ARB gains 3% on its foray into Cambodia
Shares in ARB Bhd gained three per cent in early trade Thursday after the company announced its maiden foray into Cambodia’s Internet of Things (IoT) and information technology (IT) markets.
The IT solutions and services provider rose 3.19 per cent, or 1.5 sen to 48.5 sen (0.36 to 12 US cents). It is one of the most active counters on Bursa Malaysia with over 9.7 million shares done.
ARB Bhd has entered into a memorandum of understanding (MoU) with Chean Chhoeng Thai Group Co Ltd (CCTG) to deploy IoT and IT to the latter’s $1.5 billion mixed development project in Phnom Penh.
The total value for ARB’s IoT and IT project is no less than $100 million.
In addition, ARB also entered into an MoU with HK Yue Tai Life Insurance (HKYT) to provide to the enterprise resource planning system and solutions.
The project is valued at no less than $20 million.
ARB will deploy the related hardware and software for HKYT and in turn the HKYT will outsource the IT management project to ARB.
Last month, ARB Bhd via its wholly-owned subsidiary, ARB Development Sdn Bhd (ARBD), inked a memorandum of understanding (MoU) with Cambodia’s East Insurance Plc worth $20 million to implement an enterprise resource planning system and solutions in the Kingdom.