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Ramco Systems provides guarantee for outsourced payroll services in Malaysia
Oct 17, 2023
Ramco Systems Limited, based in India, has provided a performance guarantee for its subsidiary in Malaysia, Ramco Systems Sdn. Bhd., in connection with a Master Services Agreement (MSA). The MSA, signed on October 16, 2023, pertains to the provision of Outsourced Payroll Services to Lendlease Development Malaysia Sdn. Bhd..
The Company's guarantee is irrevocable and unconditional and is limited to MYR 3,850,000 (Malaysian Ringgit) which is around ₹676cr during the two-year contract period. Should the guarantee be invoked, the financial impact would be equivalent to the value of the guarantee as stated above.
This move underscores Ramco Systems' commitment to ensuring the fulfillment of obligations in its subsidiary's contract with Lendlease Development Malaysia, further.
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