KUALA LUMPUR (April 19): Software company Nova MSC Bhd said on Friday that it has signed term sheets for investments totalling about RM41.4 million into two of its subsidiaries, by Singapore-based family office Jostar Investment VCC.

The term sheets record Jostar’s desire to invest S$5 million (RM17.5 million) into 60%-owned Dex-Lab Pte Ltd, and US$5 million (RM23.9 million) separately into EyRIS Pte Ltd — a 42% owned subsidiary, Nova MSC said in an exchange filing. The investments will be subjected to due diligence and negotiations, it noted.

The non-binding term sheets are “both independent and are not inter-related to each other”, Nova MSC said. “They only served as the basis for further discussions, negotiation and execution of definitive agreements, completion of due diligence, and fulfilment of any regulatory requirements,” it noted.

Dex-Lab makes the so-called social robots, while EyRIS develops artificial intelligence for automated image analysis for eye diseases, according to their websites. 

The investment process is estimated to be completed before July 31, 2024, Nova MSC added. 

Jostar is a single-family office domiciled in Singapore to mainly seek out high-growth private companies, and to tap into their growth through equity investments.