ARB signs MoU for IT project in Cambodia

  • Business
  • Thursday, 11 Jul 2019

The chief executive of one victim, depositor Saigonbank Berjaya Securities JSC (SBBS) - a unit of Malaysia's Berjaya Corporation Bhd - told Reuters that if the ruling was upheld, she had little hope of recouping her bank's $10 million from the perpetrator, who was sentenced to life imprisonment. "We can't afford to lose the case. This represents 70 percent of our capital. Our business may get suspended," Josephine Yei said in an interview.

PETALING JAYA: ARB Bhd’s wholly-owned subsidiary Arbiot Sdn Bhd has entered into a memorandum of understanding (MoU) with Chean Chhoeng Thai Group Co Ltd (CCTG) to provide Internet of Things (IoT) and IT services to CCTG’s mixed-development project in Phnom Penh.

This marks ARB’s maiden foray into Cambodia.

In a statement, ARB – formerly known as Aturmaju Resources Bhd – said the IoT and IT project value for Arbiot is about US$100mil (RM417mil).

Called “The City Gate”, the US$1.5bil (RM6.2bil) project involves the development of office buildings, a commercial complex, an arts centre, a cultural square, resorts, condominiums, a five-star hotel, an exhibition centre and a public park along the Tonle Sap river.

CCTG has a share capital of 80 billion Cambodian riels (RM81mil) and is principally involved in property development. It is the private vehicle of the major shareholders of Shanghai-listed Guangzhou Yuetai Group Co Ltd, which has a market capitalisation of about 11 billion yuan (RM7bil).

Meanwhile, ARB has also entered into a MoU with HK Yue Tai Life Insurance (HKYT Life) to provide enterprise resource planning (ERP) system and solutions. The project value is about US$20mil (RM82.8mil).

HKYT Life was incorporated in Cambodia on July 26, 2017 and has a registered share capital of 28 million Cambodian riels. It is principally involved in providing life insurance products to individuals.

Under the MoU, ARB shall deploy ERP system and IT-related hardware and software for HKYT Life. Meanwhile, HKYT Life shall outsource the IT management project to ARB.

ARB closed the day up 0.5 sen to 47 sen on volume of 11.83 million shares.

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