereby the Company intends to acquire a 51% stake in Volt Industries, and that the Company also intends to finance the construction of 50 EV charging stations by Volt Industries.
On November 4, 2023, the Company also entered a memorandum of agreement (the “OIE MOA”) with Oriental Industries Enterprise Sdn. Bhd.(“OIE”), whereby the Company intends to form a special purpose vehicle company (the “SPV”) with OIE in order to provide and promote the development of renewable energy in Malaysia. Both the Company and OIE will hold 50% shares in the SPV, respectively.
On November 9, 2023, the Company issued a press release (the “Press Release”) announcing the Company entering into both the Volt Industries MOA and OIE MOA. A copy of the Volt Industries MOA, OIE MOA and the Press Release is furnished as Exhibit 99.1, 99.2 and 99.3, respectively to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
c) Exhibits
| 99.1 | Memorandum of agreement dated November 4, 2023 between the Company and Volt Industries Sdn. Bhd. |
| 99.2 | Memorandum of agreement dated November 4, 2023 between the Company and Oriental Industries Enterprise Sdn. Bhd. |
| 99.3 | Press Release, dated November 9, 2023 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| 2 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AGAPE ATP CORPORATION | ||
| Date: November 9, 2023 | By: | /s/ How Kok Choong |
| Name: | How Kok Choong | |
| Title: | Chief Executive Officer, President, Director, Secretary and Treasurer (Principal Executive Officer) | |
| 3 |
Exhibit 99.1
Exhibit 99.2
Exhibit 99.3
PRESS RELEASE
For Immediate Distribution
Nasdaq-Listed AGAPE Forges Ahead with Sustainable Energy Business
AGAPE finances construction of 50 EV stations by Volt Industries in Pahang
KUALA LUMPUR, 9 November 2023 – Homegrown Nasdaq listed AGAPE ATP Corporation (“ATPC” or the “Company”; stock code: ATPC) intends to finance the construction of 50 electric vehicle (“EV”) charging stations by Volt Industries Sdn. Bhd. (“Volt Industries”) in Pahang as part of the Company’s strategy to develop and offer sustainable energy solutions.
On 4th November, 2023, ATPC signed a Memorandum of Agreement (MoA) with Volt Industries, pursuant to which the Company intends to acquire a 51% stake in Volt Industries, a developer of EV charging stations based in Pahang, and the Company also intends to finance the construction of 50 EV charging stations by Volt Industries. ATPC, which was recently listed on Nasdaq, specializes in sustainable global ‘wellness’ ecosystem and the development and production of advanced technology solutions for the energy sector,
The MoA was attended by founder and Chief Executive Officer (CEO) of ATPC Dato’ Sri Dr. How Kok Choong, CEO of Volt Industries Datuk Tan Say Jim, founder and CEO of Oriental Industries Enterprise Sdn. Bhd. Edward Ang Mou Lee and special guest Member of the Pahang State Executive Council, YB Dato’ Mohamad Nizar bin Dato’ Sri Mohamad Najib.
Dato’ Sri Dr. How Kok Choong, the founder of AGAPE ATP, said: “Our recent IPO on Nasdaq was just the beginning. This MoA signifies ATPC’s expansion into the sustainable energy space, reflecting our ambitions on both the local and global stages. In forging this partnership with Volt Industries, we’re not merely building charging stations, we’re powering Malaysia’s sustainable future. This partnership underscores our unyielding commitment to spearheading a green transformation on the global stage.” He explained, “The main purpose of this transformative partnership is ATPC’s strategic venture into Volt Industries, acquiring 51% share, where this acquisition underscores ATPC’s plans to be at the forefront of Malaysia’s EV transformation. This project will be funded privately, with no government subsidies.”
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Under the MoA, ATPC will explore the project’s financial viability by securing primary funding as well as seeking additional capital from other avenues. Volt Industries will initiate the project’s groundwork, including acquiring all necessary permits and licenses as well as ensure full compliance with local regulations together with construction work.
Datuk Tan Say Jim, Chief Executive Officer of Volt Industries said, “Our technical expertise spans the entire value chain from design to operations and we see our expertise and strengths complimenting ATPC’s strategies and corporate direction. We look forward to working with ATPC to roll out the 50 EV charging stations across Pahang that will reshape the state’s transportation landscape.”
On the same day, ATPC also signed a MoA with Oriental Industries Enterprise Sdn. Bhd. (“OIE”), a company focusing on cutting-edge EV battery development, with the intent to form a Special Purpose Vehicle Company (SPV) providing and promoting the development of renewable energy in Malaysia. Both ATPC and OIE will hold 50% shares in the SPV.
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Issued By: Triven Marketing Group Sdn. Bhd. on behalf of Agape ATP Corporation
For more information, please contact:
Jazmin Wan
Tel: +60 17-289 4110
Email: jazzmin@trivengroup.com
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