Astro Digital Sdn. Bhd. (“Astro Digital”), a wholly-owned subsidiary of Astro Malaysia Holdings Berhad (“Astro”), entered into a supplemental joint venture agreement on 30 August 2021 (“Supplemental JVA”) with its joint venture partner, Grup Majalah Karangkraf Sdn. Bhd. (“GMK”) in respect of the joint venture company named Nu Ideaktiv Sdn Bhd (“JVCO”).
 
Pursuant to the Supplemental JVA, Astro Digital and GMK have agreed to restructure the capital investment by Astro Digital in the JVCO on the terms and conditions set out in the Supplemental JVA to the initial joint venture agreement dated 8 February 2018. The parties also agreed to earmark an intellectual property nursery fund amounting to RM10,000,000.00 for the purpose of developing and nurturing digital intellectual property identified as having growth potential.
 
The JVCO was established on 2 May 2018 as a joint venture between Astro Digital and GMK with its core business focusing on content creation targeting the Malay community and production for television and digital platforms, publishing and distribution of magazines, commissioning and licensing of content, event organisation and related services. Some of the renowned publication and production of the JVCO includes Nona magazine, Mingguan Wanita magazine, Remaja, Media Hiburan, Maskulin and many more.
 
Astro is listed on the Main Market of Bursa Malaysia.
 
Skrine advised Astro Digital on the capital investment restructuring and intellectual property matters under the Supplemental JVA, and the relevant Listing Requirements applicable to the transaction. To’ Puan Janet Looi (Corporate Partner) and Senior Associate Tan Wei Xian were the lead lawyers on the transaction and were supported by lawyers from Skrine’s various practice groups including Leela Devi Baskaran, Partner in our Intellectual Property Practice.
 
The announcement of the transaction by Astro can be accessed here.