Quick take: ARB shares edge higher on Cambodian venture


  • Business
  • Tuesday, 18 Jun 2019

KUALA LUMPUR: Shares in ARB Bhd edged up on Tuesday morning after the company announced its venture into Cambodia.


The wood product manufacturer rose 3.41%, or 1.5 sen to 45.5 sen with over 5.33 million shares traded. ARB-PA gained 2.22%, or 0.5 sen with 1.75 million shares done.


ARB Bhd, a wood products manufacturer which diversified into information technology a year ago, has teamed up with a Cambodian firm to implement the ERP system and solutions in that

country.


The group’s wholly-owned subsidiary ARB Development Sdn Bhd (ARBD) today signed a memorandum of understanding with East Insurance PLC for the project valued at no less than US$20 million (RM83.5mil).


East Insurance, incorporated in 2017, is principally involved in the provision of general- and life insurance coverages in Cambodia.


"The MoU will mark the company's maiden foray into Cambodia by leveraging on its expertise in the provision of ERP system to East Insurance and serve as a platform for ARBD's regional expansion in Southeast Asia,” ARB said.


ARB chief executive officer (investment and technology) Datuk Larry Liew Kok Leong said the venture was part of the group’s three-year international expansion roadmap, and it intended to grow its portfolio via similar collaborations.




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